Reliance Retail Q3 Results: Net profit jumps 32% YoY to Rs 3,165 crore
Reliance Industries' retail arm Reliance Retail Ventures (RRL) on Friday posted 32% growth in its net profit at Rs 3,165 crore for the quarter ended December 2023. The same stood at Rs 2,400 crore in the year-ago quarter.
Revenue from operations in the reporting period rose 24% year-on-year to Rs 74,373 crore.
The business posted an EBITDA of Rs 6,258 crore, which was up by 31% year-on-year.
EBITDA before investment income was recorded at Rs 6,061 crore, up 30% year-on-year.
EBITDA margin from operations improved 40 basis points year-on-year to 8.1%, driven by operating leverage and continued focus on cost management.
Depreciation during the quarter increased on account of a higher asset base due to the addition of new stores and supply chain infrastructure.
The company also incurred higher financial costs due to an increase in interest rate and borrowings for business expansion.
Reliance Retail expanded its network with 252 new store openings in the third quarter, taking the total count to 18,774 stores with an area of 72.9 million sq ft.
The December quarter recorded footfalls of over 282 million across formats, registering growth of 40% year-on-year.
«The retail segment has delivered an impressive financial performance with its rapidly expanding physical as well as digital footprint. Reliance Retail remains focused on enriching customer shopping experience by adding new brands and offerings to its portfolio,» said Mukesh Ambani, Chairman and MD of RIL.
The grocery business delivered 41% year-on-year growth with an uptick led by festive demand.
