Reliance Retail reported its earnings for the quarter ended December 31, 2021, on Friday. The company's revenue witnessed a massive surge of more than percent 56 percent, on a year-on-year basis, to record Rs 57,717 crore during the quarter, beating Street estimates.

In the year-ago period, the firm had recorded a revenue of Rs 36,890 crore during the October to December quarter.

A CNBC-TV18 poll of analysts had projected Reliance Retail's revenue to come in at Rs 45,450 crore.

"All time high revenues recorded across all consumption baskets driven by highest ever store sales and sustained growth momentum in digital & new commerce," the company said in its statement.

Consumer electronics and apparel and footwear doubled their business on the back of strong festive sales while grocery sustained its consistent and strong double-digit growth momentum, it added.

Reliance Retail's profit after tax (PAT) also witnessed a huge sequential growth of 32.7 percent at Rs 20,539 crore for the third quarter of the fiscal.

The company's EBITDA came in at Rs 3,835 crore, also a record high, against the Street estimate of Rs 2,923 crore. The EBITDA margin was recorded at 6.6 percent, against the CNBC-TV18 poll's projection of 6.4 percent.

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Commenting on the Q3FY22 earnings, Reliance Industries Limited chairman Mukesh Ambani Retail said, "retail business activity has normalized with strong growth in key consumption baskets on the back of festive season and as lockdowns eased across the country.”

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“During the quarter, Reliance Retail acquired Jaisuryas, a leading grocery chain in Southern India, Amante, leading women’s intimate wear brand and Kalanikethan, leading women’s saree and ethnic wear brand,” the company said. Further, the business entered into strategic partnerships with investments in Ritika Pvt Ltd that owns – Ritu Kumar and allied brands and Manish Malhotra’s eponymous brand.

Reliance Retail also invested $200 million in Dunzo, delivery and quick commerce player, for a 25.8 percent stake on a fully diluted basis during the quarter under review.

Analysts had expected the retail business to show remarkably better performance in the third quarter of the fiscal with better footfalls and a better amount of realisations.

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First Published:Jan 21, 2022 8:09 PM IST