Fashion and lifestyle does it for Reliance Retail, sales surpass pre-Covid levels
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Last Updated: Jan 23, 2021, 06:56 AM IST
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Synopsis
Reliance said its record quarterly profits were led by a strong rebound in the fashion and lifestyle business that the company said has surpassed the pre-pandemic levels during the quarter and the segment has doubled its earnings in those months.
Reliance Retail opened more than 300 outlets in the quarter taking the total number of store-count to more than 12,000.
NEW DELHI: Reliance Retail’s net profit jumped 88% year-on-year to Rs 1,830 crore for the third quarter of the current fiscal year.
Revenues, however, were down 8% year-on-year to Rs 37,845 crore, mainly dragged down by the transfer of its petroleum retailing business to a separate Reliance-British Petroleum joint venture coupled with lower sales at its supermarkets amid the Covid-19 pandemic.
Updated Jan 22, 2021 | 20:11 IST
RIL shares closed 2.37% lower at Rs 2,049.60 apiece on the NSE. Shares of the company have rallied 5.79% in the last one week. Representational image
New Delhi: Reliance Industries Ltd on Friday announced results for Q3. The oil to telecom major reported strong sequential rebound across all the businesses. Reliance posted highest ever consolidated quarterly with net profit at Rs 15,015 crore, up 24.9%. Consolidated quarterly EBITDA went up 12.0% QoQ to a record Rs 26,094 crore.
RIL reported strong 38.2% sequential jump in quarterly EPS to Rs 20.5 per share. Digital Services report recorded high profits with Q3 FY21 EBITDA at Rs 8,942 crore, up 48.4% YoY. Robust recovery seen in Retail performance as EBITDA touched record high of Rs 3,102 crore, up 52.9% QoQ.
RIL Q3 Profit Up 40% On Robust Revival In O2C, Retail Segments; Jio Delivers Strong Performance
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Reliance Industries, the country s largest company by market capitalisation, has reported a 40.5 percent sequential growth in consolidated profit at Rs 14,894 crore for the quarter ended December 2020, driven by a revival in Oil-to-Chemical and retail segments, and a steady growth in digital services business. The oil-to-telecom conglomerate s profit in the previous quarter stood at Rs 10,602 crore.
The company said it had recorded highest ever quarterly consolidated profit before exceptional items at Rs 15,015 crore and EBITDA at Rs 26,094 crore. Consolidated revenue from operations for the quarter increased 6.7 percent quarter-on-quarter to Rs 1,23,997 crore, rising sharply from Rs 1,16,195 crore in the September quarter 2020, with strong sequential rebound across all businesses.
Updated Jan 22, 2021 | 08:40 IST
Reliance Retail is tapping Future Supply Chain s network for its logistics, warehousing needs. Other Future Group companies are also in the process of receiving big orders from retail arm of Ambani-helmed firm Reliance Retail secures Future with logistics, other deals to unlock synergies | Photo Credit: BCCL
Key Highlights
Future Supply Chain which saw its revenues sag post lockdown gets a big boost from Reliance Retail
Other Future Group companies such as Future Consumer and Future Enterprises reportedly received large orders from Reliance
As part of Rs 25,000 cr Future-Reliance deal, RIL will hive off Future Group s retail and wholesale assets into Reliance Retail Ventures Ltd
SEBI approves Future-Reliance deal - Daijiworld com daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.