Reliance Industries Ltd on Friday said its JioMart digital platform continued onboarding new merchant partners in the March quarter as it expanded its presence in new geographies.
RIL reported a jump of 22% in consolidated net profit for the three months ended March 31, 2022.
Reliance Retail Despite the spread of the Omicron wave and challenges coming out of the festive quarter, the company said in its earnings release on Friday that it delivered its best-ever quarterly revenue, surpassing the festive quarter’s performance.
Reliance Retail is the top retailer in the country.
The company’s consumer electronics business delivered a “strong performance” in stores driven by the recovery of mall stores and continued growth in smaller cities. Reliance DigitalThe largest electronics chain, crossed the 500-store mark with a presence in over 200 cities.
“The business witnessed broad-based growth in all categories especially air conditioners at the start of summer, mobiles, laptops and TVs. The business delivered its best Republic Day event with 20% year-on-year sales growth,” the company said. he said.
In addition, a focus on regional festivals, special promotions, new product launches as well as an affordability program helped drive sales.
Meanwhile, the company said that the consumer electronics launch on JioMart was well received by the customers. Jiomart Digital, the company’s online commerce platform, continues to onboard new merchant partners as it expands its presence in new geographies.
About its digital commerce platform, the company said, “The own and licensed brand portfolio grew by 70% in the last quarter. The business has focused on continued growth with the introduction of new product lines and assortment upgrades. “
Meanwhile, its fashion and lifestyle business reported a strong quarter led by early launches of local activities and spring-summer merchandise during regional festivals.
Improved dynamics in the latter half of the quarter also helped increase sales at retailers; This was especially true for the non-essential categories.
The company’s online marketplace AJIO added new brands besides expanding the catalogue. The company said that particularly strong growth was seen in smaller cities, with nearly two-thirds of orders from Tier 3 and below cities.
Revenue growth for the retailer’s luxury and premium brands was driven by the recovery of mall stores and continued growth of digital commerce platforms. The business has strengthened its portfolio through “strategic partnerships” with leading Indian fashion designers.
Meanwhile, the grocery business continued its growth momentum and delivered its best quarter ever, driven by strong growth in its store formats, digital and new commerce platforms. “The business has crossed a milestone of 2,000 kirana stores, which is the largest network of kirana stores by any retailer in India,” it said.
The omni-channel value proposition led by JioMart has been well received by the customers. “The convergence of offline and online channels results in customers spending 35% more than those buying from the same channel.
Additionally, JioMart has strengthened the subscription model through the integration of Milkbasket with a 100% growth over the last year.
JioMart Kirana accelerated operations by commissioning 21 Smart Hubs and 34 Staple Hubs during the quarter to improve accessibility and service levels. The company said that it is focusing on enhancing merchant onboarding through business focused efforts and by adding region specific assortments.