Reliance Retail Reports Q4 Growth: Net Profit Jumps 11.7%, Revenue Up 10.6%

Reliance Retail on Monday reported its financial results for the fourth quarter of fiscal year 2024, showcasing impressive revenue growth and profitability despite economic challenges.

In March Quarter Q4 FY24, Reliance Retail witnessed a 9.8% year-on-year increase in revenue from operations, to Rs 67,610 crore. This growth was attributed to stellar performances across various segments, including grocery, fashion, lifestyle, and consumer electronics. The company's relentless focus on customer-centricity and innovation propelled its revenue trajectory upward.

The company reported a significant improvement in earnings before interest, taxes, depreciation, and amortisation (EBITDA), with a notable increase of 18.1% year-on-year, reaching Rs 5,632 crore in Q4 FY24. This reflects Reliance Retail's operational efficiency and effective cost management strategies.

On the bottom line, Reliance Retail achieved a consolidated net profit of Rs 2,698 crore in Q4 FY24, marking an 11.7% year-on-year increase. This robust profitability underscores the resilience of the company's business model and its ability to navigate through dynamic market conditions.

For the entire fiscal year of FY24, Reliance Retail achieved a historic milestone by surpassing Rs 3 lakh crore in gross revenue for the first time, totaling Rs 3,06,848 crore. This remarkable achievement demonstrates the company's sustained growth momentum and market leadership in the retail sector.

The net revenue for FY24 amounted to Rs 273,079 crore, reflecting an 18.25% year-on-year improvement. Reliance Retail's relentless pursuit of operational excellence and customer satisfaction contributed to this impressive top-line growth.

Moreover, the company registered a substantial increase in EBITDA for FY24, reaching Rs 23,040 crore, representing a commendable 28.5% year-on-year rise. This reflects Reliance Retail's unwavering commitment to driving efficiency and profitability across its operations.

The EBITDA margin on net sales witnessed a continued improvement, reaching 8.4% for FY24, up by 60 basis points year-on-year. This signifies the company's effective execution of its business strategies and relentless focus on enhancing operational efficiency.

Furthermore, Reliance Retail reported a 20.91% year-on-year increase in net profit for FY24, amounting to Rs 11,101 crore. This robust bottom-line growth underscores the company's ability to deliver sustained value to its stakeholders amidst evolving market dynamics.

Isha M. Ambani, Executive Director of Reliance Retail, said, "Reliance Retail continues to deliver steady performance led by growth across consumption baskets. To enhance our customer value proposition and meet changing consumer demands, we are investing in and experimenting with new formats and products.

During Q4 FY24, Reliance Retail expanded its footprint by opening 562 new stores, bringing the total store count to 18,836, covering an aggregate area of 79.1 million square feet. This expansion underscores the company's commitment to scaling its operations and enhancing its presence across diverse geographies.

In FY24, Reliance Retail inaugurated 1,840 stores, resulting in a gross area addition of 15.6 million square feet. This strategic expansion initiative aims to capitalise on emerging market opportunities and strengthen the company's position as a leading retailer in India and beyond.

Reliance Retail's registered customer base surpassed the 300 million milestones, reflecting a 22.2% year-on-year increase.

Additionally, the total transactions recorded reached 1.26 billion, indicating a 22.0% year-on-year rise. These metrics highlight the growing popularity and trust in Reliance Retail's offerings among consumers.

JioMart, Reliance Retail's e-commerce platform, delivered consistent performance during the quarter, with a 94% year-on-year increase in the seller base and a 32% year-on-year rise in live selection.

Reliance Retail's robust financial performance in Q4 FY24 underscores its resilience, agility, and commitment to delivering sustained value to its customers, employees, and shareholders. As the company continues to innovate and expand its presence, it is poised to maintain its leadership position in the retail landscape and drive future growth opportunities.