Reliance Retail has reported a 45 percent growth in net profit to Rs 2,247 crore for January-March 2021. The company has posted a 23 percent increase in revenue to Rs 47,064 crore for the fiscal fourth quarter.
The company said that the strong demand for fashion and lifestyle, grocery, and consumer electronics has helped it record what it called a “landmark quarter”.
Reliance Retail posted a nearly flat net profit at Rs 5,481 crore and a 3.3 percent fall in revenue at Rs 157,629 crore for the fiscal year ended March 31. The past fiscal year was a challenging one for retailers like Reliance as consumers avoided malls and high street, before demand picked up in the latter half of the year.
Dinesh Thapar, Group Chief Financial Officer of Reliance Retail, said on an earnings call, “It was an unprecedented year because of the challenging operating context. Only 80 percent of our stores were open and the footfalls we saw were 65 percent of pre-Covid levels.”
“The first quarter was pretty much washed out and the second quarter (was) heavily constrained by the situation and only in the third and fourth quarters that we started to see some operating conditions,” he added.
Despite the pandemic, Reliance Retail launched 1,456 stores in the year, taking the total number of outlets to over 12,000, covering more than 33 million sq ft.