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India's RIL Retail's revenue climbs 26.7% in 2022

09 May '22
3 min read
Pic: Kakoli Dey/Shutterstock
Pic: Kakoli Dey/Shutterstock

RIL Retail has recorded gross revenue of $26.3 billion for fiscal 2022, a growth of 26.7 per cent over last year driven by broad based growth across all consumption baskets. This is despite COVID restrictions in place during the year with 87 per cent of the stores operational and 81 per cent footfalls recorded at stores as compared to pre-COVID levels.

In the fourth quarter of fiscal 2022, Reliance Retail delivered its best-ever quarterly revenues even surpassing the festive quarter performance despite the challenges posed by the spread of Omicron wave and coming out from the festive quarter. The headwinds posed by the COVID situation in January were offset by the robust growth in February and March as the business leveraged festive events and early setting of summer season.

The company saw a strong quarter for the fashion & lifestyle business led by local activations during regional festivals and early launch of spring summer merchandise. Trends Small Town continues to scale rapidly. It crossed a milestone of 600 stores in the fourth quarter with an addition of more than 100 stores during the quarter.

AJIO continues to grow with addition of new brands, catalogue expansion & impactful campaigns. It is spreading the seeds of digital fashion revolution far and wide as is evident from the growing share in small towns with nearly two-thirds of the orders placed from tier 3 & below towns. The business expanded its merchant partner base in over 3,500 towns with over 3.5x growth in revenues over last year. The platform continues to strengthen its offering by increasing own brand catalogue along with introduction of regional and local brands.

In the luxury/premium brands business, revenue growth was powered by recovery of mall stores and sustained growth of digital commerce platforms. The business has strengthened its portfolio through strategic partnerships with leading Indian fashion designers during this period. Zivame delivered another strong quarter as it continues to ramp up its marketplace model through onboarding of new brands and expanding into new categories of fashion accessories, beauty and personal care.

“Despite the ongoing challenges of the pandemic and heightened geo-political 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,” Mukesh D Ambani, chairman and managing director, Reliance Industries Limited, said.

“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 up of economies coupled with sustained high utilisation rates across sites and the improvement in transportation fuel margins and volumes have bolstered our O2C earnings. I am particularly happy with the progress our company is making in the New Energy and New Materials business. And with the strong global partnerships we have, I am confident that Reliance will create sustainable and affordable new energy solutions for India to help her meet growing energy needs, while ensuring that we achieve our ambitious target of net carbon zero by 2035,” explained Ambani.

Fibre2Fashion News Desk (RR)

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