Reliance Retail Limited

Reliance Retail Limited
Financial Statements
2023-24
2 RELIANCE RETAIL LIMITED
Independent Auditor’s Report
To The Members of Reliance Retail Limited

Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Reliance Retail Limited (“the Company”), which comprise the Balance
Sheet as at 31st March 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and
other explanatory information (“together referred to as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state
of affairs of the Company as at 31st March 2024, and its profit including other comprehensive income, its cash flows and the changes
in equity for the year ended on that date.
Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of
the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on the financial statements.
Information Other than the Financial Statements and Auditor’s Report Thereon
• The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Board of Directors report, but does not include the financial statements and our auditor’s report thereon.
• Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
• In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
• If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive
income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
RELIANCE RETAIL LIMITED 3
Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement
and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account and
returns.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board
of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of
Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference to
these financial statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section
197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given
to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section
197 read with Schedule V to the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements
(Refer Note 28 to the Financial Statements);
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses; and
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) The management has represented to us that, to the best of its knowledge and belief no funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other person or entity, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented to us that, to the best of its knowledge and belief no funds have been received
by the Company from any person or entity, including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on our audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and
(b) contain any material misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come
across any instance of audit trail feature being tampered with.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April, 2023, reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory
requirements for record retention is not applicable for the financial year ended 31st March, 2024.
For D T S & Associates LLP
Chartered Accountants
Firm’s Registration No. 142412W/W100595
Umesh B. Nayak
Partner
Membership No. 101183
UDIN: 24101183BKGWLZ8224
Place: Mumbai
Date: April 22, 2024
Annexure “A” To the Independent Auditors’ Report
(Referred to in paragraph 1 under ‘Report on other legal and regulatory requirements’ section of our report of even date to the
members of Reliance Retail Limited for the year ended 31st March, 2024)
i. In respect of its Property Plant and Equipment:
(a) (A) Based on the records examined by us and information and explanation given to us the Company has maintained
proper records showing full particulars, including quantitative details and situation of Property Plant and Equipment.
(B) Based on the records examined by us and information and explanation given to us the Company has maintained
proper records showing full particulars of Intangible Assets.
(b) The Property Plant and Equipment were physically verified by the Management in a phased periodical manner which, in
our opinion is reasonable having regards to size of the Company and nature of its assets. No material discrepancies were
noticed on such physical verification.
(c) According to the information and explanations given to us and the records examined by us, we report that, the title deeds,
comprising all the immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) disclosed in the financial statements, are held in the name of the Company as at
the balance sheet date.
(d) Based on the records examined by us and information and explanation given to us by the Company, the Company during
the year has not revalued its Property Plant and Equipment (including rights of use assets) or intangible assets, hence, the
requirements of the said clause i(d) of paragraph 3 of the Order is not applicable to the Company.
(e) According to the information and explanation given to us and records examined by us no proceedings have been initiated
or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.
ii. (a) According to the information and explanation given to us and records examined by us, the management of the Company
has conducted physical verification of its inventories at regular intervals and in our opinion the coverage and procedure
of such verification by the management is appropriate. As explained to us and on the basis of records examined by us, the
value of discrepancies noticed on physical verification by the management did not exceed 10% or more in aggregate of
each class of inventory.
(b) Based on the records examined by us and information and explanation given to us, the Company has been sanctioned
working capital limits in excess of 5 crore, in aggregate, at points of time during the year, from banks on the basis of
security of current assets and the quarterly returns or statements filed by the Company with such banks are in agreement
with the books of account of the Company.
iii. (a) On the basis of examination of records of the Company, during the year the Company has not provided securities
and granted loans or advances in the nature of loans, secured or unsecured to any companies, firms, limited liability
partnerships or other parties. The Company has given guarantees to following parties, the details of which is as under:
Particulars Amount (` In Crore)
Aggregate amount provided during the year
- Subsidiaries -
- Associates -
- Joint Ventures -
- Other Companies 187
Balance outstanding as at 31 March, 2024
st
- Subsidiaries -
- Associates -
- Joint Ventures -
- Other Companies 281
Annexure “A” To the Independent Auditors’ Report
(b) In our opinion and according to the information and explanation given to us, the guarantees given during the year are not
prejudicial to the interest of the Company. The Company has not made any investment during the year.
(c) Based on the records examined by us and information and explanation given to us, the Company has not given any loans or
advance in the nature of loans, secured or unsecured, to any companies, firms, limited liability partnerships or other parties
hence the reporting requirement of clause iii(c), (d), (e), (f) of paragraph 3 of the Order is not applicable to the Company.
iv. In our opinion and according to the information and explanations given to us, the Company has not directly or indirectly
advanced loan to parties covered under section 185 of the Act or given guarantees or securities in connection with the loan taken
by such persons and the Company has complied with the provisions of section 186 of the Act, in respect of investments, loans,
guarantee or security given, as applicable.
v. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions
of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014, as
amended, with regard to the deposits accepted. According to the information and explanations given to us, no order has been
passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any
other Tribunal.
vi. To the best of our knowledge and information and explanation given to us, the maintenance of cost records has not been
specified by the Central Government under section 148(1) of the Act in respect of activities undertaken by the Company, hence
the reporting requirement under the clause vi of paragraph 3 of the Order is not applicable.
vii. Based on the records examined by us and according to the information and explanations given to us, in respect of statutory dues:
a) The Company has generally been regular in depositing undisputed statutory dues including Goods and Service Tax, Provident
Fund, Employees’ State Insurance, Income Tax, sales tax, duty of Customs, Duty of Excise, value added tax, Cess and any
other statutory dues applicable to it to the appropriate authorities. No undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2024 for a period of more than six months from the date they became payable.
b) Details of statutory dues referred to in clause vii (a) above, which have not been deposited as on 31st March, 2024 on
account of disputes are given below:
Name of the Statute Nature of Dues Forum where dispute is pending Period to which Amount
the amount relates (` in Crore)
Central Sales Tax Sales Tax Deputy Commissioner of Sales Tax F.Y 2013-14 0.10(1)
Act, 1956
Entry Tax Act of Entry Tax Entry Tax Tribunal of Various States F.Y 2012-13 to F.Y 0.00(2)
Various States 2016-17
The Additional Commissioner F.Y 2014-15 0.02(3)
(Appeals)
Central Excise Act, Excise Duty The Customs, Excise and Service F.Y 2012-13 3.82(4)
1944 Tax Appellate Tribunal (CESTAT)
The Commissioner of Customs F.Y 2011-12 0.01
(Appeals)
Goods and Service Goods and Additional / Joint Commissioner F.Y. 2017-18 to F.Y. 13.81(5)
Tax Act, Service Tax Appeals 2023-24
Value Added Tax Act Value Added Sales Tax Appellate Authority / F.Y 2009-10 and 0.13(6)
of Various States Tax Tribunals of Various State F.Y 2011- 12 to
2012-13
Deputy Commissioner of Sales Tax F.Y 2013-14 1.44(7)
Name of the Statute Nature of Dues Forum where dispute is pending Period to which Amount
the amount relates (` in Crore)
Income Tax Act, Income Tax Commissioner of Income Tax A.Y 2018-19 68.19
1961 (Appeals)
Commissioner of Income Tax A.Y. 2019-20 42.69
(Appeals)
Hon’ble Bombay High Court A.Y. 2011-12 0.45
(Appeals)
(Appeals)
(Appeals)
(Appeals)
Net of 1 ` 56,325/-, 2 ` 0.06 Crore, 3 ` 39,100/-, 4 ` 0.16 Crore, 5 ` 1.13 Crore, 6 ` 0.36 Crore, 7 ` 0.03 Crore paid under
protest.
viii. According to information and explanation given to us and examination of records of the Company, there are no transactions
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
ix. (a) Based on the examination of records and information and explanation given to us, the Company has not defaulted in
repayment of its loans or payment of interest to any lender.
(b) According to the information and explanations given to us and on the basis of the audit procedures, we report that the Company
has not been declared as wilful defaulter by any banks, financial institution or government or any government authority.
(c) In our opinion and information and explanation given to us and based on the examination of records of the Company, the
term loans availed by the Company has been applied for the purpose it was obtained.
(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall
examination of the financial statements of the Company, we report that no funds raised on short term basis have been used
for long-term purposes.
(e) According to the information and explanations given to us and on an overall examination of the financial statements of
the Company, we report that the Company does not have any subsidiaries, associates or joint ventures, hence the reporting
requirement under the clause ix(e) & (f) of paragraph 3 of the Order is not applicable.
x. (a) In our opinion and according to the information and explanations given to us, the Company has not raised moneys by
way of initial public offer or further public offer (including debt instruments) and hence reporting under clause x(a) of
paragraph 3 of the Order is not applicable to the Company.
(b) In our opinion and according to the information and explanation given to us, the Company during the year has not made
any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting
under clause x(b) of paragraph 3 of the Order is not applicable to the Company.
xi. (a) Based on the audit procedures performed by us and according to the information and explanations given to us, no fraud
by the Company and no material fraud on the Company has been noticed or reported during the year.
(b) According to the information and explanations given to us, no report under sub-section (12) of section 143 of the Act has
been filed by the Secretarial Auditors or by us in form ADT-4 as prescribed under rule 13 of the Companies (Audit and
Auditors) Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company and provided to us during the
year when performing our audit.
xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of paragraph 3 of the Order is not applicable to
the Company.
xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Sections 177
and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions
have been disclosed in the financial statements etc. as required by the applicable accounting standards.
xiv. (a) In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and
nature of its business.
(b) We have considered the internal audit reports of the Company issued till date, for the period under audit.
xv. According to the information and explanations given to us, during the year, the Company has not entered into any non-cash
transactions with its directors or directors of its holding company or persons connected with them, and hence provisions of
Section 192 of the Act, are not applicable.
xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
(b) On the basis of examination of records and according to the information and explanation given to us by the Company, the
Company has not conducted any Non-Banking Financial or Housing Finance activities hence the reporting requirements
under clause xvi(b) of paragraph 3 of the Order is not applicable.
(c) In our opinion and according to the information and explanation given to us, the Company is not a Core Investment
Company as defined in the regulations made by the Reserve Bank of India.
(d) As represented by the management, the Group does not have any Core Investment Company as part of the Group as per
the definition of Group contained in the Core Investment Companies (Reserve Bank) Directions, 2016 and hence the
reporting under clause (xvi)(d) of paragraph 3 of the Order is not applicable.
xvii. Based on the examination of records, the Company has not incurred cash losses in the financial year and in the immediately
preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year and accordingly this clause is not applicable.
xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates
of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements,
our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date
of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they
fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will
get discharged by the Company as and when they fall due.
xx. (a) Based on the examination of records of the Company and according to the information and explanation given to us by the
Company, in respect of other than ongoing projects, there were no unspent amount that were required to be transferred to
a Fund specified in Schedule VII in compliance with second proviso to sub-section 5 of section 135 of the Act.
(b) Based on the examination of records of the Company, and according to the information and explanations given to us,
in respect of ongoing projects there were no unspent amount that were required to be transferred to special account in
compliance with provision of sub section 6 of section 135 of the Act.

