Reliance Retail's Ebitda down 47% in June quarter on Covid-19 pandemic woes

Reliance Retail, the retail arm of Reliance Industries (RIL), reported a 47.4 per cent drop in earnings before interest tax depreciation and amortisation (Ebitda) for the April-June period, as the Covid-19 pandemic and subsequent lockdown disrupted business significantly. It stood at Rs 1,083 crore for the quarter versus Rs 2,060 crore reported a year ago.

Around 50 per cent of Reliance Retail’s nearly 12,000 stores were fully shut in the quarter, while 29 per cent were partially open, the company said on Thursday.

The significance of the retail business can be gauged from this — along with Jio, retail contributes 35 per