Reliance Retail Ventures, the retail arm of Reliance Industries, on Friday reported a 28% year-on-year (YoY) growth in its net profit at Rs 3,271 crore for the first quarter.
While revenue from operations grew 11% YoY and stood at Rs 73,720 crore in the same period."Retails business performance registered customer base expanded to 358 million, along with significant improvement across operating metrics.
We are focusing on strengthening the portfolio of own FMCG brands, which resonate with the tastes of Indian consumers," said Mukesh AmbaniAll segments performed well, with market-leading performance in grocery and fashion.
Consumer electronics and devices were impacted because of the early onset of monsoons, and recovery is underway.Reported EBITDA stood at Rs 6,381 crore, which was up 13% YoY.
The company delivered an EBITDA margin of 8.7%, which improved by 20 bps YoY.EBITDA before investment income came in at Rs 6,044 crore, a growth of 11% YoY.
Finance costs were at Rs 592 crore, up 8% YoY.Live EventsAlso Read: Reliance Industries Q1 Results: Cons PAT jumps 78% YoY to Rs 26,994 cr, beats Street estimatesOperational PerformanceThe business expanded its store network with 388 new store openings, taking the total store count to 19,592, with area under operation at 77.6 million sq ft.The registered customer base grew to 358 million, making Reliance Retail one of the most preferred retailers in the country.Consumer ElectronicsThe consumer electronics business achieved steady growth, driven by an average bill value growth (up 26%), and conversions (+200 bps) YoY.
AC sales were impacted due to the early onset of the monsoon.'resQ' continued to be the most popular and largest services network, with the service center network reaching 1,621 locations, growing 31% YoY.Also Read: Reliance Jio Q1 Results: PAT grows 25% YoY to Rs 7,110 crore; ARPU at Rs 208.8Fashion and LifestyleBusiness witnessed growth in revenue and EBITDA, driven by new store formats and strong own-brand performance.The growth has picked up with multiple initiatives undertaken in the last four quarters, with Reliance Trends launching in-trend designs and improving store experience, and emerging formats of GAP, Azorte, and Yousta registering 59% YoY growth, which now operate over 170 stores.GroceryThe grocery business saw broad-based growth across categories, with HPC growing at 15% YoY, Fruits andThe vegetables segment grew at 15% YoY, while packaged foods grew at 13% YoY.JioMartQuick hyper-local commerce saw a strong pick-up in daily orders with 68% QoQ growth and 175% YoY growth.
Operations were scaled to 4,290 pin codes serviced by 2,200+ stores in 1,000+ cities.JioMart digital business delivered strong growth, led by the expansion of its brand portfolio and merchant partner base."Our continued investments in cutting-edge technologies and differentiated product offerings have enabled us to serve our customers better and scale with agility," said Isha Ambani, Executive Director, Reliance Retail.Also Read: RIL Q1 Takeaways: 10 key highlights from Mukesh Ambani-led conglomerate's earnings