RIL reported a 22% jump in consolidated net profit for the three months ended 31 March 2022.
Reliance Retail delivered its best-ever quarterly revenues even surpassing the festive quarter performance despite the challenges posed by the spread of Omicron wave and coming out from the festive quarter, the company said in its earnings release Friday.
Reliance Retail is the top retailer in the country.
The company's consumer electronics business delivered a "strong performance" across stores driven by recovery of mall stores and continued uptick in small towns. Reliance Digital, the largest electronics chain, crossed the 500-store mark with presence in over 200 cities.
"The business witnessed broad based growth across all categories particularly in air conditioners on the back of early onset of summer, mobiles, laptops and TVs. The business delivered its best-ever Republic Day event with 20% sales growth year-on-year," the company said.
In addition, focus on regional festivals, exclusive promotions, new product launches along with an affordability program helped in driving sales.
Meanwhile, the company said that the consumer electronics launch on JioMart was well received by customers. JioMart Digital, the company's online commerce platform, continues to scale up new merchant partner onboarding as it expanded its presence to newer geographies.
"Own and licensed brand portfolio grew 70% over last quarter. Business has relentlessly focused on increasing assortment with introduction of new product lines and assortment upgrades," it said of its digital commerce platform.
Meanwhile, its fashion and lifestyle business reported a strong quarter led by local activations during regional festivals and early launch of spring summer merchandise.
Improved mobility in the latter half of the quarter also helped lift sales across retailers; this was especially true of non-essential categories.
The company's online marketplace AJIO added new brands, apart from driving catalogue expansion. It saw especially strong growth in small towns with nearly two-thirds of the orders placed from Tier 3 and below towns, the company said.
The retailer's luxury and premium brands' revenue growth was led by recovery of mall stores and sustained growth of digital commerce platforms. The business has strengthened its portfolio through "strategic partnerships" with leading Indian fashion designers.
Meanwhile, the grocery business continued its growth momentum and delivered its best ever quarter driven by strong growth across its store formats, digital and new commerce platforms, it said. "The business crossed a milestone of 2,000 grocery stores, the largest network of grocery stores by any retailer in India," it added.
The omni-channel value proposition led by JioMart has been well received by customers. "The convergence of offline and online channels is resulting in 35% higher spending from customers than those from shopping from one channel.
Additionally, JioMart has strengthened the subscription model through the integration of Milkbasket with daily orders growing by 100% as compared to last year.
JioMart Kirana ramped up operations by operationalizing 21 Smart Hubs and 34 Staples hubs during the quarter to improve reach and service levels. The business is focusing on ramping up merchant onboarding through focused efforts and by adding region specific assortment, the company said.
