24 August 2022, Mumbai
The net profit of Reliance Retail, Reliance Industries' flagship retail business entity, grew 7.6 percent to Rs 5,000 crore in fiscal 2021-22, as per the latest regulatory disclosures. The company’s net revenue from operations (after deducting the GST recovered) rose 29 percent to Rs 1,69,397.35 crore.
The company’s net profit was nearly three times the combined profit of the nearest five listed retailers: AVENUE SUPERMARTS LTD which owns the DMart chain, Tata-owned Trent, Shoppers Stop, Spencer’s Retail, and V-Mart Retail. Revenue was more than four times the combined revenue of the rivals.
The performance of Reliance Retail indicates a recovery in business in FY22 from the first year of the pandemic. In FY21, its gross revenue from operations had grown 2 percent to Rs 1,49,925 crore, while net profit had declined by 17 percent to Rs 4,587 crore. The net revenue from operations was Rs 131,687.81 crore.
Reliance Ind in its latest annual report for FY22 said Reliance Retail had invested Rs 30,000 crore in 2021-22 to expand its store presence, through acquisitions and strategic partnerships. It said the unit added over 2,500 stores and 11.1 million square feet of warehousing space during the year.
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