Reliance Retail earns $1.3 billion more than its best-ever quarter

• Reliance Retail revenue ₹57,714 crore in the third quarter (Q3) of FY21.
• This is ₹20,000 crore higher than the revenue it reported in the same quarter last year.
• Reliance Retail spent over $1 billion on acquisitions and strategic partnerships between April to December 2021.

Mukesh Ambani-led Reliance Retail — a subsidiary of oil-to-chemical conglomerate Reliance Industries (RIL) — has reported its highest ever revenue in the October to December quarter of financial year 2022.

The company’s revenue crossed ₹57,714 crore in the third quarter (Q3) of FY21, which is nearly ₹20,000 crore higher than the revenue it reported in the same quarter last year.

It has also surpassed Reliance Retail’s January-March quarter (FY20) revenue by ₹10,000 crore. Notably, Reliance Retail had previously cited January-March figures as its highest ever quarterly revenue.

The company’s EBITDA (earning before interest, taxes, depreciation, and amortisation) was nearly 24% higher at ₹3,822 crore.

Overall, the company has reported a revenue of ₹1,41,711 crore in the first three quarters of financial year 2022. It is already nearing FY2021 revenue figure of ₹1.57 lakh crore.

“Retail business activity has normalised with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country. Our digital services business has delivered broad based, sustainable, and profitable growth through improved customer engagement and subscriber mix,” Mukesh Ambani, chairperson and managing director of Reliance Industries, said.

Reliance Retail has witnessed strong growth momentum in fashion and lifestyle business as well as groceries. Festive season, successful winter wear collection and higher footfall in stores contributed to this growth.
Reliance Retail in its recent financial statement also mentioned that it has invested over ₹7,600 crore (over $1 billion) in acquisition and strategic partnership between April to December 2021. In the last quarter, the company had made three acquisitions, which included grocery chain Jaisuryas and women’s intimate wear brand Amante.

The retail giant also invested $200 million in Google-backed quick commerce platform Dunzo to further enhance JioMart.

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