Reliance Industries Limited EBITDA up 51.2% in Q2
Reliance Industries Limited released its financial results for the second quarter of the 2023 financial year and highlighted Reliance Retail for its record earnings before interest, tax, depreciation, and amortisation for Reliance Retail at Rs 4,404 crore.
The second quarter of the current financial year saw Reliance Retail become the first Indian retailer with over 50 million square feet of retail space, the business announced in a press release. The business reported a gross revenue for the quarter for Reliance Retail of Rs 64,920 crore, a 42.9% year-on-year increase. Moreover, Reliance Retail’s EBITDA rose by 51.2% during the quarter.
Reliance Retail’s net profit for the quarter stood at Rs 2,305 crore, a 36% increase compared to the same quarter a year prior. Reliance Retail’s cash profit totalled Rs 3,324, a 45% increase.
The quarter saw Reliance Retail open a total of 795 stores across India for its numerous fashion, beauty, and lifestyle brands. This brought the business’ store total to 16,617.
Reliance Industries Limited reported double digit growth in many areas of its operations. Telecom business Jio launched 5G services during the quarter and the business hired 1.4 lakh new employees during the first half of the 2023 financial year. The business’ total exports totalled Rs 86,382 crore, a 57.5% year-on-year increase.
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