Reliance Retail's revenue grows 18% to cross Rs 3 lakh crore in FY24

New Delhi: Reliance Retail Venture Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led Reliance Industries, on Monday reported a 17.8 per cent increase in its annual revenue at Rs 3.06 lakh crore in FY24.

In the fourth quarter ended March this year, Reliance Retail's consolidated gross revenue stood at Rs 76,627 crore, up 10.62 per cent annually, while its net profit rose 11.7 per cent to Rs 2,698 crore.

This year-on-year growth was led by the retailer's consumer electronics and fashion & lifestyle businesses, according to the earnings statement of RIL.

Its EBITDA (earnings before interest, taxes, depreciation, and amortization) in the March quarter was up 18.5 per cent to Rs 5,823 crore as against Rs 4,914 crore a year ago.

During the quarter, Reliance Retail added 796 stores in its network, taking the total count to 18,836 by the end of March 2024. It has added 20.6 per cent more retail area under operation to reach 79.1 million square feet.

Moreover, it also witnessed a 24.2 per cent growth in the footfalls to over 272 million to its stores across formats.

During the financial year 2023-24, the total footfall at Reliance Retail stores was at 1,063 million (around 106.3 crore). This was 780 million a year ago.

Reliance Retail's registered consumer base has grown to 304 million and recorded 311 million transactions in the fourth quarter of F24.

For the entire fiscal year, Reliance Retail's total number of transactions stood at 1,260 million, which was 22 per cent higher than 1,033 million transactions a year ago.

"Reliance Retail is amongst the most visited retailers in the world with over a billion customers walking into its stores through the year," it said.

Over the segments, Reliance Retail said its consumer electronics business sustained growth momentum led by ABV (average basket value) growth and improved conversions.

"New commerce business through JioMart Digital (JMD) continued its growth journey and expanded its merchant partner base by 20 per cent Y-o-Y," it said.

Similarly, its fashion & lifestyle business consolidated its leadership position further as it capitalized on festivals such as Sankranti, Holi, and winter wears during the March quarter.

"The business continued to scale up new formats including Azorte, Yousta and GAP," it said, adding, "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 the milestone of Rs 2,000 crore annual sales."

Its grocery business also delivered another quarter of 'steady performance' led by its chain of 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," it said.

Its e-commerce arm JioMart delivered steady performance during the quarter with expansion of seller base rising 94 per cent and live selection growing 32 per cent Y-o-Y.

"The platform witnessed growth in sessions and GMV led by sales events like 'Holi Ready' & 'Republic Day'," it said.

Reliance Retail consumer brands 'continue to scale up, growing 3x+ Y-o-Y in general trade, the company said.

It has witnessed 'strong traction on Campa and Independence brands driving growth of beverage and staples categories, said RIL.

According to RRVL Executive Director Isha Ambani, 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," the company said.

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