RRL Annual Report 2021 22

RELIANCE RETAIL LIMITED

Annual Report
2021-22
2 RELIANCE RETAIL LIMITED
Contents of this Report Page No.

Company Information 3
Notice of Annual General Meeting 4
Board’s Report 15
Standalone Financial Statements
Independent Auditor’s Report on Financial Statements 36
Balance Sheet 45
Statement of Profit and Loss 46
Statement of Changes in Equity 47
Cash Flow Statement 48
Notes to the Financial Statements 49
Consolidated Financial Statements
Independent Auditor’s Report on Financial Statements 91
Balance Sheet 97
Statement of Profit and Loss 98
Statement of Changes in Equity 99
Cash Flow Statement 100
Notes to the Financial Statements 101

3
Company Information
Board of Directors Auditors

V. Subramaniam Whole-Time Director D T S & Associates LLP
Pankaj Pawar Non-Executive Chairman
Sanjay Jog Non-Executive Director Bankers
Geeta Fulwadaya Non-Executive Director State Bank of India
Ranjit V. Pandit Independent Director HDFC Bank Limited
Dipak C. Jain Independent Director ICICI Bank Limited
K. Sudarshan Independent Director Axis Bank Limited
Kotak Mahindra Bank Limited
Audit Committee
Ranjit V. Pandit Chairman Registered Office
K. Sudarshan 3rd Floor, Court House,
Pankaj Pawar
Lokmanya Tilak Marg, Dhobi Talao
Mumbai – 400002
Nomination and Remuneration Committee
CIN : U01100MH1999PLC120563
Ranjit V. Pandit Chairman
Website : www.relianceretail.com
K. Sudarshan
Email: retail.secretarial@ril.com
Pankaj Pawar
Tel.: +91 22 3555 3800
Sanjay Jog
Stakeholders Relationship Committee Share Transfer Agent

Sanjay Jog Chairman KFin Technologies Limited
Pankaj Pawar (Formerly known as KFin Technologies Private Limited)
K. Sudarshan Selenium, Tower – B,
Plot 31 & 32, Financial District Gachibowli,
Corporate Social Responsibility Committee Nanakramguda,
Ranjit V. Pandit Chairman Hyderabad - 500 032
K. Sudarshan Website : www.kfintech.com
Pankaj Pawar Email: rrlinvestor@kfintech.com
Sanjay Jog Toll Free No.: 1800 309 4001
(From 9:00 a.m. to 6:00 p.m.)
Compliance Committee Fax : + 91 40 6716 1680
V. Subramaniam Chairman
Sanjay Jog
Geeta Fulwadaya
Risk Management Committee

Ranjit V. Pandit Chairman
Pankaj Pawar
V. Subramaniam
Ashwin Khasgiwala
Company Secretary & Compliance Officer

Sridhar Kothandaraman
Chief Financial Officer

Dinesh Thapar (up to February 28, 2022)
NOTICE
Notice is hereby given that the Twenty-third Annual General General Meeting till the conclusion of the sixth Annual
Meeting of the Members of Reliance Retail Limited will be held on General Meeting from this Annual General Meeting, at such
Friday, September 30, 2022 at 11:30 A.M. (IST) through Video remuneration as shall be fixed by the Board of Directors of
Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”), to the Company.”
transact the following business:
Special Business
Ordinary Business 4. To re-appoint Prof. Dipak C. Jain as an Independent Director
and in this regard, to consider and if thought fit, to pass the
1. To consider and adopt (a) the audited financial statement
following resolution as a Special Resolution:
of the Company for the financial year ended March 31,
2022 and the reports of the Board of Directors and Auditors “RESOLVED THAT in accordance with the provisions
thereon; and (b) the audited consolidated financial statement of Sections 149, 150 and 152 read with Schedule IV
of the Company for the financial year ended March 31, 2022 and other applicable provisions of the Companies Act,
and the report of the Auditors thereon and in this regard, to 2013 (“the Act”) and the Companies (Appointment and
consider and if thought fit, to pass the following resolutions Qualification of Directors) Rules, 2014 (including any
as Ordinary Resolutions: statutory modification(s) or re-enactment(s) thereof, for the
time being in force), Prof. Dipak C. Jain (DIN: 00228513),
(a) “RESOLVED THAT the audited financial statement
who was appointed as an Independent Director and who
of the Company for the financial year ended March
holds office as an Independent Director up to July 24, 2023
31, 2022 and the reports of the Board of Directors
and in respect of whom the Company has received a notice
and Auditors thereon, as circulated to the Members,
in writing under Section 160 of the Act from a member
be and are hereby considered and adopted.”
proposing his candidature for the office of Director, be and
(b) “RESOLVED THAT the audited consolidated is hereby re-appointed as an Independent Director of the
financial statement of the Company for the financial Company, not liable to retire by rotation and to hold office
year ended March 31, 2022 and the report of the for a second term of 5 (five) consecutive years, that is, up
Auditors thereon, as circulated to the Members, be to July 24, 2028;
and are hereby considered and adopted.”
RESOLVED FURTHER THAT the Board of Directors
2. To appoint Shri Sanjay Jog, who retires by rotation as a be and is hereby authorised to do all acts and take all such
Director, and in this regard, to consider and if thought fit, to steps as may be necessary, proper or expedient to give effect
pass the following resolution as an Ordinary Resolution: to this resolution.”
“RESOLVED THAT in accordance with the provisions 5. To approve borrowings under section 180(1)(c) of the
of Section 152 and other applicable provisions of the Companies Act, 2013 and, in this regard to consider and
Companies Act, 2013, Shri Sanjay Jog (DIN: 01727602), if thought fit, to pass the following resolution as a Special
who retires by rotation at this meeting, be and is hereby Resolution:
appointed as a Director of the Company.”
“RESOLVED THAT pursuant to the provisions of
3. To re-appoint Auditors and fix their remuneration and in this Section 180(1)(c) and all other applicable provisions
regard, to consider and if thought fit, to pass the following of the Companies Act, 2013 (“the Act”) (including any
resolution as an Ordinary Resolution: statutory modification(s) or re-enactment thereof, for the
“RESOLVED THAT pursuant to the provisions of Sections time being in force) and the Articles of Association of the
139, 142 and other applicable provisions of the Companies Company, the consent of the members of the Company be
Act, 2013 read with the Companies (Audit and Auditors) and is hereby accorded to the Board of Directors of the
Rules, 2014 (including any statutory modification(s) or Company (hereinafter referred to as “the Board” which
re-enactment(s) thereof, for the time being in force), D T S term shall be deemed to include any Committee which the
& Associates LLP, Chartered Accountants (Registration Board may constitute to exercise its powers, including the
No. 142412W/ W100595), be and are hereby re-appointed powers conferred by this resolution) to borrow any sum(s)
as Auditors of the Company for a second term of 5 (five) of monies from time to time, at its discretion, for the purpose
consecutive years from the conclusion of this Annual of the business of the Company, which together with the
5
monies already borrowed and remaining outstanding (apart By Order of the Board of Directors
from temporary loans obtained from the Company’s bankers
in the ordinary course of business) may exceed at any point K. Sridhar
of time, the aggregate of its paid-up share capital, free Mumbai, September 7, 2022 Company Secretary
reserves and securities premium by a sum not exceeding
Rs. 1,00,000 crore (Rupees One lakh crore); Registered Office:
RESOLVED FURTHER THAT the Board be and is 3rd Floor, Court House, Lokmanya Tilak Marg,
hereby authorized to do all such acts, deeds and things as it Dhobi Talao, Mumbai - 400 002
may in its absolute discretion deem necessary or expedient CIN: U01100MH1999PLC120563
to give effect to this resolution.” Website: www.relianceretail.com
Tel.: +91 22 3555 3800
Notes: sent only through electronic mode to those Members

