Reliance Retail Posts 12% YoY Rise In Net Profit At Rs 2,415 Cr In Q4FY23
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Reliance Retail Posts 12% YoY Rise In Net Profit At Rs 2,415 Cr In Q4FY23

QIA Invests Rs 8,278 Cr In Reliance Retail Ventures

Reliance Retail reported a 12.9 per cent year-on-year (YoY)  rise in its consolidated net profit in Q4FY23 at Rs 2,415 crore, compared to Rs 2,139 crore in the same quarter last year.

The company’s revenue from operation grew by 21.1 per cent YoY at Rs 61,559 crore in the quarter gone by. Its Earnings Before Interest, Taxes, and Amortisation (EBITDA) rose by 32.6 per cent YoY at Rs 4,914 crore.

The business recorded gross revenue of Rs 260,364 crore for FY23, a growth of 30 per cent over last year driven by broad based growth across consumption baskets.

With focus on store network expansion, the business grew its store footprint across consumption baskets. This year the business opened over 3,300 stores, taking total count to 18,040 stores with a total area of 65.6 million sq. ft.

The company said that the year reflects an unprecedented growth of retail footprint as business has added 25 million sq ft store area representing more than 50 per cent growth of retail space YoY.

“The business continued to innovate, launch and scale up new retail formats to serve diverse customer segments. The year witnessed a number of such new format launches including Smart Bazaar, Azorte, Centro, Fashion Factory and Portico,” the regulatory filing read.

According to the official statement, the company’s digital commerce and new commerce businesses contributed to 18 per cent of revenue.

The business’s total transactions crossed a milestone of 1 billion transactions, up 42 per cent YoY. Stores recorded footfalls of over 780 million, which were up 50 per cent YoY.

The business added new  initiatives to its portfolio by foraying into FMCG and Beauty businesses. The FMCG business launched several products during the year including ‘Independence’ brand and the iconic beverage brand, ‘Campa’. The beauty business launched digital commerce platform ‘Tira’ and opened its flagship store in Mumbai. These businesses would be ramped up progressively in the coming period, it added.

Its consumer electronics delivered Republic Day period sales performance with revenue growth of 35 per cent  YoY driven by impactful promotions and affordability programs, the statement read.

The company’s fashion & lifestyle category delivered a revenue growth of 19 per cent YoY. Its grocery segment witnessed strong growth arising from store expansion and volume growth in existing stores, the company said.

Its subsidiary JioMart delivered its best quarter with robust growth across categories. The platform augmented its catalogue by 34 per cent quarter on quarter (Q-o-Q) across categories to widen its offering. Trends, Hamleys & Urban Ladder are now live on platform and JioMart is seeing a sustained uptick in non-grocery category contribution, according to the regulatory filing.

Isha M Ambani, Executive Director, RRL, said “Reliance Retail continues on the path of registering industry leading growth year after year at a scale unmatched in India. At Reliance Retail we remain committed to delivering exceptional value to our customers while driving sustainable growth for our business and various stakeholders in the ecosystem.”

“Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer the transformation of India’s retail sector,” she added.

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