Reliance Retail’s device distribution business has sold 1.5 million LYF devices and accessories during Q1, FY2017-18.
In the first quarter, Reliance Retail revenues grew by 73.6% Y-o-Y to Rs. 11,571 crore, a milestone level for quarterly revenues. The increase in revenue was led by growth across all consumption baskets.
The business delivered strong PBDIT of Rs. 398 crore in Q1 FY2017-18 as against Rs. 240 crore in the corresponding period of previous year, reflecting a robust growth of 65.8%.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, “Our company recorded yet another strong quarterly performance with net profit of Rs. 9,108 crore, up 28% Y-o-Y. Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter. Retail business also witnessed accelerated growth momentum with YoY revenue growth of 74%. Jio has revolutionised the Indian telecom and data consumption landscape. This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, beautiful and secure.”
The company has added 18 stores during first quarter and operated 3,634 stores across 703 cities with an area of over 13.8 million square feet as on 30th June, 2017.
Since commencement of services, Reliance Jio has become the fastest growing technology company in the world with more than 100 million in just 170 days, followed by the largest free to paid services migration. Jio’s innovative market approach backed by superior HD quality VoLTE voice and data strong network has unlocked latent demand for data and growth ahead of all industry estimates.