70 per cent jump in earnings is nothing short of being extraordinary!
The first quarter of the financial year 2019-20 ending 30 June witnessed Mukesh Ambani’s Reliance Retail record a whopping year-on-year 70 per cent surge in earnings before interest, tax, depreciation and amortization (EBITDA).
During the same period in the last financial year, the firm had posted an EBITDA of Rs. 1,206 crore.
It is worth noting that for the quarter under review, Reliance Retail clocked a rise of 47.5 per cent in revenue to Rs. 38,196 crore compared to Rs. 25,890 crore that the company had posted during the same period last year.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, “Our Q1 earnings were strong despite weak global macroeconomic environment and challenging hydrocarbon market conditions. Our downstream businesses delivered resilient performance in an environment of slower demand growth and incremental supplies. The performance reflects the benefits of deep refining and petrochemicals integration, chain economics and feedstock flexibility.”
He further added, “The company continues to make major strides in its retail and digital services businesses led by focus on growth markets with offerings in the right product segments and compelling value proposition. We are pleased with the robust growth both in revenues and operating income for Reliance Retail. Our digital services business continues to transform the mobility market in India while scaling newer milestones.”
The company said that Reliance Retail has opened 265 stores during the quarter with strong growth in customer footfalls and key metrics across all cities and towns.
As on 30 June 2019, Reliance Retail operates 10,644 retail stores in over 6,700 cities covering an area of over 23 million square feet and 516 petro retail outlets.