Reliance Retail’s net profit for the January-March quarter declined by 4.8% to Rs 2,139 crore, while its EBIDTA increased by 2.4% to Rs 3,705 crore during the same period. The country’s largest retailer’s cash profit for the quarter rose 3.8% to Rs 2,878 crore.
For the 12 months ended March 2022, net revenue jumped 26% to Rs 1.75 trillion, EBITDA increased 26% to Rs 12,381 crore (up 29% to Rs 10 Rs 932 crore, excluding investment income), and net profit increased by 29% to Rs 7,055 crore, compared to the previous year.
The retailer opened 793 stores during the quarter, bringing the total to 15,196 physical stores, and added 3.1 million square feet of warehousing and processing space during the quarter.
Reliance Retail said it achieved its best ever quarterly revenue, which even topped the festive quarter’s performance despite the Omicron wave and exiting the festive quarter. “The headwinds posed by the Covid situation in January were offset by robust growth in February and March as the business took advantage of festive events and the start of the summer season,” the company said in its statement. .
During the quarter, net sales at Reliance Retail jumped 23.1% to Rs 50,834 crore, compared to last year with broad-based double-digit growth across all consumer baskets. Ebitda before investment income increased by 16.3% to Rs 3,584 crore due to the strong performance of the Fashion & Lifestyle and Grocery consumer baskets.
During the quarter, Reliance Retail more than doubled its daily orders from a year ago across all of its digital commerce platforms thanks to a stronger product portfolio and offerings.
“In new commerce, the company continued to partner with new merchants across all geographies and consumer baskets. Merchant partner base grew 3x over last year,” the company said in its statement.
The company’s consumer electronics business delivered strong performance across all of its stores, driven by the recovery of mall stores and continued upside in small towns, as it experienced widespread growth across all categories. However, air conditioners have seen high demand due to the early start of the summer season.
During the Republic Day event, sales increased by 20% over the previous year. Its portfolio of own and licensed brands increased by 70% compared to the last quarter.
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.