Reliance Retail reports 36% YoY jump in Q2 net profit to Rs 2,305 crore

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Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, reported a 36 percent year-on-year (YoY) jump in net profit to Rs 2,305 crore in the second quarter that ended on September 30 of FY23, as compared to Rs 1,695 crore registered in the same period last year.

Its revenue from operations (net GST) during the period stood at Rs 57,694 crore, a rise of 44.5 percent as opposed to Rs 39,926 crore reported a year ago in Q2 FY22.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) from operations during the quarter was reported at Rs 4,286 crore, an increase of 76 percent as compared to Rs 2,436 crore reported last year in Q2.

Reliance Retail in a press staement said the quarter was marked by an operating environment at par with pre-COVID levels as the impact of pandemic waned. "Across town classes, consumer sentiments remained positive on the back of key promotional events and early onset of festivities," it added.

According to the company, as consumers returned to stores, Reliance Retail received over 18 crore footfalls across formats and geographies in the quarter, a growth of 23 percent over pre-COVID period. The company also said its registered user base during the quarter grew 28 percent YoY to 22.1 crore.

During the quarter, the business expanded its physical store network with 795 new store openings with an area of 9.2 million square feet, up 20 percent 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 square feet.

(Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary)