Reliance retail, the retail division of reliance industries have reported 68.2 percent jump in profit to 444 crore, for the second quarter financial year 2017-18. The majority of profit came from the increase in growth in digital, fashion and lifestyle and petroleum products. Last year company had registered a PBDIT of Rs 264 Crore.
Revenue of the company in the second quarter grew 81.3 percent year-on-year to Rs 14,646 crore. The revenue stood at Rs 8,079 crore during the same period last year.
Reliance industries said in statement “Reliance Retail witnessed strong performance across the board during the quarter despite macro-economic head winds. Anticipating tax revisions as a result of GST implementation, consumers’ pre-pond discretionary spend on many categories. There were supply disruptions for a short period as manufacturers were clearing old inventory. Advance inventory planning and strong vendor relationships helped tackle stock-outs during the GST implementation period mitigating revenue loss. Our retail business has delivered broad based, sustainable and profitable growth through improved operational excellence. Reliance Retail continues to extend its distribution channel reach and has partnered with over 750,000 retailers across the country. Over 3 million devices and accessories were sold through this channel during the quarter.”
Reliance retail strengthened its market presence by acquiring 40% stake in genesis luxury fashion which operates Armani, Burberry and Michael kors. Reliance Retail operated 3,679 stores across 750 cities with an area of over 14.2 million square feet.