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Reliance Retail's Q3 pre-tax profit increases 82 per cent to Rs 606 cr

Reliance previous year started offering cut-rate mobile services to promote its new telecom venture Jio, which it claims now has more than 160 million subscribers. The company had posted a loss of Rs 271 crore during the second quarter in 2017-18. The Mukesh Ambani-promoted company says its Digital Services Business posted standalone net profit of Rs. 504 crores for the December quarter, with revenues standing at Rs. 6,879 crores.

During the quarter, Reliance Market launched its 43rd store at Mysore and the business introduced several SKUs under a new range of own brands: Home One, Graphite and RelGlow across housewares, luggage and hard-line categories respectively.

According to the company, Reliance Trends crossed a milestone of 400 stores during the quarter with 25 new store additions. The company claims Reliance Trends witnessed 25 million customer walk-ins during the festive period.

Reliance Retail further strengthened its presence through its partnerships during this period. The joint venture with Marks & Spencer expanded its store network with 5 new stores opening during the quarter and reach extending to 24 cities with 63 stores, making India as the significant market for Marks & Spencer outside of UK.

Reliance, the operator of the world's biggest oil-refinery complex, stated that its operating earnings in the refining business marginally declined, while earnings at the petrochemicals business jumped 73 per cent. Airtel's net profit came in at Rs 305.8 crore for the three month period ended December 31, 2017 bruised by the tariff war in the industry and cut in call connect charges. Turnover from the business grew 116.4 percent year-on-year to Rs 18,798 crore and earnings before interest and tax grew 110.8 percent to Rs 487 crore.

 
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