Reliance Retail Q4 revenue rises 23 percent to Rs 58,017 crore

By

Maverick Martins

Published
May 8, 2022

Reliance Retail, the retail arm of Reliance Industries, net profit for the fourth quarter ended March 2022 was down by 5 percent to Rs 2,139 crore ($278 million), as compared to Rs 2,247 crore reported in Q4 of FY21.

The company witnessed a 23 percent rise in its revenue in the fourth quarter at Rs 58,017 crore, as against Rs 47,064 crore reported in the year-ago period.

Reliance’s fashion and lifestyle verticals had a strong quarter led by local activations during regional festivals and the early launch of spring-summer merchandise.

During the quarter, Reliance Retail acquired lingerie brand Clovia and stakes in Indian designer wear brands AK-OK, Abraham & Thakore, and Abu Jani Sandeep Khosla. It also formed a joint venture for a new brand with Rahul Mishra during the quarter.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Despite the ongoing challenges of the pandemic and heightened geopolitical uncertainties, Reliance has delivered a robust performance in FY2021-22. I am pleased to report strong growth in our digital services and retail segments. Our O2C business has proven its resilience and has demonstrated strong recovery despite volatility in the energy markets.”

“Our relentless focus on customer satisfaction and service has led to higher engagement and increased footfalls, driving robust revenue and earnings figures across our consumer businesses. The gradual opening of economies coupled with sustained high utilization rates across sites and the improvement in transportation fuel margins and volumes have bolstered our O2C earnings,” he added.

Reliance Retail opened 793 stores during the quarter under its various brands and currently has 15,196 physical stores operational.