Despite experiencing sequential declines in profit and revenue, Reliance Retail, the retail segment of Reliance Industries Ltd (RIL), reported robust growth in seller additions for its digital commerce arm, JioMart, in the quarter that ended March 2024.
RIL’s quarterly financial report revealed that JioMart experienced a significant 94% year-on-year increase in its merchant base. However, specific figures for the merchant base were not disclosed.
Following the similar trends, the conglomerate also reported a 20% year-over-year growth in the number of merchants selling consumer electronics via its new commerce platform, although specific figures were not disclosed.
The statement notably omitted any reference to the contribution of digital and new commerce ventures to Reliance Retail’s overall revenue. In the third quarter (Q3) of the fiscal year 2023-24 (FY24), the company had previously indicated that these sectors constituted 19% of the retail giant’s total income.
Continue Exploring: JioMart reports 3X surge in seller base, expands non-grocery offerings, and achieves record revenue in Q3
In the quarter ended March 2024, Reliance Retail saw a 9.8% year-over-year increase in operating revenue, reaching INR 67,610 Cr compared to INR 61,559 Cr in the same period last year. However, revenue declined by over 9% sequentially from INR 74,373 Cr.
Meanwhile, Reliance Retail achieved a net profit of INR 2,698 Cr in Q4 FY24, marking an 11.7% year-over-year increase but a 14.7% quarter-on-quarter decline.
Reliance Retail Ventures Limited’s (RRVL’s) Executive Director, Isha Ambani, emphasized, “Our ongoing investments and innovations across formats and products aim to enhance our customer value proposition and cater to changing consumer demands. The strong expansion and growth of our retail business reflect our dedication to customer-centric strategies and our confidence in India’s consumption potential.”
Additionally, the conglomerate announced an increase in its investments in digital news and entertainment sectors during the quarter, resulting in significant growth for the OTT streaming platform JioCinema.
The 2024 edition of the Women’s Premier League (WPL) streamed on JioCinema reportedly experienced a threefold increase in watch-time and a 70% increase in “reach” compared to the previous season.
“JioCinema also achieved unprecedented reach and engagement for TV network shows. Bigg Boss Hindi experienced a 2.7-fold increase in viewership, 1.3-fold increase in watch-time, and 1.6-fold increase in views, while Bigg Boss Kannada saw a 5.6-fold increase in viewership, 3.5-fold increase in watch-time, and 4.2-fold increase in views compared to the previous season,” the statement noted.
Continue Exploring: Reliance Retail’s Q4FY24 net profit surges 11.7% to INR 2,698 Crore
Meanwhile, RIL’s digital subsidiary, Jio Platforms, recorded a 12% increase in its consolidated net profit to INR 5,583 Cr in the March quarter, up from INR 4,984 Cr in the corresponding period last year. Similarly, operating revenue surged 13.4% year-over-year to INR 28,871 Cr during the quarter in question.
Overall, RIL’s net profit held steady at INR 21,243 Cr in Q4 FY24, mirroring the INR 21,227 figure reported in Q4 FY23.