Reliance Retail today reported an over three-fold jump in its pre-tax profit at Rs 1,392 crore for the second quarter ended September 2018 helped by store expansion and strong value proposition.
The retail arm of Reliance Industries Ltd (RIL) had posted a PBDIT (profit before depreciation, interest and tax) of Rs 444 crore in the July-September period a year-ago.
Revenue from RIL's organised retail segment during the quarter under review grew over two-fold to Rs 32,436 crore as against Rs 14,646 crore in the corresponding quarter of the last fiscal.
Commenting on the results, RIL Chairman and Managing Director Mukesh Ambani said: "Our commitment to create consumer value is gathering momentum, with the robust scale-up of India centric consumer facing businesses.
"The financial performance of both Retail and Jio reflects the benefits of scale, technology and operational efficiencies. Retail business EBITDA has grown three- fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times," he added.
Reliance Retail operates 9,146 stores across the country and has presence in over 5,800 towns and cities. It operated in 19.5 million sq ft during the quarter under review.
According to the company, "Accelerated store expansion, strong value proposition and focus on customer experience across all consumption baskets has resulted in this robust growth."
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