Mumbai: Reliance Retail said festive and wedding season boosted demand leading to a 7% sales growth during the fiscal third quarter while streamlined operations with productivity improvements over the last few quarters helping profitability.
Reliance Industries' retail division, which runs over 19,102 stores spanning grocery, consumer electronics and apparel, posted revenue from operations of ₹79,595 crore in the three months to December, with net profit at ₹3,458 crore, a 10% increase from a year ago. Gross revenue rose 8.8% to ₹90,333 crore.
Reliance said it had strong sequential growth driven by several productivity improvement initiatives and increased customer engagement during festive period through new product launches and promotions.
"The business ably capitalised on the pick-up in consumption amid festive demand during the quarter," said Mukesh Ambani, chairman and managing director, Reliance Industries.
Reliance Retail opened 779 new stores last quarter, and currently has 77.4 million square feet of retail space. Digital and new commerce streams contributed about 18% of total revenue. The company recorded 12% growth in consumer electronics, while grocery business grew 37%. Reliance's consumer brands Campa and Independence are projected to cross ₹1,000 each in FY25, it said.
"Reliance Retail delivered strong performance during the quarter led by festive buying across consumption baskets. Our focus on offering a wide range of products at an attractive price value proposition continues to draw customers to our stores and digital platforms," said Isha Ambani, executive director, Reliance Retail Ventures.
During the quarter, Reliance Retail witnessed strong turnaround in fashion and lifestyle consumption basket and premium brands business entered into India franchise arrangement for Saks Fifth Avenue. The business also entered into a JV with Mothercare PLC to acquire the Mothercare brand and its IP assets for the Indian subcontinent.
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Reliance said it had strong sequential growth driven by several productivity improvement initiatives and increased customer engagement during festive period through new product launches and promotions.
"The business ably capitalised on the pick-up in consumption amid festive demand during the quarter," said Mukesh Ambani, chairman and managing director, Reliance Industries.
Reliance Retail opened 779 new stores last quarter, and currently has 77.4 million square feet of retail space. Digital and new commerce streams contributed about 18% of total revenue. The company recorded 12% growth in consumer electronics, while grocery business grew 37%. Reliance's consumer brands Campa and Independence are projected to cross ₹1,000 each in FY25, it said.
"Reliance Retail delivered strong performance during the quarter led by festive buying across consumption baskets. Our focus on offering a wide range of products at an attractive price value proposition continues to draw customers to our stores and digital platforms," said Isha Ambani, executive director, Reliance Retail Ventures.
During the quarter, Reliance Retail witnessed strong turnaround in fashion and lifestyle consumption basket and premium brands business entered into India franchise arrangement for Saks Fifth Avenue. The business also entered into a JV with Mothercare PLC to acquire the Mothercare brand and its IP assets for the Indian subcontinent.
