Rs. 5,000 Crores Net Profit For Reliance Retail Ltd In FY22
After the GST recovery is deducted, the net revenue from operations saw a surge of 29 per cent to reach Rs. 1,69,397.35 crores
Reliance Retail Ltd. recorded a net profit of about Rs. 5,000 crores in the fiscal year between 2021- 22. The entity’s net profit saw a surge by 7.6 per cent to reach ₹4,934.65 crores in the fiscal year ending March 31, 2022.
After the GST recovery is deducted, the net revenue from operations saw a surge of 29 per cent to reach Rs. 1,69,397.35 crores. The firm, which is India’s largest retailer recorded a net profit of three times the combined profit of its close rivals, namely, Avenue Supermarts, Tata-owned Trent, Shoppers Stop, Spencer’s Retail, and V-Mart Retail. Its revenue too was more than four times that of these rivals’ combined revenue.
As per the firm’s quarterly earnings announcement, the consolidated gross retail revenue for the fiscal year of 2022 reached Rs. 1,99,704 crore and the net profit was of Rs. 7,055 crore. In the previous fiscal, the firm’s gross revenue from operations had recorded a surge of 2 per cent reaching Rs. 1,49,925 crores and its net profit saw a decline by 17 per cent to record Rs. 4,587 crore. The firm’s net revenue from operations was ₹131,687.81 crore. In the recent annual report for the fiscal year of 2022, Reliance Ind claimed to have invested Rs. 30,000 crore for expansion of its stores presence. The firm claims to have added over 2,500 stores and 11.1 million square feet of warehousing space during the year.
