Reliance Retail on Friday reported a 23.81 per cent increase in its consolidated pre-tax profit at ₹3,822 crore for the third quarter ended December 2021.
The retail arm of Reliance Industries Ltd (RIL) had posted a pre-tax profit or EBITDA (earnings before interest, tax, depreciation and amortisation) of ₹2,312 crore in the October-December period a year ago.
Its revenue from operations stood at ₹50,654 crore, up 53.41 per cent from ₹33,018 crore in the corresponding period of last fiscal.
Its gross revenue, which includes the value of sales and services, jumped 52.5 per cent to ₹57,714 crore as against ₹37,845 crore.
“Reliance Retail delivered a landmark quarter posting all time high Revenue and EBITDA as operating environment returned to normalcy,” RIL said in a post-earnings statement.
RIL Chairman and Managing Director Mukesh D Ambani said, “Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix.”
Reliance Retail has recorded “all time high revenues” across all consumption baskets driven by highest-ever store sales and sustained growth momentum in digital and new commerce.
“Consumer Electronics and Apparel & Footwear doubled their business on the back of strong festive sales while Grocery sustained its consistent and strong double-digit growth momentum,” the company added.
During the October-December quarter, Reliance Retail continued to add more stores and invest in network and infrastructure expansion.
In Q3 FY22, Reliance Retail added 837 stores, taking the total count to 14,412 stores and 2.3 million sq ft of warehousing space to bolster its service capabilities.
Its business continued to strengthen its digital and new commerce capabilities.
Merchant partnerships and digital commerce orders scaled new highs, with merchant partners growing 4X y-o-y and digital commerce orders growing 2X.
“Reliance Retail has built capabilities through acquisitions and strategic partnerships and has invested over ₹7,600 crore during the 9 months period in FY 22,” it said.