Reliance Retail’s net profit for July-September jumped 36 percent year-on-year (YoY) while revenue increased 44.5 percent with the operating environment being at par with pre-Covid levels as the impact of the Pandemic wanes.
Net profit was at Rs 2,305 crore while revenue was Rs 57,694 in the quarter that ended September 30.
Retail opened 795 stores with an area of 9.2 mn sq ft, up 20 percent QoQ making the total store count by the end of the quarter 16,617 with an area of 54.5 mn sq feet. Moreover, the retail arm of Reliance Industries reported a profit of Rs 1,695 crore in the same quarter last year.
“Our retail business delivered record performance with a strong revival in footfalls, store additions, and digital integration,” said Mukesh Ambani, chairman, Reliance Industries Limited.
As consumers returned to stores, Reliance Retail reported over 180 million footfalls across formats and geographies in the quarter, a growth of 23 percent over the pre-COVID period. The company also posted growth in its digital commerce business with daily orders growing 53 percent YoY.
During the quarter, Reliance Retail acquired a majority stake in Mayuri Kumkum, the company that owns and operates Insight Cosmetics.
Earlier, it had signed a master franchise agreement with American fashion brand GAP Inc, Tod’s, an Italian luxury lifestyle brand, and Pret A Manger, a fresh-food and organic coffee chain.
The company also acquired Catwalk, a women’s footwear brand, and acquired the India franchise rights for Sunglass Hut, a multi-brand premium eyewear retailer. The company has also formed a joint venture with Plastic Legno SPA’s by acquiring a stake in the toy manufacturing business in India.