whose e-mail address is registered with the Company/
1. The Ministry of Corporate Affairs (“MCA”) has, vide its
Registrar and Transfer Agent/ Depository Participants/
circular dated May 5, 2022, read together with circulars dated
Depositories. Members may note that the Notice and
April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021,
Annual Report 2021-22 will also be available on the
December 8, 2021 and December 14, 2021 (collectively
Company’s website www.relianceretail.com, and on the
referred to as “MCA Circulars”), permitted convening the
website of Company’s Registrar and Transfer Agent,
Annual General Meeting (“AGM” / “Meeting”) through KFin Technologies Limited (“KFinTech”) at https://
Video Conferencing (“VC”) or Other Audio Visual Means evoting.kfintech.com.
(“OAVM”), without physical presence of the members at a
common venue. In accordance with the MCA Circulars and 8. For receiving all communication (including Annual Report)
applicable provisions of the Companies Act, 2013 (“the Act”) from the Company electronically:
read with Rules made thereunder, the AGM of the Company a) Members holding shares in physical mode and who
is being held through VC / OAVM. The deemed venue for have not registered / updated their e-mail address
the AGM shall be the Registered Office of the Company. with the Company are requested to register / update
2. A statement pursuant to the provisions of Section 102(1) the same by writing to the Company with details
of the Act, relating to the Special Business to be transacted of folio number and attaching a self-attested copy
at the AGM, is annexed hereto. of PAN card at retail.secretarial@ril.com or to
KFinTech at rrlinvestor@kfintech.com.
3. Generally, a member entitled to attend and vote at the
meeting is entitled to appoint a proxy to attend and vote b) Members holding shares in dematerialised mode are
on a poll instead of himself and the proxy need not be a requested to register / update their e-mail address
member of the Company. Since this AGM is being held with the relevant Depository Participant. NSDL has
through VC / OAVM pursuant to the MCA Circulars, provided a facility for registration/ updation of e-mail
physical attendance of members has been dispensed with. address through the link: https://eservices.nsdl.com/
Accordingly, the facility for appointment of proxies by the kyc-attributes/#/login.
members will not be available for the AGM and hence, the
Proxy Form and Attendance Slip are not annexed hereto. PROCEDURE FOR JOINING THE AGM THROUGH VC/
OAVM:
4. Since the AGM will be held through VC/ OAVM, the route
map of the venue of the Meeting is not annexed hereto. 9. The Company will provide VC / OAVM facility to its
Members for participating at the AGM.
5. In terms of the provisions of Section 152 of the Act, Shri
Sanjay Jog, Director of the Company, retires by rotation a) Members will be able to attend the AGM through
at the Meeting. The Nomination and Remuneration VC / OAVM by using their login credentials
Committee and the Board of Directors of the Company provided in the accompanying communication.
commend his re-appointment. Members are requested to follow the procedure
Shri Sanjay Jog, Director of the Company, is interested in given below:
the Ordinary Resolution set out at Item No. 2 with regard i. Launch internet browser by typing/
to his re-appointment. The relatives of Shri Sanjay Jog may clicking on the following link:
be deemed to be interested in the resolution set out at Item https://jiomeet.jio.com/rrlagm
No. 2 of the Notice, to the extent of their shareholding, if (best viewed with Edge 80+, Firefox 78+,
any, in the Company. Save and except the above, none of Chrome 83+, Safari 13+)
the Directors/ Key Managerial Personnel of the Company/
their relatives are, in any way, concerned or interested, ii. Click on “Shareholder CLICK HERE” button
financially or otherwise, in the Ordinary Business set out iii. Enter the login credentials (that is, User ID
under Item Nos. 1 to 3 of the Notice. and password provided in the accompanying
communication) and click on “Login”.
6. Details of Directors retiring by rotation/ seeking
re-appointment at this Meeting are provided in the iv. Upon logging-in, you will enter the Meeting
“Annexure” to the Notice. Room.
D I S PAT C H O F A N N U A L R E P O RT T H R O U G H b) Members who do not have or who have forgotten
ELECTRONIC MODE: their User ID and Password, may obtain/
generate/ retrieve the same, for attending the
7. In compliance with the MCA Circulars, Notice of the AGM, by following the procedure given in the
AGM along with the Annual Report 2021-22 is being E-voting instructions.
7
c) Members who would like to express their views PROCEDURE FOR ‘REMOTE E-VOTING’AND E-VOTING
or ask questions during the AGM may register AT THE AGM (‘INSTA POLL’):
themselves at https://emeetings.kfintech.com. The 13. A. E-VOTING FACILITY:
Speaker Registration will be open during Friday,
Pursuant to the provisions of Section 108 and other
September 23, 2022 to Monday, September 26,
applicable provisions, if any, of the Act read with
2022. Only those Members who are registered will be the Companies (Management and Administration)
allowed to express their views or ask questions. The Rules, 2014, as amended, the Company is providing
Company reserves the right to restrict the number of to its members facility to exercise their right to
questions and number of speakers, depending upon vote on resolutions proposed to be passed at the
availability of time as appropriate for smooth conduct AGM by electronic means (“e-voting”). Members
of the AGM. may cast their votes remotely, using an electronic
d) All shareholders attending the AGM will have the voting system on the dates mentioned herein below
option to post their comments/ queries through a (“remote e-voting’’).
dedicated Chat box that will be available below the Further, the facility for voting through electronic voting
Meeting Screen. system will also be made available at the Meeting
e) Members will be allowed to attend the AGM through (“Insta Poll”) and Members attending the Meeting
who have not cast their vote(s) by remote e-voting
VC / OAVM on first come, first served basis.
will be able to vote at the Meeting through Insta Poll.
f) Institutional / Corporate Members (that is, other
The Company has engaged the services of KFinTech
than Individuals, HUFs, NRIs, etc.) are also
as the agency to provide e-voting facility.
required to send legible scanned certified true
copy (in PDF format) of the Board Resolution / The manner of voting, including voting remotely
Power of Attorney / Authority Letter, etc., together by (i) individual shareholders holding shares of
with attested specimen signature(s) of the duly the Company in demat mode, (ii) shareholders
other than individuals holding shares of the
authorised representative(s), to rrl.scrutinizer@
Company in demat mode, (iii) shareholders
kfintech.com with a copy marked to evoting.rrl@
holding shares of the Company in physical mode,
kfintech.com. Such authorisation shall contain
and (iv) Members who have not registered their
necessary authority in favour of its authorised
e-mail address, is explained in the instructions
representative(s) to attend the AGM. given under C. and D. hereinbelow.
g) Facility to join the Meeting shall be opened fifteen The remote e-voting facility will be available
minutes before the scheduled time of the Meeting during the following voting period:
and shall be kept open throughout the proceedings
of the Meeting. Commencement 9:00 a.m. (IST) on Sunday,
of remote e-voting: September 25, 2022
h) Members who need assistance before or
End of remote 5:00 p.m. (IST) on Thursday,
during the AGM, can contact KFinTech on
e-voting: September 29, 2022
emeetings@kfintech.com or call on toll free number
1800-309-4001 (from 9:00 a.m. (IST) to 6:00 p.m The remote e-voting will not be allowed beyond
(IST) on all working days). Kindly quote your name, the aforesaid date and time and the remote e-voting
DP ID-Client ID / Folio no. and E-voting Event module shall be forthwith disabled by KFinTech upon
Number (“EVEN”) in all your communications. expiry of the aforesaid period.
10. In case of joint holders attending the Meeting, only such Voting rights of a Member / Beneficial Owner
(in case of electronic shareholding) shall be in
joint holder who is higher in the order of names will be
proportion to his/her/its shareholding in the paid-
entitled to vote at the Meeting.
up equity share capital of the Company as on the
11. Members attending the AGM through VC / OAVM shall cut-off date, that is, Friday, September 23, 2022
be reckoned for the purpose of quorum under Section 103 (“Cut-off Date”).
of the Act. The Board of Directors of the Company has
12. Members of the Company under the category of appointed Shri Anil Lohia, a Practising Chartered
‘Institutional Investor’ are encouraged to attend and vote Accountant, Partner, Dayal and Lohia, Chartered
at the AGM. Accountants (Membership No.: 031626) or failing
him Shri Chandrahas Dayal, a Practising Chartered
Accountant (Membership No.: 010623) Partner, AGM and voting through Insta Poll. A
Dayal and Lohia, Chartered Accountants, as person who is not a member as on the cut-off
Scrutiniser to scrutinise the remote e-voting and date, should treat the Notice for information
Insta Poll process in a fair and transparent manner purpose only.
and they have communicated their willingness to be v. The Company has opted to provide the same
appointed and will be available for the said purpose. electronic voting system at the Meeting, as used
B. INFORMATION AND INSTRUCTIONS during remote e-voting, and the said facility
RELATING TO ‘E-VOTING’: shall be operational till all the resolutions
proposed in the Notice are considered and voted
i. The members who have cast their vote(s) upon at the Meeting and may be used for voting
by remote e-voting may also attend the only by the members holding shares as on the
Meeting but shall not be entitled to cast Cut-off Date who are attending the Meeting and
their vote(s) again at the Meeting. who have not already cast their vote(s) through
ii. Once the vote on a resolution is cast by a remote e-voting.
Member, whether partially or otherwise,
the Member shall not be allowed to change C. REMOTE E-VOTING:
it subsequently or cast the vote again. vi INFORMATION AND INSTRUCTIONS
iii. A Member can opt for only single mode of voting, FOR REMOTE E-VOTING BY
that is, through remote e-voting or voting at the INDIVIDUAL SHAREHOLDERS
Meeting (Insta Poll). If a member casts vote(s) HOLDING SHARES OF THE COMPANY
by both modes, then voting done through remote IN DEMAT MODE
e-voting shall prevail and vote(s) cast at the All “individual shareholders holding shares
Meeting shall be treated as “INVALID”. of the Company in demat mode” can cast
iv. A person, whose name is recorded in the their vote, by way of a single login credential,
Register of Members or in the Register through their demat accounts / websites of
of Beneficial Owners maintained by the Depositories / Depository Participants. The
Depositories as on the Cut-off Date only procedure to login and access remote e-voting,
shall be entitled to avail the facility of as devised by the Depositories / Depository
remote e-voting or for participation at the Participant(s), is given below:
Procedure to login through websites of Depositories

