Reliance Retail saw a 23.4% YoY growth in its net profit to reach Rs 2,259 crores in the quarter ended on December 2021. The company’s revenues rose 53.4% YoY to Rs 50,564 crores in Q3 as revenues from all baskets, except petroleum connectivity, grew 90% over the past year.
Its EBITDA grew 52.3% YoY to Rs 3,522 crores. In the third quarter, the company added 837 new stores taking the store count to 14,412 and also added 73 warehouses. Its merchant partners grew 4 times while its digital business grew 2 times.
“Retail business activity has normalised with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country,” said Mukesh Ambani, RIL’s chairman and managing director, commenting on the third quarter results.
The company also said in its release that it recorded all time high revenues across all consumption baskets accompanied by highest ever growth via stores and sustained growth. Its electronics and apparel segments nearly doubled its business under festive sales and its groceries segment showed sustainable growth.
Recently, the company invested in a logistics company called Dunzo, acquiring 25.8% stake in the company, which has further strengthened its logistics network. Moreover, the investment is said to assist the company in its operations where Dunzo would use its wide logistics network to assist the company’s merchant partners.
Highlight by Aman Agarwal.