Reliance Retail’s Net Profit Crosses Rs100 Bn Mark

Reliance Retail delivered resilient performance with another year of strong revenue growth and profit.

Isha M. Ambani: Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story

FinTech BizNews Service   

Mumbai, April 22, 2024: Reliance Industries Limited, today announced the financial and operational performance of Reliance Industries Limited (RIL) for the quarter and year ended 31st March 2024. Reliance Retail’s Net Profit has Crossed Rs100 Bn Mark. 

Consolidated Reliance Retail Ventures Limited 

Quarterly Revenue At Rs 76,627 Crore, Up 10.6% Y-O-Y

Quarterly Ebitda At Rs 5,823 Crore, Up 18.5% Y-O-Y

Total Footfall Of 272 Million Across Formats; 562 New Stores Opened


Annual Performance

• Reliance Retail delivered resilient performance with another year of strong revenue growth and profit. The business recorded Gross Revenue of Rs 3,06,786 crore for the year FY24, a growth of 17.8% over last year.

• The business continues its strong track record of profit growth registering an EBITDA of Rs 23,040

crore, higher by 28.5% Y-o-Y for the year FY24.

• During the year, EBITDA margin on net sales continued to show improvements and was at 8.4%,

up +60 bps Y-o-Y.

• Depreciation increased on account of higher asset base due to addition of new stores and supply

chain infrastructure.

• Higher finance cost was on account of increase in interest rate and borrowings for business


Quarterly Performance (4Q FY24 vs 4Q FY23)

• Business delivered strong performance during the quarter with revenue of Rs 76,627 crore, up 10.6% Y-o-Y led by growth in Consumer Electronics and Fashion & Lifestyle.

• Profit delivery was robust with EBITDA at Rs 5,823 crore which was up by 18.5% Y-o-Y.

• EBITDA before Investment Income was at Rs 5,632 crore, a growth of 18.1% Y-o-Y.

• Depreciation increased on account of higher asset base due to addition of new stores and supply

chain infrastructure.

• Higher Finance cost on account of increase in borrowings for business expansion.


Annual Performance

• The business grew its store footprint across consumption baskets, opening 1,840 stores with gross

area addition of 15.6 million sq. ft. Total store count of 18,836 with total area of 79.1 million sq. ft.

• Investments in boosting supply chain infrastructure and omni channel capabilities remained a

priority as business continues to deepen its presence in tier II towns and beyond.

• Business has maintained its unwavering commitment towards Innovation to improve consumer

experience. Many new formats were launched during the year to serve evolving needs of the

customers including Yousta and Swadesh.

• Reliance Retail is amongst the most visited retailers in the world with over a billion customers

walking into its stores through the year. The business has a growing base of loyal customers as

its registered customer base crossed a milestone of 300 million.

• The registered customer base was at 304 million at the end of the year, up 22.2% Y-o-Y while the

total transactions recorded were at 1.26 billion, up 22.0% Y-o-Y.

• Reliance Retail undertook equity fund raise of Rs 17,814 crore in FY24, including Rs 2,500 crore infused by RIL during the quarter.

• To further improve customer experience, the business launched co-branded credit card with SBI Card, offering benefits across segments with varied spending needs.

• The business acquired Ed-a-Mamma, a kids and maternity-wear brand and majority ownership of Superdry IP for India, Sri Lanka and Bangladesh markets, Sephora India’s franchise business and entered into an exclusive distribution arrangement with SMCP to launch Sandro and Maje brands in India amongst many initiatives to bolster its product capabilities through acquisitions and



Quarterly Performance

• The business expanded its store network with 562 new store openings with gross area addition of 7.8 million sq. ft.

• The quarter recorded footfalls of over 272 million across formats, a growth of 24.2% Y-o-Y.

• The registered customer base crossed a milestone of 300 million, making Reliance Retail one of the most preferred retailers in the country.

• During the quarter, the business acquired India business of Kiko Milano and intellectual property including trademarks, recipe etc. of sugar-boiled confectionery from Ravalgaon.


Consumer Electronics

• Consumer Electronics business sustained growth momentum led by ABV growth & improved conversions.

• The flagship event “Digital India Sales” drove engagement with customers and delivered 15% Y-o-Y sales growth.

• Category specific campaigns such as ‘Digital Chill Fest’ for ACs & ‘Big Screen Fest’ for TVs were received well and drove customer engagement.

• resQ continued to improve its proposition with launch of new service plans and expanding it’s

network with 24 new centers during the quarter.

• Own brands / PBG business launched new brand WYZR and introduced a range of coolers with

plans to expand to other categories in the coming quarters.

• New Commerce business through JioMart Digital (JMD) continued its growth journey and

expanded its merchant partner base by 20% Y-o-Y.


Fashion & Lifestyle

• Fashion & Lifestyle business consolidated its leadership position further as it capitalized on

festivals (Sankranti, Holi) & winter wear during the quarter.

• The business continued to scale up new formats including Azorte, Yousta and GAP.

• The business has successfully developed a number of own brands over the years and these brands

continue to drive growth for our formats, with 3 brands crossing milestone of Rs 2,000 crore annual


• The focus on developing fast fashion supply chain ecosystem is supporting the launch of new and

stylish options week after week.

AJIO continued to improve its value proposition as it strengthens its catalogue further. The platform

added several new brands and launched new app features to enhance customer experience.

• Ajio’s flagship event ‘All Star Sales’ was well received and delivered 36% traffic growth and added

300K new customers during the period.

• Premium brands continued to lead premium and luxury segment with widest portfolio of brands

with 20.0% Y-o-Y growth. Ajio Luxe delivered steady performance during the period with options

growing by 44.0% Y-o-Y.

• Jewels business delivered steady performance despite increase in gold prices. The business

continued its focus on strengthening product offering through launches on key occasions during

the quarter.



• Grocery business delivered another quarter of steady performance led by Smart & Smart Bazaar.

• The business is expanding its portfolio by offering premium products and evolving categories like

international food, body mist, serums etc to serve discerning customers.

• The flagship event ‘Full Paisa Vasool Sale’ was received well and grew 21% Y-o-Y led by HPC,

confectionery & snacks.

• With deeper regional presence, regional nuances offering strong growth opportunities. In certain

markets, sales during run-up to Holi exceeded Diwali.

• Grocery New commerce business continued to onboard new kirana partners to its network driven

by “Metro Kirana Utsav” during the quarter. HoReCa segment witnessed growth as the business

continues to partner with institutional customers.



• JioMart delivered steady performance during the quarter with expansion of seller base, up 94% Y-

o-Y and live selection up 32% Y-o-Y.

• The platform witnessed growth in sessions and GMV led by sales events like ‘Holi Ready’ &

‘Republic Day’.

The platform launched new functionalities to enhance shopping experience including ‘Buy Again’

widget, customer rating for products and more.


Consumer Brands

• Business continues to scale-up, growing 3x+ Y-o-Y in general trade.

• Strong traction on Campa and Independence brands driving growth of beverage and staples


• The business launched many new products including Campa Runner Energy Lemon drink, Necto

(aerated beverage) and brewed tea under brand Brew House.

• Acquired Ravalgaon IP rights including trademarks, recipe etc. relating to sugar boiled

confectionery and partnered with Sri Lanka based beverage maker Elephant House, to

manufacture and sell beverages under the ‘Elephant House’ brand across India with reciprocal

rights to sell Campa in Sri Lanka.



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”.

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