Umesh B. Nayak
Partner
Place: Mumbai
Annexure “B” To the Independent Auditors’ Report
Annexure “B” To the Independent Auditors’ Report

(Referred to in paragraph 2(f) under ‘Report on other legal and regulatory requirements’ section of our report of even date to the
members of Reliance Retail Limited for the year ended 31st March, 2024)
Report on the internal financial controls over financial reporting under clause (i) of sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Reliance Retail Limited (“the Company”) as of
31st March, 2024 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s responsibility for internal financial controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control
over financial reporting criteria established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants
of India (“The Guidance Note”). These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness
of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor’s responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting with reference to
these financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India and the Standards on Auditing
prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and
the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting with reference to these financial statements and their operating effectiveness. Our audit of internal financial
controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting with
reference to these financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system over financial reporting with reference to these financial statements.
Meaning of internal financial controls over financial reporting with reference to these financial statements
A company’s internal financial control over financial reporting with reference to these financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting
with reference to these financial statements includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial
statements.
Inherent limitations of internal financial controls over financial reporting with reference to these financial statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting with reference
to these financial statements to future periods are subject to the risk that the internal financial control over financial reporting with
reference to these financial statements may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us the Company has, in all material respects,
an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting
with reference to these financial statements were operating effectively as at 31st March, 2024, based on the criteria for internal
financial control over financial reporting established by the Company considering the essential components of internal control stated
in the Guidance Note.

Umesh B. Nayak
Partner
Place: Mumbai
Balance Sheet as at 31st March, 2024
` crore
Notes As at As at
31st March, 2024 31st March, 2023
Assets
Non-Current Assets
Property, Plant and Equipment 1 57,436 39,312
Intangible Assets 1 19,618 14,278
Goodwill 3 3
Capital Work-in-Progress 1 16,992 24,442
Intangible Assets Under Development 1 3,001 1,323
Financial Assets
Investments 2 1 1
Other Non- Current Assets 3 5,280 4,665
Total Non-Current Assets 102,331 84,024
Current Assets
Inventories 4 20,983 24,969
Financial Assets
Investments 5 266 262
Trade Receivables 6 6,263 5,520
Cash and Cash Equivalents 7 9,390 401
Other Financial Assets 8 2,806 3,196
Other Current Assets 9 14,282 10,088
Total Current Assets 53,990 44,436
Total Assets 156,321 128,460
Equity and Liabilities
Equity
Equity Share Capital 10 8,987 4,990
Other Equity 11 36,089 32,232
Total Equity 45,076 37,222
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 12 53,546 44,569
Provisions 13 104 87
Deferred Tax Liabilities (Net) 14 3,854 2,381
Total Non-Current Liabilities 57,504 47,037
Current Liabilities
Borrowings 15 27,514 26,369
Trade Payables Due to: 16
Micro and Small Enterprise 667 971
Other than Micro and Small Enterprise 23,079 14,518
Other Financial Liabilities 17 693 972
Other Current Liabilities 18 1,779 1,363
Provisions 19 9 8
Total Current Liabilities 53,741 44,201
Total Liabilities 111,245 91,238
Total Equity and Liabilities 156,321 128,460
Material Accounting Policies
See Accompanying notes to the financial statements 1 to 37
As per our Report of even date For and on behalf of the Board
For D T S & Associates LLP Pankaj Pawar Sanjay Jog Geeta Fulwadaya Anshu Prakash
Chartered Accountants Director Director Director Director
Firm Registration No. 142412W/W100595 (DIN: 00085077) (DIN: 01727602) (DIN: 03341926) (DIN: 03540028)
Umesh Nayak Adil Zainulbhai Ranjit V Pandit Prof. Dipak C. Jain Dr. Shumeet Banerji
Partner Director Director Director Director
Membership No. 101183 (DIN: 06646490) (DIN: 00782296) (DIN: 00228513) (DIN: 02787784)
V. Subramaniam Dinesh Taluja K Sridhar

Dated : 22nd April, 2024 Whole-Time Director Chief Financial Officer Company Secretary
(DIN: 00009621)
Statement of Profit and Loss for the year ended 31st March, 2024
` crore
Notes 2023-24 2022-23
Income
Value of Sales 276,747 239,808
Income from Services 13,309 12,164
Value of Sales & Services (Revenue) 290,056 251,972
Less: GST Recovered 31,668 28,319
Revenue from Operations 20 258,388 223,653
Other Income 21 86 110
Total Income 258,474 223,763
Expenses
Cost of Materials Consumed - -
Purchases of Stock-in-Trade 219,633 197,565
Changes in Inventories of Finished Goods and Stock-in-Trade 22 3,673 (4,579)
Employee Benefits Expense 23 1,793 2,081
Finance Costs 24 4,462 3,923
Depreciation and Amortisation Expense 1 4,035 2,989
Other Expenses 25 13,038 12,396
Total Expenses 246,634 214,375
Profit Before Tax 11,840 9,388
Tax Expenses:
Current Tax 26 1,493 1,410
Deferred Tax 26 1,472 933
Profit for the year 8,875 7,045
Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to Statement of Profit and loss 21.1 3 (71)
(ii) Income tax relating to items that will not be reclassified to Statement of - 3
Profit and loss
(iii) Items that will be reclassified to Statement of Profit and loss 21.2 2 (4)
(iv) Income tax relating to items that will be reclassified to Statement of 1 (1)
Profit and loss
Total Other Comprehensive Income/ (Loss) for the Year (Net of Tax) 4 (77)
Total Comprehensive Income for the Year 8,879 6,968
Earnings per equity share of face value of ` 10 each
Basic (in ` ) 27 10.86 13.24
Diluted (in ` ) 27 10.86 7.55
Material Accounting Policies
See Accompanying notes to the financial statements 1 to 37

(DIN: 00009621)
Statement of Changes in Equity for the year ended 31st March, 2024
` crore
A Equity Share Capital
Balance at the Changes in equity Balance at the end of Changes in equity Balance at the end of
beginning of the share capital during the the reporting period i.e. share capital during the the reporting period
reporting period year 2022-23 31st March, 2023 year 2023-24 i.e.31st March, 2024
i.e. 1st April, 2022
4,990 - 4,990 3,997 8,987
B Other Equity ` crore

Particulars Instruments Classified as Equity Reserves & Surplus Balance as at
31st March,
8.5% Non Cumulative Compulsorily Capital Share Securities Retained Other
2024
Optionally Convertible Convertible Reserve Based Premium Earnings Compre-
Preference Shares Debentures of Payment hensive
(OCPS) of ` 10 each, ` 10,00,000 Reserve Income
fully paid up each, fully
paid up
As on 31st March, 2024
Balance as at 1st April 2023 800 330 55 - 3,200 27,935 (88) 32,232
Conversion of 8.5% Non Cumulative (800) - - - (3,200) - - (4,000)
Optionally Convertible Preference
Shares (OCPS) to Equity shares
Conversion of Compulsorily - (330) - - - - - (330)
Convertible Debentures (CCD) to
9% - Non-cumulative Redeemable
Preference shares and redeemed
Proceeds from Issue of Equity Share 347 - - 347
Payment towards Capital Reduction - - - - - (1,078) - (1,078)
Scheme
On Restricted Stock Unit (RSUs) - - - 39 - - - 39
On exercise of Restricted Stock Unit (39) 39 - - -
(RSUs)
Add: Total Comprehensive Income - - - - - 8,875 4 8,879
for the year
Balance as at 31st March, 2024 - - 55 - 386 35,732 (84) 36,089
As on 31st March 2023
Balance as at 1st April 2022 800 330 55 - 3,200 20,890 (11) 25,264
Add: Total Comprehensive Income for - - - 7,045 (77) 6,968
the year
Balance as at 31st March, 2023 800 330 55 - 3,200 27,935 (88) 32,232

(DIN: 00009621)
Cash Flow Statement for the year ended 31st March, 2024
` crore
2023-24 2022-23
A: Cash Flow From Operating Activities
Net Profit before Tax as per Statement of Profit and Loss 11,840 9,388
Adjusted for:
(Profit)/ Loss on Sale/ Discarding of Property, Plant and Equipment (Net) (4) (8)
Depreciation and Amortisation Expense 4,035 2,989
Effect of Exchange Rate Change (Net) (3) 6
Net Gain on Financial Assets (20) (67)
Interest Income (57) (20)
Finance Costs 4,462 3,923
Operating Profit before Working Capital Changes 20,253 16,211
Adjusted for:
Trade and Other Receivables (525) (1,746)
Inventories 3,986 (4,933)
Trade and Other Payables 8,451 2,381
Subtotal 11,912 (4,298)
Cash Generated from Operations 32,165 11,913
Taxes Paid (Net) (1,557) (2,027)
Net Cash flow from Operating Activities* 30,608 9,886
B: Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment and Intangible Assets (27,793) (36,491)
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets 8,479 35
Purchase of Financial Assets 18 (143)
Proceeds from Sale of Financial instruments - 577
Movement in Loans & Advances and Other Assets (4,580) 400
Interest Income 59 15
Net Cash Flow used in Investing Activities (23,817) (35,607)
C: Cash Flow From Financing Activities
Proceeds from Issue of Equity Share 352 -
Redemption of Redeemable Preference shares (330) -
Proceeds from Borrowings - Non-Current 21,341 32,598
Repayment of Borrowings - Non Current (8,019) (50)
Borrowings Current (Net) (3,200) (2,367)
Payment towards Capital Reduction Scheme (1,085) -
Interest Paid (6,861) (4,519)
Net Cash Flow from Financing Activities 2,198 25,662
Net (Decrease)/ Increase in Cash and Cash Equivalents 8,989 (59)
Opening Balance of Cash and Cash Equivalents 401 460
Closing Balance of Cash and Cash Equivalents (Refer Note 7) 9,390 401
* Includes Amount spent in Cash towards Corporate Social Responsibility is ` 148 crore (Previous Year ` 135 crore).

(DIN: 00009621)
Notes to the Financial Statements for the year ended 31st March, 2024
A. CORPORATE INFORMATION
Reliance Retail Limited (“the Company”) is a public limited company incorporated in India having its registered office at
3rd floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai 400002, India. The Company’s immediate holding Company
is Reliance Retail Ventures Limited and Ultimate holding company is Reliance Industries Limited. The Company is engaged in
organised retail spanning across various consumption baskets primarily catering to Indian consumers.
B. MATERIAL ACCOUNTING POLICIES:

B.1 BASIS OF PREPARATION AND PRESENTATION
The Financial Statements have been prepared on the historical cost basis except for following assets and liabilities which have
been measured at fair value amount:
i) Certain Financial Assets and Liabilities (including derivative instruments),
ii) Defined Benefit Plans – Plan Assets and
iii) Equity settled Share Based Payments
The Financial Statements of the Company have been prepared to comply with the Indian Accounting standards (‘Ind AS’),
including the Rules notified under the relevant provisions of the Companies Act, 2013, (as amended from time to time) and
Presentation and disclosure requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS Compliant Schedule
III) as amended from time to time. The Company follows indirect method prescribed in Ind AS 7 – Statement of Cash Flows
for presentation of its cash flows.
The Company’s Financial Statements are presented in Indian Rupees (`), which is also its functional currency and all values
are rounded to the nearest crore (` 00,00,000), except when otherwise indicated.
B.2 SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification considering
an operating cycle of 12 months being the time elapsed between deployment of resources and the realisation in cash and
cash equivalents there-against.
(b) Property, Plant and Equipment

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated
depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly
attributable to bringing the assets to its working condition for its intended use, net charges on foreign exchange contracts
and adjustments arising from exchange rate variations attributable to the assets.
Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to
its intended use, are considered as pre-operative expenses and disclosed under Capital Work-in-Progress.
Depreciation on Property, Plant and Equipment is provided on straight line method and based on useful life of the assets
as prescribed in Schedule II to the Companies Act, 2013. Leasehold improvements are amortized over the estimated useful
life. The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.
(c) Leases
For short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-
line basis over the lease term.
(d) Intangible Assets

Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated
amortisation/depletion and impairment losses, if any. Such cost includes purchase price, borrowing costs, and any cost
directly attributable to bringing the asset to its working condition for the intended use.The Company’s Other Intangible
Assets include assets with finite and indefinite useful life.
Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to its
intended use, are considered as pre-operative expenses and disclosed under Intangible Assets Under Development.
The Company assesses if useful life of an intangible asset is finite or indefinite.
Assets with finite useful life are amortised on a straight-line basis over their expected useful life and assets with indefinite
useful lives are not amortised but are tested for impairment annually at the cash generating unit level.
A summary of the amortisation/depletion policies applied to the company’s Other Intangible having finite useful life and
to the extent of amortisation is as under.
Particulars Useful life

