Revenues Jump 11.8% Sequentially On Rebound In Footfalls

Reliance Retail Q2 FY23 Highlights (QoQ)

  • Gross revenue rose 10.87% to Rs 64,920 crore.

  • Revenue from operations—net of GST—rose 11.84% to Rs 57,694 crore.

  • Ebitda rose 9.9% to Rs 4,286 crore—its all-time high.

  • Margin contracted to 7.4% from 7.6% on higher-priced inventory.

“Our retail business delivered record performance with strong revival in footfalls, store additions and digital integration,” Reliance Industries’ Chairman and Managing Director Mukesh Ambani said in a statement.

As consumers returned to stores, the company saw a record 180 million footfalls across formats in Q2, a growth of 23% over pre-Covid levels.

Online sales were also robust with the business delivering 250 million transactions, representing a 45% increase over the previous year.

Reliance Retail’s registered customer base grew 28% year-on-year to reach 221 million at the end of the quarter.

Digital commerce and new commerce businesses saw “stellar growth” with daily orders growing 53% year-on-year and merchant base scaling up 2 times. All consumption baskets delivered high double-digit like-for-like sales growth on the back of events and festive buying, according to the company.

Revenue for grocery and pharma segments doubled, while revenue for consumer electronics and fashion and lifestyle were up 40% over the previous year.

“The quarter was marked by an operating environment at par with pre-Covid levels as the impact of pandemic waned,” the company said. “Across town classes, consumer sentiments remained positive on the back of key promotional events and early onset of festivities.”

Reliance Retail expanded its physical store network with 795 new store openings with an area of 9.2 million sq ft, up 20% quarter-on-quarter, taking the total store count at the end of the quarter to 16,617 stores with an area of 54.5 million sq. ft.

Reliance Retail is the only Indian retailer with more than 50 million sq ft of retail space under operation.

It became the first retailer in India to cross an employee base of four lakh employees, adding over 35,000 jobs during the quarter.

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