Reliance Retail sees Q1 net profit more than double year-on-year

Reliance NSE -0.71 % Retail, India’s biggest organised-sector retailer, saw its net profit more than double year-on-year to Rs 962 crore in the June quarter, although mobility and business curbs through the period under review caused sequential profit moderation in the vertical. In the year-ago period, profit was at Rs 431 crore.

Revenue was up 22% on-year to Rs 38,547 crore, even though it reported a sequential shrinkage. Reliance Retail said its operations were significantly marred by the devastating Covid-19 wave that prompted lockdowns in most parts of India.