Reliance Retail delivers strong performance with Rs 77,148 cr gross revenue for Q2 FY24

Mumbai, Oct 27 (IANS) Reliance Retail delivered strong performance with gross revenue recorded at Rs 77,148 crore for Q2 FY24, a growth of 18.8 per cent Y-o-Y led by well-rounded growth across consumption baskets.

Grocery and Fashion & Lifestyle businesses maintained strong growth momentum while Consumer Electronics had a steady performance despite festive period falling in Q3 FY24.

Business posted an EBITDA of Rs 5,820 crore, up by 32.2 per cent on a Y-o-Y basis. EBITDA before Investment Income was recorded at Rs 5,607 crore.

EBITDA margin from operations on net sales was at 8.1 per cent, up 70 bps Y-o-Y driven by operating leverage and continued focus on cost management. Depreciation increased on account of higher asset base due to addition of new stores and supply chain infrastructure.

Higher Finance cost on account of increase in interest rate and borrowings for business expansion.

Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics. The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm.”

The business expanded its store network with 471 new store openings taking the total store count at the end of the quarter to 18,650 stores with an area of 71.5 million sq ft.

The quarter recorded footfalls of over 260 million across formats, a growth of 40.5 per cent Y-o-Y.

Digital Commerce and New Commerce businesses continued to grow and contributed 19 per cent of revenue.

The business acquired Ed-a-Mamma, a kids and maternity-wear brand and majority ownership of Superdry IP for India, Sri Lanka and Bangladesh.

Global marquee investors reaffirm their confidence in Reliance Retail’s vision, execution prowess and value creation. The business completed equity fund raise of Rs 15,314 crore in the current round from global marquee investors.

Reliance Retail completed transfer of assets to warehouse InvIT entity for a total consideration of Rs 5,150 crore on October 25. The asset value is reflected in Other Financial Assets as on September 30.

–IANS

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