National Securities Depository Limited (NSDL) Central Depository Services (India) Limited (CDSL)
1. Users already registered for IDeAS e-Services facility 1. Users already registered for Easi / Easiest facility of
of NSDL may follow the following procedure: CDSL may follow the following procedure:
i. Type in the browser / Click on the following i. Type in the browser / Click on any of the following
e-Services link: https://eservices.nsdl.com. links: https://web.cdslindia.com/myeasi/home/login
ii. Click on the button “Beneficial Owner” available or
for login under ‘IDeAS’ section. www.cdslindia.com and click on New System
iii. A new page will open. Enter your User ID and Myeasi / Login to My Easi option under Quick Login
Password for accessing IDeAS. (best operational in Internet Explorer 10 or above
iv. On successful authentication, you will enter your and Mozilla Firefox).
IDeAS service login. Click on “Access to e-Voting” ii. Enter your User ID and Password for accessing Easi/
under Value Added Services on the panel available Easiest.
on the left hand side. iii. You will see Company Name: “Reliance Retail
v. You will be able to see Company Name: “Reliance Limited” on the next screen. Click on the e-Voting
Retail Limited” on the next screen. Click on the link available against Reliance Retail Limited or
e-Voting link available against Reliance Retail select e-Voting service provider “KFinTech” and you
Limited or select e-Voting service provider will be re-directed to the e-Voting page of KFinTech
“KFinTech” and you will be redirected to the to cast your vote without any further authentication.
e-Voting page of KFinTech to cast your vote without
any further authentication.
9
2. Users not registered for IDeAS e-Services facility of 2. Users not registered for Easi/ Easiest facility of CDSL
NSDL may follow the following procedure: may follow the following procedure:
i. To register, type in the browser / Click on the i. To register, type in the browser / Click on the
following e-Services link: https://eservices.nsdl. following link: https://web.cdslindia.com/myeasi/
com. Registration/EasiRegistration.
ii. Select option “Register Online for IDeAS” ii. Proceed to complete registration using your DP ID-
available on the left hand side of the page. Client ID (BO ID), etc.
iii. Proceed to complete registration using your DP ID, iii. After successful registration, please follow steps
Client ID, Mobile Number, etc. given under Sr. No. 1 above to cast your vote.
iv. After successful registration, please follow steps
given under Sr. No. 1 above to cast your vote.
3. Users may directly access the e-Voting module of NSDL 3. Users may directly access the e-Voting module of CDSL
as per the following procedure: as per the following procedure:
i. Type in the browser / Click on the following link: i. Type in the browser / Click on the following
https://www.evoting.nsdl.com/. links: https://evoting.cdslindia.com/Evoting/
ii. Click on the button “Login” available under EvotingLogin.
“Shareholder/ Member” section. ii. Provide Demat Account Number and PAN.
iii. On the login page, enter User ID (that is, 16-character iii. System will authenticate user by sending OTP on
demat account number held with NSDL, starting registered Mobile & E-mail as recorded in the Demat
with IN), Login Type, that is, through typing Account.
Password (in case you are registered on NSDL’s
e-voting platform) / through generation of OTP (in iv. On successful authentication, you will enter the
case your mobile / e-mail address is registered in e-voting module of CDSL. Click on the e-Voting
your demat account) and Verification Code as shown link available against Reliance Retail Limited
on the screen. or select e-Voting service provider “KFinTech”
and you will be re-directed to the e-Voting page
iv. You will be able to see Company Name: “Reliance
of KFinTech to cast your vote without any further
Retail Limited” on the next screen. Click on
authentication.
the e-Voting link available against Reliance
Retail Limited or select e-Voting service provider
“KFinTech” and you will be redirected to the
e-Voting page of KFinTech to cast your vote without
any further authentication.
4. NSDL Mobile App – Speede
Shareholders / Members can also download NSDL Mobile
App “NSDL Speede” facility by scanning the QR code
mentioned below for seamless voting experience.
Procedure to login through their demat accounts / Website of Depository Participant

Individual shareholders holding shares of the Company in Demat mode can access e-Voting facility provided by the Company
using login credentials of their demat accounts (online accounts) through their demat accounts / websites of Depository
Participants registered with NSDL/CDSL. An option for “e-Voting” will be available once they have successfully logged-in through
their respective logins. Click on the option “e-Voting” and they will be redirected to e-Voting modules of NSDL / CDSL (as
may be applicable). Click on the e-Voting link available against Reliance Retail Limited or select e-Voting service provider
“KFinTech” and you will be re-directed to the e-Voting page of KFinTech to cast your vote without any further authentication.
Members who are unable to retrieve User ID / Password are advised to use “Forgot User ID” / “Forgot Password” options
available on the websites of Depositories / Depository Participants.
Contact details in case of any technical issue on NSDL Website Contact details in case of any technical issue on CDSL Website
Members facing any technical issue during login can contact Members facing any technical issue during login can contact
NSDL helpdesk by sending a request at evoting@nsdl.co.in or CDSL helpdesk by sending a request at helpdesk.evoting@
call at toll free no.: 1800 1020 990 / 1800 22 44 30 cdslindia.com or contact at 022‑23058738 or 022‑23058542-43
vii. INFORMATION AND INSTRUCTIONS FOR (e) You need to login again with the new credentials.
‘REMOTE E-VOTING’: (f) On successful login, the system will prompt you
I(A). In case a Member receives an e-mail from the to select the E-Voting Event Number (EVEN) for
Company / KFinTech [for members whose e-mail Reliance Retail Limited.
address is registered with the Company / Depository (g) On the voting page, enter the number of shares as on
Participant(s)]: the Cut-off Date under either “FOR” or “AGAINST”
(a) Launch internet browser by typing the URL: https:// or alternatively, you may partially enter any number
evoting.kfintech.com under “FOR” / “AGAINST”, but the total number
(b) Enter the login credentials under “FOR” / “AGAINST” taken together should
not exceed your total shareholding as on the Cut-off
(User ID and password given in the e-mail). The Date. You may also choose to “ABSTAIN” and vote
E-Voting Event Number+Folio No. or DP ID - Client will not be counted under either head.
ID will be your User ID. If you are already registered
with KFinTech for e-voting, you can use the existing (h) Members holding shares under multiple folios / demat
password for logging-in. If required, please visit accounts shall choose the voting process separately
https://evoting.kfintech.com or contact toll-free for each of the folios / demat accounts.
number 1800-309-4001 (from 9:00 a.m. (IST) to 6:00 (i) Voting has to be done for each item of the Notice
p.m. (IST) on all working days) for your existing separately. In case you do not cast your vote on any
password. specific item, it will be treated as “ABSTAINED”.
(c) After entering these details appropriately, click on (j) You may then cast your vote by selecting an
“LOGIN”. appropriate option and click on “SUBMIT”.
(d) You will now reach Password Change Menu (k) A confirmation box will be displayed. Click “OK”
wherein you are required to mandatorily change to confirm, else “CANCEL” to modify.
your password upon logging-in for the first time. (l) Once you confirm, you will not be allowed to modify
The new password shall comprise minimum 8 your vote.
characters with at least one upper case (A-Z), one
lower case (a-z), one numeric (0-9) and a special (m) Institutional/ Corporate Members (that is, other than
character (@,#,$,etc.). The system will prompt you Individuals, HUFs, NRIs, etc.) are also required
to change your password and update your contact to send legible scanned certified true copy (in
details like mobile number, e-mail address, etc. on PDF Format) of the Board Resolution / Power of
first login. You may also enter a secret question and Attorney / Authority Letter, etc., together with
answer of your choice to retrieve your password in attested specimen signature(s) of the duly authorized
case you forget it. It is strongly recommended that representative(s), to the Scrutiniser at e-mail id:
you do not share your password with any other rrl.scrutinizer@kfintech.com with a copy marked
person and that you take utmost care to keep your to evoting.rrl@kfintech.com. Such authorisation
password confidential. should contain necessary authority for voting by its
authorised representative(s). It is also requested to
11
upload the same in the e-voting module in their login. enter Folio No. or DP ID - Client ID and PAN to
The naming format of the aforesaid legible scanned generate password.
document shall be “Corporate Name EVEN”.
(c) Member may call on KFinTech’s toll-free number
I(B). In case of a Member whose e-mail address is not 1800-309-4001 (from 9:00 a.m. IST to 6:00 p.m. IST
registered / updated with the Company / KFinTech / on all working days).
Depository Participant(s), please follow the following
(d) Member may send an e-mail request to evoting.rrl@
steps to generate your login credentials:
kfintech.com. After due verification of the request,
(a) Members holding shares in physical mode, who have User ID and password will be sent to the member.
not registered / updated their e-mail address with
the Company, are requested to register / update the (e) If the Member is already registered with KFinTech’s
same by writing to the Company with details of folio e-voting platform, then he/she/it can use his/her/its
number and attaching a self-attested copy of PAN existing password for logging-in.
card at retail.secretarial@ril.com or to KFinTech at IV. In case of any query on e-voting, Members may refer to
rrlinvestor@kfintech.com. the “Help” and “FAQs” sections / E-voting user manual
(b) Members holding shares in dematerialised mode available through a dropdown menu in the “Downloads”
who have not registered their e-mail address with section of KFinTech’s website for e-voting: https://evoting.
their Depository Participant(s) are requested kfintech.com or contact KFinTech as per the details given
to register / update their e-mail addresses with under sub-point no. V below.
the Depository Participant(s) with which they
V. Members are requested to note the following contact
maintain their demat accounts.
details for addressing e-voting grievances:
(c) After due verification, the Company / KFinTech will
Shri S. P. Venugopal, Vice President
forward your login credentials to your registered
KFin Technologies Limited
e-mail address.
Selenium Tower B, Plot 31-32,
(d) Follow the instructions at I(A). (a) to (m) to cast your Financial District Gachibowli,
vote. Nanakramguda, Hyderabad - 500 032
II. Members can also update their mobile number and e-mail Toll-free No.: 1800-309-4001
address in the “user profile details” in their e-voting login E-mail: evoting.rrl@kfintech.com
on https://evoting.kfintech.com.
D. INSTA POLL:
III. Any person who becomes a Member of the Company
after dispatch of the Notice of the Meeting and holding viii. INFORMATION AND INSTRUCTIONS FOR
shares as on the Cut-off Date / any Member who has INSTA POLL:
forgotten the User ID and Password, may obtain / Facility to vote through Insta Poll will be made
generate / retrieve the same from KFinTech in the available on the Meeting page (after you log
manner as mentioned below: into the Meeting) and will be activated once the
(a) If the mobile number of the Member is registered Insta Poll is announced at the Meeting. An icon,
against Folio No. / DP ID - Client ID, the Member “Vote”, will be available at the bottom left on the
may send SMS: MYEPWD<space>E-Voting Meeting Screen. Once the voting at the Meeting is
Event Number+Folio No. or DP ID - Client ID to announced by the Chairman, Members who have
9212993399 not cast their vote using remote e-voting will be
E x amp le fo r N S D L : M Y E P W D <SPA C E> able to cast their vote by clicking on this icon.
IN12345612345678 E. E-VOTING RESULT:
E x a m p l e f o r C D S L : M Y E P W D < S PA C E > ix. The Scrutiniser will, after the conclusion of e-voting
1402345612345678 at the Meeting, scrutinise the votes cast at the
Example for Physical: MYEPWD<SPACE> Meeting (Insta Poll) and votes cast through remote
XXXX123456789 e-voting, make a consolidated Scrutiniser’s Report
(b) If e-mail address or mobile number of the Member and submit the same to the Chairman. The result
is registered against Folio No. / DP ID - Client ID, of e-voting will be declared within stipulated time
then on the home page of https://evoting.kfintech. provided under the Act and the same, along with the
com, the Member may click “Forgot Password” and consolidated Scrutiniser’s Report, will be placed on
the website of the Company: www.relianceretail.com Members seeking to inspect such documents can send an
and on the website of KFinTech at: https://evoting. email to retail.secretarial@ril.com.
kfintech.com. The result will also be displayed at the 15. Members seeking any information with regard to the
registered office of the Company. accounts or any matter to be placed at the AGM, are
x. Subject to receipt of requisite number of votes, requested to write to the Company on or before Friday,
the Resolutions proposed in the Notice shall be September 23, 2022, by sending e-mail on retail.
deemed to be passed on the date of the Meeting, secretarial@ril.com. The same will be replied by the
that is, Friday, September 30, 2022. Company suitably.
PROCEDURE FOR INSPECTION OF DOCUMENTS:

