Reliance Retail crosses Rs 80,000 crore revenue milestone in festive quarter

Driven by strong sales across all major segments, Reliance Retail, the retail arm of Reliance Industries, delivered a stellar performance in the festive quarter ending December 2023. The company’s net profit soared 32 per cent to Rs 3,165 crore, propelled by a 24 per cent rise in revenue from operations to Rs 74,373 crore. This impressive growth was further amplified by crossing the Rs 80,000 crore mark in gross revenue for the first time, reaching Rs. 83,063 crore.

Festive cheer resonated across the company's diverse portfolio. Encompassing brands like Fresh Signature and JioMart, the grocery basket witnessed a remarkable 41 per cent Y-o-Y growth. The fashion and Lifestyle segments, including Ajio and other formats, also posted a healthy 28 per cent growth. Even the consumer electronics segment, with Reliance Digital and MyJio Store, saw a 19 per cent jump in profit, thanks to new launches and flagship models.

This robust performance was further bolstered by the company's strategic initiatives. Reliance Retail added 252 new stores to its network, expanding its reach to 18,774 stores across India. Its digital commerce and new commerce initiatives continued to gain traction, contributing 19 per cent of the total revenue. Customer engagement reached new heights, with Reliance Retail recording 320 million transactions and a 24.7 per cent increase in its registered customer base to 293 million.

Highlighting the company’s rapidly expanding physical and digital footprint Mukesh Ambani, Chairman and Managing Director, Reliance Industries, lauded the retail segment's impressive performance,. He emphasized on the company's commitment to enrich customer experience through new brands and offerings. He also acknowledged the societal value generated by its New Commerce initiatives, which support small merchants through technology.