Reliance Industries’ retail arm, Reliance Retail, has clocked a 42.9 per cent year-on-year growth in revenue at ₹64,920 crore in Q2 FY23. The company continues to be the second-highest revenue contributor for Reliance Industries.
Reliance Retail’s net profit for the quarter was at ₹2,305 crore, higher by 36 per cent. The number of total operational physical stores stood at 16,617, up from 15,866. The company said it is the only Indian retailer with more than 50 million sq ft of retail space under operation.
‘Record performance’
“Our retail business has delivered record performance with strong revival in footfalls, store additions and digital integration. Reliance Retail continues to provide a compelling proposition of great shopping experience and superior value across consumption baskets and price points,” Mukesh Ambani, Chairman and MD, Reliance Industries Limited, said.
During the quarter, JioMart, the leading cross-category horizontal platform, strengthened its capabilities by augmenting the catalogue size and seller base multi-fold. ‘Tyohar Ready Sale’ saw strong performance, resulting in 2.5x growth in traffic and 3x app installations.
The business launched JioMart on WhatsApp native app during the quarter, a novel and disruptive initiative that brings the simplicity of instant chat service to the online shopping experience to millions of consumers. As much as 37 per cent of orders received on this platform were from new customers.
Reliance Retail also includes fashion platform Ajio. It has been acquiring multiple brands. “In the luxury/premium brands, the business grew ~5x over last year driven by fully operational mall stores and in-store events. The business through Ajio Luxe scaled up more than 6x over last year with presence of nearly 400 brands and over 38,000 options on the platform,” it said.
Reliance Retail also includes a strong grocery business with Jiomart. “Grocery business had a buoyant quarter as it recorded its highest ever revenues and doubled its business over last year led by broad based growth across all categories,” it said.