14. The Register of Directors and Key Managerial Personnel By Order of the Board of Directors
and their shareholding maintained under Section 170 of the
Act, the Register of Contracts or Arrangements in which
K. Sridhar
the Directors are interested, maintained under Section 189
Mumbai, September 7, 2022 Company Secretary
of the Act, and the relevant documents referred to in the
Notice will be available, electronically, for inspection by Registered Office:
the Members during the AGM. 3rd Floor, Court House, Lokmanya Tilak Marg
Dhobi Talao, Mumbai - 400 002
All documents referred to in the Notice will also be
CIN: U01100MH1999PLC120563
available electronically for inspection without any fee by
Website: www.relianceretail.com
the members from the date of circulation of this Notice up
to the date of AGM.
Tel.: +91 22 3555 3800
13
STATEMENT / EXPLANATORY STATEMENT PURSUANT Copy of the draft letter of appointment of Prof. Dipak C. Jain as
TO SECTION 102(1) OF THE COMPANIES ACT, 2013 an Independent Director setting out the terms and conditions is
The following Statement sets out all material facts relating to the available electronically for inspection by the Members.
Special Business mentioned in the Notice: Prof. Dipak C. Jain is interested in the resolution set out at Item
ITEM NO. 4 No. 4 of the Notice with regard to his re-appointment. Relatives
of Prof. Dipak C. Jain may be deemed to be interested in the
At the Annual General Meeting held on September 25, 2018,
resolution to the extent of their shareholding interest, if any, in
the Members of the Company had appointed Prof. Dipak C. Jain
the Company.
(DIN: 00228513) as an Independent Director of the Company, to
hold office up to July 24, 2023 (“first term”). Save and except the above, none of the Directors / Key Managerial
The Nomination and Remuneration Committee (“NRC”) of the Personnel of the Company / their relatives are, in any way,
Board of Directors of the Company, on the basis of the report concerned or interested, financially or otherwise, in the resolution.
of performance evaluation, has recommended re-appointment
The Board commends the Special Resolution set out at Item No.
of Prof. Dipak C. Jain as an Independent Director, for a second
4 of the Notice for approval by the Members.
term of 5 (five) consecutive years, on the Board of the Company.
The Board, based on the performance evaluation and as per ITEM NO. 5
the recommendation of the NRC, considers that, given his Members of the Company at the Twenty Second Annual General
professional background and experience and contributions made Meeting of the Company held on September 28, 2021 had granted
by him during his tenure, the continued association of Prof. Dipak approval to the Board u/s 180(1)(c) of the Companies Act, 2013 to
C. Jain would be beneficial to the Company and it is desirable borrow any sum(s) of monies from time to time, which together
to continue to avail his services as an Independent Director. with the monies already borrowed and remaining outstanding
Accordingly, it is proposed to re-appoint Prof. Dipak C. Jain as may exceed at any point of time, the aggregate of its paid-up
an Independent Director of the Company, not liable to retire by share capital, free reserves and securities premium by a sum not
rotation, for a second term of 5 (five) consecutive years on the exceeding ` 50,000 crore.
Board of the Company.
The Board of Directors of the Company at its meeting held on
Prof. Dipak C. Jain is not disqualified from being appointed as
May 5, 2022 had proposed to increase the said borrowing limit
a Director in terms of Section 164 of the Companies Act, 2013
and accordingly the approval of the members is sought to borrow
(“the Act”), and has given his consent to act as a Director. The
monies from time to time, at its discretion, for the purpose of
Company has also received a declaration from Prof. Dipak C. Jain
the business of the Company, which together with the monies
that he meets the criteria of independence as prescribed under
already borrowed and remaining outstanding may exceed at
Section 149(6) of the Act.
any point of time, the aggregate of its paid-up share capital,
The Company has also received notice under Section 160 of the free reserves and securities premium by a sum not exceeding
Act from a shareholder proposing the candidature of Prof. Dipak ` 100,000 crore.
C. Jain for the office of a Director of the Company.
None of the Directors / Key Managerial Personnel of the Company
In the opinion of the Board, Prof. Dipak C. Jain fulfils the
/ their relatives are, in any way, concerned or interested, financially
conditions for appointment as an Independent Director as specified
or otherwise, in the proposed special resolution, set out at Item
in the Act. Prof. Dipak C. Jain is independent of the management
No. 5 of the Notice.
and possesses appropriate skills, experience and knowledge.
Details of Prof. Dipak C. Jain is provided in the “Annexure” to The Board commends the Special Resolution set out at Item
the Notice, pursuant to Secretarial Standard on General Meetings No. 5 of the Notice for approval by the Members.
(“SS-2”), issued by the Institute of Company Secretaries of India.
ANNEXURE TO THE NOTICE DATED SEPTEMBER 07, 2022

