Reliance Retail, a part of Reliance Industries, has reported a net profit of Rs24.48bn ($298.6m) in the first quarter (Q1) of fiscal year (FY) 2024, up 18.8% from the same period a year ago.

The business’s revenue from operations for the quarter rose by 20.5% to Rs621.59bn from Rs515.82bn in the same period last year.

Gross revenue was Rs699.4bn in Q1 FY24, up 19.5% from the prior year’s quarter.

Revenues were driven by a 59% growth in grocery and 14% and 15% in consumer electronics, fashion and lifestyle categories, respectively.

Over the quarter, Reliance Retail saw its earnings before interest, taxes, depreciation and amortisation (EBITDA) increase by 33.9% to Rs51.39bn.

Its EBITDA margin from operations on net sales rose 30 basis points (bps) at 7.9% due to increased efficiencies.

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By GlobalData

As of the end of the quarter, the company opened 555 new stores, which resulted in a record-high footfall of 249 million across formats.

Reliance Retail Ventures executive director Isha Ambani said: “I am delighted to share that our financial performance in the quarter has been resilient and aligned with our business goals. The sustained growth across consumption baskets has further consolidated our position as a market leader. We continue to innovate and invest in our stores and digital platforms to make shopping more engaging for our customers.”

In May this year, China-based online fashion retailer Shein signed a licencing agreement with Reliance Retail to re-enter the Indian market.