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Reliance Retail delivers gross revenue of Rs 83,063cr for 3Q FY24

Reliance Retail delivered gross revenue of Rs 83,063 crore for 3Q FY24, a growth of 22.8 per cent Y-o-Y led by Grocery, Fashion & Lifestyle and Consumer Electronics businesses.

New Delhi, Jan 19,2024:  Reliance Retail delivered gross revenue of Rs 83,063 crore for 3Q FY24, a growth of 22.8 per cent Y-o-Y led by Grocery, Fashion & Lifestyle and Consumer Electronics businesses.

Business posted an EBITDA of Rs 6,258 crore which was up by 31.1 per cent on a Y-o-Y basis. EBITDA before Investment Income was recorded at Rs 6,061 crore, up 30.1 per cent on a Y-o-Y basis.

EBITDA margin from operations on net sales was at 8.1 per cent, up 40 bps Y-o-Y driven by operating leverage and continued focus on cost management.

Depreciation increased on account of higher asset base due to addition of new stores and supply chain infrastructure.

Higher finance cost on account of increase in interest rate and borrowings for business expansion.

The business expanded its store network with 252 new store openings taking the total store count at the end of the quarter to 18,774 stores with an area of 72.9 million sq ft.

The quarter recorded footfalls of over 282 million across formats, a growth of 40.3 per cent Y-o-Y.

Digital Commerce and New Commerce businesses continued to grow and contributed to 19 per cent of revenue.

Reliance Retail launched Swadesh, focusing on India’s tradition & art forms, and AjioGram, a D2C focused content driven platform.

The business acquired Sephora India’s franchise business and entered into an exclusive distribution arrangement with SMCP to launch Sandro and Maje brands in India.

Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said: “Reliance Retail has delivered strong performance during the festive quarter. Our business success is intricately woven into the larger fabric of India’s economic growth, and together, we are shaping a compelling story of innovation and world class possibilities for the future. We remain resolute in our commitment to bring high quality products at great value to our customers with an engaging shopping experience.”

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