Reliance Retail's Q3 gross revenue increases 17 pc to Rs 67,623 crore
Jan 20, 2023
Mumbai (Maharashtra) [India], January 20 : Reliance Retail on Friday posted an increase of 17 per cent year-on-year in its gross revenue to Rs 67,623 crore for the quarter ending December 2022.
The company said its business delivered steady growth across consumption baskets, with the grocery business growing 65 per cent year-on-year, fashion and lifestyle surging 13 per cent y-o-y and consumer electronics excluding devices increasing 45 per cent y-o-y.
Reliance Retail said its business posted earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 4,773 crore, up 25 per cent y-o-y. Ebitda margin on net sales was at 7.9 per cent, up +40 basis points (bps) y-o-y.
The company also said Ebitda from operations was Rs 4,657 crore, up 32 per cent y-o-y. Ebitda margin on net sales was at 7.7 per cent, up 70 bps y-o-y resulting from favourable mix, operating leverage and efficiencies.
Reliance Retail said it expanded its physical store network with 789 new store openings with an area of 6 million square feet, taking the total store count at the end of the quarter to 17,225 stores with an area of 60.2 million sq ft.
With a workforce base of over 418,000, the company said job creation and reskilling of people remained a cornerstone of Reliance Retail's mission of inclusive growth.
Reliance Retail also said it received a record 201 million footfall across formats and geographies in the quarter, a growth of 25 per cent y-o-y.
Reliance Retail said its registered customer base grew 30 per cent y-o-y to reach 235 million. The company delivered over 265 million transactions, up 30 per cent increase y-o-y.
Digital and New Commerce posted a 38 per cent y-o-y growth and contributed 18 per cent of business, daily digital commerce orders were up 30 per cent y-o-y while merchant partners' business rose 70 per cent y-o-y across geographies and consumption baskets.
Consumer brands business launched several new variants in processed foods, beverages, spices and staples. Acquisition of Sosyo, Lotus Chocolate and the launch of Independence brand would further strengthen the portfolio of the business, Reliance Retail said, adding that JioMart continued its growth momentum across all town classes.
Reliance Retail said its business strengthened capabilities with the acquisition of V Retail (Centro Footwear). "Overall, the results reflect sustained growth momentum across consumption baskets with resilient profit delivery," it said.
Isha M Ambani, Executive Director, Reliance Retail Ventures, said the company's performance during the quarter "demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times".
"We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners," he said.
