Mon Oct 14 16:15:16 UTC 2024: ## Reliance Retail Posts 1.3% Profit Rise, Revenue Declines

**Mumbai:** Reliance Retail Ventures Ltd, the retail arm of Reliance Industries Ltd, announced a 1.3% year-on-year increase in net profit for the quarter ending September, reaching ₹2,836 crore. This follows a profit of ₹2,800 crore in the same period last year.

Despite the profit increase, the company’s revenue from operations dipped by 3.5% to ₹66,502 crore, compared to ₹68,937 crore in the previous year. EBITDA for the quarter climbed to ₹5,850 crore from ₹5,830 crore in the corresponding period last year, with margins improving by 30 basis points to 0.3%.

Reliance Retail attributed the rise in depreciation to an expanded asset base, fueled by new store openings and enhanced supply chain infrastructure. The company continued its aggressive expansion strategy, adding 464 new stores during the quarter, bringing the total store count to 18,946, spanning 79.4 million sq ft.

“Reliance Retail continues to make investments in technology and infrastructure to build a strong foundation for future growth and maintain market leadership,” said Isha Ambani, executive director, Reliance Retail. “We continue to strengthen our customer proposition with innovative products that span everyday essentials to premium offerings. By continuously enhancing our assortment and innovating across categories, we are creating a shopping experience that meets the evolving needs of our customers and reinforces our leadership in the retail space.”

Footfalls across all formats exceeded 297 million during the quarter, marking a 14% year-on-year growth. Digital commerce and new commerce businesses also saw growth, contributing 17% of total revenue.

“The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels,” added Mukesh D. Ambani, chairman and managing director of Reliance Industries. “The unique omni-channel retail model enables the business to service a wide range of requirements of a vast, heterogenous customer base. The retail business continues to partner with renowned domestic as well as global players, expanding its basket of quality product offerings. The focus on strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and years and sustain our industry-leading growth momentum.”

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