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- Its revenues grew 23.8% to ₹74,373 crore in the festive quarter, aided aggressive store expansion.
- The company added 252 stores during the quarter, and its footfalls grew 40.3%.
- Its grocery business grew sharply 41% led general merchandise, home and personal care.
Reliance Retail’s third quarter net profit grew 31.9% growth to ₹3,165 crore from ₹2,400 crore in the same quarter last year. Its revenue from operations also registered a 23.8% growth to ₹74,373 crore in the festive quarter, aided aggressive store expansions.
The Isha Ambani-led company added 252 stores during the quarter. On a YoY basis, its store count is higher 1,549 to a total of 18,774 stores as of December 2023 end.
“Reliance Retail has delivered strong performance during the festive quarter. Our business success is intricately woven into the larger fabric of India’s economic growth, and together, we are shaping a compelling story of innovation and world class possibilities for the future,” said Isha M Ambani, executive director of Reliance Retail Ventures.
Its footfalls grew a robust 40.3%. Its digital and new commerce businesses now contribute to 19% of its revenue. “The retail segment has delivered an impressive financial performance with its rapidly expanding physical as well as digital footprint,” said Mukesh D Ambani, chairman and managing director, Reliance Industries.
Reliance Retail’s Q3 performance
| Particulars | Q3FY24 | Q3FY23 | % change (YoY) |
| Revenue from operations | ₹74,373 crore | ₹60,096 crore | 23.8% |
| EBIDTA | ₹6,258 crore | ₹4,773 crore | 31.1% |
| EBIDTA margin | 8.4% | 7.9% | 50 bps |
| Net profit | ₹3,165 crore | ₹2,400 crore | 31.9% |
Source: Press release
GM, home and personal care drive grocery biz
All its business segments exhibited double digit growth in the December quarter. Its mainstay grocery business grew 41%. “Stores witnessed strong growth in non-food categories led general merchandise & home and personal care. Catalogue expansion across home, cookware, furnishings and travel needs have enabled consumers in extending their shopping mission at Smart Bazaar as a one stop destination,” the company said.
Its nascent consumer brands business also grew 3x aided distribution reach. The company which re-launched Campa line of soft drinks said that its beverage, general merchandise and stapes are driving growth momentum of its own brands. It had also launched its staples business under the brand name Independence.
It also launched new namkeens and sweets under Masti Oye! Brand, along with Deluxe assorted toffees under Toffeeman.
Q3 Segment performance
| Segment | % change (YoY) |
| Grocery | 41% |
| Consumer brands | 3x |
| Fashion & Lifestyle | 28% |
| Consumer Electronics | 19% |
The festival and wedding season also drove business in its fashion and lifestyle segments with good performance from its jewels business.
“Tira is expanding its store network across top tier cities and has received strong customer traction. The business has delivered strong performance across various operating metrics including sales productivity, average bill value, repeats,” the company said.