Reliance Retail’s Q3 net profit growth leapfrogs

24 January 2022, Mumbai:

Strong store performance, festive demand and online growth boosted the third quarter net profit of Reliance Retail by 23 per cent. The company’s revenues also surged 53 per cent during the quarter. With over 14,400 stores across groceries, consumer electronics and apparel, Reliance Retail posted a profit of Rs 2,250 crore and revenues of Rs Rs 50,654 crore during the quarter ended December. Strong growth in key consumption markets normalized retail business activity during the quarter, says Mukesh Ambani, Chairman, Reliance Industries.

He says, revenues across consumption markets were driven by highest ever store sales. Sales of consumer electronics, apparel and footwear retailers doubled as festive season boosted demand. The grocery segment sustained consistent and strong double-digit growth momentum

In Q3, Reliance Retail opened 837 new stores, adding 8.8 million sq. ft. retail space. It invested $200 million for a 25.8 per cent stake in Dunzo, a quick commerce player, which will also enable hyperlocal logistics for Reliance's retail stores, add omni-channel capabilities and facilitate last mile deliveries for JioMart’s merchant network. The company also acquired Jaisuryas, a grocery chain in Southern India, Amante, women’s intimate wear brand and Kalanikethan, a women’s saree and ethnic wear brand. In addition, Reliance Retail entered into strategic partnerships with investments in Ritika Pvt Ltd that owns – Ritu Kumar and allied brands and Manish Malhotra’s eponymous brand.