Softwares
Brands, Trademark and Licences
Over a period ranging from 5 to 25 Years
Platform and related Product Developments
Franchisee Rights
The amortisation period and the amortisation method for Intangible Assets with a finite useful life are reviewed at each
reporting date.
(e) Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term highly liquid
investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes
in value.
(f) Inventories
Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any,
Costs of inventories are determined on weighted average basis except Gold and silver is determined on FIFO basis.
Inventories of Gold / Silver are adjusted with gains / loss on qualifying fair value hedges.
(g) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the mount of the obligation. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting
is used, the increase in the provision due to the passage of time is recognised as a finance cost.
(h) Contingent Liabilities

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the Company or a present obligation that arises from past events where it is either not probable that
an outflow of resources embodying economic benefits will be required to settle or a reliable estimate of amount cannot be
made.
(i) Current Tax and Deferred Tax

The tax expenses for the period comprise of current tax and deferred tax. The Company exercises judgment in computation
of current tax considering the relevant rulings and reassesses the carrying amount of deferred tax assets at the end of each
reporting period.
(j) Revenue Recognition

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer
at an amount that reflects the consideration entitled in exchange for those goods or services. The Company has generally
concluded that it is the principal in its revenue arrangement, because it typically controls the goods or services before
transferring them to the customer.
Generally, control is transfer upon shipment of goods to the customer or when the goods is made available to the customer,
provided transfer of title to the customer occurs and the Company has not retained any significant risks of ownership or
future obligations with respect to the goods shipped.
In respect of revenue from rendering of services, the Company exercises judgement for identification of performance
obligations, and in determining whether the performance obligation is satisfied at a point in time or over a period of time.
Generally the credit period does not exceed 90 days for sale of goods or services as the case may be.
Customer acquisition cost comprises of directly attributable cost incurred towards acquisition of new customers and it is
amortised over the expected customer churn period
In case of discounts, rebates, credits, price incentives or similar terms, consideration are determined based on its expected
value, which is assessed at each reporting period.
(k) Financial Instruments

i. Financial Assets
Purchase and sale of Financial Assets are recognised using trade date accounting. Trade receivables that do not contain
a significant financing component are measured at transaction price.
All other equity investments are measured at fair value, with value changes recognised in Statement of Profit and
Loss, except for those equity investments for which the Company has elected to present the value changes in ‘Other
Comprehensive Income’. However, dividend on such equity investments are recognised in Statement of Profit and
loss when the Company’s right to receive payment is established.
The Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of Financial Assets other than
those measured at Fair Value Through Profit Or Loss (FVTPL).
Assets are generally measured at Fair Value Through Profit or Loss (FVTPL) except where the Company, based
on the business model objectives, measures these at Amortized Cost or Fair Value Through Other Comprehensive
Income (FVTOCI).
Expected Credit Losses are measured through a loss allowance at an amount equal to:
• The 12-months expected credit losses (expected credit losses that result from those default events on the financial
instrument that are possible within 12 months after the reporting date); or
• Full lifetime expected credit losses (expected credit losses that result from all possible default events over the
life of the financial instrument).
For Trade Receivables, the Company applies ‘simplified approach’ which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every
reporting date these historical default rates are reviewed and changes in the forward-looking estimates are analysed.
For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase
in credit risk. If there is significant increase in credit risk full lifetime ECL is used.
ii. Financial Liabilities

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts are determined
to approximate fair value due to the short maturity of these instruments.
iii. Derivative Financial Instruments and Hedge Accounting

The Company uses various derivative financial instruments such as interest rate swaps, currency swaps, forwards &
options and commodity contracts to mitigate the risk of changes in interest rates, exchange rates and commodity prices.
At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to
which the Company wishes to apply hedge accounting and the risk management objective and strategy for undertaking
the hedge.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement of Profit
and Loss, except in case where the related underlying is held as inventory, in which case, they are adjusted to the
carrying cost of inventory.
Hedges that meet the criteria for hedge accounting are accounted for as follows:
A. Cash Flow Hedge

The Company designates derivative contracts or non-derivative Financial Assets/ Liabilities as hedging
instruments to mitigate the risk of movement in interest rates and foreign exchange rates for foreign exchange
exposure on highly probable future cash flows attributable to a recognised asset or liability or forecast cash
transactions.
B. Fair Value Hedge

The Company designates derivative contracts or non-derivative Financial Assets/Liabilities as hedging
instruments to mitigate the risk of change in fair value of hedged item due to movement in interest rates, foreign
exchange rates and commodity prices.
iv. Offsetting
Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when, and
only when, the Company has a legally enforceable right to set off the amount and it intends, either to settle them on
a net basis or to realise the asset and settle the liability simultaneously.
C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the Company’s Financial Statements requires management to make judgement, estimates and assumptions
that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount
of assets or liabilities affected in next financial years.
(A) PROPERTY PLANT AND EQUIPMENT/ INTANGIBLE ASSETS

Estimates are involved in determining the cost attributable to bringing the assets to the location and condition necessary
for it to be capable of operating in the manner intended by the management. Property, Plant and Equipment/Intangible
Assets are depreciated/amortised over their estimated useful life, after taking into account estimated residual value.
Management reviews the estimated useful life and residual values of the assets annually in order to determine the
amount of depreciation/ amortisation to be recorded during any reporting period. The useful life and residual values
are based on the Company’s historical experience with similar assets and take into account anticipated technological
and future risks. The depreciation/amortisation for future periods is revised if there are significant changes from
previous estimates.
(B) PROVISIONS
The timing of recognition and quantification of the liability (including litigations) requires the application of judgement
to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities
are reviewed regularly and revised to take account of changing facts and circumstances.
(C) IMPAIRMENT OF FINANCIAL AND NON-FINANCIAL ASSETS

The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss
rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on Company’s past history, existing market conditions as well as forward-looking estimates at the end of each
reporting period.
In case of non-financial assets, assessment of impairment indicators involves consideration of future risks. Further, the
company estimates asset’s recoverable amount, which is higher of an asset’s or Cash Generating Units (CGU’s) fair value
less costs of disposal and its value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair
value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an
appropriate valuation model is used.
(D) FAIR VALUE MEASUREMENT

For estimates relating to fair value of financial instruments refer note 30 of financial statements.
1 Property, Plant and Equipment, Intangible Assets, Capital Work-in-progress, and Intangible Assets under Development
` crore
Description Gross block Depreciation/ amortisation Net block
As at Additions/ Deductions/ As at As at For the Deductions/ Upto As at As at
1st April, Adjustments Adjustments 31st March, 1st April, year # Adjustments 31st March, 31st March, 31st March,
2023 2024 2023 2024 2024 2023
Property, Plant and Equipment
Own Assets:
Freehold Land 14 - - 14 - - - - 14 14
Buildings 17 - - 17 3 - - 3 14 14
Electrical Installations 10,298 5,199 2,510 12,987 1,850 932 237 2,545 10,442 8,448
Equipment 13,048 18,679 3,575 28,152 2,339 1,008 266 3,081 25,071 10,709
Furniture and Fixtures 8,806 3,864 2,238 10,432 1,300 826 152 1,974 8,458 7,506
Vehicles - - - - - - - - - -
Leasehold Improvements@ 13,793 2,140 911 15,022 1,192 516 103 1,605 13,417 12,601
Sub-Total 45,976 29,882 9,234 66,624 6,684 3,282 758 9,208 57,416 39,292
Right- of-Use Assets
Leasehold Land 25 - - 25 5 - - 5 20 20
Sub-Total 25 - - 25 5 - - 5 20 20
Total (A) 46,001 29,882 9,234 66,649 6,689 3,282 758 9,213 57,436 39,312
Intangible Assets
Brands,Trademark and Licenses 1,075 - - 1,075 57 10 - 67 1,008 1,018
Platform and related Product 13,527 6,126 - 19,653 760 521 - 1,281 18,372 12,767
Developments
Software 1,402 10 - 1,412 912 265 - 1,177 235 490
Other Intangible Assets 3 - - 3 - - - - 3 3
Total (B) 16,007 6,136 - 22,143 1,729 796 - 2,525 19,618 14,278
Total (A+B) 62,008 36,018 9,234 88,792 8,418 4,078 758 11,738 77,054 53,590
Previous year 22,894 39,850 736 62,008 6,099 3,028 709 8,418 53,590 -
Capital Work-in-Progress 16,992 24,442
Intangible Assets Under 3,001 1,323
Development
#
Depreciation / Amortisation for the year includes depreciation of ` 43 crore (Previous Year ` 39 crore) capitalised during the year.Thus, ` 4,035 crore has been
considered in the Statement of Profit and Loss.
@
Includes initial direct costs in connection with stores with a related party (also refer note no.3 (iii))
1.1 The Company based on internal evaluation, reassesed the estimates relating to life of certain class of assets. Basis this evaluation, the Company has revised the
useful life of these assets upto 30 years from the respective dates of commissioning, with effect from April 01, 2023.
1.2 Capital Work-in-Progress Includes:
` 31 crore (Previous Year ` 43 crore) on account of Capital Goods Inventory.
Ageing schedule as at 31st March, 2024: ` crore
Capital-Work-in Progress <1 Year 1-2 Years 2-3 Years >3 Years Total
Projects in progress 13,937 2,461 594 - 16,992
Projects temporarily suspended - - - - -
Total 13,937 2,461 594 - 16,992
Intangible Assets Under Development <1 Year 1-2 Years 2-3 Years >3 Years Total
Intangible Assets Under Development 1,835 1,166 - - 3,001
Total 1,835 1,166 - - 3,001
Ageing schedule as at 31st March,2023: ` crore
Capital-Work-in Progress <1 Year 1-2 Years 2-3 Years >3 Years Total
Projects in progress 21,831 2,319 292 - 24,442
Total 21,831 2,319 292 - 24,442
Intangible Assets Under Development <1 Year 1-2 Years 2-3 Years >3 Years Total
Intangible Assets Under Development 1,273 50 - - 1,323
Total 1,273 50 - - 1,323
` crore
2 Investments -Non Current As at 31st March, 2024 As at 31st March, 2023
Units Amount Units Amount
A Investments measured at Amortised Cost
In Government and other securities - unquoted
National Savings Certificates - 6 yrs Issue VII - -
(Current Year ` 28,87,600 , Previous Year ` 28,87,600)
Total of Investments measured at Amortised Cost - -
B Investments measured at Fair Value through Other Comprehensive Income

In Equity Shares - Unquoted, fully paid up
KaiOS Technologies PTE of USD 0.01 each$ 19,04,781 - 19,04,781 -
Yatra Online Limited of ` 1 each - - 95,390 1
In Equity Shares - Quoted, fully paid up
Yatra Online Limited of ` 1 each 95,390 1 - -
In Preferred Shares - Unquoted, fully paid up
KaiOS Technologies PTE of USD 0.01 each$ 6,25,000 - 6,25,000 -
Total of Investments measured at Fair Value through 1 1
Other Comprehensive Income
C Investments measured at Fair Value through Profit and Loss

