Reliance Retail, a Reliance Industries subsidiary, saw its net profit soar 23.4 percent year-on-year to Rs 2,259 crore in Q3FY22, with cash profit up 32% to Rs 3,277 crore.

In Q3, the company's revenues surged 53.4% YoY to Rs 50,654 crore, as gross revenue from all consumption baskets, except petroleum and connectivity, increased by 90%.

In the fashion and leisure, consumer electronics, and grocery divisions, Reliance Retail's Ebitda climbed 52.3% YoY to Rs 3,522 crore.

In Q3, retail added 837 stores, bringing the total to 14,412. With 2.3 million square feet, it already has 73 warehouses. Its merchant partners climbed four times last year, as did its digital commerce orders.

Reliance Retail's consumer electronics stores grew by double digits, the company stated.

“Extended festive deals throughout Diwali, Black Friday, and Christmas increased conversions and average bill values. “ResQ continued to satisfy consumers with faster installs and value-added services,” the announcement claimed.

Reliance Retail also created JioMart Digital, a consumer electronics retailer.

An estimated 50% of its customers came from tier-2 and below cities.

Fashion and lifestyle income doubled over the prior year, aided by increased average bill values and strong store performance.

Also, the company's online fashion retailer AJIO tripled revenue and expanded its catalog 2x YoY, adding national and regional names while strengthening its own brand portfolio in the value sector. Its jewelry business gained double-digits YoY, driven by new collections, while luxury/premium brands expanded 2x with the reopening of mall outlets and increased footfall.

In Q3, Reliance Brands signed collaborations with Valentino, La Martina, and Starter, among others. A 2x increase in Q3.

In response to the earnings, Reliance Retail's head of strategy and business development, Gaurav Jain, said, "We believe we are well positioned to navigate through the hurdles provided by the new Covid strain."

We will keep speeding growth and expanding as the situation normalizes. “We will continue to accelerate the rollout of new stores,” he added.

This includes expanding its digital commerce operations across all platforms. It will improve offers and service capabilities.

“We will continue to onboard merchants across geographies and also raise the share of businesses as they continue to buy more,” said Jain.