Reliance Retail’s Q3 Financial Performance

Reliance Retail, a subsidiary of Reliance Industries, reported robust growth in its net profit and revenue for the third quarter, buoyed by festive fervor and aggressive expansion strategies.

Financial Highlights

• The net profit surged by 31.9% to ₹3,165 crore compared to ₹2,400 crore in the corresponding period last year.
• Revenue from operations witnessed a substantial growth of 23.8%, reaching ₹74,373 crore during the festive quarter.

Store Expansion

• Reliance Retail added 252 stores during the quarter, contributing to a significant increase in its store count by 1,549 on a year-on-year basis, totaling 18,774 stores by the end of December 2023.

Company Statements

• Isha M Ambani, Executive Director of Reliance Retail Ventures, expressed satisfaction with the strong performance during the festive quarter, emphasizing the company’s integral role in India’s economic growth.
• Mukesh D Ambani, Chairman and Managing Director of Reliance Industries, highlighted the impressive financial performance across all business segments, driven by both physical and digital expansion.

Business Segments Growth

• Reliance Retail witnessed double-digit growth across all business segments, with its grocery business leading the way with a 41% increase.
• Non-food categories, particularly general merchandise, home, and personal care, experienced strong growth, aided by catalog expansion and consumer demand for a one-stop shopping experience at Smart Bazaar outlets.

Consumer Brands Expansion

• The consumer brands business grew threefold, supported by enhanced distribution reach and successful relaunches, such as the Campa line of soft drinks.
• Reliance Retail introduced new products under various brands, including Masti Oye! namkeens and sweets and Deluxe assorted toffees under the Toffeeman brand.

Segment Performance

• The fashion and lifestyle segments benefitted from the festival and wedding season, with notable performance in the jewels business.
• Tira, a prominent brand in the fashion segment, expanded its store network and reported strong performance across sales metrics, reflecting positive customer response and engagement.

Reliance Retail’s third quarter performance underscores its resilience and adaptability in navigating market dynamics while capitalizing on growth opportunities across diverse business segments.