Reliance Retail Ventures Ltd, the retail arm of Reliance Industries Ltd, announced on April 22 that its net profit rose 11.7 percent to Rs 2,698 crore in the quarter ended March 31, 2024, compared to Rs 2,415 crore a year ago.
Gross revenue rose 17.8 percent to Rs 76,627 crore, up 10.6 percent from the year ago period led by growth in Consumer Electronics and Fashion & Lifestyle, said RIL in a stock exchange filing.
“Reliance Retail continues to deliver steady performance led by growth across consumption baskets. We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story,” said Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited.
The business continues its strong track record of profit growth registering an EBITDA of Rs 23,040 crore, higher by 28.5 percent Year over Year (Y-o-Y) for the year FY24, as per the official statement.
During the year, the EBITDA margin on net sales continued to improve and was 8.4 percent, up +60 bps Y-o-Y.
Depreciation increased due to a higher asset base due to the addition of new stores and supply chain infrastructure. The company reported higher finance costs due to an increase in interest rates and borrowings for business expansion.
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