Reliance Retail saw a 53 % increase in their Q3 revenue from RS 37,845 crore to RS 57, 714 crore which includes services and sales.
Reliance retail is the retail arm of India’s Biggest conglomerate Reliance industries and is owned and run by India’s richest Man Billionaire Mukesh Ambani. The retail arm of Reliance Reliance Retail also has partnerships with global brands such as Burberry and Jimmy Choo through joint ventures and franchises.
For the third quarter ending December 2021, Reliance Retail recorded a 23.81 percent growth in consolidated pre-tax profit of Rs 3,822 crore.
In the October-December period a year ago, Reliance Industries Ltd (RIL) reported a pre-tax profit or EBITDA (earnings before interest, tax, depreciation, and amortization) of Rs 2,312 crore.
Its operating revenue was 50,654 crore, up 53.41 percent from the previous fiscal’s similar period of 33,018 crores.
Its gross income, which includes sales and services, increased by 52.5 percent to 57,714 crores from 37,845 crores.
“As the operating environment returned to routine, Reliance Retail delivered a milestone quarter, setting all-time high Revenue and EBITDA,” RIL stated in a post-earnings statement.
Mukesh D Ambani, Chairman and Managing Director of RIL, stated, “On the back of the festive season, and as lockdowns around the country relaxed, retail business activity has normalized, with robust growth in major consumption baskets. Through enhanced customer interaction and subscriber mix, our digital services company has produced broad-based, sustained, and profitable growth.”
Reliance Retail has achieved “all-time high revenues” across all consumption baskets, thanks to record-breaking retail sales and strong growth in digital and innovative commerce.
“On the back of strong Christmas sales, Consumer Electronics and Apparel & Footwear increased their business, while Grocery maintained its consistent and strong double-digit growth pace,” the company noted.
Reliance Retail continued to expand stores and invest in network and infrastructure growth during the October-December quarter.
Reliance Retail opened 837 outlets in Q3 FY22, bringing the total number of stores to 14,412 and 2.3 million square feet of warehousing space to strengthen its service capabilities.
Its digital and new commerce capabilities have continued to improve.
Merchant partnerships and digital commerce orders also reached new highs, with merchant partnerships increasing by four times and orders for internet commerce have increased by 2X year over year.
“Reliance Retail has built capabilities through acquisitions and key alliances, investing over Rs 7,600 crore in the first nine months of FY 22,” the company claimed.
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