Details of the Directors retiring by rotation/ seeking re-appointment at the Meeting:
Name Shri Sanjay Jog Prof. Dipak C. Jain
Age 62 years 65 years
Qualification Graduate M.S. in Mathematical Statistics from Guwahati University,
Ph.D. in Marketing from University of Texas, U.S.A.
Experience Shri Sanjay Jog is Graduate in Human Resources from Prof. Dipak C. Jain is a distinguished teacher and
Pune University. He has more than two decades of scholar. He was the Dean of the Kellogg School of
experience in service sectors in India as well as outside Management, Northwestern University, USA from
the country. He has worked with reputed organisations 2001-2009. He also served as the Dean of INSEAD,
including Pantaloon Retail, HMV Saregama, DHL, a leading business school in Fontainebleau (Paris),
Indian Hotels Group, Bharti Enterprises and RPG France. He next performed the role of Director at
Enterprises. He presently serves as President-HR of SASIN Graduate Institute of Business Administration,
Reliance Jio Infocomm Limited. Chulalongkorn University in Bangkok, Thailand.
Currently, Professor Jain is the President (European)
of China Europe International Business School
(CEIBS). He has more than 40 years of experience
in management education. He has published several
articles in international journals on marketing and
allied subjects.
Prof. Jain also served as the President (European) of
China Europe International Business School from
2017-2022.
Terms and Conditions of Re-appointment In terms of Section 152(6) of the Companies Act, As per the resolution at Item No. 4 of the Notice
2013, Shri Sanjay Jog who was appointed as a Non- convening this Meeting read with the Explanatory
executive Director at the Annual General Meeting held Statement.
on September 22, 2014, is liable to retire by rotation.
Remuneration (including sitting fees, if any) last drawn ` 70,000/- ` 2,00,000/-
(FY 2021-22)
Remuneration proposed to be paid Sitting fees as payable to Directors Sitting fees as payable to Directors
Date of first appointment on the Board December 24, 2013 July 25, 2018
Shareholding in the Company as on March 31, 2022 Nil Nil
Relationship with other Directors/ Key Managerial Not related to any Director / Key Managerial Personnel Not related to any Director / Key Managerial Personnel
Personnel
Number of Meetings of the Board attended during the 4 4
financial year 2021-22
Directorships of other Boards as on March 31, 2022 Reliance SMSL Limited Reliance Industries Limited
Reliance Retail Ventures Limited
Reliance Jio Infocomm Limited
John Deere & Company
Membership/ Chairmanship of Committees of other Reliance SMSL Limited Reliance Retail Ventures Limited
Boards as on March 31, 2022 Corporate Social Responsibility Committee (Chairman) Audit Committee (Member)
Corporate Social Responsibility Committee (Member)
Nomination and Remuneration Committee (Member)
Reliance Jio Infocomm Limited
Audit Committee (Member)
Nomination and Remuneration Committee (Member)
By Order of the Board of Directors
K. Sridhar
Mumbai, September 7, 2022 Company Secretary
Registered Office:
3rd Floor, Court House, Lokmanya Tilak Marg,
Dhobi Talao, Mumbai - 400 002
CIN: U01100MH1999PLC120563
Website: www.relianceretail.com
Tel.: +91 22 3555 3800
15
Board’s Report
Dear Members,
The Board of Directors present the Company’s Twenty-third Annual Report (“Report”) and the Company’s audited financial statement
for the financial year ended March 31, 2022.
Financial Results
The Company’s financial performance (standalone) for the financial year ended March 31, 2022 is summarized below:
(` crore)
Particulars 2021-22 2020-21
Revenue from operations 193,456.02 1,49,924.89
Other Income 12.58 239.08
Profit before Interest, Depreciation and Tax 10,338.19 8,322.17
Less: Interest 1,977.24 693.03
Depreciation 1,781.03 1,447.58
Profit before tax 6,579.92 6,181.56
Less: Current tax 1,114.14 1,585.15
Deferred tax 531.13 9.55
Profit for the year 4,934.65 4,586.86
Add: Other Comprehensive Income (2.10) 1.37
Total Comprehensive Income of the year 4,932.55 4,588.23
Add: Balance in Profit & Loss Account 15,946.68 11,358.45
Less: Appropriation - -
Closing Balance (including other comprehensive income) 20,879.23 15,946.68
Transfer to Reserves
The Board of Directors of the Company has not transferred any amount to the Reserves for the year under review.
Results of operations and the state of Company’s affairs:

In an operational environment characterized by periodic disruptions throughout the year, Reliance Retail delivered industry-leading
sales and profit delivery. The business posted all time high revenues and EBITDA with steady improvement in profit margins.
On a consolidated basis, Reliance Retail delivered Gross Revenue of ₹ 194,249 crore against ₹ 155,209 crore for the previous year,
a resilient performance despite challenges from COVID disruptions through the year.
The business crossed a milestone of ₹ 10,000 crore EBITDA in a year for the first time. It recorded all-time high EBITDA of
₹ 10,365 crore for the year, a growth of 23.8% YoY.
The Company delivered a consolidated profit after tax of ₹ 4,938 crore against ₹ 4,599 crore for the previous year.
On a standalone basis, the Company delivered Revenue of ₹ 1,93,456 crore against ₹ 1,49,925 crore for the previous year.
The Company had earned profit after tax of ₹ 4,935 crore against ₹ 4,587 crore for the previous year.
The Company witnessed growth across all product categories from Consumer Electronics to Grocery to Apparel & Footwear. At the
same time, the Company continued to expand its existing businesses to newer frontiers of technology, innovation, scale and execution.
During the year, over 2,000 stores were opened taking the total count to 14,385 stores with a total area of 39 million sq. ft. extending
its leadership position further into tier II and III markets while more than doubling its warehousing and fulfilment capabilities
across the board.
The Company more than doubled its daily orders year on year across all of its digital commerce channels, owing to a broader product
selection and impactful activations.
In New Commerce, the Company continued to collaborate 56th in the list of top global retailers and also ranks as the
with new merchants across regions and consumption baskets, 2nd fastest growing retailer in the world as per the Deloitte
expanding the merchant partner base by over 3x over last year. report 2022.
The Company’s focused and customer-centric strategies The Company operates in consumer electronics, fashion and
continues to attract more and more new consumers around the lifestyle, grocery, pharma, and connectivity and is a leader in
country, with its registered customer base increasing by 24% all the focus consumption baskets.
year over year to 193 million. As of March 31, 2022, the Company operated 14,385 stores with
Job creation remains a corner stone of Reliance Retail’s mission 39 million Sq. Ft. of retail space having physical presence across
of inclusive growth as it added an unprecedented 150,000 new more than 7,000 cities in India and direct to customer deliver
jobs during the year taking the total employee count to over capabilities across 19,000+ pin codes.
361,000 making Reliance Retail one of the largest employers Reliance Retail serves millions of customers each year and has
in the country. one of the largest and fastest growing customer franchises in the
During the year under review, the Board of Directors of the world, with 193 million loyalty customers transacting across our
Company had approved acquisitions of the business of bed and offline and online channels.
bath products sold under various brand names including ‘Portico’ Reliance Retail has built a strong portfolio of own brand products
from Creative Portico Private Limited, online consumer business across food, FMCG, general merchandise, fashion and consumer
from Mila Star Retail Solutions Private Limited and online electronics categories that offer superior feature quality and price
consumer subscription business from Doorstep Retail Solutions propositions to leading brands by combining its deep customer
Private Limited as a ‘going concern’ on a ‘slump sale’ basis. insights, rich market knowledge and wide retail reach.
Throughout the year, Reliance Retail received many industry Business Operating Framework:
accolades. Some of the notable ones are being ranked third in Fast
The operational strategy of Reliance Retail spans the retail value
Company’s list of the Most Innovative Companies - Asia Pacific;
chain, unlocking enormous value for all stakeholders through
being selected as the Best Award winner 2022 by the Association
strategic presence in the product development, sourcing, selling
of Talent Development (ATD), a coveted award bestowed on select
and data & analytics ecosystems.
organizations worldwide; and Reliance Retail being named the
Most Admired Retail Group by Images Retail. • Design & Development Ecosystem: The company has
created a strong in-house competence for product design
Market Overview and development across multiple product categories,
India has emerged as one of the most resilient global economies, including food, FMCG, general merchandise, fashion
having braved the macro-economic headwinds caused by and consumer electronics. The Company has established
COVID-19. The Indian economy is propelled by a solid domestic a winning portfolio of own brands across sectors, many
demand that accounts for 56% of India’s GDP, which provides of which have outgrown competing national brands in
a strong foundation for a sustained growth of the Indian retail their respective categories, by leveraging the Company’s
market. deep and rich understanding of Indian consumers’ likes,
preferences and aspirations.
The learnings from the first wave of COVID-19, combined with
a strong impetus on vaccination, helped reduce the pandemic’s • Sourcing Ecosystem: To provide high quality products
impact on the economy in 2021. With a gradual fall in the number at affordable prices to its customers, the Company has
of cases and the easing of restrictions, production across major established a robust sourcing ecosystem comprising
sectors is going back to pre-COVID levels. As the impact of the of local producers, MSMEs, regional, national and
pandemic subsides and consumer demand resumes, the retail global brands across product categories. In the grocery
sector is expected to rebound and record a compounded growth category, the Company operated on a Farm-to-Fork
rate of 11% to become a US$ 1.2 trillion market by 2025. model, connecting producers directly to end consumers
through its robust supply chain ecosystem; in the fashion
Business Overview & lifestyle section, the Company operates on a Fiber to
Reliance Retail is India’s largest and most profitable retailer with Wardrobe model, bringing the latest and trendiest fashion
a diverse omni-channel presence via integrated store concepts from around the world to its consumers in the most cost
and digital commerce platforms, providing consumers with an efficient manner; and in the consumer electronics category,
outstanding value proposition, superior brands and quality, and the Company has strong relationships with global brands,
an unrivalled shopping experience. Reliance Retail is featured Original Equipment Manufacturer, Original Design
17
Manufacturers), chip makers and contract manufacturers • Straddling across the value chain from product design
bringing widest assortment at the most competitive prices. and development to serving customers across segments
• Supply Chain Ecosystem: The Company has established • Cutting edge technology backbone to improve
a strong supply chain infrastructure that includes a pan- business efficiency and consumer experience
India network of warehouses, collection and distribution • Extensive supply chain network that covers length
facilities, processing and packing facilities, fulfilment and breadth of the country
centers and a slew of dark-stores for last-mile fulfilment.
This network is fully integrated with our physical and Consumer Electronics
digital storefronts to provide a smooth home delivery Reliance Retail is the leader in consumer electronics retailing
service with last-mile delivery capability across all city in the country with 8,700+ Reliance Digital and MyJio Stores.
classes throughout India. Consumer Electronics business model is centered on solution
• Selling Ecosystem: Reliance Retail has created and selling approach that is designed to offer a differentiated value
strategically positioned a diverse portfolio of physical proposition, strong in-store experience and extensive yet relevant
and digital store formats to service a wide spectrum of product assortment and is complimented by an in-house after
customers and it currently holds a leadership position in key sales service through resQ.
consumption baskets. Reliance Retail meets a wide range Reliance Retail in the consumer electronics category has uniquely
of product and service demand through its store concepts positioned itself as the only retailer that focuses on personalizing
and digital platforms. Furthermore, the Company has customer experience by offering solution rather than product.
expanded its physical footprint into tier II and III markets,
bringing the benefits of modern trade to consumers in Key developments during the year:
smaller towns. Extending its reach even further to reach • Reliance Digital crosses 500 store milestone
India’s 200 million households, the Company is building • Registered broad-based growth across categories
one of the world’s largest distribution platforms under particularly in laptops, mobiles and home appliances
its New Commerce initiative by leveraging its extensive
• Robust growth led by sharper opening price points ranges,
supply chain and sourcing capabilities, as well as new age
successful festive and big day campaigns and category
technologies, to support and enable millions of kirana
focused events
and merchant partners across the country, assisting them
to modernize, provide easy access to a diverse product • Strengthened reliancedigital.in offering - reach extended
portfolio, become more efficient and generate revenue. to over 2,000 cities; Tier II and below markets contribute
55% of sales
The operating structure of Reliance Retail has been the
foundation of the Company’s competitive advantage, • Launched Consumer Electronics on JioMart, Launched
leading to its leadership position in India. Reliance Retail’s JioMart Digital, the New Consumer Electronics merchant
strategic advantages and competitive strengths include: platform
• Strengthened own brand proposition by launching over
• Proven business model with agile execution and
600 new SKUs; increased merchant partner penetration
project management skills
• Reliance Digital felicitated across multiple industry
• Omni-channel player with largest network of stores,
forums; notable amongst them:
digital and new commerce platforms
o The Economic Times Best Brands Award
• Leadership across focused consumption baskets
of consumer electronics, fashion & lifestyle and o MAPIC India Awards – Most Admired Retail
grocery Company of the Year
• Large customer franchise who patronizes various Fashion & Lifestyle

