Reliance Retail on Friday reported an 18.8 per cent year-on-year (YoY) rise in its gross revenue to Rs 77,148 crore for the quarter that ended 30 September 2023 compared to the last year at Rs 64,920 crore.
The company reported a surge in revenues driven by robust growth across various consumption categories, with strong performances in the grocery and fashion and lifestyle segments. Despite a delayed festive period, the consumer electronics division maintained consistent performance.
Reliance Retail disclosed a 21 per cent increase in net profit for Q2FY24, reaching Rs 2,790 crore compared to Rs 2,305 crore in FY23. The company also experienced a noteworthy rise in the EBITDA margin, climbing from 7.6 per cent in the previous year to 8.4 per cent, attributed to operating leverage and a focus on cost management.
On a half-year basis, Reliance Retail’s gross revenue amounted to Rs 1,47,096 crore, accompanied by a net profit of Rs 5,238 crore. The conglomerate operates 18,650 stores covering a total area of 71.5 million square feet as of 30 September. In the quarter, the company expanded its footprint with the addition of 471 new stores.
The filing emphasised the continued growth of digital commerce and new commerce businesses, contributing 19 per cent to the overall revenue of Reliance Retail.
Additionally, during the last quarter, the company successfully raised Rs 15,314 crore in equity from global investors, including Qatar Investment Authority and KKR.
