Mumbai, Jan 17 (IANS) Healthy festive season sales and new store openings led Reliance Industries’ organised retail business — Reliance Retail — to report a 89.3 per cent rise in its revenue for the third quarter of 2018-19.
The firm’s revenue figure was disclosed under the Reliance Industries (RIL)’s third quarter results, on Thursday.
Accordingly, the firm’s revenue for 3Q FY19 grew by 89.3 per cent to Rs 35,577 crore from Rs 18,798 crore reported for the corresponding quarter previous year.
The company’s Earnings Before Interest and Taxes (EBIT) rose 210.5 per cent on a year-on-year (Y-o-Y) basis to Rs 1,512 crore from Rs 487 crore demonstrating strong operating profit during the quarter.
In addition, EBIT margin for the segment improved by 160 basis points to 4.2 per cent reflecting scale benefits. Retail now has 9,907 stores with a reach across more than 6,400 towns and cities.