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RIL Retail posts net profit of Rs 1830 crore in Q3 2020

The revenue for the quarter stood at Rs 37845 crore.

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New Delhi: Reliance Industry Limited’s (RIL) subsidiary Reliance Retail has posted net profit of Rs 1,830 crore. It grew by 88.1 per cent quarter-on-quarter.

However, the revenue for the quarter ending on 31 December 2020 stood at Rs 37,845 crore. It fell by 7.9 per cent Q-o-Q. The revenue for Q2 stood at Rs 41,000 crore.

EBIDTA margins for the quarter stood at Rs 3,087 crore showcasing a growth of 53.9 per cent Q-o-Q. In Q2 EBIDTA stood at Rs 2006 crore.

Reliance Retail doubled its fashion and lifestyle earnings, and continued to reap benefits from cost management initiatives and a boost from higher investment income of Rs 775 crore.

Ajio continues to scale new highs with 5X growth in orders over the previous year and significant improvement across customer metrics and operating parameters. Jewelry revenues grew in high double digits over last year and nearly doubled over the previous quarter, aided by a strong festive and wedding season buying. Leveraging its design capabilities, the business strengthened its portfolio offerings with the launch of a range of new collections.

Revenue growth momentum was sustained at consumer electronics stores (excluding Jio devices) on the back of a market-beating festive season and particularly strong performance in tier 2 and 3 cities. Omni commerce capabilities were further augmented enabling the business to deliver an unparalleled service proposition across 1,300 cities where it is currently present. Over 95 per cent orders were delivered to customers from stores in less than six hours.

The grocery business sustained double digit growth and digital commerce momentum continued with orders up 12X Y-o-Y alongside growth in the portfolio, traffic, and customer base across platforms.

At an overall level, Covid2019 related curbs on store operations eased during the quarter, enabling 96 per cent stores to be opened, although only half of them were fully operational. Stores in smaller towns are recovering faster. Overall footfalls remained at similar levels to last quarter but still lower than pre-Covid2019 levels. The business accelerated the pace of new store expansion with 327 stores opened during the quarter taking the total store count to 12,201 stores spread over 31.2 million sq. ft.

At the end of the quarter, the retail business had extended its partnerships to over a million merchants across consumption baskets with plans to accelerate this in the days ahead

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