New Delhi: Mukesh Ambani-led Reliance Retail reported 214 percent jump in profit before depreciation, interest, and taxes (PBDIT) at Rs 1,392 crore for the second quarter ending September 30 of the financial year 2018-19. The company had reported PBDIT of Rs 444 crore during the corresponding period last year.
Revenue for the quarter under review grew by 121 percent year-on-year to Rs 32,436 crore from Rs 14,646 crore it posted during the same period last fiscal.
Accelerated store expansion, strong value proposition and focus on customer experience across all consumption baskets has resulted in this robust growth, the company said in its earnings announcement.
“Our commitment to create consumer value is gathering momentum, with the robust scale-up of India centric consumer facing businesses. The financial performance of both Retail and Jio reflect the benefits of scale, technology and operational efficiencies. Retail business EBITDA has grown three fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world,”said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited.
Segment revenues for the first half of the financial year 2018-19 grew by 122.5 percent year-on-year to Rs 58,326 crore from Rs 26,217 crore. PBDIT for the same period grew by 208.6% year-on-year to Rs 2,598 crore from Rs 842 crore. According to the company, PBDIT for the first half of the current financial year has already surpassed the PBDIT of the financial year 2018, demonstrating strong operating profit during the period.
Reliance Retail received over 1 crore footfalls representing a growth of over 30 percent year-on-year during the big sale period of 11th-15th August 2018.
Reliance Retail’s grocery stores led by Reliance Fresh and SMART witnessed strong growth backed by new store expansion and volume growth in existing stores. 15 new SMART stores and 5 new Fresh stores were opened during the quarter. The stores saw robust growth in staples, home & personal care and general merchandise categories. Together Fresh and SMART now operates 523 stores across 100 cities, the company said.
Reliance Trends crossed the milestone of 500 stores during the quarter and now operates 509 Trends and Trends extension stores.
Reliance Retail added 138 stores and 535 Jio points during the quarter under review translating into over 55 store openings in a week. Reliance Retail operated 9,146 stores with an area of over 19.50 million sq ft and 512 petro outlets as of 30th September 2018.
The development was reported by retail.economictimes.indiatimes.com