RIL 46TH AGM: Reliance Retail Valuation Surged To Rs 8.28 lakh Cr Today Says Ambani

On Monday, Mukesh Ambani, the CEO and MD of Reliance Industries, marked the beginning of the 46th annual general meeting (AGM). Speaking at the AGM, he stated that Reliance has been a pioneer of the New India, as evidenced by the $150+ billion in investments made by Reliance over the previous ten years.

According to Mukesh Ambani, Reliance Retail's valuation climbed from Rs 4.28 lakh crore in 2020 to Rs 8.28 lakh crore today. "Reliance Retail posted revenue of Rs 2,60,364 cr in FY23. We delivered an EBITDA of Rs 17,928 cr and a net profit of Rs 9,181 cr. Reliance Retail is only Indian retailer in the global Top 100, and one of fastest growing retailers in world," said Mukesh Ambani while addressing the AGM.

A watershed year for the retail business was FY23 as Reliance Retail reached the milestone of 100 Cr transactions and more than 78 Cr footfalls. Isha Ambani, Director of Reliance Retail, reports that there are now 25 crore registered customers. According to Isha Ambani, Director of Reliance Retail, the company added more than 3,300 outlets last year, bringing the total to 18,040, totalling 6.56 crore sq.ft.

"Two-thirds of these stores are in Tier II, III and smaller towns, which is a testament to commitment of making retail inclusive," said Isha Ambani.

Isha Ambani, Akash Ambani, and Anant Ambani were appointed as non-executive directors of Reliance Industries (RIL) by the board of directors on Monday. After being approved by the shareholders, their appointment will become effective on the day they assume office. Nita Ambani's resignation from the board has also been approved by the board.