In Equity Shares - Unquoted, fully paid up
The Colaba Central Co-operative Consumer’s Wholesale 25 - 25 -
and Retail Stores Limited (Sahakari Bhandar) of ` 200 each
(Current Year ` 5 000, Previous Year ` 5 000)
Retailers Association’s Skill Council of India of ` 100 each 500 - 500 -
(Current Year ` 50 000, Previous Year ` 50 000 )
Total of Investments measured at Fair Value through - -
Profit & Loss
Total Investments- Non -Current (A+B+C) 1 1
$
Net of Provision for Impairment
Aggregate value of Book Value Book Value
Quoted Investments 1 -
Unquoted Investments - 1
2.1 Category-wise Non current investment As at 31st March, 2024 As at 31st March, 2023
Financial assets measured at Amortised Cost (Current Year - -
` 28,87,600, Previous Year ` 28,87,600)
Financial assets measured at Fair value through Profit and - -
Loss (Current Year ` 55 000 ,Previous Year ` 55 000)
Financial assets measured at Fair value through Other 1 1
Comprehensive Income (OCI)
Total Non current investment 1 1
` crore
3 Other Non- Current Assets As at As at
(Unsecured and Considered Good) 31st March, 2024 31st March, 2023
Capital Advances 28 33
Deposits(i) 4 3
Advance Income Tax (Net of Provision) (ii)
746 683
Others(iii) 4,502 3,946
Total 5,280 4,665
(i)
Deposits given to Statutory Authorities.
As at As at
(ii)
Advance Income Tax (Net of Provision) 31st March, 2024 31st March, 2023
At start of year 683 68
Charge for the year (1,493) (1,410)
Others * (1) (2)
Tax paid during the year (net of refunds) 1,557 2,027
At end of year 746 683
* Mainly pertains to Provision for Tax on Other Comprehensive Income

Others includes prepaid expenses , advances and loans to employees.
(iii)
` crore
4 Inventories As at As at
(Valued at lower of cost or net realisable value) 31st March, 2024 31st March, 2023
Finished Goods (Current Year ` 1,11,717 Previous Year ` 1,21,210) - -
Stock-in-Trade (Including Stock in Transit) 20,685 24,358
Stores and Spares 298 611
Total 20,983 24,969
` crore
5 Investments - Current As at As at
31st March 2024 31st March 2023
Investments Measured at Fair Value Through Other Comprehensive Income
In Govt. Securities - Quoted* 266 262
Total 266 262
* Held as margin money with Financial Institution.
Aggregate amount of Book value Book value
Quoted investments 266 262
` crore
6 Trade Receivables As at As at
Trade receivables 6,263 5,520
Total 6,263 5,520
Ageing Schedule as at 31st March, 2024 ` crore

Particulars Not Due Outstanding for following periods from due date of payment* Total
< 6 Months 6 months- 1year 1-2 years 2-3 years >3 years
(i) Undisputed Trade receivables considered good 5,337 702 178 18 8 20 6,263
(ii) Undisputed Trade Receivables - which have significant - - - - - - -
increase in credit risk
(iii) Undisputed Trade Receivables - credit impaired - - - - - - -
(iv) Disputed Trade Receivables - considered good - - - - - - -
(v) Disputed Trade Receivables - which have significant - - - - - - -
(vi) Disputed Trade Receivables - credit impaired - - - - - - -
Total 5,337 702 178 18 8 20 6,263
* Net of Provision
Ageing Schedule as at 31st March, 2023 ` crore
Particulars Not Due Outstanding for following periods from due date of payment* Total
< 6 Months 6 months- 1year 1-2 years 2-3 years >3 years
(i) Undisputed Trade receivables considered good 5,027 338 43 20 9 83 5,520
(ii) Undisputed Trade Receivables - which have significant - - - - - - -
(iii) Undisputed Trade Receivables - credit impaired - - - - - - -
(iv) Disputed Trade Receivables - considered good - - - - - - -
(v) Disputed Trade Receivables - which have significant - - - - - - -
(vi) Disputed Trade Receivables- credit impaired - - - - - - -
Total 5,027 338 43 20 9 83 5,520
* Net of Provision
` crore
7 Cash and Cash Equivalents As at As at
Cash on Hand 145 110
Balances with banks(i), (ii), (iii) & (iv) 9,245 291
Cash and Cash Equivalent as per Balance Sheet / Cash Flow Statement 9,390 401
(i)
Includes deposits ` 2 crore (previous year ` 1 crore) with maturity period of more than 12 months.
(ii)
Includes deposits ` 4 crore (previous year ` 3 crore) given as collateral securities.
(iii)
Includes deposits ` Nil (previous year ` 100 crore) liened against Bank Overdraft facilities.
(iv)
Includes deposits ` 38 crore (previous year ` 25 crore) held as Deposit Reserve Fund.
7.1 Cash and Cash Equivalents includes deposits maintained by the Company with banks, which can be withdrawn by the Company
at any point of time without prior notice or penalty on the principal.
` crore
8 Other Financial Assets - Current As at As at
Interest Accrued on Investment 5 5
Deposits ( Refer Note 33 ) 2,522 3,075
Others (i) 279 116
Total 2,806 3,196
(i)
Other includes Fair valuation of Derivatives & Interest receivable.
` crore
9 Other Current Assets As at As at
Balance with Customs, Central Excise, GST and State Authorities. 6,092 6,957
Others (i) 8,190 3,131
Total 14,282 10,088
(i)
Includes advances to vendors, employees and prepaid expenses
` crore
10 Share Capital As at As at
Authorised:
1350,00,00,000 Equity shares of ` 10 each 13,500 13,500
(1350,00,00,000)
150,00,00,000 Preference shares of ` 10 each 1,500 1,500
(150,00,00,000)
Total 15,000 15,000
Issued, Subscribed and Paid-Up:
898,69,74,090 Equity shares of ` 10 each fully paid up 8,987 4,990
(499,04,22,513)
Total 8,987 4,990
10.1 898,69,74,090 Equity Shares are held by Reliance Retail Ventures Limited, the holding company.Includes
(498,70,26,060) 399,99,48,030 allotted on conversion of 8.5% Non Cumulative Optionally Convertible Preference
Shares (OCPS).
10.2 The details of Shareholders holding more than 5% shares :

As at 31st March, 2024 As at 31st March, 2023
Name of the Shareholders No. of Shares % held No. of Shares % held
Reliance Retail Ventures Limited 898,69,74,090 100.00% 498,70,26,060 99.93%
10.3 The details of Shareholding of Promoter :

As at 31st March, 2024
Sr. Class of Equity Share Promoter’s No. of Change No. of Shares % of total % of
no Name Shares at the during the at the end of shares change
beginning of year the year during the
the year year
1 Fully paid-up equity shares of Reliance Retail 498,70,26,060 399,99,48,030 898,69,74,090 100% 0.07%
` 10 each Ventures Limited
Total 498,70,26,060 399,99,48,030 898,69,74,090

Sr. Class of Equity Share Promoter’s No. of Change No. of Shares % of total % of
no Name Shares at the during the at the end of shares change
beginning of year the year during
the year the year
1 Fully paid-up equity shares of Reliance Retail 498,70,26,060 - 498,70,26,060 99.93% -
` 10 each VenturesLimited
Total 498,70,26,060 - 498,70,26,060
10.4 The Reconciliation of the number of shares outstanding is set out below : As at As at
Particulars 31st March, 2024 31st March, 2023
No. of shares No. of shares
Equity Shares outstanding at the beginning of the year 499,04,22,513 499,04,22,513
Add: Equity Shares issued during the year (Refer Note 10.5 & Note 11.2) 400,44,17,000 -
Less: Equity Shares cancelled pursuant to Reduction of Share Capital (78,65,423) -
(Refer Note 10.6)
Equity Shares outstanding at the end of the year 898,69,74,090 499,04,22,513
10.5 During the year, the Company allotted 44,17,000 Equity shares to the holders of Restricted Stock Units(RSUs) on vesting and
exercise of 44,17,000 Restricted Stock Units (RSUs) in terms of Reliance Retail Employees Restricted Stock Unit Plan 2007
(RR RSU 2007). RR RSU 2007 was terminated during the year as there were no outstanding RSUs.As on March 31, 2024,
RSUs in force : Nil (Previous Year : Forty four lakh seventeen thousand).
10.6 During the year, 78,65,423 equity shares of ` 10/- each of the Company, held by shareholders other than the Holding Company
i.e. Reliance Retail Ventures Limited were cancelled and extinguished pursuant to order of Hon’ble National Company Law
Tribunal, Mumbai Bench dated January 05, 2024.
10.7 The company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to
one vote per share.
` crore
11 Other Equity As at As at
Instruments Classified as Equity
8.5% Non-Cumulative Optionally Convertible Preference Shares of ` 10 each, fully paid up
As per last Balance Sheet 800 800
Less : Conversion to Equity Shares (Refer Note 11.2) (800) -
- 800
Compulsorily Convertible Debentures of ` 10,00,000 each, fully paid up
Less : Conversion to 9% - Non-cumulative Redeemable Preference shares and
redeemed (Refer Note 11.1) (330) -
- 1,130
Capital Reserve
Securities Premium
As per last Balance Sheet 3,200 3,200
Add : On Proceeds from Issue of Equity Share 347 -
Add : On Restricted Stock Unit (RSUs) 39 -
Less: Conversion to Equity Shares (Refer Note 11.2) (3,200) -
386 3,200
Retained Earnings
As per last Balance Sheet 27,935 20,890
Add: Profit for the year 8,875 7,045
Less: Payment on account of Capital Reduction Scheme (Refer Note 10.6) (1,078) -
35,732 27,935
Other Comprehensive Income
As per last Balance Sheet (88) (11)
Add: Movement in OCI (Net) during the year 4 (77)
(84) (88)
Total 36,089 32,232
11.1 3,300 Compulsorily Convertible Debentures (CCD) of face value of ` 10,00,000 each was converted in to 33 crores 9%
Non-Cumulative redeemable preference shares (RPS) of ` 10 each during current year and RPS were redeemed at par during
the year.
11.2 During the year, 80 crore 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS) of ` 10/- each issued at a
premium of ` 40 per OCPS were converted into 400 crore Equity shares of ` 10 each.
11.3 The reconciliation of the number of 8.5% Non Cumulative Optionally Convertible Preference Shares outstanding is set
out below :
As at As at
No. of Shares No. of Shares
Preference shares at the beginning of the year 80,00,00,000 80,00,00,000
Add: Preference shares issued during the year - -
Less : Preference shares converted to equity shares during the year (80,00,00,000) -
Preference shares at the end of year - 80,00,00,000
11.4 The reconciliation of the number of 9% Non Cumulative Redeemable Preference Shares outstanding is set out below :
As at As at
No. of Shares No. of Shares
Preference shares at the beginning of the year - -
Add: Preference shares issued during the year 33,00,00,000 -
Less : Preference shares redeemed during the year (33,00,00,000) -
Preference shares at the end of year - -
` crore
12 Borrowings - Non Current As at As at
Unsecured - At amortised Cost
Loan from Related Party (Refer Note 33(iii))(i) 40,164 25,325
Loan from banks 13,382 19,244
Total 53,546 44,569
(i)
Represents Inter Corporate Deposit (ICD) form Holding Copany.
12.1 Refer note 30 for maturity profile.
12.2 Interest rates on Borrowings are in the range of 7.25% to 8.55% (Previous Year 7.15% to 8.20%)
` crore
13 Provisions - Non Current As at As at
Provision for Employee Benefits (Refer Note 23.1)(i) 104 87
Total 104 87
The provision for employee benefit includes annual leave and vested long service leave entitlement accrued and compensation
(i)
claims made by employees.

