HomeNewsBusinessReliance Retail reports 17.2% YoY fall in revenue to Rs 31,663 crore
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Reliance Retail reports 17.2% YoY fall in revenue to Rs 31,663 crore

Earnings before interest and tax (EBIT) was lower than street estimates at Rs 722 crore, a fall of almost 60 percent

July 31, 2020 / 00:14 IST
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Reliance Retail on July 30 reported a 17.2 percent decline in revenue to Rs 31,663 crore. Operating profit margin fell to 2.3 percent versus 4.7 percent in the year-ago period. Earnings before interest and tax (EBIT) was lower than street estimates at Rs 722 crore, a fall of almost 60 percent.

The company reported a net profit of Rs 431 crore despite 50 percent of its stores being fully shut and 29 percent operating partially.

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The management said the consumer electronics and fashion and lifestyle businesses were hit particularly hard by the cessation of activity during the lockdown period.

The firm opened 69 new stores during the quarter under review and more than 250 stores across formats and geographies were in various stages of development before activities was restricted on account of the coronavirus pandemic. These will be commissioned in due course.