Reliance Retail profit jumps over 200 percent to Rs 1,206 crore
today Jul 30, 2018
Reliance Retail’s profit jumped 200 percent at Rs 1,206 crore (approx $175.5 million) for the first quarter ending June 31 of the financial year 2018-19. The company had reported a profit of Rs 398 crore during the corresponding period last year.
The revenue of the firm for the quarter also rose 124 percent to Rs 25,890 crore from Rs 11,571 crore it posted during the same period last fiscal.
The company attributed the jump in profit and revenue to rapid store expansion along with superior customer value proposition across all consumption baskets.
"Our consumer businesses continue to scale new highs and now account for nearly 21% of consolidated segment EBITDA. Retail business revenues have more than doubled and EBITDA has trebled on a Y-o-Y basis. The scalability of our consumer business platforms is driving unprecedented value generation for our customers, our country, and our shareholders,” said Mukesh Ambani, Chairman, and Managing Director, Reliance Industries.
During the quarter under review, Reliance expanded Trends Woman to 23 stores across 12 cities and also launched its first Trends Man store at Vijayawada.
Reliance Brands, owned by Reliance Industries Limited, during the quarter strengthened its children category by acquiring Mothercare India business from DLF Brands.
It had recently also bought an additional 8 percent stake in luxury fashion firm Genesis Colors Limited (GCL) for Rs 34 crore ($5 million).
Copyright © 2019 FashionNetwork.com All rights reserved.