Reliance Retail’s sees 81 per cent hike in its Q2 revenue

For the second quarter Reliance Retail’s pre-tax profit jumped by 68.2 per cent year-on-year. This increase was because of growth in digital, fashion and lifestyle and petroleum products. Revenue in the quarter went up by a whopping 81.3 per cent.

Reliance Retail is the organised retail arm of Reliance Industries. The company witnessed strong performance across the board during the quarter despite macroeconomic headwinds. During GST roll-out, there were supply disruptions for a short period as manufacturers were clearing old inventory. Advance inventory planning and strong vendor relationships helped tackle stock-outs, thus mitigating revenue loss.

During the quarter Reliance Retail added 45 stores across various store concepts and strengthened its distribution network for consumer electronics. As on September 30, Reliance Retail operated 3,679 stores across 750 cities with an area of over 14.2 million sq. ft.

In the quarter, Reliance Retail acquired a 40 per cent stake in Genesis Luxury Fashion, which operates a portfolio of brands such as Armani, Burberry, Coach and Michael Kors. Reliance Retail continues to extend its distribution channel reach and has partnered with over 7,50,000 retailers across the country. Over three million devices and accessories were sold through this channel during the quarter.