Reliance Retail Ventures Ltd.'s third-quarter profit and revenue increased, led by its grocery, fashion and lifestyle, and consumer electronics segments.
India's largest retailer, controlled by billionaire Mukesh Ambani, posted a 31.9% year-on-year increase in net profit to Rs 3,165 crore in the December quarter, according to an exchange filing by parent company Reliance Industries. Ta.
Reliance Retail Q3 FY24 Highlights (YoY)
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Operating revenue (net of GST) increased by 23.8% to Rs 74,373 million.
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Total revenue increased by 22.8% to Rs 83,063 million.
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EBITDA increased by 31.1% to 6,258 million rupees, the highest ever.
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Profit margin expanded from 7.9% to 8.4%.
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Depreciation expense increased due to an increase in our asset base due to the addition of new stores and supply chain infrastructure.
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Financial costs increased due to interest rate hikes and borrowings associated with business expansion.
„The retail sector has achieved impressive financial performance with rapid expansion of its physical and digital footprint,“ Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said in a statement.
The company said in a statement that the quarter saw more than 282 million visitors across formats, an increase of 40.3% year over year.
The total number of transactions was 320 million, an increase of 19.9% from the previous year.
Reliance Retail expanded its store network and opened 252 new stores, taking the total number of stores to 18,774 stores and 72.9 million square feet at the end of the quarter.