Coupled with a buoyant spending economy during the festival and wedding season across the country, Reliance Retail reported Rs. 67,623 Cr in total revenues for Q3 FY 22-23, a growth of 17% YoY, the company reported its Financial results on its website. The conglomerate added 789 stores during the three month and reported a 32% growth YoY in EBITDA from operations at Rs. 4,657 Cr. PAT grew 6% YoY to Rs. 2,400 Cr amidst a tough season of margin squeeze due to consumer offers, promotions at store and a heavy marketing blitzkrieg during the festival season.
During Q3 FY 19-20, which was the pre-pandemic year, the company operated 11,316 stores as compared to the most recent Quarter where it operates 17,225 stores, a growth of 50%. Whoever said that consumers have largely moved online during the pandemic must take a detailed look at how Reliance Retail operates its business. Manpower, including direct and indirect employment has grown 3.4 times to 418,000 employees as of Q3 FY 22-23.
JioMart, the ambitious omni-channel business model that Reliance has been gunning saw 37% growth in consumer base MoM while orders have grown 9x since its launch. During Diwali, traffic on the App grew 2.5 times, 3x App installations, 4x growth in daily active users. According to the company, the Quarter that passed by was the best in terms of performance, driven by higher footfalls and ABVs. Diwali sales at offline stores grew 40% on the back of aggressive promos, BNPL and other financing schemes. Grocery sales during the festival period has grown 74% YoY, a clear indication that this year (that passed by), consumers opened their homes for friends and relatives, while opening their wallets at retail stores.
With an aggressive acquisition plan, strengthening operations, expanding the offline footprint as well as merging its offline business with JioMart, Reliance Retail is poised to cross Rs. 1 lakh crore in overall revenues this Financial Year, excluding Fuel Retail.
