Mumbai: Reliance Retail Ventures Ltd, the retail arm of Reliance Industries Ltd, reported net profit Rs 2,836 crore for the quarter ended September, showing a growth of 1.3% year-on-year. Its profit in the same quarter last year was 2,800 crores.
Revenue from operations fell by 3.5% Rs 66,502 crore compared to Rs. It was Rs 68,937 crore in the same period last year.
EBITDA increased for the quarter to Rs 5,850 crore It was Rs 5,830 crore in the second quarter a year ago. Margins increased 30 basis points to 0.3%.
The company attributed the increase in depreciation to expanded asset base, driven by new store openings and enhanced supply chain infrastructure.
Reliance Retail continued its aggressive expansion, adding 464 new stores during the quarter, taking the total store count to 18,946, covering 79.4 million square feet.
“Reliance Retail continues to invest in technology and infrastructure to build a strong foundation for future growth and maintain market leadership. We continue to strengthen our customer proposition with innovative products that span from everyday essentials to premium offerings. Isha Ambani, Executive Director, Reliance Retail, said, by continuously expanding our assortment and innovating across categories, we are creating a shopping experience that meets the evolving needs of our customers and strengthening our leadership in retail. .
Viewership across all formats exceeded 297 million during the quarter, representing 14% growth year-over-year. Digital commerce and new commerce businesses also grew, contributing 17% to total revenues.
“The retail segment is enhancing its consumer touch points and product offerings across physical and digital channels. The unique omni-channel retail model enables the business to meet a wide range of needs of its huge, diverse customer base. The retail business continues to partner with renowned domestic and global players while expanding its range of quality product offerings. Our focus on strengthening our retail operations will help us rapidly grow this business in the coming quarters and years and maintain our industry-leading growth momentum,” said Mukesh D, Chairman and Managing Director, Reliance Industries. Ambani said.