Reliance Retail , a subsidiary of India-based conglomerate Reliance Industries (RIL), has reported gross revenue of Rs585.54bn ($7.4bn) for the first quarter (Q1) of fiscal 2023 (FY23).

The figure represents a 51.9% increase from the corresponding period of the previous year.

For the three months to 30 June, the business’ earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 97.8% to Rs38.37bn, while its EBITDA from operations grew by 180.4% to Rs401.79bn.

Its EBITDA margin also improved by 350 basis points to 7.6%, compared with 4.1% in Q1 2022.

In a statement, RIL said this was ‘led by higher contribution from Fashion & Lifestyle and Consumer Electronics and growing operating leverage, with strong like-for-like (LFL) growth over last year across consumption baskets’.

Reliance Retail’s net profit for Q1 stood at Rs194.43bn, representing a 40.8% rise from the prior-year period. 

The business’ earnings per share (EPS) also increased by 40.0% to Rs26.5 against Q1 2022.

During Q1, Reliance Retail expanded its geographical presence by opening 792 stores, taking its total store portfolio to 15,866 across India.

The company also opened 79 warehousing and fulfilment locations in an effort to strengthen its supply chain capabilities.

RIL chairman and managing director Mukesh Ambani said: “I am also happy with the progress of our Consumer platforms.

“In (our) Retail business, we continue to focus on enhancing our consumer touchpoints and building a stronger value proposition for our customers.

“Our strong supply chain infrastructure and sourcing efficiency is helping us maintain competitive pricing for daily essentials, thereby insulating consumers from inflationary pressures.

“Customer engagement on our Digital Services platform remains high.”

Reliance Retail recently signed a master franchise agreement with US-based fashion brand GAP, with the aim of strengthening its business.

In May, the business signed up to be the Indias franchisee of Italian lifestyle brand Tod’s Spa.