Reliance Retail sees profits increase 21% in FY24 Q2

Reliance Industries Limited’s Reliance Retail saw its profits increase by 21% in the second quarter of the 2024 financial year. The business has expanded at a swift pace and opened numerous brick-and-mortar stores and also saw revenue rise in double digits during the quarter. 

“Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth,” said Reliance Industries Limited’s chairman and managing director Mukesh D Ambani in a press release. “Reliance Retail has continued to rapidly expand its offline as well as online presence, while adding to its already impressive range of products and offering. We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our Retail business model is consistently delivering robust performance.”
 
Reliance Retail Ventures Limited saw its gross revenue increase by 18.8% year-on-year to total Rs 771.48 billion. The business’ revenue from operations also grew to reach Rs 689.37 billion, 19.5% up from the second quarter of the 2023 financial year. 

The business’ investment income was up by 80.5% and its finance costs were up by 50.6% year-on-year due to rising interest rates. Reliance Retail increased its number of stores by 12.2% year-on-year by the September quarter and store footfalls were up by 40.5%. 
 
“I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics,” said Reliance Retail Ventures Limited’s director Isha M Ambani in a press release. “The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm.”