27 October 2022, Mumbai:
For the second quarter, Reliance Retail’s gross revenue rose by 42 percent. Ebitda rose by 51 percent during the quarter. Net profit for the quarter increased by 36 percent compared to the same quarter a year prior. Cash profit increased by 45 percent.
The quarter saw Reliance Retail open a total of 795 stores across India for its numerous fashion, beauty, and lifestyle brands. This brought the business store total to 16,617. The second quarter also saw Reliance Retail become the first Indian retailer with over 50 million sqft of retail space. The business delivered record performance with a strong revival in footfalls, store additions, and digital integration.
As consumers returned to stores, Reliance Retail had a 23 percent growth in footfalls across formats and geographies over the pre-Covid period. Reliance Retail has set its eyes on the beauty and personal care market in India after dominating the apparel retail segment in the country.
Reliance Industries, which runs Reliance Retail, reported double-digit growth in many areas of its operations. Telecom business Jio launched 5G services during the quarter and the business hired 1.4 lakh, new employees, during the first half of the 2023 financial year. The business's total exports increased by 57 percent year on year.
