Reliance Retail delivered Gross Revenue of Rs 83,063 crore for 3Q FY24, a growth of 22.8% Y-o-Y led by Grocery, Fashion & Lifestyle and Consumer Electronics businesses. • JioMart Digital business continued its growth journey and expanded its merchant partner base by 34% Y-o-Y.
FinTech BizNews Service
Mumbai, January 20, 2024: The Reliance Retail Ventures Limited has announced its financial and operational performance of for the quarter and nine months ended 31st December 2023.
Quarterly Performance (3Q FY24 vs 3Q FY23)
• Reliance Retail delivered Gross Revenue of Rs 83,063 crore for 3Q FY24, a growth of 22.8% Y-o-Y led by Grocery, Fashion & Lifestyle and Consumer Electronics businesses.
• Business posted an EBITDA of Rs 6,258 crore which was up by 31.1% on a Y-o-Y basis. EBITDA before Investment Income was recorded at Rs 6,061 crore, up 30.1% on a Y-o-Y basis.
EBITDA margin from operations on net sales was at 8.1%, up 40 bps Y-o-Y driven by operating leverage and continued focus on cost management.
• Depreciation increased on account of higher asset base due to addition of new stores and supply chain infrastructure.
• Higher finance cost on account of increase in interest rate and borrowings for business expansion.
Namkeens and sweets were launched in Masti Oye! Brand and “Deluxe” assorted toffees across multiple pack sizes under Toffeeman.
Fashion & Lifestyle
• Fashion & Lifestyle business delivers 28% Y-o-Y growth led by higher footfalls and conversions, as customers shopped for the festive season.
• The business successfully executed multiple campaigns to drive customer engagement during festive and wedding season, regional events, winter season etc.
• The business continued to scale up new formats including Azorte and Yousta. During the quarter, ‘Swadesh’ format was launched focusing on India’s tradition and creative expressions through development of artisans and their art & craft forms.
• AJIO continues to strengthen its catalogue and improve value proposition. The platform added several new brands and launched new app features to enhance customer experience. AjioGram, a Direct-toConsumer focused content driven platform that onboards & supports fashion startups was launched during the quarter.
• Partner Brands continued to lead premium and luxury segment with widest portfolio of brands. Acquisition of Sephora’s India franchise business and distribution relationship with SMCP for Sandro & Maje brands would further bolster its brand portfolio.
• Jewels business delivers steady performance led by festive and wedding season buying. Business recorded highest ever Dhanteras sales. The business continues to strengthen product offerings with launch of Vivaham wedding collection and ‘Swarn Banga’ regional collection.
• Lingerie business strengthened portfolio through new launches across categories including winter collection, athleisure, loungewear. The businesses have also been expanding distribution reach through multi brand outlets and Reliance Retail formats.
• Urban Ladder continued focus on ramping up store network through exclusive brand outlets with presence across 29 cities.
Tira is expanding store network across top tier cities and has received strong customer traction. The business has delivered strong performance across various operating metrics including sales
productivity, average bill value, repeats.
Consumer Electronics
• Consumer Electronics business delivered 19% Y-o-Y growth over last year on the back of higher basket value and improved conversions.
• The business delivered broad based growth across categories. Strong performance of new launches,
flagship models and wider assortment led to growth in phones, large appliances and TVs.
• resQ continued to improve its proposition with launch of new service plans.
• Own brands / PBG business further scales up with its merchant count up 2.6x Y-o-Y. The business launched several new products across UHD television, refrigerator, and small domestic appliance categories.
• JioMart Digital business continued its growth journey and expanded its merchant partner base by 34% Y-o-Y.
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said “Reliance Retail has delivered strong performance during the festive quarter. Our business success is intricately woven into the larger fabric of India's economic growth, and together, we are shaping a compelling story of innovation and world class possibilities for the future. We remain resolute in our commitment to bring high quality products at great value to our customers with an engaging shopping experience.”
