Reliance Retail continues growth momentum in Q3 FY23, posts Rs. 2400 crore net profit

NEW DELHI, JAN.22:  Reliance Retail continues with its growth momentum and posted Gross Revenue for Q3 FY23 at ₹ 67,623 crore, a 17% increase year-on-year basis. The business posted an EBITDA of ₹ 4,773 crore, up 25% Y-o-Y. Net profit for the quarter increased to Rs. 2400 crore.

It delivered steady growth across consumption baskets in Q3 as Grocery business witnessed 65% growth YoY while Fashion and Lifestyle business grew 13% YoY and Consumer Electronics business excluding devices witnessed growth of 45%, during this period.

Reliance Retail expanded its physical store network with 789 new store openings with an area of 6 million sq ft, taking the total store count at the end of the quarter to 17,225 stores with an area of 60.2 million sq ft.

With a workforce base of over 418,000, job creation and reskilling of people remained a cornerstone of Reliance Retail’s mission of inclusive growth. 

Reliance Retail received a record 201 million footfalls across formats and geographies in the quarter, a growth of 25% Y-o-Y.

Reliance Retail continues to serve customers at scale as its registered customer base grew 30% Y-o-Y to reach 235 million while it delivered over 265 million transactions, up 30% increase Y-o-Y, a testament of consumer trust on Reliance Retail’s value proposition.

Digital and New Commerce posted 38% Y-o-Y growth and contributed 18% of business. Daily digital commerce orders increased by 30% Y-o-Y and merchant partners increased 70% Y-o-Y across geographies and consumption baskets.

JioMart continued its growth momentum across all town classes. Jio Mart has strengthened its catalogue by 71% Q-o-Q and expanded seller base by 83% Q-o-Q.

Consumer brands business launched several new variants in processed foods, beverages, spices and staples. Acquisition of Sosyo, Lotus Chocolate and launch of Independence brand would further strengthen the portfolio of the business.

Overall, the results reflect sustained growth momentum across consumption baskets with resilient profit delivery.

Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh D Ambani said: “Retail business had another quarter of strong progress with more Indians choosing to shop at Reliance Retail stores. We are focused on delivering superior products and value to customers while improving profitability”.

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said “Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners.”