Reliance Retail Q1 Net Profit Climbs 19% To Rs 2,448 Crore

Reliance Retail said it recorded its highest-ever footfall of 249 million across formats in the quarter
Reliance Retail
Reliance Retail

Reliance Retail on Friday reported a 19 per cent rise in consolidated net profit to Rs 2,448 crore in the first quarter ended June 2023, led by growth in grocery, consumer electronics and fashion and lifestyle categories.

The company, a part of billionaire Mukesh Ambani-led Reliance Industries Ltd, had posted a consolidated net profit of Rs 2,061 crore in the same quarter of the last fiscal.

Its revenue from operations in the quarter stood at Rs 62,159 crore compared to Rs 58,554 crore in the year-ago period, a growth of 19.5 per cent, the company said.

"Business delivered a robust (gross) revenue of Rs 69,948 crore, up by 19.5 per cent year-on-year led by growth in grocery, consumer electronics (excluding devices) and fashion and lifestyle," it added.

Reliance Retail said it recorded its highest-ever footfall of 249 million across formats in the quarter and 555 new stores were added during the period.

At the end of the first quarter, the company's total store count was 18,446. In the same quarter previous fiscal, the total number of stores was 15,866.

Digital commerce and new commerce businesses continued to grow and contributed 18 per cent of revenue, the company said, adding that towards the end of the quarter, it completed Metro Cash and Carry India acquisition and initiatives are underway to integrate the business with Reliance Retail.

"Retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls. The contribution of digital and new commerce initiatives is scaling up, delivering value to consumers and providing synergistic benefits to merchant partners," Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani said.

In the first quarter, the area operated by the company increased by 55.5 per cent to 70.6 million square feet compared to 45.5 million square feet in the year-ago period. 

"The sustained growth across consumption baskets has further consolidated our position as a market leader. We continue to innovate and invest in our stores and digital platforms to make shopping more engaging for our customers," Reliance Retail Ventures Ltd Executive Director Isha Ambani said.

Reliance Retail Ventures Ltd is the holding company of Reliance Retail.

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