Indian company RIL's gross revenue soars 71.9% in Q3FY22

All time high revenue was recorded across all consumption baskets driven by highest ever store sales and sustained growth momentum in digital and new commerce. Apparel and footwear doubled its business on the back of strong festive sales, RIL said in a press release.

“I am happy to announce that Reliance has posted best-ever quarterly performance in 3Q FY22 with strong contributions from all our businesses. Our consumer businesses, Retail and Digital services have recorded highest ever revenues and EBITDA. During this quarter, we continued to focus on strategic investments and partnerships across our businesses to drive future growth,” Mukesh D Ambani, chairman and managing director, Reliance Industries Limited, said.

For the reported period, EBITDA totaled to ₹17,338 crore, higher by 40.9 per cent from the third quarter of previous year.  Net Profit for the quarter was ₹10,167 crore, higher by 17.8 per cent. During the quarter, Reliance Retail acquired Amante, leading women’s intimate wear brand and Kalanikethan, leading women’s saree and ethnic wear brand. Further, the business entered into strategic partnerships with investments in Ritika Pvt Ltd that owns – Ritu Kumar and allied brands and Manish Malhotra’s eponymous brand.

“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,” added Ambani.

Fashion and lifestyle business delivered highest ever quarterly revenues with 2x growth over same period last year. The strong performance was aided by festive offers and a successful winter wear collection. This helped drive footfalls, higher conversions, and growth in ABVs resulting in robust store performance. In the Luxury/Premium brands business, revenue grew 2x over last year with resumption of mall stores and pick up in footfalls. The business launched multiple new store concepts and opened 64 new partner brand stores during the quarter.

“We are making steady progress towards achieving our vision of Net Carbon Zero by 2035. Our recent partnerships and investments in technology leaders in the solar and green energy space are illustrative of our commitment to partner India and the world in the transition to clean and green energy. We continue to pursue growth initiatives and collaborate with global leaders who share our vision of a sustainable future for our planet,” explained Ambani.

Fibre2Fashion News Desk (RR)