Reliance Retail to expand grocery stores in small towns, eyes luxury jewellery segment

Reliance Retail Ventures Limited (RRVL) on Thursday announced that it would be expanding its grocery stores in small towns in the upcoming quarters. During the 47th Annual General Meeting (AGM), company's Director Isha Ambani told investors that in the grocery segment, "Growth is driven by our focus on smaller towns, where over two-thirds of our new stores are opening. In many of these markets, we are the first modern retailer to establish a presence".

Besides, the company has also planned to extend the Milkbasket, a daily delivery service of essential products, to new geographies. Isha Ambani also mentioned that Reliance retail will also be establishing "7-Eleven" as a "leading 24x7 convenience destination, offering localized fresh food and beverages tailored to the Indian palate".

The retail arm of Reliance Industries Limited (RIL) also has ambitious plans to enter the luxury jewellery segment. "We are exploring the fashion jewellery and accessories segment to broaden our market reach," Isha Ambani added.

Reliance Retail recorded a net profit of Rs 11,101 crore ($1.3 billion) in FY24, up 21% YoY. The company's Gross Revenue stood at Rs 3,06,848 crore ($36.8 billion), a growth of 17.8% over last year. The company opened 1,840 new stores, bringing the total store count to 18,836 in FY2024.

Additionally, Reliance Industries posted a consolidated turnover of Rs 10,00,122 crore ($119.9 billion) in FY24, becoming India’s first company ever to cross the Rs 10 lakh crore mark in annual revenues. The net profit of RIL stood at Rs 79,020 crore ($9.5 billion) in FY24. According to Chairman Mukesh Ambani, RIL remained the single largest contributor to the national exchequer, contributing Rs 1,86,440 crore ($22.4 billion) through various taxes and duties in FY 2023-24.