Reliance Retail Q2 operating profit up 67%, revenue 27%
Growth recorded despite slowdown in consumption, says the retail unit of Reliance Indistries.
“Continuing growth trends in our retail business is heartening,” Reliance Industries chairman Mukesh Ambani said.
Reliance Industries said the strong numbers from the retail arm came “despite consumption slowdown” and that the 13-year-old business had recorded the fourteenth successive quarter of growth in revenue and profit.
“The revenue for the quarter surpassed the milestone of Rs 40,000 crore. To put the scale in perspective, this is higher than the annual revenue registered by the next largest retailer in the country,” a company statement said. Reliance’s closest rival, Future Group, has around Rs 35,000 crore of consolidated annual revenue.
During the second quarter, Reliance Retail added 337 stores, taking the total number of outlets to 10,901, spread over 24.5 million sq ft in nearly 6,700 towns and cities.
In the quarter, Trends Small Town crossed 100 stores within a year since its launch. Reliance Retail also opened its 200th supermarket, Smart Store, having accelerated the pace of expansion with 100 stores being opened in the last 15 months.