Reliance Retail profit up 114% for April-June quarter

The retail arm of RIL, Reliance Retail’s net profit during the April-June quarter jumped 114.2% year-on-year to Rs 2,061 crore. The company’s revenue during the period was the best ever at Rs 58,554 crore, which was up 52% year-on-year. The company’s operating Ebitda increased 180.4% to Rs 3,897 crore with a 350 bps improvement in the margin at 7.6% compared to 4.1% in the corresponding quarter of the previous year. This was led by higher contribution from Fashion & Lifestyle and Consumer Electronics and growing operating leverage with strong LFL growth over last year across consumption baskets.

The company said that it witnessed its first quarter without any operating disruptions since the onset of Covid and consumer sentiments improved as people indulged in festivities, shopping and leisure activities, Reliance Industries said in earnings briefing. However, the company said that it remains cautious due to inflationary concerns.