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Business News/ Companies / Company Results/  Reliance Retail Q4FY24 results: Net profit rises 11.7% YoY to 2,698 crore, revenue up 9.8% YoY

Reliance Retail Q4FY24 results: Net profit rises 11.7% YoY to ₹2,698 crore, revenue up 9.8% YoY

In Q4 FY24, Reliance Retail saw a 9.8% YoY increase in revenue and an 18.1% improvement in Ebitda. For FY24, the company surpassed ₹3 trillion in gross revenue for the first time, with a 17.83% growth. The registered customer base increased by 22.2% YoY.

In FY24, the company inaugurated 1,840 stores, resulting in a gross area addition of 15.6 million sq. ft. (Mint)Premium
In FY24, the company inaugurated 1,840 stores, resulting in a gross area addition of 15.6 million sq. ft. (Mint)

Reliance Retail released its financial performance for Q4FY24 and the full fiscal year of FY24 after the markets closed on Monday, showcasing another year of healthy revenue growth and profitability.

In Q4 FY24, the company recorded a 9.8% year-on-year (y-o-y) increase in revenue from operations, totalling 67,610 crore. This growth was primarily driven by strong performances across grocery, fashion, lifestyle, and consumer electronics.

Reliance Retail achieved an Ebitda of 5,632 crore in Q4 FY24, reflecting an 18.1% improvement over the Ebitda of 4,769 crore reported in Q4 FY23. Ebitda is short for earnings before interest, tax, depreciation and amortization. 

The company's consolidated net profit for Q4 FY24 witnessed an 11.7% y-o-y increase to 2,698 crore , compared to 2,415 crore in the same period last year.

For the full fiscal year of FY24, Reliance Retail notched up a record 3,06,848 crore in gross revenue, in the process surpassing 3 trillion for the first time. This represents a 17.83% growth compared to the 2,60,394 crore recorded in FY23. The net revenue for the fiscal came in at 2,73,079 crore, an improvement of 18.25% y-o-y. 

Also Read: Reliance Jio Q4 Results: Net profit rises 13% Y-O-Y to 5337 crore

The company registered full-year Ebitda  of 23,040 crore, reflecting a 28.5% y-o-y increase. 

Moreover, the Ebitda margin on net sales witnessed continued improvement, reaching 8.4%, up by 60 bps y-o-y. For FY24, the net profit jumped 20.91% y-o-y to 11,101 crore. A bps or basis point is one-hundredth of a percentage point.

In all, Reliance Retail added nearly 800 stores during the fiscal year, which was a sharp dip from the 3,000 opened in the year ago period. In fiscal 2024, the company’s total store count stood at 18,836 stores. However, store footfalls jumped sharply during the year up 36% y-o-y.

Also Read: Reliance Q4 Results LIVE Updates: Net profit declines 1.8% YoY to 18,951 crore, announces dividend of 10 per share

According to the company's exchange filing, its registered customer base stood at 304 million as of year-end, indicating a 22.2% y-o-y increase, while total transactions recorded reached 1.26 billion, reflecting a rise of 22% y-o-y.

In FY24, Reliance Retail made strategic acquisitions, including Ed-a-Mamma, a kids and maternity-wear brand, and acquired majority ownership of Superdry IP for India, Sri Lanka, and Bangladesh markets. It also secured Sephora India’s franchise business and forged an exclusive distribution partnership with SMCP to introduce Sandro and Maje brands in India, among other initiatives aimed at enhancing its product capabilities through acquisitions and partnerships.

Also Read: Reliance share price trades flat. Should you buy RIL shares ahead of Q4 results?

Additionally, JioMart delivered consistent performance during the quarter, with an expansion of the seller base, up 94% y-o-y, and a 32% y-o-y increase in live selection. The platform experienced growth in sessions and gross merchandise value (GMV), driven by sales events such as ‘Holi Ready’ & ‘Republic Day’.

Isha M. Ambani, executive director, Reliance Retail Ventures Limited, said, “Reliance Retail continues to deliver steady performance led by growth across consumption baskets. We continue to invest and innovate across formats and products to improve our customer value proposition and serve evolving consumer needs. Robust expansion and growth of our retail business signifies our commitment to customer centricity and confidence in India’s consumption story."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 22 Apr 2024, 07:39 PM IST
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