Reliance Retail has reported a 105% surge in segment revenues to $10.4bn for the fiscal year ending on 31 March 2018, compared to $5.08bn for the same period last year.
The company’s revenues for the fourth quarter also grew by 134.1% year-on-year to $3.64bn, compared to $1.55bn for the same period last year.
Reliance Industries chairman and managing director Mukesh Ambani said: “Reliance has become the first Indian company to record PBDIT of over $10bn with each of our key businesses – Refining, Petrochemicals, Retail and Digital Services achieving record earnings performance.
“We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well.
“It is very heartening to see the traction our service offerings are gaining, with discerning Indian consumers. The growing Indian market provides exciting opportunities to scale-up these businesses and maximise long-term shareholder value in the coming years.”
During the fourth quarter, the Indian retailer has expanded its store network with additional 86 stores across various concepts, including 11 Reliance Fresh and Smart stores, four Reliance Market stores, 20 Reliance Digital and Jio stores and 39 Reliance Trends stores.
Reliance Retail has also acquired a 46.6% stake in a luxury apparel and accessories retailer, Genesis Luxury Fashion, this year.
Reliance Retail currently operates 3,837 stores across 750 cities, including 513 Reliance Fresh and Smart stores, 2,000 Reliance Digital and Jio stores.