Reliance Retail formats and platforms for meeting
Reliance Retail is the largest fashion apparel retailer in India
their shopping needs
and has adopted a multi-format approach in reaching out to its
• Deep understanding of consumers preferences and customers through various retail concepts that cater to customer
shopping behaviour segments from Mass, Economy, Mid-Premium and Premium.
• Strong supplier relationships providing portfolio of The Fashion & Lifestyle business has over 3,100 stores
widest and high-quality merchandise with presence in over 1,000 cities. Business has developed
competencies to straddle across the value chain of fibre to Pharmacy

wardrobe allowing it to deliver the most stylish and trendiest Reliance Retail operates over physical pharmacies as well as
fashion to Indian customers. digital commerce platform Netmeds creating a seamless online-
offline experience for customers seeking prescription medicines,
Key developments during the year:
beauty essentials, OTC products, Ayush wellness, health devices
• Revenue more than doubles; surpasses pre-COVID levels and more.
on the back of increased conversions and bill values During the year, the Company Strengthened hyperlocal
• Registered 2x increase in sales from Tier II and below capabilities for faster deliveries and rapidly scaled up new
towns, contributing to 50%+ of total revenues merchant partnerships across 1,900+ cities.
• Continued growth momentum for AJIO, with new highs set Connectivity
every quarter and a significant increase in customer KPIs Reliance Retail serves as the master distributor for Jio
and operating parameters connectivity services, which are sold through a network of
• Entered saree category with the introduction of Avantra by MyJio and Digital stores. Additionally, it has partnered with
Trends and Kalanikethan over a million retailers throughout the country to provide Jio
prepaid and post-paid plans via the sale of SIM cards, top-ups
• Strengthened portfolio with integration of Amanté, Clovia
and mobile devices.
and Portico
• Expanded own brands portfolio with the introduction of 3 Outlook
mid‑premium and 18 value brands The Indian retail market has been one of the most resilient
in the world during the pandemic period, making a strong
• Robust growth in Jewellery business driven by introduction
recovery when limitations were lifted. The sector’s core growth
of 17 national and regional collections
fundamentals continue to be strong. Rapid digitalization and
Grocery the introduction of breakthrough technologies have opened up
Reliance Retail is the country’s largest grocery retailer, offering new growth opportunities which would further boost long-term
diverse formats to accommodate the varied needs and buying market prospects.
occasions of consumers. The business has invested in building a Reliance Retail’s commitment in the Indian retail sector is
value chain that connects producers to end consumers through an evident by the significant investments it has made in building and
integrated supply chain limiting wastages thereby benefiting all. strengthening its capabilities across the retail value chain, which
is having a transformational impact on the Indian retail landscape.
The business provides a wide assortment of fresh produce,
everyday products and general merchandise in a contemporary Reliance Retail will continue with its journey of bringing best-
shopping environment at an attractive value proposition through in-class products and services to consumers across the length and
engaging store concepts and digital and new commerce platform. breadth of the country by further expanding its presence through
physical stores and digital commerce platforms offering best of
Key developments during the year: global and local brands and partnering with small producers and
• Growth ahead of market with record store and digital merchants, thereby creating a virtuous circle of prosperity for
commerce sales millions of Indians.
• Integrated Milkbasket with JioMart - 2x growth in daily Dividend
subscription orders since acquisition
The Board of Directors of the Company have not recommended
• Accelerated store expansion, opening 1,000+ new stores, any dividend on the preference shares and equity shares for the
bringing the overall store count to 2,400+ with over half financial year under review.
in Tier II and below towns
Details of Material changes from the end of the financial year
• Smart crosses 400-stores milestone
There have been no material changes and commitments affecting
• Launched Freshpik, a gourmet experience store, at Jio World
the financial position of the Company between the end of the
Drive in Mumbai.
financial year and date of this Report.
19
Scheme of Arrangement estimates that are reasonable and prudent so as to give a

