Reliance Retail fourth quarter pre-tax profit rises 208%

By

Isabelle Crossley

Published
Apr 30, 2018

Reliance Retail has made an earnings announcement stating that its profit before depreciation, interest, and taxes (PBDIT) has risen by 208 percent in the fourth quarter of FY 18 compared to the same period last year.

Reliance Retail has reported PBDIT totalling 1,086 crore rupees (approximately 163.2 million US dollars) for the fourth quarter of the 2018 financial year that ended on March 31. The PBDIT for the fourth quarter of the 2017 financial year was at 352 crore rupees (approximately 52.9 million dollars).

PBDIT totalled 2,529 crore rupees (approximately 380 million dollars) for the entire 2018 financial year, a year on year rise on 114 percent, according to the business. That is compared to a year’s total of 1,179 crore rupees (approximately 177 million dollars) in the 2017 financial year. Revenue also grew by 105 percent from 33,765 crore rupees (approximately five billion dollars) to 69,198 crore rupees (approximately ten billion dollars). The business claimed that it is now the only retailer in India to have passed the ten billion US dollar milestone.

The earnings announcement also stated that revenue had risen by 134 percent during the fourth quarter to total 24,183 crore rupees (approximately 3.6 billion dollars) compared to the 10,332 crore rupees (approximately 1.6 billion dollars) it reported for the fourth quarter the year before.

"We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well,” said Chairman and Managing Director Mukesh Ambani about the business’ performance. “It is very heartening to see the traction our service offerings are gaining, with discerning Indian consumers. The growing Indian market provides exciting opportunities to scale-up these businesses and maximize long-term shareholder value in the coming years,”