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Reliance Retail’s first-quarter revenue is best ever, employee headcount nears 3.80 lakh
- Reliance Retail Q1 update: Net profit for the quarter under review came at ₹2,061 crore, up 114.2% year-on-year
Retail Retail, the business housing the retail interests of billionaire Mukesh Ambani's Reliance Industries Ltd, added 17,000 employees during the April-June quarter (Q1FY23). The addition of new employees takes the retailer's total staff strength to 3,79,000.
Net profit for the quarter under review came at ₹2,061 crore, up 114.2% year-on-year.
Reliance Retail has logged its best-ever quarterly revenues in a macro environment that remained challenging, the company said, adding, “Gross Revenue was at ₹58,554 crore for the quarter, registering a growth of 51.9% YoY.”
The business posted an Operating EBITDA of ₹3,897 crore, up 180.4% YoY with a 350-bps improvement in margin at 7.6% compared to 4.1% in the corresponding quarter of the last fiscal.
This was led by higher contribution from Fashion & Lifestyle and Consumer Electronics and growing operating leverage with strong LFL growth over last year across consumption baskets.
Cash Profit for the quarter came at ₹2,873 crore, higher by 105.2% YoY, the firm said.
The registered customer base crossed a milestone of 20 crore. The customer base stood at 20.8 crore at the end of the quarter, up 29% YoY.
“Reliance Retail continues to strengthen its capabilities across businesses through acquisitions and partnerships. It has signed a master franchise agreement with GAP Inc., a leading American Fashion brand, Tod’s, an Italian luxury lifestyle brand and Pret A Manger, a fresh food & organic coffee chain,” the company said in an official release.
“In addition, Reliance Retail has acquired Catwalk, a leading women’s footwear brand and has acquired the India franchise rights for Sunglass Hut, a multi-brand premium eyewear retailer. The Company has also formed a Joint Venture with Plastic Legno SPA’s by acquiring a stake in the toy manufacturing business in India,” it added.
Reliance Retail is a subsidiary of Reliance Retail Ventures Ltd (RRVL), the holding company of all the retail companies under the Reliance Industries Ltd group.
RIL today posted a lower-than-expected quarterly profit as higher costs offset the gains from refining business.
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Business NewsCompaniesCompany ResultsReliance Retail’s first-quarter revenue is best ever, employee headcount nears 3.80 lakh
First Published:22 Jul 2022, 08:14 PM IST
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