Q2FY’24 Net Profit At Reliance Industries Shoots Up 29.9%
Net profit shot up 29.9 percent in the second fiscal quarter ended September 30, 2023 at Reliance Industries Ltd (RIL). However, gross revenues grew marginally by just 1.2 percent, both over a year ago quarter.
In the three months to September 2023, net profit at Mukesh Ambani led RIL surged to Rs 19,878 crore, up 29.7 percent, but gross revenue rose to Rs 255,996 crore or just 1.2 percent year over year.
However, Reliance Retail, which includes the fashion and lifestyle business of RIL reported a stronger performance in gross revenues growing at 18.8 percent year on year to Rs 77,148 crore.
According to a RIL press release, grocery and the fashion & lifestyle businesses maintained strong growth momentum, which led to revenues rising strongly.
In the months between June and September 2023, the retail division posted an EBITDA of Rs 5,820 crore which is an increase of 32.2 percent from a year ago period
Within Reliance Retail, the Fashion & Lifestyle business delivered 32 percent year over year growth in revenues, boosted by the offline business, despite festive season falling entirely in the current quarter.
The business launched a new store format ‘Yousta’, a youth focused fashion retail format, offering fast fashion at affordable prices and would be scaled up in the coming months.
Trends, the flagship store format has also launched a concept store with contemporary design and future ready, offering an immersive shopping experience.