Reliance Retail Q1 Results: Profit Jumps 18.8% On Higher Footfalls, Store Additions
Reliance Retail witnessed an all-time high of 249 million footfalls during the quarter across its diverse formats.
Reliance Retail Ventures Ltd.’s first quarter revenue and profit rose, aided by increased footfalls and store additions.
The net profit of India’s biggest retailer, controlled by billionaire Mukesh Ambani, increased 18.8% over the previous year to Rs 2,448 crore in the quarter ended June, according to its parent company, Reliance Industries Ltd.'s exchange filing.
Reliance Retail Q1 FY24 Highlights (YoY)
Revenue from operations (net of GST) increased by 20.5% to Rs 62,159 crore.
Gross revenue rose 19.5% to Rs 69,948 crore.
Ebitda increased 33.9% to Rs 5,139 crore—an all-time high.
Margin widened to 7.9% from 7.6%.
Reliance Retail recorded the highest ever footfalls at 249 million across formats during the quarter.
In April-June, the company added 406 stores to take the total count to 18,446, the highest in India, spanning across an area of 70.6 million sq. ft.
"Retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls," Mukesh Ambani, chairman and managing director of Reliance Industries Ltd., said in a statement.
"The contribution of digital and New Commerce initiatives is scaling up, delivering value to consumers, and providing synergistic benefits to merchant partners," he said.
According to the company, revenue growth was led by grocery, consumer electronics, and fashion and lifestyle segments, while margin growth was a result of improving efficiencies.
Segmentwise Performance (YoY):
The grocery business grew 59%.
Fashion and lifestyle reported 15% growth.
Consumer electronics, excluding devices, rose 14%.
Digital and new commerce contributed 18% of revenue.