Mukesh Ambani-led Reliance Retail, a subsidiary of Reliance Industries Limited, has reported a jump of 70% in earnings before interest, tax, depreciation, and amortization (EBITDA) to Rs 2,049 crore for the first quarter of the financial year 2019-20 ending June 30, 2019.
During the corresponding period last year, the company had posted an EBITDA of Rs 1,206 crore.
Reliance Retail has reported a 47.5% rise in revenue to Rs 38,196 crore for the quarter under review as compared to Rs 25,890 crore it posted during the same quarter in the last financial year.
Mukesh D. Ambani, Chairman And Managing Director, Reliance Industries, said, “Our first quarter earnings were strong despite the weak global macroeconomic environment and challenging hydrocarbon market conditions. Our downstream businesses delivered resilient performance in an environment of slower demand growth and incremental supplies.”
“The performance reflects the benefits of deep refining and petrochemicals integration, chain economics and feedstock flexibility. The Company continues to make major strides in its retail and digital services businesses led by a focus on growth markets with offerings in the right product segments and compelling value proposition. We are pleased with the robust growth both in revenues and operating income for Reliance Retail. Our digital services business continues to transform the mobility market in India while scaling newer milestones,” he added.