Reliance Retail profit climbs over 100% in Q1

Its net profit stood at $261m.

Reliance Retail posted a 114.2% net profit growth to $261m in the first quarter of the year as the business saw operated without disruptions for the first time since the onset of the pandemic.

Its gross revenue for the quarter grew 51.9% year-on-year to $7.4b, whilst its operating earnings before interest, taxes, depreciation, and amortisation went up by 180.4% YoY to $493m.

“Consumer spending got a boost as families indulged in leisure activities, socializing, festivities and shopping as COVID situation improved though sentiments remained cautious due to inflationary concerns,” Reliance Retail said in a statement.

The company noted footfalls also climbed to 175 million during the quarter, up by 19% compared to pre-pandemic levels.

This translated to around 220 million transactions, a growth of over 60% compared to the pre-COVID levels.

During the quarter, Reliance Retail opened 792 stores, bringing the total to 15,866 stores with area spanning 45.5 million square feet across the country.

It also boosted its supply chain capabilities with 79 additional warehousing and fulfillment locations. Reliance Retail also pursued partnerships with established brands, such as GAP Inc., Tod’s and Pret A Manger amongst others.

READ MORE: Gap Inc. enters India market

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