Reliance Retail, the retail arm of Mukesh Ambani-led Reliance Industries Ltd. (RIL), has achieved a new milestone by surpassing the combined annual sales of India’s top seven consumer giants. The company’s valuation has also soared, surpassing that of leading fast-moving consumer goods (FMCG) companies.

What Happened: Reliance Retail’s annual sales for the fiscal year 2024 have reached a staggering ₹3 lakh crore, exceeding the combined sales of major consumer giants including ITC, Hindustan Unilever Ltd. (HUL), DMart, Nestle India, Britannia Industria, Tata Consumer, and Godrej Consumer, Moneycontrol reported, citing a report by ICICI Securities.

Reliance Retail’s valuation, estimated at approximately $110 billion (₹ 9.17 lakh crore approx) by various brokerages, has now surpassed that of FMCG giants like ITC and HUL. This valuation is nearly three times the company’s FY24 sales, as per a report by ICICI Securities following the Q4FY24 results.

See Also: Dark Side Of Canada Dream Indian Students Reportedly Resort To Drugs As Job Prospects Dwindle

Analysts at ICICI Securities anticipate robust growth in Reliance Retail over the next two to three years, driven by its expanding presence in both online and offline sectors, consistent margin improvement, and a rising share of private labels.

Why It Matters: The latest valuation and sales figures for Reliance Retail come on the heels of a series of significant developments for the parent company Reliance Industries.

Earlier this month, Morgan Stanley had expressed optimism about RIL’s stock, citing potential growth across its various sectors.

This was followed by a 1.8% YoY decrease in net profit for the March quarter, alongside an 11% YoY increase in revenue.

Moreover, talks of a potential joint venture between RIL and Tesla for a manufacturing facility in India have been ongoing. If this venture materializes, it could further bolster RIL’s position in the Indian market.

Reliance Retail’s recent achievements underscore its growing dominance in the Indian retail sector, with its valuation and sales figures now outpacing those of major consumer giants.

Read Next: Maruti Suzuki Sees Net Profit Surge 47% In Q4 To ₹3,952 Cr

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Don’t miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on the Benzinga India Telegram channel.

Photo courtesy: Shutterstock