` crore
14 Deferred Tax Liabilities (Net) As at As at
The movement on the deferred tax account is as follows:
At the start of the year 2,381 1,449
Charge to Statement of Profit and Loss and Other Comprehensive Income 1,473 932
At the end of year 3,854 2,381
` crore
Component of Deferred tax Assets / As at (Charge)/Credit (Charge)/ As at
(Liabilities) 31st March, 2023 to Statement of Credit to Other 31st March, 2024
Profit and Loss comprehensive
Income
Deferred tax Asset / (Liability) in relation to:
Property, Plant and Equipment and Intangible (2,408) (1,559) - (3,967)
Assets
Disallowance under the Income Tax Act, 1961 27 21 (1) 47
Carried Forward Loss - 66 - 66
Total (2,381) (1,472) (1) (3,854)
` crore
15 Borrowings - Current As at As at
Secured - At amortised Cost
Working Capital Loans
From Banks(i) 1,995 1,600
Unsecured - At amortised Cost
Loans and advances from related parties (Refer Note 33(iii))(ii) 15,207 12,609
From Banks 5,267 11,460
Current Maturities of Long Term Debt 5,045 700
Total 27,514 26,369
(i) Working Capital Loan from Bank referred above to the extent of:
- ` 1,995 crore (Previous year - ` 1,600 crore) are secured by way of first charge on all the current assets of the Company.
(ii) Represents Inter Corporate Deposits (ICD) from Holding company.
15.1 Interest rates on Borrowings are in range of 7.00% to 9.45% (Previous Year 4.60% to 8.85%)
15.2 Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of account.
15.3 Refer note 30 for maturity profile.
` crore
16 Trade payable As at As at
Trade Payables Due to:
Micro and Small Enterprise 667 971
Other than Micro and Small Enterprise 23,079 14,518
Total 23,746 15,489
16.1 There are no overdue amounts outstanding to Micro and Small Enterprises as at March 31st, 2024.
Ageing Schedule as on 31st March, 2024 ` crore

Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 1-2 years 2-3 years > 3 years
1 year
(i) MSME 667 - - - - 667
(ii) Others 21,383 1,593 53 8 42 23,079
(iii) Disputed Dues - MSME - - - - - -
(iv) Disputed Dues - Others - - - - - -
Total 22,050 1,593 53 8 42 23,746
Ageing Schedule as on 31st March, 2023 ` crore

Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 1-2 years 2-3 years > 3 years
1 year
(i) MSME 971 - - - - 971
(ii) Others 13,240 1,169 41 14 54 14,518
(iii) Disputed Dues - MSME - - - - - -
(iv) Disputed Dues - Others - - - - - -
Total 14,211 1,169 41 14 54 15,489
` crore
17 Other Financial Liabilities - Current As at As at
Interest Accrued but not due on Borrowings 46 79
Creditors for Capital Expenditure 11 10
Others (i)
636 883
Total 693 972
(i)
Includes Security Deposits Received and Financial Liability at Fair Value.
` crore
18 Other Current Liabilities As at As at
Income Received in Advance 352 410
Other Payables (i)&(ii)
1,427 953
Total 1,779 1,363
(i) Includes statutory dues and advances from customers.
(ii) Includes ` 371 crore (Previous year ` 300 crore) received towards sale of Jewellery products under various sale initiatives/
retail customer programmes.
` crore
19 Provisions - Current As at As at
Provision for Employee Benefits (Refer Note 23.1)(i) 9 8
Total 9 8
(i) The provision for employee benefit includes gratuity, annual leave and vested long service leave entitlement accrued and
compensation claims made by employees.
` crore
20 Revenue from Operations 2023-24 2022-23
Value of Sales 2,47,060 2,13,278
Income from Services 11,328 10,375
Total * 2,58,388 2,23,653
* Net of GST
` crore
21 Other Income 2023-24 2022-23
Interest
Bank Deposits 6 7
Others 51 14
57 21
Net Gain on Sale of Investments 20 67
Other Non-Operating Income 9 22
Total 86 110
Above Other Income comprises of assets measured at amortised cost ` 40 crore (previous year ` 10 crore), at cost ` 20 crore
(previous year ` 67 crore), Fair value through Other Comprehensive Income ` 17 Crore (previous year ` 11 crore) and Other
Non-Operating Income ` 9 crore (previous year ` 22 crore).
` crore
21.1 Other Comprehensive Income - Items that will not be reclassified to Profit and loss 2023-24 2022-23
Remeasurement gain / (loss) of Defined Benefit Plan 3 11
Equity instruments through OCI - (82)
Total 3 (71)
` crore
21.2 Other Comprehensive Income - Items that will be reclassified to Profit and loss 2023-24 2022-23
Government Securities 2 (4)
Total 2 (4)
` crore
22 Changes in Inventories of Finished Goods and Stock-in-Trade 2023-24 2022-23
Inventories (at close)
Finished Goods (Current Year ` 1,17,717, Previous Year ` 1,21,210) - -
Stock-in-Trade 20,685 24,358
20,685 24,358
Inventories (at commencement)
Finished Goods (Current Year ` 1,21,210) - -
Stock-in-Trade 24,358 19,779
24,358 19,779
Total 3,673 (4,579)
` crore
23 Employee Benefits Expense 2023-24 2022-23
Salaries and Wages 1,353 1,667
Contribution to Provident and Other Funds 131 150
Staff Welfare Expenses 309 264
Total 1,793 2,081
23.1 As per Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined are given below :
Defined Contribution Plan
Contribution to defined contribution plan, recognised as expenses for the year is as under:
` crore
Particulars 2023-24 2022-23
Employer’s Contribution to Provident Fund 31 45
Employer’s Contribution to Superannuation Fund 1 1
Employer’s Contribution to Pension Scheme 52 51
The Company’s Provident Fund is exempted under section 17 of Employee’s Provident Fund and Miscellaneous Provisions Act,
1952.
Defined Benefit Plans
The Company operates post retirement benefit plans as follows:
I. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation ` crore
Gratuity (funded)
Defined Benefit Obligation at beginning of the year 169 129
Current Service Cost 47 50
Interest Cost 13 9
Actuarial (Gain)/ Loss 1 (12)
Benefits Paid (14) (9)
Transfer In/(Out) (3) 2
Defined Benefit Obligation at year end 213 169
II. Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets ` crore
Gratuity (funded)
Fair Value of Plan Assets at beginning of the year 169 129
Return on Plan Assets 17 7
Employer Contribution 30 33
Benefits Paid - -
Transfer In/(Out) (3) -
Fair Value of Plan Assets at year end 213 169
III. Reconciliation of Fair Value of Assets and Obligations ` crore

Gratuity (funded)
Fair Value of Plan Assets 213 169
Present Value of Obligation 213 169
Amount recognised in Balance Sheet (Surplus / Deficit) - -
IV. Expenses recognised during the year ` crore

Gratuity (funded)
In Income Statement
Current Service Cost 47 50

Interest Cost 13 9
Return on Plan Assets (13) (9)
Net Cost 47 50
In Other Comprehensive Income (OCI)
Actuarial (Gain)/ Loss 1 (12)

Return on Plan Assets (3) 2
Net (Income)/ Expense for the year Recognised in OCI (2) (10)
V. Investment Details As at As at
Particulars ` crore % Invested ` crore % Invested
Insurance Policies 213 99.96% 169 99.95%
Others (` 7,81,887 and Previous Year ` 9,29,258) - 0.04% - 0.05%
213 100.00% 169 100.00%
VI. Actuarial Assumptions

Gratuity (funded)
Mortality Table (IALM) 2012-14 2012-14
(Ultimate) (Ultimate)
Discount Rate (per annum) 7.23% 7.60%
Expected rate of return on plan assets (per annum) 7.23% 7.60%
Rate of Escalation in Salary (per annum) 6.00% 6.00%
Rate of employee turnover (per annum) 7.00% 3.00%
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion
and other relevant factors including supply and demand in the employment market. The above information is certified by the
actuary.
The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of Plan
assets held, assessed risks, historical results of return on plan assets and the Company’s policy for plan assets management.
VII. The expected contributions for Defined Benefit Plan for the next financial year will be in line with Financial year 2023-24.
VIII. Sensitivity Analysis

Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount trade, expected
salary increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible
changes of the assumptions occurring at end of the reporting period , while holding all other assumptions constant. The
result of Sensitivity analysis is given below:
Particulars As at As at
Decrease Increase Decrease Increase
Change in rate of discounting ( delta effect of +/- 0.5%) 8 9 9 10
Change in rate of salary increase ( delta effect of +/- 0.5%) 9 9 9 10
Change in rate of employee turnover ( delta effect of +/- 0.5%) - - 1 1
(Decrease ` 42,399 and Increase ` 2,29,210)
These plans typically expose the Company to actuarial risks such as: investment risk, interest risk, longevity risk and salary risk.
Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest risk:A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase
in the return on the plan’s debt investments.
Longevity risk:The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality
of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will
increase the plan’s liability.
Salary risk:The present value of the defined plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan’s liability.
` crore
24 Finance Costs 2023-24 2022-23
Interest Expenses* 4,462 3,923
Total 4,462 3,923
* Net of Interest Capitalised of ` 2,366 crore (Previous Year ` 479 crore).
` crore
25 Other Expenses 2023-24 2022-23
Selling and Distribution Expenses
Sales Promotion and Advertisement Expenses 703 697

Store Running Expenses 1,408 1,709
Royalty 45 39
Brokerage and Commission 2,502 2,353
Warehousing and Distribution Expenses 2,975 2,267
7,633 7,065
Establishment Expenses
Stores and Packing Materials 291 340

Machinery Repairs ( ` 2,88,023 Previous Year ` 5,49,692) - -
Building Repairs and Maintenance 292 305
Other Repairs 13 27
Rent including Lease Rentals 1,331 1,177
Operating Lease Rentals 1,522 1,495
Insurance 324 308
Rates and Taxes 37 40
Travelling and Conveyance Expenses 82 129
Professional Fees 397 460
Loss on Sale/ Discarding of Assets 5 15
Exchange Differences (Net) 21 (66)
Electricity Expenses 399 343
Hire Charges 214 239
Charity and Donation 148 135
General Expenses 328 383
5,404 5,330
Payments to Auditor
Statutory Audit Fees 1 1

Certification Fees ( ` 3,00,000 and Previous Year ` 10,00,000) - -
1 1
Total 13,038 12,396
25.1 Corporate Social Responsibility (CSR)

(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company
within the group during the year : ` 148 crore (previous year ` 135 crore).Expenditure related to Corporate Social Responsibility
is ` 148 Crore (previous year ` 135 Crore).
(b) The details of amount spent towards CSR given below : ` crore
Healthcare 50 39
Education and Skill Development 61 76
Rural Transformation 11 5
Sports For Development 15 5
Others 11 10
Total * 148 135
* Represents amount spent through Reliance Foundation ` 85 Crore (Previous Year ` 135 Crore), Reliance Foundation Youth
Sports ` 8 Crore, Sir H. N. Hospital Trust ` 35 Crore, Sir H. N. Hospital and Research Centre ` 15 Crore and Dhirubhai Ambani
Foundation ` 5 Crore.
` crore
26 Taxation As at As at
Income Tax recognised in Statement of Profit and Loss
Current Tax 1,493 1,410
Deferred Tax 1,472 933
Total Income Tax Expense 2,965 2,343
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
` crore
Particulars As at As at
Profit before Tax 11,840 9,388
Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 2,980 2,363
Tax Effect of :
Expenses disallowed 1,816 1,647
Additional Allowances (3,303) (2,600)
Current Tax Provision (A) 1,493 1,410
Incremental Deferred Tax Liability on account of PPE & Intangible Assets 1,560 945
Incremental Deferred Tax Liability on account of Financial Assets & Other items (88) (12)
Deferred Tax Provision (B) 1,472 933
Tax Expenses recognised in Statement of Profit and Loss (A+B) 2,965 2,343
Effective Tax Rate 25.05% 24.96%
27 Earnings per share (EPS)

2023-24 2022-23
Face Value per Equity Share (`) 10.00 10.00
Basic Earnings per Share (`) 10.86 13.24
Net profit/ (loss) after tax as per Statement of Profit and Loss attributable to 8,875 7,045
Equity Shareholders (` in crore)
Weighted Average number of Equity Shares used as denominator for calculating 8,17,23,72,921 5,32,04,22,513
Basic EPS
Diluted Earnings per Share (`) 10.86 7.55
Net Profit after Tax as per Statement of Profit and Loss attributable to 8,875 7,045
EquityShareholders (` in crore)
Diluted EPS
Reconciliation of weighted average number of shares outstanding
Basic EPS
Total Weighted Average Potential Equity Shares - 4,00,44,17,000
Diluted EPS
28 Commitments and Contingent Liabilities ` crore

