Reliance Retail’s March quarter pre-tax profit stands at Rs 3,705 Crore

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Reliance Retail’s March quarter pre-tax profit increased

New Delhi:

Reliance Retail Ltd on Friday posted a 2.43% increase in its pre-tax profit to Rs 3,705 crore for the fourth quarter ended March 2022 and its gross income for the full year jumped to nearly Rs 2 lakh crore.

The retail arm of Reliance Industries Ltd (RIL) saw its earnings before interest, tax, depreciation and amortization (EBITDA) cross Rs 12,000 crore in the last financial year.

In a statement, RIL said Reliance Retail created 1.5 lakh new jobs in 2021-22, bringing the total number of employees to over 3.61 lakh.

“EBITDA for the quarter was recorded at Rs 3,705 crore, up 2.4% year-on-year. However, EBITDA before investment income was up 16.3% year-on-year for reach Rs 3,584 crore, driven by strong performance in the Fashion & Lifestyle and Grocery consumer baskets,” RIL said in a statement. statement.

It had posted a profit before tax or EBITDA of Rs 3,617 crore in the January to March quarter a year ago.

“Reliance Retail achieved its best ever quarterly revenue, even outperforming the festive quarter despite the challenges posed by the spread of the Omicron wave and coming out of the festive quarter,” the statement said.

Headwinds posed by the COVID situation in January were offset by robust growth in February and March as the business benefited from festive events and the start of the summer season, he added.

Net profit in the last quarter of March fell by 4.8% to Rs 2,139 crore from the year-ago period.

For the year ended March 2022, Reliance Retail’s pre-tax profit increased by 26.47% to Rs 12,381 crore. It had reported an EBITDA of Rs 9,789 crore for 2020-21.

Its gross income was Rs 1,99,704 crore in the last financial year. The figure is 26.69% higher than Rs 1,57,629 crore in the prior year period.

Growth for the year 2021-22 was “driven by broad-based growth across all consumer baskets. This despite COVID restrictions in place during the year with 87% of stores operational and 81% footfall recorded in stores compared to pre-COVID levels,” the statement read.

Reliance Retail’s operating revenue during the quarter amounted to Rs 50,834 crore, up by 23.09% from Rs 41,296 crore in the corresponding period last year.

Gross revenue, which includes the value of sales and services, increased by 23.27% to Rs 58,017 crore in the three months ended March 2022. In the prior year period, they amounted to Rs 47,064 crore.

During the March quarter, Reliance Retail continued to add new stores and invest in network and infrastructure expansion.

“The company continued to strengthen its store network and build its supply chain capabilities. It opened 793 stores and added 3.1 million square feet of warehousing and processing space during the quarter. “, did he declare.

As of March 31, 2022, Reliance Retail operated on 41.6 million square feet, with a total store count of 15,196.

“I am pleased to report that our retail business has passed the 15,000 store mark,” said RIL Chairman and Managing Director, Mukesh D Ambani.

During the quarter, Reliance Retail had taken over around 950 retail stores from Future Group, led by Kishore Biyani. Stores included those of Big Bazar, Central, FBB and Easy Day.

On April 23, RIL said its Rs 24,713 crore deal to acquire the assets of Future Group could not be implemented after secured creditors of Kishore Biyani-led companies voted against it.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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