Reliance Retail profit up 18.8% in June quarter

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₹2,448 crore. Overall, the retail business, comprising of formats such as Reliance Digital, Ajio, JioMart, Smart Point, Jio Stores, and several others, reported a 19.5% jump in June quarter revenue at ₹69,948 crore; growth was led by grocery, consumer electronics (excluding devices) and fashion and lifestyle categories, RIL said announcing its June quarter earnings on Friday. Towards the end of the quarter, Reliance Retail completed the Metro Cash and Carry India acquisition.

Initiatives are underway to integrate the business with Reliance Retail, the company said in its earnings announcement. Overall the retail business reported an EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization of ₹5,139 crore, up by 33.9% year-on-year. Depreciation increased on account of higher asset base due to addition of new stores and supply chain infrastructure.

Meanwhile, the company reported higher finance costs during the quarter on account of increase in borrowings for business expansion. During the quarter the company’s retail business opened 555 new stores. The company’s stores recorded the highest ever footfalls at 249 million across formats.

“I am delighted to share that our financial performance in the quarter has been resilient and aligned with our business goals. 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," said Isha M Ambani, Executive Director, Reliance Retail Ventures Limited.