Reliance Retail Q2FY24 results: Net profit rises 21% to ₹2,790 crore, revenue up 19.5% YoY
₹68,937 crore in Q2FY24, a growth of 19.5% over Q2FY23 revenue of ₹57,694 crore. During the quarter, the company achieved an EBITDA of ₹5,820 crore, marking a 32.2% improvement over the previous year's EBITDA of ₹4,404 crore and a 13.25% surge compared to the Q1 FY24 figure of ₹5,139 crore. The EBITDA margin also expanded to 8.4%, showing an 80-basis point increase from the EBITDA margin of 7.6% in Q2 FY23.
On the bottom line, Reliance Retail reported a 21% YoY increase in its consolidated net profit, reaching ₹2,790 crore, as compared to the consolidated net profit of ₹2,305 crore during the same period in the previous year. The growth was underpinned by strong performances in the Grocery, Fashion, and Lifestyle segments, while Consumer Electronics had a steady performance despite the festive period falling in 3Q FY24, according to the company's earnings report. The retail segment witnessed the highest-ever footfalls at 260 million during the quarter across formats, supported by strong store additions and deeper penetration.
The company added 471 stores during the quarter, taking the total store count to 18,650. Digital commerce and new commerce businesses continued to grow and contributed 19% of revenue in Q2FY24. Isha M.
Ambani, Executive Director, Reliance Retail Ventures Limited, said, "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 that defines Reliance Retail, and we look forward to serving our customers this festive season with renewed optimism and enthusiasm." Shares of Reliance Industries ended 1.76% higher at ₹2,265.80 apiece in Friday's session. Di
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