Reliance Retail's profit in March quarter up y-o-y by 11.7%

23 Apr 2024 , 01:01 PM

Reliance Retail Ventures Limited (RRVL) recorded a consolidated net profit of ₹2,698 Crore for the quarter ended March 31, 2024, an increase of 11.7% over the previous year’s profit after tax (PAT) of ₹2,415 Crore.

RRVL’s yearly net profit surpassed ₹10,000 Crore, the business said today in a report to the markets.

Revenue from operations for the January-December quarter was ₹67,610 Crore, up 9.8% year on year (YoY) from ₹61,559 Crore the previous year. Sequentially, it fell 9% from ₹74,373 Crore.

RRVL’s overall income for the year was ₹273,079 Crore, up from ₹230,931 Crore in FY23.

EBITDA from operations rose at ₹5,632 Crore in Q4, up 18.1% year on year.

The overall footfall in the given quarter was 27.20 Crore across formats. The corporation established 562 new shops. On an annual basis, the company expanded its retail footprint across consumption baskets, launching 1,840 shops with a gross area increase of 15.6 million square feet, bringing the total store count to 18,836 and a total area of 79.1 million square feet.

The company’s gross sales for FY24 was ₹3,06,786 Crore, up 17.8% from the previous year.

At the conclusion of the year, the registered client base was 30.40 Crore, up 22.2% year on year, while total transactions recorded were 126 Crore, a 22% increase. Reliance Retail also raised an equity fund of ₹17,814 Crore in FY24, comprising a ₹2,500 Crore infusion from RIL during the quarter.

Meanwhile, RRVL’s parent and oil-to-chemicals giant Reliance Industries (RIL) reported a 2% drop in total net profit to ₹18,951 Crore for the March 2024 quarter. It was ₹19,299 Crore a year earlier. Revenue from operations increased by 11% year on year to ₹2.4 Lakh Crore in the reporting period, compared to ₹2.16 lakh Crore in the prior year quarter.

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