Reliance Retail profit jumps 177 percent to Rs 1,680 crore
today Jan 18, 2019
Reliance Retail, owned by Mukesh Ambani-led Reliance Industries Limited, has reported a 177 percent jump in profit to Rs 1,680 crore ($236.2 million) for the third quarter ending December 31 of the financial year 2018-19. It had reported a profit of Rs 606 crore during the same period last fiscal.
The company also witnessed a surge in its revenue growing by 89 percent to Rs 35,577 crore from Rs 18,798 crore it had posted in the corresponding period last fiscal.
The company attributed the jump in profit and revenue to festive season sales and expansion of its retail network across India.
Commenting on the results, Mukesh Ambani, chairman and managing director, Reliance Industries Limited in a statement said, “In our endeavor to consistently create more value for our country and stakeholders, our company has become the first Indian private sector corporate to cross Rs 10,000 crore quarterly profits milestone.”
“In our new-age consumer businesses, we maintained robust growth momentum across Retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the company. As we execute on our strategies to deliver superior products and services to Indian consumers, I am confident, Reliance is well-positioned for the future and for the next cycle of growth,” Ambani added.
The company which owns Reliance Brands and Reliance Jewels opened 100 new stores in the fashion and lifestyle space during the quarter.
Reliance Brands is a joint-venture partner in India for many high-end and luxury brands including Burberry, Bottega Veneta, Armani, Zegna, Jimmy Choo, and Dolce & Gabbana.
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