Wednesday, June 19, 2024

Reliance Retail’s Q4 Profits Up >11%; Expansion to 1,840 new stores

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Reliance Retail has reported a 11.7 per cent growth in net profits for the fourth quarter ended March 31, 2024, to Rs. 2,698 crore compared with Rs. 2,415 crore in the same period last year. The profit is lower than the third quarter, when the company reported a profit of Rs. 3,165 crore.

Reliance Retail’s financial report for the fourth quarter concluding on March 31, 2024, indicates a notable 11.7 percent increase in net profits, totaling Rs. 2,698 crore in contrast to the previous year’s figure of Rs. 2,415 crore for the same period. However, it’s noteworthy that this profit represents a decline compared to the preceding quarter, wherein the company boasted a profit of Rs. 3,165 crore.

The revenue from operations experienced a notable uptick, marking a 9.8 percent increase to Rs. 67,610 crore from Rs. 61,559 crore in the corresponding period last year. The company achieved a significant milestone in fiscal year 2024, with a robust gross revenue of Rs. 3 trillion, showcasing a remarkable growth rate of 17.8 percent compared to the previous fiscal year. This expansion was fueled by the strategic expansion of the business’s footprint, encompassing a diverse array of consumption categories. Notably, the company added 1,840 new stores, augmenting its gross area by 15.6 million square feet. Consequently, the total store count now stands at an impressive 18,836, spanning a combined area of 79.1 million square feet.

The registered customer base was at 304 million at the end of the year, up 22.2 per cent year on year, while the total transactions recorded were at 1.26 billion, up 22 per cent y-o-y.

Isha Ambani, Executive Director, Reliance Retail Ventures, said ‘Reliance Retail continues to deliver steady performance, led by growth across consumption baskets. We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story’.

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