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Reliance Industries: Strong growth expected from consumer businesses

Published
Jun 16, 2020
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Reliance Industries Limited’s retail businesses are expected to see strong growth driven by swift market share gains in retail and the business is especially growing in Tier 3 and 4 locations.

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Financial services business Goldman Sachs called Reliance Retail a market leader in the Indian fashion and apparel sector in its latest report, accessed by Indo-Asian News Service. The report also referred to Reliance Retail as the largest retailer in India and said that the business is also a market leader in the food and grocery and electronics sectors which, along with fashion and apparel, make up 76% of the retail market in India. 

“We forecast consumer businesses to deliver FY20-23 EBITDA [earnings before interest, tax, depreciation, and amortisation] CAGR [compound annual growth rate] of 36% and drive 52% of EBITDA contribution in FY23, compared to 35%/14% in FY20/FY18,” read the Goldman Sachs report, accessed by Indo-Asian News Service.

“Reliance's market share in Tier 3 to 4 cities is a real differentiator when compared with other modern retailers, online and offline, with Reliance having a significant lead in developing the ecosystem in these towns,” read the report. 

Reliance Industries has the largest store network in India and the most profitable underlying business in several product categories, according to the report. Goldman Sachs expects Reliance to continue to gain market share and predicts that its grocery business will have a market share of 12% of the overall grocery gross merchandise value by the 2029 financial year up from 1.9% in the 2021 financial year.



 

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