Reliance Retail Q1 Results: Profit jumps 114% YOY; company records best-ever quarterly revenue at Rs 58,554 crore.

Gross sales for the company in the first quarter was Rs 58,554 crore, up 51.9 percent year over year.

According to Reliance Retail, its net profit for the June quarter increased by 114.2% YoY to Rs 2,061 crore. The Mukesh Ambani-owned retail business reported its best-ever quarterly revenue of Rs 58,554 crore, up 51.9% year over year.

Cash profit for the quarter increased by 105.2 percent YoY to Rs 2,873 crore. Additionally, the operating EBITDA margin increased to 7.6% in the June quarter from 4.1 percent in the first quarter of the previous fiscal year.

The business posted an operating EBITDA of Rs 3,897 crore, up 180.4 percent YoY with a 350-bps improvement in the margin at 7.6 percent, compared to 4.1 percent in the corresponding quarter of the previous year.

Higher contributions from fashion, lifestyle, and consumer electronics, as well as increasing operating leverage over the prior year across consumption baskets, drove Reliance Retail's growth story.

Operating EBITDA for Reliance Retail increased by 180.4% YoY to Rs 3,897 crore, with a margin improvement of 350 basis points to 7.6 percent from 4.1 percent in the same period last year.

Over 17,000 new jobs were added by Reliance Retail in the first quarter of FY23. 3.79 thousand people work for the company as a whole.

Reliance Retail added 792 outlets during the quarter, continuing its regional growth. There are 15,866 active physical stores at the moment.

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