Reliance Retail | Reliance Retail’s fourth quarter profit up 12.9 percent at Rs 2,415 crore

Photo: @ANI/Twitter New Delhi: Reliance Retail, the retail arm of Reliance Industries Limited (RIL), reported a 12.9 per cent rise in net profit at Rs 2,415 crore for the quarter ended March 31, 2023. With the company opening new stores and increasing the number of customers, the profit has also increased. The company’s operating revenue grew by 21.09 per cent to Rs 61,559 crore in the January-March quarter. The company reported that it had a net profit of Rs 2,139 crore in the same quarter of 2021-22, while operating revenue was Rs 50,834 crore. Reliance Retail’s store count has crossed 18,000 and the number of customers visiting its stores grew by 41.29 per cent year-on-year to 219 million. Digital commerce and new commerce businesses continued to grow and accounted for 17 per cent of the company’s revenue in the March quarter. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, said, “The retail business has registered a phenomenal growth due to increase in number of store visits and digital customers and their orders. In retail, we are constantly adding new products for the benefit of our customers. It is our endeavor to make the best of the world’s best available to our customers and that too at affordable prices. The company’s gross revenue (including sales and value of services) for the quarter under review grew by 19.39 per cent to Rs 69,267 crore as against Rs 58,017 crore in the year-ago period. The company opened 2,844 new stores in the January-March quarter, taking its total store count to 18,040. Last fiscal, Reliance Retail’s operating revenue grew by 32 per cent to Rs 2,30,931 crore from Rs 1,74,980 crore in the previous financial year. The company’s net profit in the financial year 2022-23 has been Rs 9,181 crore, which is 30.13 percent more than Rs 7,055 crore in the previous financial year. Similarly, the gross revenue of the company also increased by 30.37 per cent to Rs 260,364 crore. Isha M. Ambani, Executive Director, Reliance Retail Ventures Ltd., said, “Reliance Retail continues to grow year on year…investing in technology, innovation and new categories of businesses and our approach to focus on customers has enabled us to achieve operational excellence. and helped usher in a transformation in the retail sector in India.” Reliance Retail Ventures Ltd. is the holding company of Reliance Retail. (agency)

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