Recently, Reliance Retail Ventures Ltd, the retail arm of Reliance Industries Ltd, reported a net profit of ₹2,836 crore for the quarter ended September, reflecting a 1.3% year-on-year increase compared to ₹2,800 crore in the same period last year.
Despite this growth in profit, revenue from operations dropped by 3.5%, amounting to ₹66,502 crore, down from ₹68,937 crore in the previous year’s second quarter. EBITDA rose slightly to ₹5,850 crore from ₹5,830 crore, with a marginal improvement in margins by 30 basis points to 0.3%.
During the quarter, Reliance Retail aggressively expanded its footprint by adding 464 new stores, bringing its total store count to 18,946, covering 79.4 million square feet. Footfall across all formats exceeded 297 million, marking a 14% year-on-year increase. The digital commerce and new commerce segments also performed well, contributing 17% of total revenue.
Isha Ambani, executive director of Reliance Retail, highlighted the company’s continued investments in technology and infrastructure to ensure future growth. She emphasized that the focus on innovation and a diverse product assortment, spanning from everyday essentials to premium offerings, has helped the company cater to evolving customer needs and reinforce its leadership in the retail sector.
Chairman Mukesh Ambani also reaffirmed the company’s commitment to scaling its operations, leveraging an omni-channel retail model to cater to a broad, diverse customer base. He noted that strategic partnerships with both domestic and global players have further strengthened the company’s product offerings, positioning Reliance Retail for continued growth in the coming quarters and years.
Public information shows that Reliance Retail is the largest retail company in India and a subsidiary of the largest publicly listed company in India, Reliance Industries. Established in 2006, Reliance Retail’s operations cover various sectors, including food, groceries, personal care, and beauty, with over 18,000 stores and 240,000 employees across India. As of October 2023, the company’s valuation is $100 billion.
In February 2023, Reliance Retail launched the omnichannel beauty retail platform Tira, marking its entry into the beauty retail market. In November of the same year, it acquired the Indian operations of Sephora from the well-known textile manufacturer Arvind Fashions. This year, with the acquisition of Kiko’s Indian business, Reliance Retail’s presence in the beauty sector has further expanded.
