Mukesh Ambani’s Reliance Retail has become the first retailer in India to cross the $10 billion sales mark after doubling its revenue during the year that ended in March.
The firm’s previous year’s revenue currently stands at ₹69,198 crore, which is the combined total of revenue from rival firms like Avenue Supermarket, Future Group, Tata Trent and Shoppers Stop.
However, since Reliance also deals in fuel retailing business, its number cannot be directly compared with contenders that run food and grocery supermarkets and lifestyle department stores.
Mukesh Ambani, Chairman of Reliance Industries said while interacting with the media,
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.
Reliance Industries currently operates 3,837 stores spread over an area of over 17.7 million square feet.
“It is really heartening to see that traction for our services is continuously gaining, with discerning Indian consumers. The Indian market has enormous potential to provide opportunities for scaling our business and maximizing long-term shareholder value in the coming years.”
Reliance Retail had recorded a growth of 114% collectively in profit, before depreciation from interest and taxes year-on-year accounting to ₹2,529 crore. Additionally, the retail unit has marked a 208% jump in PBDIT at Rs 1,086 crore for the fourth quarter. It has also added 86 stores across various state concepts strengthening its distribution network for consumer electronics.