[ad_1]
New Delhi: Reliance Retail has reported an 18.8 per cent YoY increase in its gross revenue to Rs 77,148 crore for the quarter that ended September 30, 2023, according to a BSE filing. The company’s revenue for the same period last year stood at Rs 64,920 crore.
The increase in revenues was led by well-rounded growth across consumption baskets, said the company, adding that grocery and fashion and lifestyle businesses maintained strong growth momentum. Further, the conglomerate highlighted that its consumer electronics segment witnessed a steady performance despite a late festive period.
Reliance Retail’s net profit for Q2FY24 increased by 21 per cent to Rs 2,790 crore against Rs 2,305 crore in FY23.
The company also witnessed a decent increase in its EBITDA margin for the quarter from 7.6 per cent last year to 8.4 per cent driven by operating leverage and focus on cost management.
On a half-year basis, the retail giant’s gross revenue stood at Rs 1,47,096 crore with a net profit of Rs 5,238 crore.
As of September 30, Reliance Retail runs a total of 18,650 stores spreading across a total area of 71.5 million square feet. During the quarter, the company opened 471 new stores.
The quarterly filing also highlighted that digital commerce and new commerce businesses continued to grow and contributed 19 per cent to the overall revenue of the retail giant.
During the last quarter, Reliance Retail raised Rs 15,314 crore in equity from global investors including Qatar Investment Authority and KKR.
[ad_2]
Source link