As at As at
(I) Contingent Liabilities
(A) Guarantees and Letter of Credit
(i) On behalf of Subsidiaries/ Associates/ Joint Ventures 281 94
(B) Claim against the Company/ Disputed Liabilities not acknowledged as Debts*
(i) In respect of Others 38 30
(II) Commitments
Estimated amount of contracts remaining to be executed on capital accounts and
not provided for
(i) In respect of Others 62 22
* The above disputed liabilities are not expected to have any material effect on the financial position of the Company
29 Capital Management
The Entity adheres to a disciplined Capital Management framework, the pillars of which are as follows:
a) Maintain diversity of sources of financing and spreading the maturity across tenure buckets in order to minimise liquidity
risk.
b) Manage financial market risks arising from foreign exchange, interest rates and commodity prices, and minimise the impact
of market volatility on earnings.
c) Leverage optimally in order to maximise shareholder returns while maintaining strength and flexibility of Balance Sheet.
This framework is adjusted based on underlying macroeconomic factors affecting business environment, financial market
conditions and interest rates environment.
The Net gearing ratio at the end of the reporting period was as follows: ` crore
As at As at
Gross Debt 81,060 70,938
Cash and Marketable Securities* 9,656 663
Net Debt (A) 71,404 70,275
Total Equity (As per Balance Sheet) (B) 45,076 37,223
Net Gearing Ratio (A/B) 1.58 1.89
*Cash and Marketable Securities include Cash and Cash Equivalents of ` 9,390 crore (Previous Year ` 401 crore), Marketable
Securities of ` 266 crore (Previous Year ` 262 crore) .
30 Financial Instruments
Valuation Methodology
All financial instruments are initially recognized and subsequently re-measured at fair value as described below:
a) The fair value of investment in quoted and unquoted Government securities and Mutual Funds is measured at quoted price or
NAV.
b) The fair value of Forward Foreign Exchange contracts is determined using forward exchange rates at the balance sheet date.
c) Commodity derivative contracts are valued using readily available information in markets and quotations from exchange &
brokers.
d) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.
e) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
Fair value measurement hierarchy: ` crore
Particulars As at 31st March, 2024 As at 31st March, 2023
Carrying Level of input used in Carrying Level of input used in
Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3
Financial Assets
At Amortised Cost
Investments (CY ` 28,87,600, - - - - - - - -
PY ` 28,87,600)
Trade Receivables 6,263 - - - 5,520 - - -
Cash and cash Equivalents 9,390 - - - 401 - - -
Other Financial Assets 2,806 - - - 3,184 - - -
At FVTPL
Investments (CY ` 55,000, - - - - - - - -
PY ` 55,000)
Financial Derivatives - - - - 2 - 2 -
(CY ` 23,71,847)
Commodity Derivatives - - - - 10 10 - -
Fair value measurement hierarchy: ` crore

Carrying Level of input used in Carrying Level of input used in
Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3
At FVTOCI
Investments 267 267 - - 263 262 - 1
At Amortised Cost
Borrowings 81,060 - - - 70,938 - - -
Trade Payables 23,746 - - - 15,489 - - -
Other Financial Liabilities 619 - - - 928 - - -
At FVTPL
Financial Derivatives 1 1 - 3 - 3 -
Commodity Derivatives 73 25 48 - 41 - 41 -
Reconciliation of fair value measurement of the investment categorised at level 3: ` crore

At FVTPL At FVTOCI At FVTPL At FVTOCI
Opening Balance - 1 - 83
Addition during the year - - - -
Impairment during the year - - - (82)
Sale/Reduction during the year - (1) - -
Closing Balance - - - -
The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as
described below:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly;
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Foreign Currency Risk

Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in
foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in currencies
other than Indian Rupee.
The following table shows foreign currency exposures in USD, GBP, EUR, AED on financial instruments at the end of the
reporting period.
(i) Foreign Currency Exposure

As at 31st March, 2024 As at 31st March 2023
USD GBP EUR USD EUR AED
Trade Payables 85 5 2 126 3 1
Trade Receivables (7) - - (1) - -
Derivatives
Forwards & Futures (949) - - (1,040) - -
Net Exposure (871) 5 2 (915) 3 1
Sensitivity analysis of 1% change in exchange rate at the end of reporting period.
(ii) Foreign Currency Sensitivity ` crore

USD GBP EUR USD GBP EUR AED RMB
1% Depreciation in INR
Impact on P&L 9 - - 9 - - - -
Total 9 - - 9 - - - -
` crore
USD GBP EUR USD GBP EUR AED RMB
1% Appreciation in INR
Impact on P&L (9) - - (9) - - - -
Total (9) - - (9) - - - -
Interest Rate Risk

The Company is also exposed to interest rate risk, changes in interest rates will affect future cash flows or the fair values of its
financial instruments, principally debt.
The exposure of the Company’s borrowings and derivatives to interest rate changes at the end of the reporting period are as
follows:
` crore
As at As at
Borrowings
Non-Current (Includes Current Maturities)# 58,591 45,275
Current 22,469 25,669
Total 81,060 70,944
#
Include ` 5 crore (Previous year ` 6 crore) as Prepaid Finance Charges.
` crore
Sensitivity analysis of 1% change in Interest rate Interest rate Sensitivity
As at 31st March, 2024 As at 31st March, 2023
Particulars
Up Move Down Move Up Move Down Move
Impact on equity (83) 83 (115) 115
Impact on P&L (96) 96 (133) 133
(179) 179 (248) 248
Credit risk
Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing
financial loss to the Company. Credit risk arises from Company’s activities in investments, dealing in derivatives and receivables
from customers. The Company ensure that sales of products are made to customers with appropriate creditworthiness. Investment
and other market exposures are managed against counterparty exposure limits. Credit information is regularly shared between
businesses and finance function, with a framework in place to quickly identify and respond to cases of credit deterioration.
The Company has a prudent and conservative process for managing its credit risk arising in the course of its business activities.
Credit risk across the Company is actively managed through Letters of Credit, Bank Guarantees, Parent Company Guarantees,
advance payments and factoring & forfaiting without recourse to the Company. The Company restricts its fixed income investments
in liquid securities carrying high credit rating.
Liquidity Risk
Liquidity risk arises from the Company’s inability to meet its cash flow commitments on the due date. The Company maintains
sufficient stock of cash, marketable securities and committed credit facilities. The Company accesses global and local financial
markets to meet its liquidity requirements. It uses a range of products to ensure efficient funding from across well-diversified
markets. Treasury monitors rolling forecasts of the Company’s cash flow position and ensures that the Company is able to meet
its financial obligation at all times including contingencies.
The Company’s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements. Treasury
pools the cash surpluses and arranges to either fund the net deficit or invest the net surplus in a range of short-dated, secure and
liquid instruments including short-term bank deposits and similar instruments. The portfolio of these investments is diversified
to avoid concentration risk in any one instrument or counterparty.
` crore
Maturity Profile of Loans and Derivative Financial Liabilities as on 31st March, 2024
Liquidity Risks* Below 3-6 6-12 1-3 3-5 Above Grand
3 months Months Months Years Years 5 Years Total
Non Derivative Liabilities
Non-Current# 265 1,595 3,185 11,162 42,384 - 58,591
Current 7,262 - 15,207 - - - 22,469
Total 7,527 1,595 18,392 11,162 42,384 - 81,060
Derivatives Liabilities
Forwards / Futures - 1 - - - - 1
Total - 1 - - - - 1
#
Include ` 5 crore (Previous year ` 6 crore) as Prepaid Finance Charges.
` crore
Maturity Profile of Loans and Derivative Financial Liabilities as on 31st March, 2023
Liquidity Risks* Below 3-6 6-12 1-3 3-5 Above Grand
3 months Months Months Years Years 5 Years Total
Non Derivatives Liabilities
Non Current 73 52 575 13,627 30,948 - 45,275
Current 13,060 - 12,609 - - - 25,669
Total 13,133 52 13,184 13,627 30,948 - 70,944
Derivatives Liabilities
Forwards / Futures - - 3 - - - 3
Total - - 3 - - - 3
* Does not include Trade Payable amounting to ` 23,746 crore, (Previous Year ` 15,489 crore).
Hedge Accounting
Commodity risk: The Company is subject to commodity price risks due to fluctuation in prices of underlying Gold and Silver
Inventories. The Company uses a combination of Futures and Forward contracts to hedge the physical exposure of commodity
positions. The Company has adopted a structured risk management policy to hedge commodity risks within an acceptable risk
limit and an approved hedge accounting framework which allows Fair Value hedges. The gain /loss on hedging instruments are
aligned and effectively offset with hedge item. Since the hedge instrument and hedge items normally offset and hence it is fully
effective. The table below shows the position of hedging instruments and hedged items as on the balance sheet date.
Disclosure of effects of hedge accounting
Fair Value Hedge

Hedging Instrument ` crore
Type of Hedge and Risks Nominal Quantity Carrying amount Changes in Hedge Ma- Line Item in
Value (in Kgs) Assets Liabilities FV turity Date Balance Sheet

Commodity price risk
Derivative Contracts 2,863 6,017 - 73 (73) Apr 24 - Other Financial
Sept 24 Asset/Liabilities
Derivative Contracts 2,911 6,914 10 41 (31) Apr 23 - Other Financial
Sept 23 Asset/Liabilities
Hedged Items: ` crore

Type of Hedge and Risks Carrying Value Change in fair value Line Item in Balance Sheet
Assets Liabilities
Inventories 3,177 - 73 Inventories
Inventories 3,216 - 31 Inventories
31 Segment Information
The Company is mainly engaged in ‘Organised Retail’ primarily catering to Indian consumers in various consumptions baskets.
All the activities of the Company revolve around this main business. Accordingly, the Company has only one identifiable segment
reportable under Ind AS 108 “Operating Segment”.The chief operational decision maker monitors the operating results of the
entity’s business for the purpose of making decisions about resource allocation and performance assessment.
32 Ratios 2023-24 2022-23

1 Current Ratio 1.00 1.01
2 Debt-Equity Ratio 1.80 1.91
3 Debt Service Coverage ratio# 1.31 3.35
4 Return on Equity Ratio 21.52% 20.85%
5 Inventory Turnover Ratio 9.92 8.74
6 Trade Receivables Turnover Ratio@ 49.23 35.18
7 Trade Payable Turnover Ratio 11.86 14.76
8 Net Capital Turnover Ratio* 18.77 9.47
9 Net Profit Ratio 3.06% 2.80%
10 Return on Capital Employed 15.92% 17.87%
11 Return on Investment ^ 1.76% 25.51%
32.1 Formulae for computation of ratios are as follows:

