Reliance Retail Q2 net profit up 21% to ₹2,790 crore

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₹2,790 crore, up from ₹2,305 crore in the year-ago period. Revenue from operations grew 19.5% from ₹57,694 crore to ₹68,937 crore, with growth momentum across consumption baskets led by food and grocery, which grew by 33%, the company said. Earnings before interest, tax, depreciation and amortisation (Ebitda) from operations rose 30.8% to ₹5,607 crore from ₹4,286 crore in the September 2022 quarter.

Operating leverage and continued focus on cost management initiatives resulted in an 80 bps expansion in RRVL’s Ebitda margin to 8.4%. “Reliance Retail has continued to rapidly expand its offline and online presence while adding to its already impressive range of products and offerings. We are providing a fresh and friendly shopping experience across our seamless ecosystem.

The strength and diversity of our Retail business model is consistently delivering robust performance," said Mukesh Ambani, chairman and managing director, Reliance Industries Ltd. The business expanded its network with 471 new stores, taking the total count at the end of the quarter to 18,650 stores with a combined area of 71.5 million sq ft, the company said. Meanwhile, it recorded footfalls of over 260 million across formats, an increase of 40.5% yoy.

The digital-commerce and new-commerce businesses continued to grow and contributed 19% of revenue. “I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics. The performance is a testament to our customer-centric approach," said Isha Ambani, executive director, RRVL.