Reliance Retail on Friday reported 6.2 per cent year-on-year (YoY) jump in its net profit at Rs 2,400 crore for the December 2022 quarter. The retail arm of Reliance Industries had reported a profit of Rs 2,259 crore in the year-ago period.
In the third quarter of this fiscal year, the company's operating revenue increased by 18.64 per cent to Rs 60,096 crore.
Gross revenue for the quarter came in at Rs 67,623 crore, 17.2 per cent higher than what was recorded in Q3FY22, which stood at Rs 57,714 crore. EBITDA for the quarter was Rs 4,773 crore, higher by 24.9 per cent a year ago.
Reliance Retail added 789 new stores to its physical store network during the October-December quarter, bringing the total to 17,225.
The company increased its infrastructure capabilities by adding over 2.2 million square feet of warehouse space.
Consumer Electronics revenue increased by 45% year on year, owing to higher footfall and bill values during the quarter. Customers were drawn to our stores and digital platforms by a wider assortment, new launches, appealing offers, and financing schemes.
Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said “Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners.”
Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh D Ambani said: ''Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability''.
The consumer brands division of Reliance Retail introduced a number of new varieties of processed foods, beverages, spices, and staples during that time. ''Acquisition of Sosyo, Lotus Chocolate and launch of the Independence brand would further strengthen the portfolio of the business,'' it added.
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