Reliance Retail Q2 PBDIT jumps 68.2% to Rs 444 crore
ET Bureau|
Oct 14, 2017, 12.41 AM IST
Reliance Retail, the retail division of Mukesh Ambani led Reliance Industries reported 68.2 per cent jump in profit before depreciation, interest and taxes (PBDIT) to Rs 444 crore, for the second quarter of financial year 2017-18, led by increased growth in digital, fashion & lifestyle and petroleum products, the company said in its earnings announcement.
The company had registered a PBDIT of Rs 264 crore during the corresponding period last fiscal.
Revenue of the company in the second quarter grew 81.3% yearon-year to Rs 14,646 crore. The revenue stood at Rs 8,079 crore during the same period last year. “Our retail business has delivered broad-based, sustainable and profitable growth through improved operational excellence,” said Mukesh D Ambani, chairman and managing director of Reliance Industries.
During the quarter, Reliance Retail added 45 stores across various store concepts and strengthened its distribution network for consumer electronics.
Extending its omni-channel presence, Ajio.com now has physical presence across 363 Trends stores. As on September 30, 2017, Reliance Retail operated 3,679 stores across 750 cities with an area of over 14.2 million square feet.
“Reliance Retail witnessed strong performance across the board during the quarter despite macro-economic head winds. Anticipating tax revisions as a result of GST implementation, consumers’ preponed discretionary spend on many categories. There were supply disruptions for a short period as manufacturers were clearing old inventory. Advance inventory planning and strong vendor relationships helped tackle stock-outs during the GST implementation period mitigating revenue loss,” the company said in a statement.
During the quarter, Reliance Retail, strengthened its presence by acquiring 40% stake in Genesis Luxury Fashion, which operates brands such as Armani, Burberry, Coach and Michael Kors.
According to the company, Reliance Retail continues to extend its distribution channel reach and has partnered with over 750,000 retailers across the country. “Over 3 million devices and accessories were sold through this channel during the quarter,” it said.
The company had registered a PBDIT of Rs 264 crore during the corresponding period last fiscal.
Revenue of the company in the second quarter grew 81.3% yearon-year to Rs 14,646 crore. The revenue stood at Rs 8,079 crore during the same period last year. “Our retail business has delivered broad-based, sustainable and profitable growth through improved operational excellence,” said Mukesh D Ambani, chairman and managing director of Reliance Industries.
During the quarter, Reliance Retail added 45 stores across various store concepts and strengthened its distribution network for consumer electronics.
Extending its omni-channel presence, Ajio.com now has physical presence across 363 Trends stores. As on September 30, 2017, Reliance Retail operated 3,679 stores across 750 cities with an area of over 14.2 million square feet.
“Reliance Retail witnessed strong performance across the board during the quarter despite macro-economic head winds. Anticipating tax revisions as a result of GST implementation, consumers’ preponed discretionary spend on many categories. There were supply disruptions for a short period as manufacturers were clearing old inventory. Advance inventory planning and strong vendor relationships helped tackle stock-outs during the GST implementation period mitigating revenue loss,” the company said in a statement.
During the quarter, Reliance Retail, strengthened its presence by acquiring 40% stake in Genesis Luxury Fashion, which operates brands such as Armani, Burberry, Coach and Michael Kors.
According to the company, Reliance Retail continues to extend its distribution channel reach and has partnered with over 750,000 retailers across the country. “Over 3 million devices and accessories were sold through this channel during the quarter,” it said.
