Reliance Industries’ retail division, which operated 19,592 stores at the end of June, selling grocery, consumer electronics and apparel, posted net revenue of Rs 73,720 crore for the April-June period. Net profit increased 28% from a year earlier to Rs 3271 crore, while gross revenue increased 11% to Rs 84,171 crore.
“Retail’s business performance registered customer base expanded to 358 million, along with significant improvement across operating metrics,” Reliance Industries chairman and managing director Mukesh Ambani said.
Reliance Retail opened 388 new stores in the first quarter and had 77.6 million sq ft of retail space as of June-end.
JioMart continued to expand quick hyper local deliveries posting 68% growth and 175% growth in daily orders. Consumer electronics business was driven by an average bill value growth, up 26%, and conversions increased 200 bps. AC sales, however, were impacted due to early onset of monsoon.
In the fashion and lifestyle division, growth has picked up with multiple initiatives undertaken in the last four quarters, and emerging formats of GAP, Azorte, and Yousta posting 59% growth, which now operate over 170 stores. Within grocery, it saw broad based growth across categories with home and personal care growing at 15%, fruits and vegetables growing at 15% while packaged foods expanded 13%Reliance’s consumer products business, which sells Campa and Independence, recorded sales of Rs 4400 crore during the quarter.“Reliance Retail delivered resilient performance during this quarter driven by our relentless focus on operational excellence, geographical expansion and sharper product portfolio. Our continued investments in cutting-edge technologies and differentiated product offerings have enabled us to serve our customers better and scale with agility,” said Isha Ambani, executive director, Reliance Retail Ventures.
