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Reliance Retail on Monday reported a Rs 11,101 crore net profit for the financial year ended March 31, 2024 (FY24), with its annual profit crossing the Rs 10,000 crore mark for the first time. The grocery business clocked the highest growth in FY24 at 31 per cent. Fashion and lifestyle grew at about 23 per cent, and consumer electronics grew 18 per cent, said Dinesh Taluja, chief financial officer (CFO), Reliance Retail.
The firm logged 11.7 per cent year-on-year (YoY) growth in net profit at Rs 2,698 crore in the quarter ended March 31, 2024 (Q4FY24).
The firm's profit before interest, depreciation and tax increased 18.1 per cent Y-o-Y to Rs 5,632 crore. The country’s largest retailer’s revenue increased 9.8 per cent Y-o-Y in Q4 to Rs 67,610 crore.
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Depreciation also rose on account of higher asset base due to addition of new stores and supply chain infrastructure. The finance cost was higher on account of an increase in borrowings for business expansion.
Its gross revenue from operations for the quarter stood at Rs 76,627 crore, up 10.6 per cent, and the company attributed the growth to consumer electronics and fashion & lifestyle businesses.
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In FY24, its gross revenue stood at Rs 3.06 trillion, a growth of 17.8 per cent over last year.
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Mukesh Ambani, chairman and managing director, Reliance Industries, talked about the retail business' omni-channel presence, product differentiation and "superior offline experience through stores remodelling and revamping of layouts".
The firm added 562 stores in the quarter and saw 272 million footfalls across formats.
“Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story,” said Isha Ambani, executive director, Reliance Retail Ventures.
In FY24, Reliance Retail undertook an equity fund raise of Rs 17,814 crore, including Rs 2,500 crore infused by RIL during the quarter.
During the quarter, it acquired the India business of Kiko Milano and intellectual property including trademarks, recipe etc. of sugar-boiled confectionery from Ravalgaon.
