Reliance Retail Q4 net profit jumps 45 percent to Rs 2,247 crore
Mukesh Ambani-led Reliance Retail witnessed a 45 percent jump in its net profit at Rs 2,247 crore ($303.3 million) for the fourth quarter ended March 2021 while its revenue grew 23 percent to Rs 47,064 crore.
The company attributed the rise in profit and revenue to strong performances across sectors like fashion and lifestyle, grocery, and consumer electronics.
For the fiscal year 2020-21, Reliance posted a net profit at Rs 5,481 with a revenue of Rs 157,629 crore.
“Reliance Retail delivered a resilient performance against the backdrop of an unprecedented and challenging operating environment, arising from the Covid pandemic situation that emerged at the start of the year,” Dinesh Thapar group chief financial officer at Reliance Retail said in a statement.
“Only 80 percent of our stores were open and the footfalls we saw were 65 percent of pre-Covid levels. The first quarter was pretty much washed out and second quarter (was) heavily constrained by the situation and only in the third and fourth quarters that we started to see some operating conditions,” he added.
Despite the Covid-19 disruptions, Reliance Retail added 1,456 stores across sectors during the year, and 12,711 physical stores were operational.
Copyright © 2021 FashionNetwork.com All rights reserved.