Reliance Retail hits ₹2 lakh crore in revenue

A subsidiary of Reliance Industries Limited (RIL),  Reliance Retail,

for the financial year 2022 that ended in March this year, clocked a consolidated gross revenue of ₹2 lakh crore ($26.3 billion). The gross revenue of Reliance Retail increased by ₹42,000 crores compared to last year. The net profit earned by Reliance Retail stood at ₹7,055 crores ($931 million), indicating a 28.7% increase from last year.

In a press release, the company said, “The headwinds posed by the COVID situation in January were offset by the robust growth in February and March as the business leveraged festive events and early setting of summer season.”

However, the company did not perform that well on a quarterly basis as compared to what it earned on an annual basis.

Reliance Retail’s net profit

decreased by ₹120 crores in the January-March quarter of 2022, on a quarterly basis. The company registered a net profit of ₹2,139 crores in its Q4 compared to ₹2,239 crores that it earned in the previous quarter. Even on a year-on-year basis, Reliance Retail’s net profit declined.

Mukesh Ambani,

chairperson and managing director of Reliance Industries Limited (RIL), said, “Despite the ongoing challenges of the pandemic and heightened geo-political uncertainties, Reliance has delivered a robust performance in FY 2021-22. I am pleased to report strong growth in our Digital Services and Retail segments.”.