Companies

Reliance Retail clocks 10.5% growth in revenue

Our Bureau Mumbai | Updated on October 23, 2021

The retail segment added 813 new stores and 91 new supply chain locations

Reliance Retail clocked 10.5 per cent growth in revenue for the second quarter of FY22 at ₹45,450 crore, compared to ₹41,124 crore in the same period last year.

Srikanth Venkatachari. Joint Chief Financial Officer, Reliance Industries Ltd, said the retail segment has seen very strong performance. “The performance is led by a strong consumer sentiment, festival season and easing of norms,” he said.

The retail segment added 813 new stores and 91 new supply chain locations. According to RIL’s results, it has added more assets to the tune of ₹105,293 crore which is 76 per cent growth from ₹59,630 crore in the same time last year.

Venkatachari added: “the revenues for the segment have reached pre-Covid level with fashion and lifestyle leading the growth with a high margin.”

RIL said it plans to launch JioPhone Next soon. Kiran Thomas, President-IT-Jio Infocomm, said: “We aim to bring them to our network through which we aim to have a wide network for JioPhone Next. Reliance Retail has a good physical presence and after-sales service model, we plan to use that for JioPhone Next.”

He further said the company plans to use synergies between both the platforms to make JioPhone Next available across the country. “Jiomart, which is the digital arm of Reliance Retail, is doing very well. We have now decided to extend it to Jiomart Digital which is an assistant sales platform that we are extending through our new commerce model. This will cater to lakhs of small digital retailers in India,”

Published on October 22, 2021

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