Comments
Mukesh Ambani-led Reliance Retail has delivered a “landmark quarter” with all-time high EBIDTA and revenues.
During the December ended quarter of FY22, Reliance Retail clocked a gross revenue of ₹57,714 crore ($ 7.8 billion), higher by 52.5 per cent.
Its EBITDA for the Q3 FY22 was ₹3,822 crore ($514 million), higher by 23.8 per cent. The company’s net profit for the quarter was ₹ 2,259 crore ($304 million), higher by 23.4 per cent.
By the end of the quarter, the total number of physical stores operational were 14,412 with 837 stores opened during the quarter. The total area of operation – 40.0 million square feet as compared to 31.2 million square feet in the corresponding quarter of the previous year.
“All time high revenues were recorded across all consumption baskets driven by highest ever store sales and sustained growth momentum in digital and new commerce. Consumer electronics and footwear doubled their business on the back of strong festive sales while grocery sustained its consistent and strong double-digit growth momentum,” the company said.
Also read
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to announce that Reliance has posted best-ever quarterly performance in Q3 FY22 with strong contribution from all our businesses. Both our consumer businesses, retail and digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth.
During the quarter, Reliance Retail Ventures Limited has invested $200 million for 25.8 per cent stake on a fully diluted basis in Dunzo, India’s leading quick commerce player. The capital will be used to further Dunzo’s vision to be the largest quick commerce business in the country.
Dunzo will enable instant delivery of essentials from a network of micro warehouses while also expanding its B2B business vertical to enable logistics for local merchants in Indian cities.
Dunzo will also enable hyperlocal logistics for the retail stores operated by Reliance Retail, further adding onto Reliance Retail’s omni-channel capabilities and facilitate last mile deliveries for JioMart’s merchant network.
“Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix,” Ambani added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.