India-based Reliance Retail Ventures Limited (RRVL), the retail business of Reliance Industries Ltd (RIL) has reported a gross revenue of Rs771.48bn ($9.24bn) in the second quarter (Q2) of fiscal year (FY) 2024.
This is an increase of 18.8% from the same period in FY23.
For the quarter ending 30 September 2023, RRVL’s revenue from operation grew 19.5% YoY to Rs689.37bn ($8.26bn).
The business’ earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q2 FY24 were Rs58.20bn ($697.58m), an increase of 32.2% against the prior year's quarter.
Driven by operating leverage and continued focus on cost management, RRVL’s EBITDA margin from its operations on net sales was 8.1% in Q2 FY24, up 70 basis points (bps) year-over-year (YoY).
Net profit of RRVL for the quarter increased by 21.0% to Rs27.90bn.
The retailer opened 471 new stores, ending the quarter with 18,650 stores in total. Footfall across all store formats surpassed 260 million over the quarter.
RRVL’s Consumer Electronics and Fashion & Lifestyle businesses delivered growth of 11% and 32% YoY during the quarter.
Reliance Retail Ventures Limited executive director Isha Ambani said: "I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics.
“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."
In the first half (H1) of FY24, RRVL reported gross revenue of Rs1.47tn compared with Rs.1.23tn in the corresponding period of FY23.
The retailer’s H1 FY24 EBITDA was Rs109.59bn and its net profit was Rs52.38bn.
Last month, RRVL held talks with existing investors, including Singapore’s GIC, the Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund for new investments of $1.5bn.
