MAM
Reliance Retail cashes in: revenues, stores, and smiles on the rise
MUMBAI: Reliance Retail Ventures Limited (RRVL) is showing no signs of slowing down, posting a robust quarterly revenue of Rs 88,620 crore, up 15.7 per cent year-on-year, while EBITDA climbed 14.3 per cent to Rs 6,711 crore. Profit after tax soared 30.4 per cent to Rs 3,519 crore, fuelled by operating muscle and clever brand plays.
The retail titan opened a staggering 1,085 new stores in 4Q FY25, nudging its total footprint to 19,340 stores across 77.4 million square feet. The registered customer base swelled to 349 million — almost the population of the United States — with transactions hitting a record 361 million for the quarter.
EBITDA margins remained healthy at 8.5 per cent despite a slight dip, while depreciation eased 3.4 per cent, and finance costs stayed flat. Digital and new commerce channels kept humming, contributing 18 per cent of total revenues.
Quick commerce via JioMart recorded a jaw-dropping 2.4x quarter-on-quarter growth in gross daily orders, with 4,000+ pin codes now covered. Meanwhile, the consumer brands unit clocked Rs 11,450 crore in revenue, staking its claim as the fastest-growing FMCG outfit in India.
Consumer electronics stayed hot, thanks to an early summer and cooling deals, while JioMart Digital expanded its merchant partner base and racked up a 76 per cent year-on-year revenue spike.
Fashion and lifestyle flexed with the launch of Trends 3.0 and the splashy arrival of Shein on AJIO, offering “global fashion at affordable prices” to Indian shoppers. Premium brands got an omni-channel boost, with ‘out-of-store’ sales now contributing 8 per cent to luxury turnover.
Grocery stores continued to punch above their weight, boosted by FreshPik, GoFresh, and a strong showing from Metro’s wholesale business, which posted a 37 per cent jump in HoReCa sales.
JioMart pushed the pedal on quick deliveries, scaling to 2,100+ stores and introducing slick “Quick” and “Scheduled” tabs. Subscription services also boomed, with app visits up 37 per cent.
For the full financial year ended 31 March 2025, gross revenue rose 7.9 per cent year-on-year to Rs 330,870 crore, while EBITDA nudged up 8.6 per cent to Rs 25,053 crore — a steady climb powered by store expansion, customer growth, and bold new bets in e-commerce and brands.
Despite the noise around rising costs elsewhere in the economy, RRVL tightened its margins, improving EBITDA margin by 20 basis points to 8.6 per cent on revenue from operations — a small but significant win in a cut-throat retail landscape.
Profit after tax stood at Rs 12,392 crore, up a healthy 11.6 per cent from last year, even as finance costs dipped 4.1 per cent, and depreciation rose modestly by 7.7 per cent, reflecting investments into expanding and upgrading its footprint.
* Store expansion: RRVL opened 2,659 new stores in FY25. After accounting for rationalisation and consolidation, total stores stood at 19,340 across 77.4 million sq ft.
* Customer base: Registered customer base expanded 14.8 per cent to 349 million — practically one in every four Indians.
* Transactions: Total transactions hit 1.39 billion, up 10.6 per cent year-on-year — a clear sign of rising basket sizes and growing loyalty.
* Digital Commerce and New Commerce: Now contributing a strong 18 per cent of total revenues, signalling that Reliance’s “phygital” strategy — physical plus digital — is working.
* Consumer Brands: Emerging as India’s fastest-growing FMCG arm, notching up revenues of ~Rs 11,450 crore in just its second full year. New launches like Spinner (sports drink) and the acquisition of Velvette (personal care) added fresh fizz.
* JioMart: Quick commerce went into hyperdrive, with daily order volumes climbing 2.4x quarter-on-quarter by the end of the year.
* Fashion and Lifestyle: AJIO kept its cool, onboarding trendy brands, launching Shein, and expanding its same-day delivery service across 26 cities. Own brands like Netplay and Avaasa saw strong growth.
* Consumer Electronics: Helped by heatwaves and heavy promotions — AC and cooler sales soared, while service brand resQ expanded into 300 cities.
* Grocery: Metro acquisition turbocharged staples and beverage sales, while FreshPik and GoFresh catered to the rise of premium tastes.
A few headwinds to watch:
* Area shrinkage: Operated area fell slightly by 2.1 per cent year-on-year, suggesting a tightening of low-performing outlets.
* Margin pressures: Though margins are healthy, the retail battlefield (especially online quick commerce) is brutal and will test profitability resilience.
* Luxury sales: Omni-channel initiatives helped bridge-to-luxury and luxury sales, but “distance selling” models will need constant tweaking to match evolving customer behaviours.
RRVL executive director Isha M. Ambani said: “Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, a sharper product mix, and continued investments in technology and customer experience. We remain focused on shaping the future of retail with agility and purpose.”
Brands
KPMG names Gary Wingrove as global chairman and CEO from October
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MUMBAI: KPMG has chosen continuity with a forward tilt. The firm has announced that Gary Wingrove will take over as global chairman and CEO of KPMG International, beginning a four year term from 1 October 2026. Currently serving as global chief operating officer, Wingrove steps into the top role after being nominated by the global board and elected by the global council.
A KPMG veteran with over 25 years at the firm, Wingrove has been closely involved in shaping its recent trajectory. As global COO, he has helped drive the firm’s Collective Strategy, focusing on operational integration, global investments and the steady expansion of the KPMG Delivery Network. He has also been at the forefront of KPMG’s digital push, including the rollout of AI enabled solutions across its global operations.
Before his global role, Wingrove served as CEO of KPMG Australia for nearly a decade, where he led a period of strong growth, almost doubling revenue, profitability and headcount while steering a cultural reset.
He succeeds Bill Thomas, who has led KPMG since 2017 and will work alongside Wingrove over the next six months to ensure a smooth transition.
Thomas leaves behind a firm that looks markedly different from when he took charge. Under his leadership, KPMG’s global revenues have risen by 55 per cent, and its workforce has expanded to more than 276,000 people. He also unified the network of member firms under the Collective Strategy, aligning priorities and strengthening governance.
His tenure saw heavy investment in technology and partnerships, with alliances spanning Microsoft, Google Cloud, SAP, Oracle and ServiceNow. These collaborations, along with platforms like KPMG Clara, have helped the firm scale its AI-led offerings and sharpen its competitive edge.
Beyond growth, Thomas also pushed improvements in audit quality and sustainability. Initiatives such as a multiyear global sustainability strategy and the Our Impact Plan have aimed to embed long term thinking into the firm’s operations and client services.
For Wingrove, the brief is clear but evolving. He has signalled a focus on agility, deep expertise and technology driven solutions as clients navigate an increasingly complex business landscape. He also emphasised KPMG’s identity as a people first organisation, supported by technology and unified through its global network.
The timing of the leadership change comes as KPMG continues to grow, reporting a 5.1 per cent rise in global revenue in FY25, with gains across tax and legal, audit and advisory services. Growth was recorded across all regions, despite a challenging macro environment.
As Wingrove prepares to take charge, the firm appears set on a familiar path with a sharper digital edge. Same playbook, perhaps, but with a renewed focus on speed, scale and smarter solutions.
