Reliance Industries AGM - 48th Annual General Meeting

Reliance Retail Posts ₹3.3 Lakh Crore Revenue, Eyes Super Growth Phase

Reliance Industries Limited (RIL) recently held its 48th Annual General Meeting (AGM), where one of the major highlights was the performance of Reliance Retail, the retail arm of the conglomerate. Isha Ambani, Director of Reliance Retail, shared the company’s vision, achievements, and future growth plans. With revenues crossing ₹3.3 lakh crore and strong digital integration, Reliance Retail has reinforced its position as one of the fastest-growing retail giants in the world.

This blog breaks down everything you need to know about Reliance Retail’s performance, financial results, and future roadmap in easy-to-understand language.

---

Reliance Retail: A National Movement

Isha Ambani described Reliance Retail as more than just a business — she called it a “national movement.” The company is not only helping Indian consumers by offering quality products at affordable prices but also supporting millions of producers, suppliers, and small shopkeepers (kiranas). This dual benefit strengthens India’s retail ecosystem and contributes significantly to the economy.

---

Strong Financial Performance in FY24

Reliance Retail delivered robust results in FY24:

• Gross revenue: ₹3,30,943 crore ($38.7 billion)

• Growth: 8% year-on-year increase

• EBITDA: ₹25,094 crore ($2.9 billion), up 8.6%

These numbers highlight the resilience and scale of Reliance Retail’s business. Despite global economic challenges and intense competition, the company has shown its ability to grow consistently.

---

FMCG Arm’s Record-Breaking First Year

One of the most exciting achievements came from Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail.

• RCPL achieved a turnover of ₹11,500 crore ($1.4 billion) in its very first year.

• This makes it the fastest-growing FMCG company in India’s history.

RCPL is expanding its portfolio with household brands like Independence (grocery), Campa Cola (beverages), and new products in personal care, packaged food, and cleaning categories. This segment will play a key role in Reliance Retail’s future growth.

---

Digital Expansion and Quick Commerce

Reliance Retail has been heavily investing in digital platforms and quick commerce.

• Currently, online channels contribute a high single-digit share of revenues.

• The target is to push this to over 20% within the next three years.

• Reliance Retail is already leading in hyperlocal quick commerce, thanks to:

  • Its vast store network across India

  • Strategically located dark stores

  • AI-driven consumer data for faster and more reliable deliveries

This shows that Reliance Retail is not only competing but also setting the pace in India’s digital-first retail landscape.

---

Expanding Customer Base and Scale of Operations

Reliance Retail’s customer base has grown by 15% year-on-year, reaching 349 million registered users.

In FY24:

• The company processed 1.4 billion transactions — almost equal to India’s total population!

• Stores remain the backbone, contributing nearly 70% of revenue.

• Reliance plans to add 2,000–3,000 new stores every year while also maintaining high single-digit like-for-like sales growth.

This aggressive expansion strategy ensures Reliance stays ahead of both traditional and digital competitors.

---

The Eight Growth Enablers for the Future

Isha Ambani outlined eight key growth drivers that will ensure Reliance Retail sustains its 20% CAGR (Compound Annual Growth Rate):

1. Data-Driven Insights
   Reliance uses billions of real customer transactions to understand buying behaviour. This scientific data analysis helps predict trends and improve decision-making.

2. Product Development and Own Brands
   Building strong in-house brands like:

   • Independence (grocery)

   • Avaasa (fashion)

   • Kelvinator (electronics)

   These brands increase margins and customer loyalty.

3. Superior Sourcing Ecosystem
   Reliance has created a strong supply chain that ensures better efficiency, quality, and scale. This keeps costs low while maintaining product quality.

4. Omni-Channel Integration
   By combining online and offline retail, Reliance makes shopping seamless for customers, whether they buy in-store or online.

5. Unmatched Market Reach
   With nearly 20,000 stores and India’s largest tech-enabled supply chain, Reliance dominates the retail landscape.

6. Empowering Merchants
   Reliance supports 42 lakh+ kiranas, traders, and HoReCa (Hotels, Restaurants, Catering) through platforms like Metro Cash & Carry and JioMart Digital. These small businesses get access to products, technology, and financing.

7. Tech-Led Capabilities
   Advanced technologies like:

   • AI-driven demand forecasting

   • Robotics-enabled warehouses

   • Data automation

   These ensure efficiency, faster delivery, and profitable scaling.

8. Skilled Workforce
   With 2.5 lakh employees, Reliance Retail focuses on training and motivating its staff to deliver world-class customer service.

---

What About the IPO?

One of the most awaited announcements at the AGM was the Reliance Retail IPO. Investors were expecting updates, but no IPO timeline was revealed. This leaves room for speculation, though experts believe it will happen in the near future, given Reliance Retail’s strong performance and global ambitions.

---

Why Reliance Retail Matters for India

Reliance Retail is not just about profits. It is shaping India’s retail transformation in multiple ways:

• Providing affordable products to millions of Indian households

• Supporting farmers, small traders, and local suppliers

• Creating employment for lakhs of people

• Bringing global standards of retail and technology to India

• Strengthening India’s position as a fast-growing consumer market

In short, Reliance Retail is contributing to India’s vision of becoming a $5 trillion economy.

---

The Road Ahead

Looking at the numbers and strategies, Reliance Retail is set to grow even faster in the coming years. Its strengths include:

• Strong offline presence through 20,000+ stores

• Digital dominance via JioMart and quick commerce platforms

• FMCG expansion with iconic Indian brands

• Tech-driven efficiencies in supply chain and delivery

• Support for small businesses through B2B formats

With these enablers, Reliance Retail is expected to sustain 20% annual growth and possibly become one of the largest retailers globally within the next decade.

---

Final Thoughts

Reliance Retail’s performance in FY24 clearly shows why it is a game-changer in Indian retail. From achieving ₹3.3 lakh crore in revenue to disrupting FMCG markets and leading in quick commerce, the company is not just keeping pace with global retail giants but is also rewriting the rules of the game.

The coming years will be crucial, as Reliance Retail deepens its presence in both urban and rural India, expands its digital footprint, and strengthens its FMCG arm. While the IPO announcement may take time, the company’s fundamentals suggest that its growth story has only just begun.