Reliance Retail on Friday reported a 12.9 per cent increase in its net profit to Rs 2,415 crore for the quarter that ended on March 31, 2023, helped by the increase in footfalls and new store openings.
The company's revenue for operations surged 21.09 per cent to Rs 61,559 crore in the fourth quarter of this fiscal.
The retail arm of Reliance Industries Ltd (RIL) said it posted a net profit of Rs 2,139 crore in the January-March quarter of FY22 and its revenue from operations was Rs 50,834 crore.
The number of stores operated by Reliance Retail crossed 18,000 and the number of footfalls at its stores was 21.9 crore, up 41.29 per cent year-on-year.
In the March quarter, digital commerce and new commerce businesses continued to grow and contributed 17 per cent of its revenue.
"Retail business registered excellent growth numbers backed by the expansion of physical and digital footprint and a significant increase in footfall. We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices," said RIL Chairman and Managing Director Mukesh D Ambani.
Its gross revenue, which includes the value of sales and services, rose 19.39 per cent to Rs 69,267 crore in the three months that ended March 31, 2023. It was Rs 58,017 crore in the year-ago period.
Its pre-tax profit (Ebitda) during the quarter was also up 32.63 per cent to Rs 4,914 crore.
During the January-March quarter, Reliance Retail expanded its physical store network with 2,844 new store openings, taking the total number to 18,040.
Besides it also continued to bolster its infrastructure capabilities and the area operated by it increased 57.69 per cent to 65.6 million sq ft.
"The business continued to invest in strengthening its supply chain capabilities by expanding over 1.7 Million Sq. ft. of warehouse space," said an earning statement from Reliance.
For the financial year ending March 31, 2023, Reliance Retail's revenue from operation was up 32 per cent to Rs 230,931 crore compared to Rs 174,980 crore a year ago. Its net profit for FY23 was Rs 9,181 crore, up 30.13 per cent from Rs 7,055 crore in the previous year. Similarly, its gross revenue in the year was up 30.37 per cent to Rs 260,364 crore.
Commenting on the results, Isha M Ambani, Executive Director, Reliance Retail Ventures Ltd, said:" Reliance Retail continues on the path of registering industry leading growth year after year at a scale unmatched in India. Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer the transformation of India’s retail sector."
Reliance Retail Ventures Lt is the holding company of Reliance Retail.