true and fair view of the state of affairs of the Company as
The Company had implemented two schemes namely Reliance
at March 31, 2022 and of the profit of the Company for the
Retail Employees’ Restricted Stock Unit Plan 2006 and 2007
year ended on that date;
under which Restricted Stock Units (“RSUs”) have been allotted
to eligible employees. On exercise of the RSUs by some of c) the Directors have taken proper and sufficient care for the
the employees, equity shares have been allotted to them. The maintenance of adequate accounting records in accordance
Company has been receiving requests from the employees with the provisions of the Act for safeguarding the assets
holding equity shares for providing them options for exit and of the Company and for preventing and detecting fraud and
liquidity, including by way of listing of the equity shares. The other irregularities;
Company does not have any plan for listing of its equity shares d) the Directors have prepared the annual accounts on a ‘going
on the stock exchanges. In view of the above, the Company had concern basis’; and
proposed a scheme of arrangement with its equity shareholders e) the Directors have devised proper systems to ensure
to provide an option for exit and liquidity in terms of the said compliance with the provisions of all applicable laws and
scheme. The Scheme is pending before the National Company that such systems are adequate and operating effectively.
Law Tribunal, Mumbai.
Contracts or arrangements with Related Parties
Subsidiaries, Joint Ventures and Associate Companies
All contracts / arrangements / transactions entered by the
During the year under review, no company has become or Company during the financial year with related parties were
ceased to be the Company’s subsidiary, joint venture or associate in its ordinary course of business and on an arm’s length basis.
company. During the year under review, the Company had not entered
A statement providing details of performance and salient features into any contract / arrangement / transaction with related parties
of the financial statement of Subsidiary/ Associate/ Joint Venture which is required to be reported in Form No. AOC-2 in terms of
companies, as per Section 129(3) of the Companies Act, 2013 Section 134(3)(h) read with Section 188 of the Act and Rule 8(2)
(“the Act”), is provided as Annexure A to the consolidated of the Companies (Accounts) Rules, 2014.
financial statement and therefore not repeated in this Report to Members may refer to Note 33 of the standalone financial
avoid duplication. statements which sets out related party disclosures pursuant to
Ind AS.
Consolidated Financial Statement
In accordance with the provisions of the Act and Indian Corporate Social Responsibility (CSR)
Accounting Standard (“Ind AS”) 110 - Consolidated Financial The Company continues its endeavor to improve the lives of people
Statements and Ind AS – 28 – Investments in Associates and Joint and provide opportunities for their holistic development through
Ventures, the consolidated audited financial statement forms part its different initiatives in the areas of Health, Education, Sports
of the Annual Report. for Development and Disaster Response.
The Company adopted a multi pronged approach to address the
Secretarial Standards
COVID-19 pandemic. The Company supported initiatives on
The Company has followed the applicable Secretarial Standards, healthcare, medical oxygen supply, emergency meal distribution,
i.e., SS-1 and SS-2, relating to ‘Meetings of the Board of supply of free fuel, masks and awareness creation.
Directors’ and ‘General Meetings’, respectively.
The Corporate Social Responsibility Committee (“CSR
Directors’ Responsibility Statement Committee”) has formulated and recommended to the Board, a
Corporate Social Responsibility Policy (“CSR Policy”) indicating
Your Directors state that:
the activities to be undertaken by the Company, which has been
a) in the preparation of the annual accounts for the year ended approved by the Board. The CSR Policy may be accessed on
March 31, 2022, the applicable accounting standards read the Company’s website at the link https://www.relianceretail.
with requirements set out under Schedule III to the Act have com/INV_Doc/Other_Downloads/36_Corporate_Social_
been followed and there are no material departures from Responsibility_Policy.pdf. There has been no change in the CSR
the same; Policy during the year.
b) the Directors have selected such accounting policies The three core commitments of Scale, Impact and Sustainability
and applied them consistently and made judgements and form the bed-rock of the Company’s philosophy on CSR initiatives.
As per the CSR policy of the Company, Health, Education, Sports advances from customers under jewellery purchase scheme
for Development and Disaster Response, are the focus areas for amounting to Rs. 184,18,20,904/- during the year and the amounts
CSR engagement. remaining unclaimed at the end of the year is Rs. 48,47,11,500/-.
During the year, the Company has spent Rs. 123.50 crore (2% of There has been no default in repayment of deposits or payment
the average net profits of the last three financial years) on CSR of interest thereon during the year.
activities. The fixed deposit schemes of the Company (Jewellery Purchase
The Annual report on CSR activities including summary of Schemes) have received a credit rating of CARE AAA from CARE
Impact Assessment Report is annexed herewith and marked as Ratings Limited. The Company has strong financials and the same
Annexure I to this Report. is reflected in the highest credit ratings issued by the agencies.
There were no revisions in the credit ratings mentioned above
Risk Management during the year. The Company has not accepted any deposit that is
The Company has a structured Risk Management Framework, not in compliance with the requirements of Chapter V of the Act.
designed to identify, assess and mitigate risks appropriately.
Directors and Key Managerial Personnel
The Risk Management Committee has been entrusted with the
responsibility to assist the Board in: In accordance with the provisions of the Act and the Articles of
Association of the Company, Shri Sanjay Jog (DIN: 01727602),
(a) overseeing and approving the Company’s enterprise wide Director of the Company, retires by rotation at the ensuing
risk management framework; and Annual General Meeting (AGM). The Board of Directors, on
(b) ensuring that all material Strategic and Commercial including the recommendation of the Nomination and Remuneration
Cybersecurity, Safety and Operations, Compliance, Control Committee (NRC) has recommended his re-appointment.
and Financial risks have been identified and assessed and The members of the Company at the 22nd AGM of the Company
ensuring that all adequate risk mitigations are in place, to held on September 28, 2021, had approved by way of ordinary
address these risks. resolution the re-appointment of Shri V. Subramaniam as the
Whole-time Director of the Company for a period of 5 (five)
Internal Financial Controls years, with effect from December 07, 2021.
Internal Financial Controls are an integral part of the Group Risk The members of the Company at the 22nd AGM of the Company
Management framework and processes that address financial held on September 28, 2021, had approved by way of special
as well as financial reporting risks. The key internal financial resolution the re-appointment of Shri Ranjit V. Pandit as an
controls have been documented, automated wherever possible Independent Director of the Company to hold office for a second
and embedded in the respective business processes. term of 5 (five) consecutive years, with effect from April 17, 2022.
Assurance to the Board on the effectiveness of internal financial The Board of Directors, based on performance evaluation and as per
controls is obtained through 3 Lines of Defence which include: the recommendation of the NRC has commended the re-appointment
of Prof. Dipak C. Jain, as an Independent Director of the Company
(a) Management reviews and self-assessment; for a second term of 5 (five) consecutive years, effective July 25,
(b) Continuous controls monitoring by functional experts; and 2023 on completion of his current term of office. In the opinion of
the Board, he possesses requisite expertise, integrity and experience
(c) Independent design and operational testing by the Group
(including proficiency) for appointment as an Independent Director
Internal Audit function.
of the Company and the Board considers that, given his professional
The Company believes that these systems provide reasonable background, experience and contributions made by him during his
assurance that Company’s internal financial controls are adequate tenure, the continued association of Prof. Dipak C. Jain would be
and are operating effectively as intended. beneficial to the Company.
Jewellery Purchase Scheme Shri Dinesh Thapar resigned as the Chief Financial Officer of
the Company with effect from February 28, 2022.
The Company operates “Jewellery Purchase Scheme” providing
The Company has received declarations from all the Independent
an opportunity to its customers through ‘Reliance Jewels’ stores,
Directors of the Company, confirming that:
to purchase gold and diamond jewellery for the various festival,
family and social occasions through a deferred payment facility. a) they meet with the criteria of independence as prescribed
The amounts received from customers under the jewellery under the Act; and
purchase schemes of the Company are construed as ‘deposits’ b) they have registered their names in the Independent
under the Act. The Company has accepted deposits, being Directors’ Databank.
21
In the opinion of the Board, all the Independent Directors of the Employees’ Stock Option / Restricted Stock Units (RSUs)
Company possess requisite expertise, integrity and experience. Disclosures with respect to Employees Stock Option Scheme
The Company has devised, inter-alia the following policies viz: of the Company:
a) RSUs granted: Nil; b) RSUs vested: Nil; c) RSUs exercised:
a) Policy for selection of Directors and determining Directors’
Nil; d) The total number of shares arising as a result of
independence; and
exercise of RSUs: Nil; e) RSUs lapsed: Nil; f) Exercise
b) Remuneration Policy for Directors, Key Managerial price: Nil; g) Variation of terms of RSUs: Nil; h) Money
Personnel and other employees. realized by exercise of RSUs: Nil; i) The total number of
The aforesaid policies are available on the Company’s RSUs in force: 3,01,789;
website and can be accessed at https://www.relianceretail. Employee wise details of RSUs granted during the year to-
com/INV_Doc/Other_Downloads/23_Policy_for_selection_ i. Key managerial personnel: Nil
of_Director_and_Determining _Director_Independence.
ii. Any other employee who receives a grant of RSUs in any
pdf and https://www.relianceretail.com/INV_Doc/Other_
one year of RSUs amounting to five per cent or more of
Downloads/24_Remuneration_Policy_of_Director_KMP_and_
RSUs granted during that year: Nil
Other_Employees.pdf.
iii. Identified employees who were granted RSUs, during any
The Policy for selection of Directors and determining Directors’ one year, equal to or exceeding one per cent of the issued
independence sets out the guiding principles for the NRC for capital (excluding outstanding warrants and conversions)
identifying persons who are qualified to become Directors and of the Company at the time of grant: Nil
to determine the independence of Directors, while considering
their appointment as Independent Directors of the Company. The Auditors and Auditors’ Report
Policy also provides for the factors in evaluating the suitability Statutory Auditors
of individual Board members with diverse background and D T S & Associates LLP, Chartered Accountants (Registration
experience that are relevant for the Company’s operations. number 142412W/W100595), Auditors of the Company, will
complete their present term on conclusion of the ensuing Annual
The Remuneration Policy for Directors, Key Managerial General Meeting.
Personnel and other employees sets out the guiding principles
T he Boa rd has recom mended t he re -appoi nt ment of
for the NRC for recommending to the Board the remuneration
D T S & Associates LLP, Chartered Accountants (Registration
of the Directors, Key Managerial Personnel and other employees number 142412W/W100595) as Auditors of the Company, for a
of the Company. second term of 5 (five) years from the conclusion of the ensuing
There has been no change in the aforesaid policies during the year. Annual General Meeting and they have confirmed their eligibility
and qualification required under the Act for holding the office as
Performance Evaluation Auditors of the Company.
The Company has a policy for performance evaluation of the The Auditors’ Report does not contain any qualification,
Board, Committees and other individual Directors (including reservation, adverse remark or disclaimer. The Notes on financial
