On Friday, Reliance Retail has reported that the company has experienced more-than threefold jump in profit before depreciation, interest and tax (PBDIT) for the first quarter. Through June, the retail unit of Reliance Industries has also reported a Rs 1,206 crore PBDIT for the three months. However, in the previous year, the company has PBDIT of Rs 398 crore.
Company had revenue more than doubled to Rs 25,890 crore from Rs 11,571 crore. The company stated in a press release that the sudden expansion of the stores along with superior customer value proposition across all consumption baskets supported revenue growth. At present, Reliance Retail is there in more than 5,200 towns and cities, with 8,533 stores including 4,530 Jio Points.
The chairperson of the Reliance Industry, Mukesh Ambani stated in the press release that their consumer businesses continue to scale new highs and now account for nearly 21% of consolidated segment EBITDA. On year-on-year basis, the retail business revenues have more than doubled and EBITDA has trebled.
It was also reported that the Reliance Market has opened two new stores in Dankuni and Kolkata during the first quarter of this year. It has also launched own branded products across staples, luggage, disposables and stationary categories. Reliance trends Woman has now expanded to 23 stores in 12 cities. Reliance Retail has now launched its first Trends Man store at Vijayawada in the past quarter, the company said. The brand is also planning to expand its presence in the expectant mother and in the category for children by acquiring the Mothercare India business from the DLF Brands.
Soon the Reliance Retail will enter wholesaling of fashion and lifestyle products. This will be done through both offline and online channels. The aim of Reliance Industries unit is to tap the largely unorganized bulk business of garments and accessories.
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