Reliance Retail Q3 net profit rises 6.2% to Rs 2,400 crore

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Reliance Retail reported that its gross revenue, which includes the value of sales and services, rose 17.17 per cent to Rs 67,623 crore in the three months ended December 31, 2022

New Delhi: Reliance Retail on Friday reported a 6.24 per cent increase in its net profit to Rs 2,400 crore for the December 2022 quarter.

The company’s revenue for operations surged 18.64 per cent to Rs 60,096 crore in the third quarter of this fiscal.

The retail arm of Reliance Industries Ltd (RIL) said it had posted a net profit of Rs 2,259 crore in the October-December quarter of FY21 and its revenue from operations was Rs 50,654 crore.

Its gross revenue, which includes the value of sales and services, rose 17.17 per cent to Rs 67,623 crore in the three months ended December 31, 2022.

It was Rs 57,714 crore in the year-ago period.

During the October-December quarter, Reliance Retail expanded its physical store network with 789 new store openings, taking the total number to 17,225.

“The quarter recorded highest ever footfalls at 201 million across formats and geographies,” said Reliance Industries in its earning statement.

The company continued to bolster its infrastructure capabilities by expanding over 2.2 million sq. ft. of warehouse space.

During the quarter, the digital Commerce and new commerce businesses “grew 38 per cent Y-o-Y and contributed to 18 per cent of the revenue”, said RIL.

Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh D Ambani said: “Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability”.

During the period, Reliance Retail’s consumer brands business launched several new variants in processed foods, beverages, spices and staples.

“Acquisition of Sosyo, Lotus Chocolate and launch of Independence brand would further strengthen the portfolio of the business,” it added.

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