Reliance Retail Q3 FY23 net profit at Rs. 2400 crore

TBB BUREAU

MUMBAI, JAN 21, 2023

Continuing its growth momentum, Reliance Retail has posted gross revenue of Rs 67,623 crore for the third quarter of the current fiscal (Q3FY23), registering a growth of 17 per cent year-on-year (Y-o-Y) basis. The business posted an EBITDA of Rs 4,773 crore, up 25 per cent Y-o-Y. Net profit for the quarter increased to Rs. 2400 crore.

It delivered steady growth across consumption baskets in Q3 as Grocery business witnessed 65 per cent growth Y-o-Y while Fashion and Lifestyle business grew 13 per cent Y-o-Y and Consumer Electronics business excluding devices witnessed growth of 45 per cent, during this period.

Reliance Retail expanded its physical store network with 789 new store openings with an area of 6 million sq ft, taking the total store count at the end of the quarter to 17,225 stores with an area of 60.2 million sq ft.

Reliance Retail’s registered customer base grew 30 per cent Y-o-Y to reach 235 million while it delivered over 265 million transactions, up 30 per cent increase Y-o-Y, a testament of consumer trust on Reliance Retail’s value proposition.

Digital and New Commerce posted 38 per cent Y-o-Y growth and contributed 18 per cent of business. Daily digital commerce orders increased by 30 per cent Y-o-Y and merchant partners increased 70 per cent Y-o-Y across geographies and consumption baskets.

JioMart continued its growth momentum across all town classes. Jio Mart has strengthened its catalogue by 71 per cent Q-o-Q and expanded seller base by 83 per cent Q-o-Q.

Commenting on the results, Reliance Industries Chairman & Managing Director Mukesh D Ambani said: “Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability”.

Reliance Retail Ventures Limited Executive Director Isha M Ambani said “Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners.”