Sr. Particulars Formula
No.
1 Current Ratio Current Assets
Current Liabilities
2 Debt-Equity Ratio Total Debt
Total Equity
3 Debt Service Coverage Ratio Earnings before Interest, Tax and Exceptional Items
Interest Expense + Principal Repayments made during the period for long term
loans
4 Return on Equity Ratio Profit After Tax (Attributable to Owners)
Average Net Worth
5 Inventory Turnover Ratio Cost of Goods Sold
Average Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade
6 Trade Receivables Turnover Ratio Value of Sales & Services
Average Trade Receivables
7 Trade Payables Turnover Ratio Cost of Materials Consumed (after adjustment of RM Inventory) +
Purchases of Stock-in-Trade + Other Expenses
Average Trade Payables
8 Net Capital Turnover Ratio Value of Sales & Services
Working Capital (Current Assets - Current Liabilities)**
9 Net Profit Ratio % Profit After Tax
Value of Sales & Services
10 Return on Capital Employed Net Profit After Tax + Deferred Tax Expense/(Income)
(Excluding Working Capital financing) +Finance Cost (-) Other Income
Average Capital Employed
11 Return on Investment Other Income (Excluding Dividend)
Average Cash, Cash Equivalents & Other Marketable Securities
** Current Liabilities are excluding Loan from Holding Company.
#
Debt Service Coverage Ratio decreased due to repayment of term loan.
@
Trade Receivables Turnover Ratio increased due to decrease in average Trade receivables.
* Net Capital Turnover Ratio increased due to decrease in net working capital.
^
Return on Investment decreased due to lower other income and increase in average cash and cash equivalents.
33 Related Parties Disclosures

As per Ind AS 24, the disclosures of transactions with the related parties are given below :
(i) List of major related parties with whom transactions have taken place and relationships:
Sr Name of the Related Party Relationship

No
1 Reliance Industries Limited } Ultimate Parent
2 Reliance Retail Ventures Limited } Parent
(ii) Transactions during the year with related parties (excluding reimbursements): ` crore
Sr Nature of transactions Ultimate Parent Subsid- Fellow sub- Joint Entity Key Total
No Parent iaries sidiaries Ven- under Mana-
tures/As- Common gerial
sociate Control/ Person-
Others nel
1 Conversion of 8.5% Non Cumulative - 4,000 - - - - - 4,000
Optionally Convertible Preference Shares - - - - - - - -
(OCPS) to Equity shares
2 Conversion of Compulsorily Convertible - (330) - - - - - (330)
Debentures (CCD) to 9% - Non-cumulative - - - - - - - -
Redeemable Preference shares
3 Redemption of 9% - Non-cumulative - (330) - - - - - (330)
Redeemable Preference shares - - - - - - - -
4 Net unsecured loans taken/ (repaid) - 17,437 - - - - - 17,437
- (2,821) - - - - - (2,821)
5 Net deposits Given/ (repaid) - - - 140 26 - - 166
- - - 1,038 - - - 1,038
6 Purchase/ (Sale) of investments - - - - - - - -
(299) (174) (104) - - - - (577)
7 Purchase of Property Plant & Equipment / 264 - - 7,116 64 - - 7,444
Project Materials and Intangible Assets - - - 15,381 - - - 15,381
8 Sale of Property Plant & Equipment / Project - 28 - 97 7,966 - - 8,091
Materials - - - - - - - -
9 Revenue from Operations 285 4 - 5,525 37 3 - 5,854
179 7 1 8,274 31 - - 8,492
10 Purchases 124 102 - 90,589 1,168 - - 91,983
45 80 1 83,768 1,058 - - 84,952
11 Expenditure
a. Finance cost - 4,005 - - - - - 4,005
- 3,557 - - - - - 3,557
b. Store running expenses - - - 1,023 - 18 - 1,041
- - - 2,002 - - - 2,002
Others nel
c. Building repairs and maintenance - - - 211 - - - 211
- - - 164 - - - 164
d. Electricity expenses - - - 381 - - - 381
- - - 301 - - - 301
e. Rent including Lease Rent 35 - - 1,348 - - - 1,383
2 - - 1,003 - - - 1,005
f. Hire Charges - - - - - - - -
- - - 4 - - - 4
g. Professional Fees 1 - - 704 - - - 705
2 - - 1,181 5 - - 1,188
h. Brokerage & Commission - - - 1 28 26 - 55
- - - 16 20 - - 36
i. Sales promotion and advertisement expenses - - - 57 1 - - 58
- - - 90 - - - 90
j. Travelling and Conveyance Expenses - - - - - - - -
- - - 2 - - - 2
k. Warehousing and Distribution Expenses - 4,927 - - 11 - - 4,938
- 5,093 - 34 - - - 5,127
l. Stores And Packing Materials Consumed 1 - - 6 1 - - 8
- - - 13 - - - 13
m. General expenses 1 - - 277 - 5 - 283
- - - 242 - - - 242
n Business Support Services - - - 1 - - - 1
- - - 3 - - - 3
o. Employee Benefit Expenses - - - - - 318 - 318
- - - - - 302 - 302
p. Payment to key Managerial personnel - - - - - - 15 15
- - - - - - 8 8
Balance as at 31st March, 2024
12 Equity Share Capital - 8,987 - - - - - 8,987
- 4,987 - - - - - 4,987
13 Preference Share Capital# - - - - - - - -
- 4,000 - - - - - 4,000
14 Debentures - - - - - - - -
- 330 - - - - - 330
Others nel
15 Borrowings - 55,371 - - - - - 55,371
- 37,934 - - - - - 37,934
16 Deposits Given - - - 2,293 26 - - 2,319
- - - 2,153 - - - 2,153
17 Trade Receivables 105 - - 645 1 8 - 759
6 - - 48 1 - - 55
18 Other Financial Assets - - - 114 93 - - 207
- - - - - - - -
19 Other Current Assets - - - 6,227 2 - - 6,229
- - - 1,606 1 - - 1,607
20 Trade Payables 23 2 - 796 149 - - 970
18 11 - 1,723 232 - - 1,984
21 Other Current Liability - - - 4 5 - - 9
- - - 2 5 - - 7
22 Guarantees - - - 281 - - - 281
- - - 94 - - - 94
Figures in italics represents previous year’s amount.
# Including Securities Premium.
(iii) Disclosure in respect of major related party transactions during the year:
` crore
Sr Particulars Relationship 2023-24 2022-23
No
1 Conversion of 8.5% Non Cumulative Optionally
Convertible Preference Shares (OCPS) to Equity
shares
Reliance Retail Ventures Limited Parent 4,000 -
2 Conversion of Compulsorily Convertible Debentures
(CCD) to 9% - Non-cumulative Redeemable
Preference shares
Reliance Retail Ventures Limited Parent (330) -
3 Redemption of 9% - Non-cumulative Redeemable
Preference shares
Reliance Retail Ventures Limited Parent (330) -
4 Net unsecured loans taken/ (repaid)
Reliance Retail Ventures Limited Parent 17,437 (2,821)
` crore
No
5 Net deposits Given/ (repaid)
Reliance Projects & Property Management Services Fellow Subsidiary 140 1,038
Limited
Dunzo Digital Private Limited Associate of the 26 -
Parent
6 Purchase/ (Sale) of Investments
Reliance Industries Limited Ultimate Parent - (299)
Reliance Retail Ventures Limited Parent - (174)
Reliance Petro Marketing Limited Subsidiary - (104)
7 Purchase of Property Plant & Equipment / Project
Materials and Intangible Assets
Reliance Industries Limited Ultimate Parent 264 -
Reliance Projects & Property Management Services Fellow Subsidiary 6,774 14,566
Limited
Shopsense Retail Technologies Limited Fellow Subsidiary 74 270
Urban Ladder Home Décor Solutions Limited Fellow Subsidiary 89 68
Netmeds Healthcare Limited (Formerly known as Fellow Subsidiary 61 166
Netmeds Marketplace Limited)
Aaidea Solutions Limited Fellow Subsidiary 69 92
Actoserba Active Wholesale Limited Fellow Subsidiary 25 147
Vitalic Health Limited Fellow Subsidiary 24 51
Grab A Grub Services Limited Fellow Subsidiary - 18
Addverb Technologies Limited Fellow Subsidiary - 3
Dunzo Digital Private Limited Associate of the 64 -
Parent
8 Sale of Property Plant & Equipment / Project
Materials
Reliance Retail Ventures Limited Parent 28 -
Reliance Projects & Property Management Services Fellow Subsidiary 97 -
Limited
Reliance Logistics and Warehouse Holdings Limited* Associate of the 7,966 -
Parent
` crore
No
9 Revenue from Operations
Reliance Industries Limited Ultimate Parent 285 179
Reliance Retail Ventures Limited Parent 4 7
Reliance Clothing India Limited Subsidiary - 1
Reliance Jio Infocomm Limited Fellow Subsidiary 4,413 6,132
Metro Cash & Carry India Private Limited* Fellow Subsidiary 367 -
Tresara Health Limited Fellow Subsidiary 158 1
Reliance Brands Limited Fellow Subsidiary 114 110
Catwalk Worldwide Limited (Formerly known as Fellow Subsidiary 73 15
Catwalk Worldwide Private Limited)
Bismi Connect Limited (Formerly known as Bismi Fellow Subsidiary 71 -
Connect Private Limited)*
Bismi Hypermart Limited (Formerly known as Bismi Fellow Subsidiary 61 -
Hypermart Private Limited)*
Genesis La Mode Private Limited Fellow Subsidiary 41 35
Reliance Corporate IT Park Limited Fellow Subsidiary 19 16
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 18 14
Reliance Ritu Kumar Private Limited Fellow Subsidiary 16 8
GML India Fashion Private Limited Fellow Subsidiary 12 6
Mesindus Ventures Limited Fellow Subsidiary 11 1
GLF Lifestyle Brands Private Limited Fellow Subsidiary 11 6
Reliance GAS Lifestyle India Private Limited Fellow Subsidiary 10 8
7-India Convenience Retail Limited Fellow Subsidiary 9 5
Reliance New Solar Energy Limited Fellow Subsidiary 8 -
Reliance Clothing India Limited Fellow Subsidiary 8 3
Jio Things Limited Fellow Subsidiary 7 -
Reliance Projects & Property Management Services Fellow Subsidiary 7 158
Limited
Dadha Pharma Distribution Limited Fellow Subsidiary 6 -
V-Retail Limited (Formerly known as V-Retail Private Fellow Subsidiary 5 3
Limited)
` crore
No
Reliance BP Mobility Limited Fellow Subsidiary 4 3
Indiawin Sports Private Limited Fellow Subsidiary 4 1
Reliance Digital Health Limited Fellow Subsidiary 2 1
Purple Panda Fashions Limited Fellow Subsidiary 2 2
RBML Solutions India Limited Fellow Subsidiary 2 1
Cover Story Clothing Limited Fellow Subsidiary 2 1
TV18 Broadcast Limited Fellow Subsidiary 2 1
Genesis Colors Limited Fellow Subsidiary 1 1
Netmeds Healthcare Limited (Formerly known as Fellow Subsidiary 1 -
Jio Platforms Limited Fellow Subsidiary 1 1
Amante India Limited Fellow Subsidiary 1 1
Reliance Retail and Fashion Lifestyle Limited Fellow Subsidiary 1 2
Reliance Syngas Limited Fellow Subsidiary 1 1
Model Economic Township Limited Fellow Subsidiary 1 -
Viacom 18 Media Private Limited Fellow Subsidiary 1 -
Saavn Media Limited Fellow Subsidiary - 1
Shri Kannan Departmental Store Private Limited Fellow Subsidiary - 69
Reliance International Limited Fellow Subsidiary - 1,543
Jaisuryas Retail Ventures Limited Fellow Subsidiary - 35
Reliance SMSL Limited @
Fellow Subsidiary - 1
Jio Insurance Broking Limited (formerly known as Fellow Subsidiary - 13
Reliance Retail Insurance Broking Limited)
Marks and Spencer Reliance India Private Limited Joint Venture of the Parent 8 7
Brooks Brothers India Private Limited Joint Venture of the Parent 6 6
Sosyo Hajoori Beverages Private Limited Joint Venture of the Parent 6 -
Diesel Fashion India Reliance Private Limited Joint Venture of the Parent 4 4
Iconix Lifestyle India Private Limited Joint Venture of the Parent 3 -
Reliance Bally India Private Limited Joint Venture of the Parent 2 -
Reliance-Vision Express Private Limited Joint Venture of the Parent 1 1
` crore
No
Ryohin-Keikaku Reliance India Private Limited Joint Venture of the Parent 1 2
Alok Industries Limited Joint Venture of the 1 1
Ultimate Parent
Clarks Footwear Private Limited (Formerly known as Associate of the 4 10
Clarks Reliance Footwear Private Limited) Parent
Reliance Paul & Shark Fashions Private Limited Associate of the 1 -
Parent
Jio Payment Solution Limited (Formerly Known as Entity under 1 -
Reliance Payment Solutions Limited) Common Control
Jio Payments Bank Limited Entity under 1 -
Common Control
Jio Insurance Broking Limited (formerly known as Entity under 1 -
Reliance Retail Insurance Broking Limited) Common Control
10 Purchases
Reliance Retail Ventures Limited Parent 102 80
Reliance Clothing India Limited Subsidiary - 1
Reliance Jio Infocomm Limited Fellow Subsidiary 88,972 81,865
Tresara Health Limited Fellow Subsidiary 364 401
Reliance International Limited Fellow Subsidiary 218 199
Jio Platforms Limited Fellow Subsidiary 151 177
Genesis La Mode Private Limited Fellow Subsidiary 92 78
Dadha Pharma Distribution Limited Fellow Subsidiary 91 140
Catwalk Worldwide Limited (Formerly known as Fellow Subsidiary 61 47
Catwalk Worldwide Private Limited)
Metro Cash & Carry India Private Limited* Fellow Subsidiary 46 -
Reliance Ritu Kumar Private Limited Fellow Subsidiary 32 41
Reliance Gas Lifestyle India Private Limited Fellow Subsidiary 21 26
` crore
No
Hypermart Private Limited)
Cover Story Clothing Limited Fellow Subsidiary 15 5
Amante India Limited Fellow Subsidiary 13 9
Reliance Clothing India Limited Fellow Subsidiary 11 5
V-Retail Limited (Formerly known as V-Retail Private Fellow Subsidiary 11 5
Limited)
Mayuri Kumkum Limited Fellow Subsidiary 6 -
Limited
Genesis Colors Limited Fellow Subsidiary 3 4
Lotus Chocolate Company Limitied* Fellow Subsidiary 3 -
Intimi India Limited Fellow Subsidiary 1 -
Kalanikethan Fashions Limited Fellow Subsidiary 1 146
Mesindus Ventures Limited Fellow Subsidiary 1 -
Eternalia Media Private Limited* Fellow Subsidiary 1 -
Shri Kannan Departmental Store Private Limited Fellow Subsidiary - 12
Actoserba Active Wholesale Limited Fellow Subsidiary - 1
Reliance Lifestyle Products Private Limited Fellow Subsidiary - 1
Kalanikethan Silks Limited Fellow Subsidiary - 95
Addverb Technologies Limited Fellow Subsidiary - 6
Reliance Abu Sandeep Private Limited Fellow Subsidiary - -
Jaisuryas Retail Ventures Limited Fellow Subsidiary - 16
Alok Industries Limited Joint Venture of the 151 356
Ultimate Parent
Marks and Spencer Reliance India Private Limited Joint Venture of the Parent 66 84
Brooks Brothers India Private Limited Joint Venture of the Parent 15 14
Diesel Fashion India Reliance Private Limited Joint Venture of the Parent 10 9
Iconix Lifestyle India Private Limited Joint Venture of the Parent 14 3
Ryohin-Keikaku Reliance India Private Limited Joint Venture of the Parent 6 8
` crore
No
Reliance Bally India Private Limited Joint Venture of the Parent 5 2
Sosyo Hajoori Beverages Private Limited Joint Venture of the Parent 4 -
Sanmina-SCI India Private Limited Joint Venture of the Parent 1 -
Reliance-Vision Express Private Limited Joint Venture of the Parent - 1
Neolync Solutions Private Limited Associate of the 865 555
Ultimate Parent
Clarks Footwear Private Limited (Formerly known as Associate of the 23 23
Clarks Reliance Footwear Private Limited) Parent
Circle E Retail Private Limited* Associate of the 6 -
Parent
Reliance Paul & Shark Fashions Private Limited Associate of the 2 2
Parent
Canali India Private Limited Associate of the - 1
Parent
11 Expenditure
a. Finance cost
Reliance Retail Ventures Limited Parent 4,005 3,557
b. Store running expenses
Reliance Corporate IT Park Limited Fellow Subsidiary - 197
Reliance SMSL Limited@ Fellow Subsidiary - 538
Reliance Projects & Property Management Services Fellow Subsidiary 933 1,058
Limited
Kalanikethan Silks Limited Fellow Subsidiary 13 14
Aaidea Solutions Limited Fellow Subsidiary - 75
Reliance Payment Solutions Limited ) Common Control
c. Building repairs and maintenance
Limited
Addverb Technologies Limited Fellow Subsidiary 1 1
` crore
No
d. Electricity expenses
Limited
The Indian Film Combine Private Limited Fellow Subsidiary 1 -
e. Rent including Lease Rent
Reliance Projects & Property Management Services Fellow Subsidiary 1,307 990
Limited
Reliance Corporate IT Park Limited Fellow Subsidiary 22 -
The Indian Film Combine Private Limited Fellow Subsidiary 8 3
f. Hire Charges
Jio Payment Solution Limited (Formerly Known as Fellow Subsidiary - 1
Reliance Payment Solutions Limited)
g. Professional Fees
Jio Platforms Limited Fellow Subsidiary 588 1,104
Reliance Corporate IT Park Limited Fellow Subsidiary 55 31
Reliance Consumer Products Limited Fellow Subsidiary 9 -
Kalanikethan Silks Limited Fellow Subsidiary 3 3
Amante India Limited Fellow Subsidiary 2 -
Reliance Brands Limited Fellow Subsidiary 1 -
Hypermart Private Limited)*
Reliance Projects & Property Management Services Fellow Subsidiary - 1
Limited
Reverie Language Technologies Limited Fellow Subsidiary - 1
Reliance Europe Limited Associate of the - 5
Ultimate Parent
` crore
No
h. Brokerage & Commission
Shri Kannan Departmental Store Private Limited Fellow Subsidiary 1 -
Iconix Lifestyle India Private Limited Joint Venture of the 28 20
Parent
i. Sales promotion and advertisement expenses
Actoserba Active Wholesale Limited Fellow Subsidiary 16 -
7-India Convenience Retail Limited Fellow Subsidiary 15 -
Indiawin Sports Private Limited Fellow Subsidiary 4 1
Jio Haptik Technologies Limited Fellow Subsidiary 3 -
Jio Platforms Limited Fellow Subsidiary 2 -
Bismi Connect Limited (Formerly known as Bismi Fellow Subsidiary 1 -
Connect Private Limited)
Reliance Brands Limited Fellow Subsidiary - 1
Amante India Limited Fellow Subsidiary - 8
BookmyShow Live Private Limited Associate of 1 -
Ultimate Parent
j. Travelling and Conveyance Expenses
k. Warehousing and Distribution Expenses
Reliance Retail Ventures Limited Parent 4,927 5,093
Reliance Logistics and Warehouse Holdings Limited* Associate of the 11 -
Parent
l. Stores And Packing Materials Consumed
` crore
No
Genesis La Mode Private Limited Fellow Subsidiary 1 -
Jio Things Limited Fellow Subsidiary - 8
Diesel Fashion India Reliance Private Limited Joint Venture of the 1 -
Parent
Alok Industries Limited Joint Venture of the - 1
Parent
m. General expenses
Limited
Reliance Jio Infocomm Limited Fellow Subsidiary 60 58
C-Square Info- Solutions Limited Fellow Subsidiary 12 17
Netmeds Healthcare Limited (Formerly known as Fellow Subsidiary 8 -
n Business Support Services
Aaidea Solutions Limited Fellow Subsidiary 1 -
Reliance Corporate IT Park Limited Fellow Subsidiary - 3
o. Employee Benefit Expenses
Reliance Retail Limited Employees Provident Fund@@ Other 288 269
Reliance Retail Limited Employees Gratuity Fund @@
Other 30 33
p. Payment to key Managerial personnel
Shri V Subramaniam Key Managerial 12 7
Personnel
Shri Dinesh Taluja Key Managerial 2 1
Personnel
Shri K Sridhar Key Managerial 1 -
Personnel
* The above entities includes related parties where the relationship existed for the part of the year.
@ Ceased to be related party during the year
@@
Also includes employee contribution.
` crore
33 Compensation of Key Managerial Personnel 2023-24 2022-23
i Short-Term Benefits 15 8
ii Post Employment Benefits - -
Total 15 8
34 Details of Loans given, Investment made and Guarantee given covered u/s. 186(4) of the Companies Act, 2013.
a) The Company does not have any loans outstanding as at March 31, 2024.
b) Investment made by the Company as at 31st March 2024 (Refer Note 2)
35 Other Statutory Information

