Reliance Retail, a subsidiary of Reliance Industries, on July 22, has clocked a massive 52 percent year-on-year growth in best-ever quarterly gross revenue at Rs 58,554 crore for the quarter ended June 2022, partly due to low base, backed by boost in consumer spending. There was a second Covid wave in first quarter of previous fiscal.
Gross revenue in Q1FY22 was at Rs 38,563 crore. The sequential growth in Retail topline was nearly 1 percent.
The revenue from operations (net of GST) came in 53.7 percent higher at Rs 51,582 crore compared to year-ago quarter, as the business witnessed its first quarter without any operating disruptions since the onset of COVID, Reliance Industries said in a release filed with exchanges.
The company further said 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.
The profit for the quarter at Rs 2,061 crore higher by 114.2 percent YoY, and cash profit at Rs 2,873 crore increased by 105.2 percent compared to corresponding period last fiscal, with customer base crossing a milestone of 200 million.
The customer base stood at 208 million at the end of June 2022 quarter, up 29 percent YoY, said Reliance, adding footfalls recorded at 175 million for the quarter, which were 19 percent above pre-COVID levels as consumers returned to stores.
The increased footfalls and digital visits have translated into around 220 million transactions in Q1FY23, a growth of more than 60 percent over pre-COVID levels, the Reliance Retail operator said.
At the operating level, the business posted an operating EBITDA of Rs 3,897 crore, a significant growth of 180.4 percent YoY with a 350-bps YoY improvement in margin at 7.6 percent compared to 4.1 percent in the corresponding quarter of the previous year. EBITDA is earnings before interest, tax, depreciation and amortisation.
This was led by higher contribution from Fashion & Lifestyle and Consumer Electronics and growing operating leverage with strong LFL (life-for-like) growth over last year across consumption baskets, Reliance said.
Reliance Retail said it has added over 17,000 jobs during the June quarter, taking the total employee count to around 3.79 lakh as of June 2022.
With 792 store openings in the quarter, the total count of stores increased to 15,866 with an area of 45.5 million square feet.
The digital commerce platforms continued to grow from strength to strength with daily orders up 64 percent YoY, Reliance said, adding Consumer Electronics segment doubled its business over last year led by broadbased growth across categories of air conditioners, mobiles, laptops, and high-end TVs.
On the Fashion & Lifestyle segment, Reliance Retail delivered a strong revenue growth of 3x over last year driven by regional festivities & promotions resulting in all time high average bill values and healthy conversions.
Grocery business had a buoyant quarter as it recorded its highest ever revenues and doubled its business over last year led by broad based growth across all categories, while pharma business nearly doubled over last year on the back of stronger store performance as well as digital commerce platform, said Reliance.
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