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Q1 pre-tax profit of Reliance Retail declines by 47 per cent

  

Reliance Retail reported a 47.42 per cent decline in pre-tax profit to Rs 1,083 crore in first quarter ended in June 2020. The retail arm of Reliance Industries posted a pre-tax profit or EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 2,060 crore in the April-June quarter a year ago.

The company’s revenue during the quarter declined by17.22 per cent to Rs 31,633 crore as against Rs 38,216 crore in the corresponding period last fiscal. Retail operations increased by 26.1 per cent to 29 million sq ft as against 23 million sq ft earlier. The company operates a network of 11,806 stores in over 7,000 towns.

During the April-June quarter, it witnessed 21 per cent growth year-on-year across the operational businesses of grocery and connectivity. Besides staples, categories such as hygiene products and packaged foods did particularly well leading to higher bill values.

Within fashion and lifestyle, the company leveraged its AJIO platform to drive revenues in apparel and footwear. The platform’s performance during this period has been impressive as it doubled business and delivered a range of record highs, driven by a significant step up across all operating parameters, an enhanced portfolio and impactful marketing.

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