(i) As per Section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.
(ii) The Company do not have any Capital-work-in progress or intangible assets under development, whose completion is
overdue or has exceeded its cost compared to its original plan.
(iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(v) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.
36 The figures for corresponding previous year have been regrouped / reclassified wherever necessary, to make them comparable.
37 The Financial Statements were approved for issue by the Board of Directors on 22nd April, 2024.

(DIN: 00009621)

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Reliance Retail Limited

Independent Auditor’s Report

To The Members of Reliance Retail Limited

Basis for Opinion

Management’s Responsibility for the Financial Statements

Auditor’s Responsibility for the Audit of the Financial Statements

Report on Other Legal and Regulatory Requirements

Annexure “A” To the Independent Auditors’ Report

Annexure “A” To the Independent Auditors’ Report

For D T S & Associates LLP

Annexure “B” To the Independent Auditors’ Report

Annexure “B” To the Independent Auditors’ Report

Management’s responsibility for internal financial controls

For D T S & Associates LLP

Balance Sheet as at 31st March, 2024

V. Subramaniam Dinesh Taluja K Sridhar

V. Subramaniam Dinesh Taluja K Sridhar

B Other Equity ` crore

V. Subramaniam Dinesh Taluja K Sridhar

V. Subramaniam Dinesh Taluja K Sridhar

B. MATERIAL ACCOUNTING POLICIES:

B.2 SUMMARY OF MATERIAL ACCOUNTING POLICIES

(b) Property, Plant and Equipment

(d) Intangible Assets

Particulars Useful life

(e) Cash and Cash Equivalents

(h) Contingent Liabilities

(i) Current Tax and Deferred Tax

(j) Revenue Recognition

(k) Financial Instruments

ii. Financial Liabilities

iii. Derivative Financial Instruments and Hedge Accounting

A. Cash Flow Hedge

B. Fair Value Hedge

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

(A) PROPERTY PLANT AND EQUIPMENT/ INTANGIBLE ASSETS

(C) IMPAIRMENT OF FINANCIAL AND NON-FINANCIAL ASSETS

(D) FAIR VALUE MEASUREMENT

B Investments measured at Fair Value through Other Comprehensive Income

C Investments measured at Fair Value through Profit and Loss

* Mainly pertains to Provision for Tax on Other Comprehensive Income

Ageing Schedule as at 31st March, 2024 ` crore

10.2 The details of Shareholders holding more than 5% shares :

10.3 The details of Shareholding of Promoter :

As at 31st March, 2023

claims made by employees.

Ageing Schedule as on 31st March, 2024 ` crore

Ageing Schedule as on 31st March, 2023 ` crore

III. Reconciliation of Fair Value of Assets and Obligations ` crore

IV. Expenses recognised during the year ` crore

Current Service Cost 47 50

Actuarial (Gain)/ Loss 1 (12)

VI. Actuarial Assumptions

VIII. Sensitivity Analysis

Sales Promotion and Advertisement Expenses 703 697

Stores and Packing Materials 291 340

Statutory Audit Fees 1 1

25.1 Corporate Social Responsibility (CSR)

27 Earnings per share (EPS)