Reliance Retail Q3 revenue declines by 7.9 percent to Rs 37,845 crore

Updated : January 22, 2021 08:48 PM IST

Cash Profit for the Mukesh Ambani-led company's retail arm for the quarter was Rs 2,482 crore higher by 76.3%.

During the quarter 327 stores were opened, with overall 12,201 physical stores operational across the country.

Reliance Retail Ventures Ltd's (RRVL) -- the retail arm of Reliance Industries -- delivered a healthy performance in the third quarter of FY21, with record profit delivery in an operating environment that has been impacted due to COVID-19 related issues.

EBITDA for Q3FY21 surged 53.9 percent sequentially to a record Rs 3,087 crore with margin expansion of 380 bps QoQ at 9.3 percent for Q3. Revenue from operations declined 9.7 percent QoQ to Rs 33,018 crore for the quarter and value of sales and services for Q3FY21 decreased by 8 percent QoQ to Rs 37,845 crore compared to the previous quarter’s revenue of Rs 41,100 crore.

Net profit for the quarter was Rs 1,830 crore, which was higher by 88.1 percent. Cash Profit for the Mukesh Ambani-led company's retail arm for the quarter was Rs 2,482 crore higher by 76.3. During the quarter 327 stores were opened, with overall 12,201 physical stores operational across the country.

With the Indian economy poised for a rapid recovery in 2021 after overcoming the COVID-19 constraints, Reliance Retail is confident of maintaining its industry leading and market beating performance.

"The underlying operating margin (excluding the impact of the investment income) stood at 7 percent, coming in ahead of last quarter and same time last year. This was led by near doubling of Fashion and Lifestyle earnings, continued benefits from cost management initiatives and a boost from higher investment income of Rs 775 crore," the company said.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Reliance Retail Q3 revenue declines by 7.9 percent to Rs 37,845 crore

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