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Reliance Industries on Friday reported a 10.5 per cent rise in its retail arm's sales to Rs 45,450 crore for the quarter ended September against Rs 41,124 crore posted in the year-ago period.
The net profit for the quarter of Reliance Retail was Rs 1,695 crore — higher by 74.2 per cent year-on-year. Sales in the September quarter when compared to June quarter was up 17.9 per cent.
The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) from retail operations was up 44 per cent to Rs 2,913 crore in the quarter under review.
In a statement, the company said its retail revenue, excluding petro retail business, grew 16 per cent YoY and the quarter saw robust growth across all consumption baskets, led by strong revival in consumer sentiments amid festivities, relaxations in Covid curbs, and vaccinations.
The business re-established growth momentum in fashion and lifestyle with sales closing above pre-Covid levels. The consumer electronics and grocery also saw strong growth momentum as lockdowns eased all over India.
As operating curbs eased, business resumed its thrust on accelerated store and infrastructure expansion. During the quarter, the company opened 813 new stores, thus taking the total count to 13,635 stores across 37.3 million square feet of retail space. The business commissioned 86 warehouses and fulfilment centers spread in an area of 2.5 million sq ft. of space to bolster its service capabilities.
The digital and new commerce continued to scale new highs even when the stores were reopened and grew 2.4 times YoY and all the platforms recorded robust growth in daily orders and operating metrics, the company said.
The company said a subsidiary of Reliance Retail Ventures entered into a master franchise agreement with 7-Eleven for the launch of its convenience stores in India. RRVL also acquired 96.49 per cent in Aaidea Solutions (Milkbasket) during the quarter.
RRVL also acquired 52 per cent equity stake in Ritika that owns - Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar, aarké, and Ritu Kumar Home and Living, apart from taking control of Just Dial by acquiring 67 per cent stake.
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