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Reliance Retail Ventures Limited, the retail arm of Reliance Industries, announced a 4.8% contraction in profits in its fourth-quarter results.
Profits for the retail giant could not reach the profit levels it achieved last year as profit for the quarter came in at Rs 2,193 crores, a decline of Rs 120 crores annually. Profits in this quarter were lower than the profits in the corresponding quarter last year i.e. Rs 2,247 crores or profits in the previous quarter i.e. Rs 2,239 crores.
RIL Q4 results posted, read more.
However, consolidated revenue was up 23% to Rs 58,019 crores against Rs 47,085 crores last year. EBITDA for the quarter came in at Rs 3,705 crores, higher than the figure for the relevant quarter last year, but lower than the EBITDA figure reported in the quarter ended in December 2021.
Annually, the company reported revenues of Rs 199,704 crores, up 26.7% YoY while net profit came in at Rs 7,055 crores for the year, up 28.7% YoY. The company reported its highest EBITDA ever as the figure surpassed Rs 12,000 crores for the first time ever. The company's annual EBITDA margin improved to 6.2%.
EBITDA for the year stood at Rs 12,831 crores, growing 26.5% YoY, led by fashion, lifestyle, and grocery segments, as all segments reported robust growth during the quarter. The business doubled its daily orders across all of its digital platforms on the back of a strong product portfolio and attractive offers.
The company had a total of 15,196 physical stores operational with 793 stores opened during the quarter. The area of operation increased to 41.6 million sq. feet as compared to 33.8 million sq. feet in the corresponding quarter of the previous year.
Reliance Retail Ventures Limited is an unlisted company but there are rumors about its IPO. Sources say that parent company RIL is in the process of planning the company's IPO alongside Reliance Jio Platform Limited.
These are speculations currently, but the size of these IPO could surpass LIC as India's biggest IPOs. The announcement for the same is rumored to be made at Reliance Industries' Annual General Meeting (AGM).
Article by Aman Agarwal.
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