India's Reliance Retail Ventures, a subsidiary of Reliance Industries, has reported a 4.6% year-on-year increase in its profit after tax (PAT) for the first quarter (Q1) of fiscal year 2025 (FY25).
The company's PAT rose to Rs25.49bn ($304.37m year-on-year (YoY) up from Rs24.36bn in the same period of fiscal 2024.
The retailer's gross revenue for the quarter stood at Rs75.61bn, an 8.1% increase from Rs69.94bn in Q1 FY24.
Its revenue from operations grew by 6.6% in Q1 FY25, indicating a robust performance in the retail sector.
Reliance Retail’s earnings before interest, taxes, depreciation and amortisation (EBITDA) reached Rs56.64bn, a 10.5% increase compared to the previous year.
This growth was attributed to higher footfalls and the expansion of the store network which added 331 new stores, bringing the total to 18,918.
The total area under operation now stands at 81.3mft².
The quarter saw store footfalls reach 296 million, a significant 18.9% growth year-on-year.
The retailer’s digital commerce and new commerce channels continued to expand, contributing to 18% of total revenue.
The retailer's registered customer base has grown to 316 million, reinforcing Reliance Retail's position as a preferred retailer in India.
The company has entered into a long-term licensing arrangement with UK online fashion retailer ASOS, enhancing its fashion offerings in the Indian market.
Reliance Retail ventures executive director Isha Ambani said: "Reliance Retail delivered resilient performance during the period and strengthened its position as India's foremost retailer.
“The steady expansion and growth of our retail business not only signifies our commitment to customer centricity but also mirrors the resilience and vitality of the Indian growth narrative. We continue to make strides in delivering better retail experiences for our customers as we embrace innovation to improve products, processes and platforms along with integrating advanced technologies."
In March 2024, Reliance Industries held preliminary discussions with British fashion retailer Primark to launch the brand in the Indian market, the Economic Times has reported.
