Reliance Retail’s Q1 results show 19.5% y-o-y growth in revenues, highest footfall of 249 million across formats & 555 new stores

Reliance Industries Ltd, (RIL) has announced its financial results for the quarter ended June 30th 2023 and the consolidated results for Reliance Retail, part of RIL, show that the company recorded a quarterly revenue at ₹ 69,948 crore, up 19.5% y-o-y, quarterly EBITDA at ₹ 5,139 crore, up 33.9% y-o-y, highest ever footfall of 249 million across formats; and opened 555 new stores.  

Quick takeaways as shared by the company 

• The business delivered a robust revenue of ₹ 69,948 crore, up by 19.5% Y-o-Y led by growth in Grocery, Consumer Electronics (excluding Devices) and Fashion & Lifestyle. 
• Profits crossed a new milestone as business delivers an EBITDA of ₹ 5,139 crore, up by 33.9% Y-o-Y. 
• The business maintained its store opening trajectory with 555 new store openings. 
• The quarter recorded highest ever footfalls at 249 million across formats. 
• The Consumer Electronics business, excluding devices, delivered 14% growth Y-o-Y driving consumer engagement through category-led promotions 
• Fashion & Lifestyle business delivered a revenue growth of 15% Y-o-Y driven by pick up in store traffic and average bill value. 
• Grocery business delivered another quarter of record performance, up 59% Y-o-Y, led by Smart and Smart Bazaar formats. 

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said speaking about the results,  “I am delighted to share that our financial performance in the quarter has been resilient and aligned with our business goals. The sustained growth across consumption baskets has further consolidated our position as a market leader. We continue to innovate and invest in our stores and digital platforms to make shopping more engaging for our customers."