Reliance announced a stellar performance across it’s portfolio companies, notable among which is the 52% growth in revenues in Q3 over the same quarter last year. the key highlights are as below;
- Gross Revenue for the quarter was ₹ 57,714 crore ($ 7.8 billion), higher by 52.5%
- EBITDA for the quarter was ₹ 3,822 crore ($ 514 million), higher by 23.8%
- Net Profit for the quarter was ₹ 2,259 crore ($ 304 million), higher by 23.4%
- Cash Profit for the quarter was ₹ 3,277 crore ($ 441 million), higher by 32.0%
- Total 14,412 physical stores operational; 837 stores opened during the quarter
- Area of operation – 40.0 million sq. feet as compared to 31.2 million sq. feet in the corresponding quarter of the previous year
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to announce that Reliance has posted best-ever quarterly performance in 3Q FY22 with strong contribution from all our businesses. Both our consumer businesses, Retail and Digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth. Retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix, he said in an official statement.
Reliance Retail is building all ammunition possible with acquisitions in the space, the latest one being Dunzo, the last mile delivery platform. The company is currently present in almost every product category possible from fashion retail to consumer durables, grocery to pharma retail, offline and online formats, logistics to call centre backend and everything in between. It’s 2020 acquisition of The Future Group has been facing legal issues from Amazon but looks like things could sort out to the company’s benefit very soon, as per market sources which cannot be independently verified. Walmart, through Flipkart India and Amazon through its Indian subsidiary are trying to create a significant place for themselves in the USD 850 bn Indian Retail & Consumer Industry, though this is not a “winner takes it all market”. FY 2022-25 is said to be the golden period for anything to do with retail business in India that country has not seen in the past three decades. By then, the estimated market size of the Indian Retail Business could be USD 1 trn.