Home / Business / Rel Retail Q4 pre-tax profit up 77% at Rs 1,923 crore
ToI Business

Rel Retail Q4 pre-tax profit up 77% at Rs 1,923 crore

New Delhi, Apr 18 () Reliance Retail Thursday reported a 77.07 per cent increase in its pre-tax profit to Rs 1,923 crore for the January-March quarter 2019.

Comparatively, Reliance Retail had registered a profit before depreciation, interest and tax of Rs 1,086 crore in the same period a year ago.

Its fourth quarter revenue saw 51.60 per cent rise at Rs 36,663 crore as against Rs 24,183 crore in the corresponding period of the last fiscal.

For the fiscal 2018-19, Reliance Retail — the retail arm of RIL — reported a revenue of Rs 1.30 lakh crore, an 88.68 per cent growth, the highest by any retailer in India. It had a revenue of Rs Rs 69,198 crore in FY 2017-18.

Its revenue growth has been driven by increased pan-India retail network and direct sales.

“Reliance Retail delivered a record-breaking performance in revenue and profit growth for the year 2018-19,” said Reliance Industries (RIL) in a statement.

It also became the first Indian retailer to cross the 10,000-plus stores milestone. It now operates 10,415 retail stores in over 6,600 cities covering an area of over 22 million sq ft as on March 31, 2019.

“Reliance Retail crossed Rs 1,00,000-crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings,” said RIL Chairman and Managing Director Mukesh Ambani.

Its PBDIT (profit before depreciation, interest and tax) for FY 2018-19 jumped over two-folds to Rs 6,201 crore as against Rs 2,529 crore a year ago.

“The revenue and profits recorded are highest ever by any retailer in India and highlights the unprecedented leadership level Reliance Retail has achieved,” said RIL.

During the quarter, Reliance Retail added 510 stores in its network, while added a total 2,829 stores during FY19.

“Reliance Retail now operates 10,415 stores covering over 22 million sq ft of retail space,” it said.

In Q4/FY19, Reliance Retail witnessed continued growth momentum in the grocery consumption basket with strong like for like growth across Reliance Fresh, SMART and Reliance Market stores.

“Thirty new stores were launched during the quarter. For FY19, Reliance Retail added 81 new stores in the grocery consumption basket taking the total count to 612 Reliance Fresh, SMART and Reliance Market stores as on March 31, 2019,” said RIL in statement.

It has also expanded its arm Reliance Digital, which retails consumer electronic and durable.

“During the year, Reliance Retail opened 76 new digital stores, 2219 Jio stores and operates more than 8,000 digital and Jio stores put together as on March 31, 2019,” it said.

While its fashion e-commerce platform Ajio.com also witnessed strong growth momentum.

“It has built a strong base of loyal customers with 2/3rd of its revenue originating from repeat customers. During the year, Ajio.com doubled its product catalogue to offer over 1,30,000 options and is a destination for fashion loving customers,” it said. KRH MKJ

News credit : Indiatimes