Reliance Retail Q2FY25 results: Net profit rises 5% to Rs 2,935 crore | Company results

Mukesh D Ambani, chairman and managing director of Reliance Industries, said in the earnings release: “The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels.”

He added that the unique omnichannel retail model allows the company to cater to a wide range of requirements for a broad and heterogeneous customer base. “The retail business continues to partner with renowned national and global players, expanding its basket of quality product offerings. “The focus on strengthening our retail operations will help us rapidly scale this business in the coming quarters and years and maintain our industry-leading growth momentum,” he also said.

Reliance Retail continued to expand and opened 464 new stores, taking its total number of stores to 18,946, with an operating area of ​​79.4 million square feet.

In the quarter ended in September, it recorded visits of more than 297 million, a year-on-year growth of 14 percent.

The company said it continues its focus on expanding digital commerce and new commerce, with these channels contributing to 17 percent of total revenue.

“Reliance Retail continues to invest in technology and infrastructure to build a strong foundation for future growth and maintain market leadership. We continue to strengthen our customer proposition with innovative products ranging from everyday essentials to premium offerings. By continuously enhancing our assortment and innovating across categories, we are creating a shopping experience that meets the evolving needs of our customers and reinforces our leadership in the retail space,” said Isha M Ambani, CEO, Reliance Retail Ventures, at the results release. .

During the quarter, the company entered into exclusive partnerships with Delta Galil to expand its presence in the lingerie and activewear categories and launched ASOS in India.

In the F&L segment, the company said the vertical has been expanding new formats that continue to gain positive traction among customers.

AJIO achieved consistent performance by expanding its product catalog by more than 25 percent year-on-year and adding more than 1.8 million new customers. Ajio Luxe achieved strong growth, with a 28% year-on-year increase in the number of options and a brand portfolio spanning 725 brands.

In the consumer electronics segment, digital stores maintained growth momentum led by a sharp increase in average bill value, the company said.

“The company successfully executed the Digital India campaign with revenue growth of 60 per cent year-on-year as customers benefited from exciting consumer offers and a wide selection of products to choose from,” it said in the statement.

resQ, the services business, achieved steady growth with services volume up 28 percent year-on-year, and its own brand introduced several new products across categories, even as it continued to grow its merchant base, which doubled year-on-year .

The grocery business saw another quarter of steady growth led by Smart Bazaar and Smart Stores. Growth was widespread across all categories, led by increases in confectionery and snacks (30 percent year-on-year), fruits (26 percent year-on-year), and apparel (49 percent year-on-year).

“JioMart is expanding its fast commerce pilot by serving customers through its own store network,” the company said, adding that non-grocery categories continue to perform well, with average order value ( AOV) that doubles year-on-year, led by a rebound. in consumer electronics.

The consumer brands business continued to deliver growth across all categories, with general trade revenue growing more than 250 percent year-on-year.

First published: October 14, 2024 | 20:27 IS