Confident Of Doubling Retail Business In Next 3 To 4 Years: Isha Ambani

Reliance Retail is planning to double its business in next three to four years, said Chairman and Managing Director Isha Ambani said at the AGM. Reliance Retail for the quarter ended June 2024 declared its gross revenue at Rs 75,615 crore, up 8.1% year-on-year (YoY) as compared to Rs 69,948 crore declared in the corresponding quarter of last year.

Reliance Retail declared its profit soared 4.6% YoY to Rs 2549 crore for the June 2024 quarter as against Rs 2436 crore in the similar quarter of last year. Meanwhile, its EBITDA jumped 10.5% to Rs 5664 crore.

"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 to 4 years," Isha Ambani, director, Reliance Industries, told investors at its AGM today.
Reliance Chairman Mukesh Ambani said Reliance Retail emerged among the top-5 global retailers in terms of the number of stores.

"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," added Mukesh Ambani.

Mukesh Ambani said the retail business raised nearly Rs 17,814 crore (USD 2.1 billion) on a valuation of USD 100 billion.

"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," Isha Ambani added.

Isha Ambani also highlighted plans to make foray into luxury jewellery business. "We have ambitious plans to enter the luxury jewellery segment with a curated, design-led experience and are exploring the fashion jewellery and accessories segment to broaden our market reach," emphasised Isha.

To keep up with this growth, we have established 18 domestic and 3 international design centres, ensuring our designs are locally relevant, Isha revealed.

Meanwhile, Reliance Industries Ltd shares zoomed 1.64% today to settle at Rs 3044.75 per share. RIL shares offered return of over 4% in last 2-weeks, gained 17% year-to-date, soared 26% in last 1-year, and jumped 167% in last 5-years. The company has a market capitalisation of Rs 20,57,382.97 crores.