Country’s leading retailer Reliance is aiming to double its business in next three to four years, its Director Isha Ambani said at the AGM.

For the financial year ended March 31, 2024, Reliance Retail recorded a gross revenue of ₹3.06 lakh crore (USD 36.8 billion), a growth of 17.8 per cent over the previous year.

“With the strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3-4 years,” said Isha Ambani.

Addressing the AGM, Reliance Chairman Mukesh Ambani said Reliance Retail has become among the top 5 global retailers in terms of the number of stores.

In terms of market capitalisation, Reliance Retail is among the top 10 retailers globally and among the top 30 in terms of revenues.

“We opened 1,840 new stores this year, bringing our total store count to 18,836 stores, with a retail space of 79 million square feet in total,” Mukesh Ambani said.

He also added that the retail business raised ₹17,814 crore (USD 2.1 billion) on a valuation of USD 100 billion.

While sharing the segment’s performance, Isha Ambani said that in segments such as grocery, Reliance Retail has emerged as the largest and also one of the fastest-growing retailers, expanding at 2.5 times the increase rate of the rest of the modern trade.

“Our growth is driven by our focus on smaller towns, where over two-thirds of our new stores are opening. In many of these markets, we are the first modern retailer to establish a presence,” she said.

On Reliance Retail Consumer Brands business, Isha Ambani said it is focused on creating high-quality products at affordable prices to drive greater consumption across India.

“We have re-launched several popular brands like Campa, Lotus Chocolates, and Sosyo. The early success of all these brands gives us confidence that we are on the right path,” she added.

Related Topics