RRVL records 11.7 % rise in net profit during Q4,FY24

RRVL records 11.7 % rise in net profit during Q4,FY24

Reliance Retail Ventures Ltd (RRVL) reported an 11.7 per cent increase in net profit during Q4 FY24 as compared to corresponding quarter in the previous year.

The company’s growth was attributed to the robust performance of the company’s consumer electronics and fashion & lifestyle segments.

During the fourth quarter, FY24 ended Mar 31, RRVL’s net profit increased to Rs 2,698 crore from Rs 2,415 crore a year ago. Its gross revenue also increased by 10.6 per cent during the quarter to Rs 76,627 crore from Rs 69,267 crore.

Isha M. Ambani, Executive Director, Reliance Retail Ventures, emphasised on the company's commitment to enhance customer value proposition and meet evolving consumer needs through continued investment and innovation across various formats and products.

The retail business of the company registered a notable 28.5 percent increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to Rs 23,040 crore for the fiscal year ended March 31. Additionally, the EBITDA margin on net sales improved by 60 basis points to 8.4 per cent from the previous year.

During the quarter, RRVL expanded its retail footprint by 7.8 million sq ft. It opened 562 new stores with footfalls in the company’s stores rising by 24.2 per cent to over 272 million visitors, compared to the previous year.

In the fashion & lifestyle segment, RRVL expanded its offerings with new formats such as Azorte, Yousta, and Gap, while its in-house brands achieved over Rs 2,000 crore in annual sales. The Ajio platform enhanced its offerings and customer experience, attracting significant traffic and new customers through events like 'All-Star Sales.' Premium brands recorded a 20 per cent year-on-year growth, while Ajio Luxe exhibited steady performance with a 44 per cent increase in options.

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