Reliance Retail expects Rs 5,570 crore profit in FY21

Mukesh Ambani-led Reliance Retail expects to report a net profit of Rs 5,570 crore in FY21. It has become the fourth Indian company to top $100 billion valuation.

As per Times Now, the company is current valued at Rs 7.50 lakh crore. Last year RIL tweaked mandatory share swap ratios of Reliance Retail and began stake sales to global private equity funds.

Last year, Reliance Retail Venture, the holding company for Reliance Retail, raised nearly Rs 47,265 crore from global private equity funds by selling 10.09 per cent stake.

Now, investors are drawing comfort from the fact that the Reliance Group is rationalising business verticals across the board with no additional debt raising, the business daily mentioned citing brokers.

For the quarter ended December 31, 2020, Reliance Retail posted an 88 per cent year-on-year jump in net profit at Rs 1,830 crore on a turnover of Rs 37,845 crore.

The management early this year said that its grocery business and electronics stores maintained double-digit growth while the fashion and lifestyle business delivered a strong rebound, surpassing pre-COVID levels.