Reliance Retail Q3 PAT jumps 6.2%, EBITDA at 4,786 cr

Reliance Retail on Friday reported 6.2 per cent jump in its consolidated net profit for the December quarter to ₹2,400 crore. The Mukesh Ambani led retail chain's gross quarterly revenue was up by 17.1 per cent to ₹67,634 crore, from ₹57,717 core in the corresponding quarter last fiscal. Reliance Retail's posted a EBITDA which shot up by 24.7 per cent YoY to ₹4,786 crore.

Reliance Retail's net profit stood at ₹2,305 crore for the September 2022 quarter, while gross quarterly revenue was at ₹64,920 crore. Reliance Retail's posted a record EBITDA of ₹4,404 crore.

"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.," said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.

The business expanded its physical store network with 789 new store openings with an area of 6 mn sq ft. Reliance Retail received over 201 million footfalls in the quarter.

"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," said Isha M Ambani, Executive Director, Reliance Retail Ventures Ltd.

The digital commerce and new commerce grew 38 per cent Y-o-Y and contributed to 18% of the revenue, said the company.

"AJIO continues to ramp up performance as it expanded its customer base by 33% and catalogue size by 62% Y-o-Y making it a preferred online fashion destination for millions of shoppers across the country," said RIL in its regulatory filing.

The grocery business delivered revenue growth of 65% YoY which was led by broad based growth in categories of fruits and vegetables, staples, general merchandize, packaged food and HPC, said the company.

Recently, Reliance Retail FMCG arm Reliance Consumer Products Limited, acquired 50 per cent stake in Gujarat-headquartered Sosyo Hajoori Beverages. It also acquired 51 per cent controlling stake in Lotus Chocolate Company for ₹74 crore.

Mukesh Ambani-led Reliance Industries Ltd posted a consolidated net profit of ₹15,792 crore for the quarter ended 31 December, 2022 (Q3FY23). This is 14.8% lower from ₹18,549 crore reported in the year-ago period.