Reliance Retail, the subsidiary of Reliance Industries Ltd (RIL), has witnessed a meteoric rise in valuation, surging from Rs 4.28 lakh crore in 2020 to Rs 8.28 lakh crore.
The Chairman of Reliance Industries, Mukesh Ambani, disclosed this remarkable feat to investors, highlighting the company’s enduring popularity and sustained investor interest during the 46th AGM.
The latest surge in valuation comes on the heels of Qatar Investment Authority’s (QIA) investment of Rs 8,278 crore for a one per cent stake in Reliance Retail Ventures. This capital infusion underscores the resounding confidence that global investors continue to repose in the company’s retail arm.
Under the leadership of Isha Ambani, Reliance Retail has not only grown financially but has also garnered substantial traction in terms of transactions. The company proudly announced that it had crossed a staggering 100 crore transactions, marking an impressive 42 per cent surge on an annual basis. These figures firmly establish Reliance Retail’s position among the top 10 most frequented retailers worldwide, a distinction that further solidifies its global presence, Ambani said.
Ambani emphasised the company’s commitment to inclusivity by strategically expanding its store network. With over 3,300 new stores added in the last fiscal year, Reliance Retail’s total store count reached a remarkable 18,040. Notably, this expansion strategy is concentrated in Tier 2, Tier 3 cities, and smaller towns, underscoring its dedication to catering to a diverse customer base.
Financially, Reliance Retail has delivered commendable results, reporting a robust annual revenue of Rs 2.60 lakh crore in FY23, signifying an impressive 30 per cent growth on an annual basis. Additionally, the company achieved an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore.
Digital commerce and new commerce have emerged as pivotal revenue contributors, constituting 18 per cent of Reliance Retail’s total revenue for FY23. This showcases the company’s strategic embrace of digital technologies and innovation to cater to evolving consumer preferences.
