Reliance Retail Q3 profit up

24 January 2023, Mumbai

For the third quarter Reliance Retail’s net profit grew by six per cent.

The company’s revenue from operations surged by 18 per cent. Gross revenue, which includes the value of sales and services, rose 17 per cent. This increase in the revenue was led by well-rounded growth across all baskets and channels. Reliance Retail's ebitda (pre-tax profit) surged 24 per cent.

Reliance Retail continued the expansion of its physical store network and added 789 new stores during the taking the total number of stores to 17,225. Now the total retail area operated by Reliance Retail is 50 per cent higher than in the third quarter. The company has been able to operate all stores, distribution and fulfillment centers, offices and facilities at pretty much at the pre-Covid level of efficiency. This was also the first festive period post the impact of Covid and the company has witnessed a sharp rise in footfalls at its stores. The quarter recorded highest ever footfalls across formats and geographies.

Reliance Retail’s registered customer base has grown 30 per cent during the quarter. The total number of transactions increased by 29 per cent. During the quarter, the digital commerce and new commerce businesses grew 38 per cent year on year and contributed to 18 per cent of the revenue.

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