Mukesh Ambani-led Reliance Retail has become the first retailer in the country to cross the $10 billion sales mark, doubling its revenue during year to march.
With an increase of 105% to Rs 69,198 crore during FY17-18, Reliance Retail's revenue is bigger than last year's sales of rivals, Future Group, Avenue Supermart, Shoppers Stop and Tata Trent - put together. With fuel retail business contributing a chunk of Reliance's organised retail business, the numbers are not comparable with rivals that run food and grocery supermarkets and lifestyle department stores.
"We have established strong foundations in retailing and digital services business with world-class supply chain management and network infrastructure which will serve our customers well. It is very heartening to see the traction our service offerings are gaining, with discerning Indian consumers. The growing Indian market provides exciting opportunities to scale-up these businesses and maximize long-term shareholder value in the coming years,” said Mukesh Ambani, chairman, Reliance Industries Limited that operates 3,837 stores with an area of over 17.7 million square feet.
Reliance Retail's profit before depreciation, interest, and taxes for the year grew 114% year-on-year to Rs 2,529 crore as compared to Rs 1,179 crore a year ago.
During the year, Reliance Brands acquired 46.6% stake in Genesis Luxury Fashion, a leading player in the business of luxury apparel and accessories retailing for some of the leading international luxury brands like Armani, Canali, Michael Kors etc.
Revenue for the fourth quarter ended March grew 134 % year-on-year to Rs 24,183 crore compared with Rs 10,332 crore last fiscal. The retail unit posted a 208% jump in PBDIT at Rs 1,086 crore for the fourth quarter. During the quarter, Reliance Retail added 86 stores across various store concepts and strengthened its distribution network for consumer electronics.