New Delhi: Reliance Retail Venture Ltd (RRVL) on Friday reported a 31.87% rise in its net profit to Rs 3,165 crore for the third quarter of the financial year (FY) 2023-2024 ended in December 2023.
Its revenue from operations surged 23.75% to Rs 74,373 crore in the December quarter of FY24, led by its grocery, fashion & lifestyle and consumer electronics businesses.
The retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) posted a net profit of Rs 2,400 crore in the October-December quarter of FY2022-23, and its revenue from operations was Rs 67,623 crore.
The gross revenue of Reliance Retail was up 22.83% to Rs 83,063 crore in the December quarter. Its “EBITDA margin from operations on net sales was at 8.1%, up 40 bps Y-o-Y driven by operating leverage and continued focus on cost management,” said an earning statement from RIL.
During the quarter, Reliance Retail added 252 new stores to its network, taking the total count to 18,774 stores. At the end of the December quarter, Reliance Retail had retail operations spread over an area of 72.9 million sq. ft.
Moreover, it also witnessed a 40.3% growth in footfall to over 282 million across store formats.
Its Digital Commerce and New Commerce businesses continued to grow and contributed to 19% of revenue.
Commenting on the result, RIL CMD Mukesh D Ambani said the retail segment has also delivered an impressive financial performance with its rapidly expanding physical as well as digital footprint.
“Reliance Retail remains focused on enriching customer shopping experience by adding new brands and offerings to its portfolio. Its New Commerce initiatives continue to support the growth journey of millions of small merchants through technology, generating immense societal value,” he said.
