Retail Retail, the business housing the retail interests of billionaire Mukesh Ambani’s Reliance Industries Ltd, added 17,000 employees during the April-June quarter (Q1FY23). The addition of new employees takes the retailer’s total staff strength to 3,79,000.
Net profit for the quarter under review came at ₹2,061 crore, up 114.2% year-on-year.
Reliance Retail has logged its best-ever quarterly revenues in a macro environment that remained challenging, the company said, adding, “Gross Revenue was at ₹58,554 crore for the quarter, registering a growth of 51.9% YoY.”
The business posted an Operating EBITDA of ₹3,897 crore, up 180.4% YoY with a 350-bps improvement in margin at 7.6% compared to 4.1% in the corresponding quarter of the last fiscal.
This was led by higher contribution from Fashion & Lifestyle and Consumer Electronics and growing operating leverage with strong LFL growth over last year across consumption baskets.
Cash Profit for the quarter came at ₹2,873 crore, higher by 105.2% YoY, the firm said.
The registered customer base crossed a milestone of 20 crore. The customer base stood at 20.8 crore at the end of the quarter, up 29% YoY.
“Reliance Retail continues to strengthen its capabilities across businesses through acquisitions and partnerships. It has signed a master franchise agreement with GAP Inc., a leading American Fashion brand, Tod’s, an Italian luxury lifestyle brand and Pret A Manger, a fresh food & organic coffee chain,” the company said in an official release.
“In addition, Reliance Retail has acquired Catwalk, a leading women’s footwear brand and has acquired the India franchise rights for Sunglass Hut, a multi-brand premium eyewear retailer. The Company has also formed a Joint Venture with Plastic Legno SPA’s by acquiring a stake in the toy manufacturing business in India,” it added.
Reliance Retail is a subsidiary of Reliance Retail Ventures Ltd (RRVL), the holding company of all the retail companies under the Reliance Industries Ltd group.
RIL today posted a lower-than-expected quarterly profit as higher costs offset the gains from refining business.
Kingdom Holding Company (KHC), a Saudi conglomerate with interests in key sectors such as hotel… Read More
Saudi Civil Aviation Holding Company (Matarat), in partnership with the National Center for Privatization &… Read More
The Malaysian national oil and gas company, Petroliam Nasional Berhad (Petronas) has been granted a… Read More
Telangana government, on Wednesday, issued orders allotting approximately 15,000 double bedroom housing units for rehabilitation… Read More
In an exciting cross-cultural celebration of beauty, poised to make waves in the world of… Read More
Salesforce and NVIDIA have announced a strategic collaboration to develop advanced AI capabilities for the… Read More