retail branch of Reliance Industries Limited (RIL) said it posted a net profit of Rs 2,139 crore in the January-March quarter of FY22 and its revenue from operations stood at Rs 50,834 crore.
Number of stores operated by Reliance Retail crossed 18,000 and footfall at its stores stood at 219 million, up 41.29 percent year-on-year.
In the March quarter, the digital commerce and new commerce businesses continued to grow and contributed 17 per cent to its revenue.
The RIL Chairman said, “The retail business has registered excellent growth numbers due to the expansion of physical and digital footprint and significant increase in the number of customers. continue to expand our product base. and Managing Director Mukesh D Ambani,
Its gross revenue, which includes value of sales and services, grew 19.39 per cent to Rs 69,267 crore in the three months ended March 31, 2023. It was Rs 58,017 crore in the year-ago period.
Its pre-tax profit (Ebitda) also increased by 32.63 per cent to Rs 4,914 crore during the quarter.
During the January-March quarter, Reliance Retail expanded its physical store network with the opening of 2,844 new stores, taking the total count to 18,040.
Apart from this, it also continued to increase its infrastructure capabilities and the area operated by it increased by 57.69 percent to 65.6 million square feet.
“The business continues to invest in strengthening its supply chain capabilities by expanding warehouse space by over 1.7 million square feet,” said an earnings statement from Reliance.
For the financial year ending March 31, 2023, Reliance Retail’s operating revenue grew 32 per cent to Rs 230,931 crore, compared to Rs 174,980 crore a year ago. Its net profit for FY23 was Rs 9,181 crore, up 30.13 per cent from Rs 7,055 crore in the previous year. Similarly, its gross revenue for the year grew by 30.37 per cent to Rs 260,364 crore.
Commenting on the results, Isha M AmbaniExecutive Director, Reliance Retail Ventures Ltd., said: “Reliance Retail continues on its path to register industry-leading year-on-year growth at an unprecedented scale in India. Customer-centricity backed by technology, innovation and investment in new business segments Our focus has helped us create operational excellence and drive the transformation of India’s retail sector.”
Reliance Retail Ventures Limited is the holding company of Reliance Retail.