New Delhi, April 22 (IANS): Reliance Retail has delivered a resilient performance with another year of strong revenue growth and profit.

The business recorded gross revenues of Rs 3.06 lakh crore for the year FY24, a growth of 17.8 per cent over last year. It continued its strong track record of profit growth, registering an EBITDA of Rs 23,040 crore, higher by 28.5 per cent Y-o-Y for FY24.

During the year, its EBITDA margin on net sales continued to show improvements and stood at 8.4 per cent, up 60 bps Y-o-Y.

Reliance Retail's depreciation increased on account of a higher asset base due to the addition of new stores and supply chain infrastructure. Higher finance costs were on account of an increase in interest rate and borrowings for business expansion, the company said.

Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said, “Reliance Retail continues to deliver steady performance led by growth across consumption baskets. We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story."

The business delivered strong performance during the quarter with revenues of Rs 76,627 crore, up 10.6 per cent Y-o-Y, led by growth in consumer electronics and fashion and lifestyle.

Profit delivery was robust with EBITDA at Rs 5,823 crore, up by 18.5 per cent Y-o-Y.

Its EBITDA before investment income was at Rs 5,632 crore, a growth of 18.1 per cent Y-o-Y. The company's depreciation increased on account of higher asset base due to the addition of new stores and supply chain infrastructure, the company said.

Meanwhile, Jio Platforms posted quarterly revenue of Rs 33,835 crore, up 13.3 per cent Y-o-Y. Its quarterly EBITDA stood at Rs 14,360 crore, up 12.5 per cent Y-o-Y.

The company said its operating revenue (net of GST) growth continued to be driven by robust subscriber growth across mobility and homes, and the benefit of mix improvement in ARPU.

The double-digit EBITDA growth was primarily led by healthy revenue growth and operating leverage.

Jio has rolled out its True5G network across India, with 108 million-plus subscribers migrating to Jio’s 5G network.

Akash M. Ambani, Chairman of Reliance Jio Infocomm, said, “Jio continues to maintain its network leadership and offer innovative digital solutions to multiple customer cohorts. This is driving consistent outperformance in terms of subscriber additions and engagement levels. Continued acceleration in the growth of JioAirFiber subscriber base and ramp-up of digital services will sustain industry-leading growth for Jio."