India's RIL posts 3.2% rise in revenue to ₹248,160 cr in Q3 FY24

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a substantial rise of 16.7 per cent YoY, reaching ₹44,678 crore ($5.4 billion). This increase in EBITDA was significantly contributed to by an improved profit after tax, which grew by 10.9 per cent YoY to ₹19,641 crore ($2.4 billion).

In the polyester segment, the delta remained stable YoY, with improvements in paraxylene (PX) and monoethylene glycol (MEG) deltas counterbalanced by weaker purified terephthalic acid (PTA) and polyester product deltas. The polyester chain margin remained stable at $488/MT during Q3 FY24. Notably, PX margin over naphtha improved YoY due to an increase in PX prices, while PTA margins were impacted by these firm PX prices, RIL said in a press release.

“Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses. The retail segment has also delivered an impressive financial performance with its rapidly expanding physical as well as digital footprint. Reliance Retail remains focused on enriching customer shopping experience by adding new brands and offerings to its portfolio. Its new commerce initiatives continue to support the growth journey of millions of small merchants through technology, generating immense societal value,” said Mukesh D Ambani, chairman and managing director, Reliance Industries Limited.

Reliance Retail Ventures Limited (RRVL), a key division of RIL, delivered a gross revenue of ₹83,063 crore for Q3 FY24, a 22.8 per cent YoY growth, led predominantly by the fashion and lifestyle sector. The RRVL EBITDA saw a robust 31.1 per cent increase, driven by record footfalls during the festive season. The EBITDA margin from operations on net sales was 8.1 per cent, up 40 basis points YoY.

Significantly, Reliance Retail expanded its store network by opening 252 new stores, bringing the total to 18,774 stores covering an area of 72.9 million square feet. The quarter recorded more than 282 million footfalls across formats, a substantial growth of 40.3 per cent YoY. Digital commerce and new commerce businesses continued their growth trajectory, contributing to 19 per cent of the revenue.

RIL’s fashion and lifestyle business reported a 28 per cent YoY growth, driven by higher footfalls and conversions during the festive shopping season. AJIO, the company's online fashion and lifestyle platform, continued to enhance its offerings by adding new brands and launching new app features to improve the customer experience. The quarter also saw the launch of AjioGram, a direct-to-consumer focused content-driven platform that supports fashion startups.

The lingerie business within the company strengthened its portfolio with new launches across various categories, including winter collection, athleisure, loungewear, and expanded distribution reach through multi-brand outlets and Reliance Retail formats.

“Reliance Retail has delivered strong performance during the festive quarter. Our business success is intricately woven into the larger fabric of India's economic growth, and together, we are shaping a compelling story of innovation and world class possibilities for the future. We remain resolute in our commitment to bring high quality products at great value to our customers with an engaging shopping experience,” said Isha M Ambani, executive director, Reliance Retail Ventures Limited.

Fibre2Fashion News Desk (DP)