Reliance Retail Q2 pre-tax profit up 51.2% at Rs 4,404 crore; revenue rises 44.5% to Rs 57,694 crore
Reliance retail Q2 earnings: Reliance Retail on Friday reported a 51.18 percent jump in pre-tax profit at Rs 4,404 crore for the September 2022 quarter, led by store additions and a strong revival in footfalls. The retail arm of Reliance Industries Ltd (RIL) said it had posted a pre-tax profit or EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of Rs 2,913 crore in the July-September quarter of FY21.
Its revenue from operations of the organized retail segment surged 44.50 percent to Rs 57,694 crore in the latest September quarter from Rs 39,926 crore in the year-ago period. "The business delivered record revenue and profits during the quarter led by broad-based growth across all consumer baskets," said an earning statement from Reliance Industries Ltd.
Its gross revenue, which includes the value of sales and services, rose 42.91 percent to Rs 64,920 crore in the three months that ended September 30, 2022. It was Rs 45,426 crore in the year-ago period. "The business expanded its physical store network with 795 new store openings with an area of 9.2 million sq ft, up 20 percent Q-o-Q, taking the total store count at the end of the quarter to 16,617 stores with an area of 54.5 million sq ft," said RIL.
Reliance Retail is the only Indian retailer with more than 50 million square feet of retail space under operation. Its total employee base now stands at a record over four lakh, making Reliance Retail one of the largest employers in the country. "As consumers returned to stores, Reliance Retail received over 180 million footfalls across formats and geographies in the quarter, a growth of 23 percent over the pre-COVID period," it said. It had 37.3 million sq ft under operation in the corresponding July-September quarter of FY22.
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