Reliance AGM 2024 Live: Reliance Industries chairman Mukesh Ambani on Thursday announced that Reliance Retail is among the top 5 global retailers in terms of number of stores.
Reliance Retail is also among the top 10 retailers in terms of market capitalisation, top 20 retailers in terms of number of employees, and among the top-30 retailers in terms of revenues, he shared.
“Our unique operating model has been the foundation of the competitive advantage and leadership position of our retail business,” Ambani said.
Reliance Retail recorded a Gross Revenue of ₹3,06,848 crore ($36.8 billion), a growth of 17.8% over last year.
During the year, Reliance Retail undertook an equity fund raise of ₹17,814 crore ($2.1 billion), achieving a valuation milestone of USD 100 billion.
Mukesh Ambani shared six pillars of retail business;
“First, the retail business has an unbeatable omni-channel model providing customers a seamless experience across physical and online channels and convenience. “We have a common inventory across channels that provides hyperlocal delivery leveraging our widest store network.”
“We have built multiple channels to serve customers through about 19,000 own stores with nearly 80 million sq. ft. across 7,000+ cities, 4 million kirana partners and a wide bouquet of digital platforms that provides us access to consumers across the country. We have built an extensive and efficient supply chain with over 32 million sq. ft. warehouse network to support our pan-India operations.”
Second, Reliance Retail is a quality and design-led company that provides the highest quality products at competitive prices with several design labs and centres across the country in all major segments.
Third, “we are using Deep Tech with real-time dashboards, and integrated AI workflows to make our operations AI-enabled across the value chain.”
Fourth, “we are building significant capacities in data analytics and personalisation for best-in-class customer experience.”
Fifth, Mukesh Ambani added, “We are committed to sustainability in all our operations. We have implemented sustainable packaging, renewable energy, diversity, ethical sourcing, waste management, and supporting local communities in our business on a day-to-day basis.”
Sixth, organisation design and architecture with empowered teams and clear accountability are enabling growth with discipline and driving scale and operating leverage.
Ambani added that the retail business is also promoting several important societal goals.
“We are enriching India’s kisans and MSMEs by procuring their quality produce. We are sourcing more from tribal areas. We are promoting women entrepreneurs. Above all, our retail business is generating more direct and indirect livelihood opportunities,” the RIL chairman added.
Isha Ambani provided an update on Retail’s performance over the last year and its growth plans.
“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,” she said.
• Reliance Retail recorded a Gross Revenue of ₹3,06,848 crore ($36.8 billion), a growth of 17.8% over last year.
• Registering an EBITDA of ₹23,082 crore ($2.8 billion), up 28.4% YoY and net profit of ₹11,101 crore ($1.3 billion), up 21% YoY.
• At 8.5%, the EBITDA margin continued to show improvements and grew 70 bps YoY.
• Stores witnessed over a billion footfalls, and more than 1.25 billion transactions across channels.
• Registered customer base crossed a milestone of 300 million customers, nearly the population of the US.
• Opened 1,840 new stores this year, bringing the total store count to 18,836 stores, with a retail space of 79 million square feet in total.
• During the year, Reliance Retail undertook an equity fund raise of ₹17,814 crore ($2.1 billion), achieving a valuation milestone of USD 100 billion.
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