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Despite fall in revenue Reliance Retails sees 13 per cent jump in Q3 profits

  

The revival in fashion and lifestyle segment has seen the operating profit for Reliance Retail jump 13.3 per cent. In the quarter ending December 2020, fashion and lifestyle segment grew 1.5 times over the last quarter. Reliance Retail added 327 stores in the last quarter alone, taking the total to 12,201 stores in the country. Reliance Retail managed to clock in record profit despite 18.6 per cent fall in revenue compared to the same period last year.

This particular segment, which includes Reliance’s partnership with brands like Burberry, Armani, Diesel, Marks and Spencer, as well as online platforms like Ajio.com, contributes only 8 per cent to Reliance Retail’s total revenue, but brings in a big profit margin. In the quarter ending December 2020, the segment grew by 1.5 times over the last quarter.

This was led by near doubling of fashion and lifestyle earnings, continued benefits from cost management initiatives and a boost from higher investment income of Rs 775 crore, Reliance Industries, said in a statement. This was the quarter when Reliance closed all fund raising for its retail unit.

Reliance added 327 stores in the last quarter alone, taking the total to 12,201 stores in the country, compared to 11,300 at the end of 2019. Retail contributes to about a quarter of RIL’s total revenue and about a third of its operating profit.

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