Reliance Industries (RIL) chairman Mukesh Ambani, while addressing shareholders at 46th AGM today, said that Reliance Retail is the only Indian retailer in the global top 100, and one of the fastest-growing retailers in the world.

According to the RIL chairman, the valuation of retail business has almost doubled to ₹8.28 lakh crore in less than three years from ₹4.28 lakh crore in September 2020, despite the Covid-19 pandemic. Based on this valuation, Reliance Retail, had it been listed, would have “ranked among the top 4 companies in India and top 10 retailers globally”, he told shareholders.

For the financial year 2022-23, Reliance Retail posted an annual revenue of ₹2,60,364 crore, registering a year-on-year growth of 30%. It delivered an EBITDA of ₹17,928 crore and a net profit of ₹9,181 crore, says Ambani.

“Over the past few years, Reliance Retail has attracted investments from large and reputable global investment firms and sovereign wealth funds owing to its rock-solid fundamentals and compelling value proposition. I am delighted to welcome yet another world-renowned sovereign wealth fund, Qatar Investment Authority, as a valued investor in Reliance Retail, with an investment of $1 billion for an 1% equity stake. This investment values Reliance Retail at a pre-money equity value of ₹8,28,000 crore,” says Ambani.

“The pace of this value creation is unmatched globally. It is a testament to our unwavering commitment to quality, innovation, customer-centricity, and adaptability. Through strategic investments, digital transformation, and relentless focus on delivering exceptional experiences, we continue to earn the trust and love of our customers,” he adds.

Speaking on the occasion, Isha Ambani, says FY23 has been a landmark year for the retail business, with Reliance Retail crossing the milestone of 100 crore transactions, up 42% YoY. The stores received more than 78 crore footfalls during the year, while the number of registered customers grew to nearly 25 crore.

“We are delivering value to over 30% of India’s addressable population. All this has made Reliance Retail rank among the Top-10 most visited retailers in the world,” she says.

“Our digital and new commerce sales contributed nearly ₹50,000 crore, accounting for about a fifth of our revenues. We have invested over $10 billion in the past two years, focusing on building integration, growing in-house brands, and improving supply chain networks. We opened over 3,300 new stores last year, taking the total count to 18,040 stores, covering 6.56 crore sq. ft of retail space. Two-thirds of these stores are in Tier II, Tier III cities and smaller towns, a testament to our commitment of making retail inclusive,” Isha says, while speaking at the AGM.

She says retail business is built on the principle of 4Cs – collaboration, consumer engagement, creativity, and care. From staples, food, fashion, and FMCG, to home, personal care, and general merchandise, Reliance Retail caters to more than 90% daily needs of Indian households.

“In our grocery business, we sold over 18 lakh metric tonnes of groceries during the year. In our consumer electronics business, we sold nearly 5 lakh laptops and over 23 lakh appliances during the year. In our Fashion & Lifestyle business, we sold a record-breaking 50 crore garments in the year. We have democratised fashion in India, catering to customers across segments. Trends and Trends extension formats consolidated their position as India’s largest fashion destination,” she adds.

In the last AGM, RIL had unveiled a plan to foray into the FMCG business with a vision to provide Indian consumers with world-class products at affordable prices. In the last one year, the business made a strong start by entering several categories through multiple brands and strategic partnerships. It acquired and partnered with several such brands like Campa Cola, Sosyo, and Lotus. It also launched Campa Cola with the promise of great Indian taste, while it partnered with General Mills for Bugles and Maliban for biscuits. 

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