Reliance Retail hits ₹2 lakh crore in revenue, adds over 2,500 stores in the last one year
Reliance Retail’s gross revenue surged by ₹42,000 crore compared to last year.
- However, its net profit declined by ₹120 crore in the January-March quarter of 2022, on a quarterly basis.
- Reliance Retail now owns a network of 15,000 physical stores, out of which 2,566 were added in the last year.
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The annual revenue of Reliance Retail is almost at par with the quarterly revenue posted by Reliance Industries Limited between January and March 2022.
Overall, the company’s gross revenue surged by ₹42,000 crore compared to last year. The retail venture’s net profit stood at ₹7,055 crore ($931 million), representing a 28.7% increase from last year.
While Reliance Retail’s performance has been quite glossy on an annual basis, the company has failed to keep pace with its quarterly performance. “The headwinds posed by the COVID situation in January were offset by the robust growth in February and March as the business leveraged festive events and early setting of summer season,” the company said in its media release.
Its net profit declined by ₹120 crore in the January-March quarter of 2022, on a quarterly basis. The Mukesh Ambani-led company reported a net profit of ₹2,139 crore in Q4 compared to ₹2,239 crore in the previous quarter. Even on a year-on-year basis, Reliance Retail’s net profit declined.
“Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY 2021-22. I am pleased to report strong growth in our Digital Services and Retail segments,” Mukesh Ambani, chairperson and managing director of Reliance Industries Limited (RIL), said.
Over 2,500 new retail stores added in FY22 alone
Reliance Retail now owns a network of 15,000 physical stores, out of which 2,566 were added in the last year. The company added 793 stores in the last quarter itself.
The company also created 150,000 new jobs in the last financial year and claims to be one of the biggest employers in India, employing close to 361,000 in total.
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