Reliance Retail’s ebitda grows 70 per cent in Q1

Reliance Retail’s ebitda went up 70 per cent in Q1. Revenue increased 47.5 per cent. First quarter earnings were strong despite a weak global macroeconomic environment and challenging hydrocarbon market conditions. The company continues to make major strides in its retail and digital services businesses led by a focus on growth markets with offerings in the right product segments and a compelling value proposition. The retail business further strengthened its own brand portfolio with the launch of SnacTac brand of food items during the quarter. Reliance Retail opened 135 Digital/Jio stores during the period. With 8,157 Digital/Jio stores, Reliance Retail has further consolidated its leadership in consumer electronics retailing and enjoys a first-mover advantage in many cities. The company’s digital services business continues to transform the mobility market in India.

The company’s jewelry brand, Reliance Jewels, expanded rapidly with the opening of nine standalone stores and 32 store-in-stores during the quarter, giving the chain a wider geographic presence. During the quarter, Reliance Brands also announced the acquisition of British toy retailer Hamleys and exclusive partnership with British footwear and handbags brand Kurt Geiger. Reliance Retail operates 10,644 retail stores in over 6,700 cities covering an area of over 23 million sq ft and 516 petro retail outlets.