Indian multinational company Reliance Industries’ subsidiary, Reliance Retail, has reported gross revenues of Rs2603.64bn ($31.76bn) for the fiscal year (FY) 2023.
This represents a 30% year-over-year (YoY) increase from the gross revenues of Rs1997.04bn ($24.36bn) registered in FY22.
Go deeper with GlobalData
The company has attributed this increase to the broad-based growth seen across different consumption baskets.
For the reported year ending on 31 March 2023, the company’s net profit amounted to Rs91.81bn ($1.12bn), 30% more than the previous year’s net profit of Rs70.55bn ($860.7m).
The company said its cash profit was up by 42% to Rs139.63bn ($1.70bn).
See Also:
Reliance Retail recorded about a 45% YoY increase in the earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs179.28bn ($2.18bn), compared to Rs123.81bn ($1.51bn) in FY22.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMeanwhile, EBITDA before investment income for the reported year stood at Rs176.09bn ($2.14bn), reflecting a 61% YoY increase from Rs109.32bn ($1.33bn) in FY22.
Similar growth was recorded in the fourth quarter of FY23, with a 19% rise in the revenues driven by growth in the company’s Consumer Electronics, Grocery and Fashion and Lifestyle segments.
Reliance chairman and managing director Mukesh Ambani said: “Retail business registered excellent growth numbers backed by the expansion of physical and digital footprint and a significant increase in footfall.
“We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices.”
Reliance’s retail and warehouse space has increased by around 25 and 12.6 million square feet in area, respectively, showcasing more than 50% YoY growth.
The year also saw the launch of new retail formats, including Smart Bazaar, Centro, Azorte, Fashion Factory and Portico, to address a wider customer base.
Reliance Retail Ventures executive director Isha Ambani said: “Reliance Retail continues on the path of registering industry-leading growth year after year at a scale unmatched in India.
“Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer transformation of India’s retail sector.”
Reliance Retail recently launched a digital commerce platform ‘Tira’ under its beauty business.
