Reliance Retail first quarter revenue rises by 52 per cent

Reliance Retail, a subsidiary of Reliance Industries Limited (RIL), on Friday reported consolidated gross revenue of Rs 58,554 crore for the quarter ended June 30, 2022, registering a year-on-year growth of 51.9 per cent.

The company's net profit during the first quarter of the current financial year surged by 114.2 per cent year-on-year to Rs 2,061 crore.

Reliance Retail's EBITDA for the quarter ended June 30, 2022, rose to Rs 3,837 crore, registering growth of 97.8 per cent.

Reliance Retail continues to maintain its leadership position in Consumer Electronics as it doubled its business over last year led by broad based growth across categories of air conditioners, mobiles, laptops, and high-end TVs.

Focused promotions during the IPL for TVs and for productivity devices during back-to-school helped capture consumer demand, Reliance Industries Limited said in a statement.

Own brands portfolio continues to scale up rapidly with 6x growth in sales over last year led by attractive offers and new launches.

During the quarter under review, Reliance Retail consolidated its leadership position in Fashion & Lifestyle as it delivered a strong revenue growth of 3x over last year driven by regional festivities & promotions resulting in all-time high average bill values and healthy conversions.

Reliance Jewels delivered a strong quarter with revenues up nearly 3x over last year driven by strong festive sales, wedding season and network expansion. Leveraging its design capabilities that it has built over time, the business launched 5 new collections during the quarter.

Grocery business had a buoyant quarter as it recorded its highest ever revenues and doubled its business over last year led by broad based growth across all categories.

Being a pan-India player, Reliance Retail has utilized its network, scale and efficient sourcing to optimize product prices to reduce the burden of inflationary pressures on our customers. We have kept prices of key daily consumption items low to reduce the inflationary impact on consumers' wallet.

( With inputs from ANI )

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