Mumbai: At the AGM, Director Isha Ambani stated that Reliance, the top retailer in the country, intends to double its business within the next three to four years. For the fiscal year ending March 31, 2024, Reliance Retail reported a gross revenue of Rs 3.06 lakh crore (USD 36.8 billion), marking a 17.8 percent increase compared to the previous year.
Isha Ambani expressed confidence in achieving this growth due to the strong foundation Reliance has established. Speaking at the AGM, Mukesh Ambani, Chairman of Reliance, announced that Reliance Retail has risen to be one of the top 5 global retailers based on store count.
Reliance Retail ranks in the top 10 globally for market capitalization and in the top 30 for revenues. Mukesh Ambani mentioned that this year, Reliance Retail launched 1,840 new stores, bringing the total to 18,836, encompassing a retail area of 79 million square feet. He also noted that the retail sector attracted Rs 17,814 crore (USD 2.1 billion) at a valuation of USD 100 billion.
During the discussion on the segment's results, Isha Ambani highlighted that Reliance Retail has become the largest and one of the fastest-growing retailers in categories like grocery, growing at a rate 2.5 times faster than other modern trade retailers. She emphasized that this growth is driven by a focus on smaller towns, where more than two-thirds of new stores are opening. "We are the first modern store to set up shop in many of these markets," she said. Isha Ambani also mentioned that Reliance Retail Consumer Brands is focused on producing top-quality products at affordable prices to boost consumption across India.
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