While the FMCG industry is reeling under a consumption slowdown, billionaire Mukesh Ambani-led Reliance Retail continues to maintain its strong growth momentum in the April-June quarter.
While the FMCG industry is reeling under a consumption slowdown, billionaire Mukesh Ambani-led Reliance Retail continues to maintain its strong growth momentum in the April-June quarter. The firm announced that it has crossed the milestone of 10 crore registered customers in the quarter. “Reliance Retail crossed the milestone of 100 million register customers and 150 million footfalls, establishing its position as the most preferred retailer in India,” Reliance Industries said in a statement to the exchanges.
In the April-June quarter, Reliance Retail maintained strong growth momentum through expansion across geographies, formats and verticals, reflecting in revenue growth of 48% YoY and 70% on-year growth in EBITDA. “We are pleased with the robust growth both in revenues
and operating income for Reliance Retail. Our digital services business continues to transform the mobility market in India while scaling newer milestones,” RIL Chairman Mukesh Ambani said.
Notably, Reliance Retail’s revenue for the first quarter of FY20 came in 47.5% higher to Rs 38,196 crore as against Rs 25,890 crore in the corresponding period of the previous year. The segment EBITDA for the period grew by 69.9% on-year to to Rs 2,049 crore as against Rs 1,206 crore in the corresponding period of the previous year. Reliance Retail operated 10,644 stores across 6,700 plus towns and cities, with an area of 23 million square feet. “Rapid store expansion particularly in Tier 3/ Tier 4 markets, stronger value proposition and catchment focused assortment have been key drivers for robust growth in retail business,” the firm noted.
In the latest quarter, a growth in the retail and telecom businesses helped offset a slowdown at its central oil refining and petrochemical operations. The consolidated revenue from operations surged to Rs 1.72 lakh crore in the period under review. The gross refining margins (GRMs) fell to $8.10 per barrel as against $10.5 per barrel in the same quarter last year.