Reliance Retail Q1 profits up 65.8 per cent

For the first quarter Reliance Industries’ led Reliance Retail posted a 65.8 per cent increase in profit before depreciation, interest and taxes (PBDIT) to Rs 398 crores, for the first quarter ended June 30, 2017 of financial year 2017-18. The company had posted PBDIT of Rs 240 crores during the corresponding period last fiscal. Q1 revenues for financial year 20176-18 grew by 73.6 percent year-on-year to Rs 11,571 crores which the company stated as a milestone for quarterly revenues. During the first quarter of financial year 2016-17, the revenue stood at Rs 6,666 crore, the company said.

Mukesh D Ambani, Chairman and MD, Reliance Industries says retail business witnessed accelerated growth momentum with YoY revenue growth of 74 per cent. In this quarter, Reliance Retail added 18 stores across various store concepts. At the end of quarter, Reliance Retail operates 3,634 stores across 703 cities with an area of over 13.8 million square feet.

Fashion and lifestyle category led by Reliance Trends surpassed a significant milestone of selling nearly 1 crore garments a month. More than half of its revenues were from Tier II and III cities.