Reliance Retail's net profit increased 18.8% in the first quarter to Rs. 2,448 crores

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₹2,448 crore, driven by growth in the groceries, consumer electronics, and fashion and lifestyle categories. The business, which is a division of Mukesh Ambani's billionaire-led Reliance Industries Ltd, reported a combined net profit of ₹2,061 crore during the same period the year before. According to the corporation, its operating revenue for the quarter increased by 19.5% to ₹62,159 crore from ₹58,554 crore in the same period last year.

In the first quarter of fiscal year 2024 compared to the same period in the previous year, the business achieved a robust revenue of ₹69,948 crore, representing a 19.5% YoY increase, primarily driven by growth in Grocery, Consumer Electronics (excluding Devices), and Fashion & Lifestyle segments. The company maintained its strong track record of profit growth, with EBITDA reaching ₹5,139 crore, up by 33.9% YoY, and an EBITDA margin from operations on net sales at 7.9%, up by 30 basis points YoY due to increased efficiencies. The quarter saw a focus on store expansion, with 555 new stores opening, resulting in a record-high footfall of 249 million across formats.

Digital Commerce and New Commerce businesses continued their growth trajectory and contributed 18% of revenue. Towards the end of the quarter, the acquisition of Metro Cash and Carry India was completed, and integration initiatives with Reliance Retail began. In the Consumer Electronics segment, excluding devices, there was 14% YoY growth, driven by consumer engagement through category-led promotions and regional festivities.