Reliance Retail crosses ₹1,00,000 crore revenue milestone
Reliance Industries, the oil-to-telecom conglomerate ,the Retail’s arm become the India's first retail company to cross the ₹1 lakh crore annual revenue . The retail arm of the Mukesh Ambani-led Reliance Industries reported revenues of ₹1.3 lakh crore for 2018-19, an 89% jump from the previous fiscal.
Reliance Retail added 2,829 stores during the financial year, taking the total to 10,415 stores and saw pre-tax business profit jump 77.1 per cent to record Rs 1,923 crore.
The company opened more retail stores and added 26.6 million new subscribers to its Jio mobile phone service that helped increase the profitability of the venture . During 2018-19 financial year, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 1,00,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings,” Mukesh Ambani, CMD,RIL said.
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