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Reliance Retail Q2 profit rises 21% to Rs 2,790 cr; revenue up 19.5%

New Delhi: Reliance Retail Venture Ltd (RRVL) on Friday reported a 21.04 per cent rise in its net profit to Rs 2,790 crore for the second quarter ended September 30, on growth across consumption baskets, increase in footfalls and new store openings.

Its revenue from operation surged 19.48 per cent to Rs 68,937 crore in the September 2023 quarter.

The retail arm of Reliance Industries Ltd (RIL) posted a net profit of Rs 2,305 crore in the July-September quarter of FY23, and its revenue from operations was Rs 57,694 crore.

Its gross revenue in the quarter was Rs 77,148 crore, up 18.83 per cent.

This was led by ‘well-rounded growth across consumption baskets’, said an earning statement from RIL.

Reliance Retail added 471 new stores in its network during the July-September period, taking the total count to 18,650 stores with an area of 71.5 million sq ft at the end of the quarter.

‘The quarter recorded footfalls of over 260 million across formats, a growth of 40.5 per cent year-on-year,’ it said.

During the quarter, its digital commerce and new commerce businesses continued to grow and contributed 19 per cent of the revenue.

Reliance Retail also raised Rs 15,314 crore from global marquee investors at a valuation of over $100 billion during the September quarter.

“The business completed equity fund raise of Rs 15,314 crore in the current round from global marquee investors,” RIL noted.

Commenting on the results, RIL Chairman and Managing Director Mukesh D Ambani said Reliance Retail has continued to rapidly expand its offline as well as online presence while adding to its already impressive range of products and offerings.

“We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our retail business model is consistently delivering robust performance,” he said.

RRVL is the holding company of Reliance Retail.

(Published 27 October 2023, 16:40 IST)

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