Reliance Retail Q2 results: Net profit rises 36% to Rs 2,305 crore

Reliance Retail on Friday reported 36 per cent year-on-year (YoY) jump in its net profit at Rs 2,305 crore in the quarter ended September 30. The retail arm of Reliance Industries had reported a profit of Rs 1,695 crore in the same quarter last year.

Cash profit for the quarter also surged 45 per cent to Rs 3,324 crore in the July-September quarter. 

Gross revenue for the quarter came in at Rs 64,920 crore, 42.9 per cent higher than what was recorded last year in Q2. EBITDA for the quarter was Rs 4,404 crore, higher by 51.2 per cent. 

Reliance's retail firm operated 54.5 million square feet as compared to 37.3 million square feet in the corresponding quarter of the previous year.

Besides this, Reliance Industries reported a marginal drop in consolidated net profit at Rs 13,656 crore in the second quarter compared with Rs 13,680 crore in the same quarter last year. However, the company said its revenues for the quarter rose 33.74 per cent to Rs 2,32,863 crore from Rs 1,74,104 crore in the same quarter last year. 

Commenting on the results, RIL Chairman and MD Mukesh Ambani said the company's retail business delivered record performance with a strong revival in footfalls, store additions, and digital integration. "Reliance Retail continues to provide a compelling proposition of great shopping experience and superior value across consumption baskets and price points," he said.