Independent Directors) which include criteria for performance statement referred to in the Auditors’ Report are self-explanatory
and do not call for any further comments.
evaluation of Non-executive Directors and Executive Directors.
Secretarial Auditor
The annual performance evaluation of the Board, its Committees
and Individual Directors was conducted in accordance with the The Board had appointed M/s. Shashikala Rao and Co., Company
manner specified by the NRC. The Independent Directors carried Secretaries, to conduct Secretarial Audit. The Secretarial Audit
Report for the financial year ended March 31, 2022, is annexed
out annual performance evaluation of the Chairperson, the non-
herewith and marked as Annexure II to this Report. The
independent directors and the Board as a whole. The Chairman of
Secretarial Audit Report does not contain any qualification,
the respective Committees shared the report on evaluation with
reservation, adverse remark or disclaimer.
the respective Committee members. The performance of each
Committee was evaluated by the Board, based on the report on Disclosures:
evaluation received from respective Committees. A consolidated (I) Meetings of the Board
report was shared with the Chairman of the Board for his review 4 (Four) meetings of the Board of Directors were held
and giving feedback to each Director. during the financial year 2021-22.
(II) Audit Committee Prohibition & Redressal) Act, 2013 (“POSH Act”) and
The Audit Committee comprises Shri Ranjit V. Pandit Rules made thereunder, the Company has in place a
(Chairman), Shri Pankaj Pawar and Shri K. Sudarshan policy which mandates no tolerance against any conduct
as other members of the Committee. During the year, amounting to sexual harassment of women at workplace.
all the recommendations made by the Audit Committee The Company has constituted Internal Committee(s)
were accepted by the Board. (ICs) to redress and resolve any complaints arising
under the POSH Act. Training / awareness programs
(III) Corporate Social Responsibility Committee are conducted throughout the year to create sensitivity
The CSR Committee comprises Shri Ranjit V. Pandit towards ensuring respectable workplace. Further, there
(Chairman), Shri Pankaj Pawar, Shri Sanjay Jog and Shri were no cases/complaints filed during the financial year
K. Sudarshan. under review.
(IV) Nomination and Remuneration Committee (X) Particulars of Loans given, Investments made,
The NRC comprises Shri Ranjit V. Pandit (Chairman), Guarantees given and Securities provided
Shri Pankaj Pawar, Shri Sanjay Jog and Shri K.
Particulars of loans given and investments made along
Sudarshan.
with the purpose for which the loan is proposed to be
(V) Stakeholder Relationship Committee utilised by the recipients are provided in the Standalone
The Stakeholder Relationship Committee comprises Shri financial statement (Please refer Note 2 and 34 to the
Sanjay Jog (Chairman), Shri Pankaj Pawar and Shri K. standalone financial statement).
Sudarshan. During the year under review, there were no guarantees
(VI) Compliance Committee given or securities provided by the Company in terms
of Section 186 of the Act.
The Compliance Com mittee comprises Sh ri V.
Subramaniam (Chairman), Shri Sanjay Jog and Ms. (XI) Conservation of Energy, Technology Absorption and
Geeta Fulwadaya. Foreign Exchange Earnings and Outgo
(VII) Risk Management Committee A. Conservation of Energy:
The Risk Management Committee comprises Shri i) Steps taken or impact on conservation of energy:
Ranjit V. Pandit (Chairman), Shri Pankaj Pawar, Shri V. The Company was successful in saving of Energy
Subramaniam and Shri Ashwin Khasgiwala. and cost based on Like For Like (LFL), at stores and
supporting sites due to various energy conservation
(VIII) Vigil Mechanism
initiatives summarized below:
The Company has established a robust Vigil Mechanism
i) Energy action plan for FY 2021-22 was prepared
and Whistle-blower Policy in accordance with the
and 3.5% LFL based savings targeted and
provisions of the Act. The Vigil Mechanism is
completed the same to 161% till March 2022.
supervised by an ‘Ethics & Compliance Task Force’
comprising senior executives of the Company. Ethics ii) Energy Audits at almost 1,200 stores higher
& Compliance Task Force meets periodically to review power consuming sites stores, completed by
Energy Managers including stores, Distribution
the complaints and incidents and reports them to the
Center, City Processing Center and Processing
Audit Committee. Protected disclosures can be made
Center for Staples. Initiated energy saving
by a whistle blower through an e-mail or dedicated
projects at the same sites for implementation
telephone line or a letter to the Ethics & Compliance process.
Task Force or to the Chairman of the Audit Committee.
iii) Mission Power Factor (PF) 0.996 drive initiated
The Vigil Mechanism and Whistle Blower Policy may be
considering kVah based billing imposed almost
accessed on the Company’s website at the link – https://
at 17 states and the same will be followed by
relianceretail.com/INV_Doc/Other_Downloads/37_
other states in future. Total 507 sites averagely
Vigil_Mechanism_and_Whistle_Blower_Policy.pdf.
maintaining PF above 0.996.
(IX) Prevention of Sexual Harassment at Workplace iv) Maximum Demand (MD) optimization sites
In accordance with the requirements of the Sexual identified, MD optimized at 22 sites and further
Harassment of Women at Workplace (Prevention, sites are in process.
23
v) Replacement of old conventional fixed speed ACs single use / one time use packaging; (iii) Recycle
replaced with Energy Efficiency Invertor type i.e. converting waste packaging into materials for
air conditioners is completed. Total 619 units. new packaging items. We have leveraged these
vi) E ne rg y M a n a ge me nt Sy s t e m ( En MS) fundamental tenets to drive effective ‘on-ground’
automation started at multiple sites and work initiatives across the value chain. For customer
is in progress. deliveries, we have already introduced 20% recycled
content and are working on increasing the recycled
vii) Support in feasibility study for pan India
content to 40% in our JioMart Polybags. Further,
solar projects to Engineering Procurement &
we are using R-Elan reusable delivery bags and
Construction and New Energy team.
recyclable corrugated boxes for external shipments
viii) Implementation of ISO 50001:2018 EnMS in to customers. For shipments to partner merchants,
process. we are using reusable delivery totes. Our internal
Electric Vehicles operations are also steered by the same guiding
philosophy. We are using Multiple use PP Fluted
We remain pledged to our net carbon zero target. Boxes, Rigid Plastic Totes & Corrugated shredded
Our ‘Zero Carbon Design’ framework continues to paper from used boxes for protecting fragile product
form the basis of our strategic decision making . We
in transit during internal movement of goods. We
are actively engaged in building the entire network
are also testing pallets with recycled content up to
for electric vehicles, consisting of battery charging
30% for our warehousing requirement. Further, in
/ swapping stations, swappable battery inventory
keeping with the Central Pollution Control Board
pool and technology platform to efficiently manage
compliance requirement on Extended Producer
energy costs and seamlessly deploy electric vehicles
Responsibility obligations, we have initiated the
at large scale. We are closely working with all
process of Producer, Importer and Brand Owner
members of the ecosystem including leading vehicle
Registration for 100% Compliance on Plastic Waste
manufacturers, battery / cell manufacturers, IOT /
Management guidelines.
technology partners and transport service providers
to achieve this. Together, we are committed to create Steps taken by the Company for utilizing
a grounds up electric vehicle value chain that will alternate sources of energy:
set the global benchmark for last mile delivery. We Considering the nature of the Company’s business of
have kick started our electric mobility journey by rendering services, at nine locations solar energy is
deploying an electric fleet of e-2wheel and e-3wheel used as an alternate energy source. At one site, units
vehicles for JioMart last mile delivery operations. generated by other owned solar plant is purchased
After implementing successful pilots in Delhi NCR to offset the energy from fossil fuels.
region, first with e-2wheelers and subsequently with
e-3wheelers, we have, at present, deployed 70+ Capital investment on energy conservation
e-3wheel & 50+ e-2wheel vehicles across 8 stores equipment:
in Delhi NCR, Pune and Hyderabad region as part The Company has made capital investment of
of this end to end ecosystem. We are now planning ` 7.73 crore (approx) on various energy conservation
to expand our electric vehicles fleet to top 50 cities initiatives like, efficient HVAC equipment’s etc. at
in next 12 months. stores/sites.
Green Packaging B. Technology Absorption
Our packaging design strategy is charted with (i) Efforts made towards technology absorption:
the goal of having minimal impact on forest &
The Company has not entered into any technology
conventional resources. In this, we are guided by
agreement or collaborations.
the core principles of sustainable circular economy
viz. (i) Reduce i.e. reduction in consumption of (ii) The benefits derived like product improvement,
packaging material/ packaging material waste; cost reduction, product development or import
(ii) Reuse i.e. multiple use packaging instead of substitution: Not applicable
(iii) Information regarding imported technology 5) No significant or material orders were passed by the
(Imported during last three years): Regulators or Courts or Tribunals which impact the going
The Company has not imported any technology concern status and Company’s operations in future.
during the last three years. 6) No fraud has been reported by the Auditors to the Audit
Committee or the Board.
(iv) Ex pend it u re i ncu r re d on re se arch a nd
development: Nil 7) The Company is not required to maintain cost records in
terms of Section 148(1) of the Act.
C. Foreign Exchange Earnings and Outgo:
8) There has been no change in the nature of business of the
Foreign Exchange earned in terms of Actual Inflows: Company.
` 74.07 crore 9) There is no proceeding pending under the Insolvency and
Foreign Exchange outgo in terms of Actual Outflows: Bankruptcy Code, 2016.
` 2394.98 crore 10) There was no instance of one-time settlement with any
(XII) Annual Return Banks or Financial Institutions.
The Annual Return of the Company as on March 31, 2022 is The Board of Directors further state that no cases of child labour,
available on the Company’s website and can be accessed at forced labour, involuntary labour or discriminatory employment
– https://relianceretail.com/INV_Doc/Other_Downloads/ were reported during the year under review.
Annual_Return_2021_22.pdf. Acknowledgement
General The Board of Directors wish to place on record its deep sense of
Your Directors state that no disclosure or reporting is required appreciation for the committed services by all the employees of
in respect of the following matters as there were no transactions/ the Company. The Board of Directors would also like to express
events on these matters during the year under review: their sincere appreciation for the assistance and co-operation
received from financial institutions, banks, government and
1) Issue of equity shares with differential rights as to dividend,
regulatory authorities, customers, vendors, members and
voting or otherwise.
debenture holders during the year under review.
2) Issue of shares (including sweat equity shares) to employees
of the Company under any scheme save and except For and on behalf of the Board of Directors
Employee’s Stock Option Scheme referred to in this Report.
3) The Company has not provided money for the purchase of
its own shares by employees or by trustees for the benefit
of employees. Pankaj Pawar
4) The Whole-time Director of the Company does not (Chairman)
receive any remuneration or commission from any of its May 05, 2022
subsidiaries/ holding companies.
25
Annexure I
Annual Report on Corporate Social Responsibility (CSR) activities for the Financial Year 2021-22
1. Brief outline on CSR Policy of the Company: Refer Section: Corporate Social Responsibility (CSR) in the Board’s Report
2. Composition of CSR Committee

Sl. Name of Director Designation/Nature of Directorship Number of meetings of Number of meetings of
No. CSR Committee held CSR Committee attended
during the year during the year
1 Shri Ranjit V. Pandit Chairman (Non-Executive Director) 4 4
2 Shri K. Sudarshan Member (Non-Executive Director) 4 4
3 Shri Pankaj Pawar Member (Non-Executive Director) 4 1
4 Shri Sanjay Jog Member (Non-Executive Director) 4 4
3. Provide the weblink where Composition of CSR Committee https://relianceretail.com/INV_Doc/

Composition of CSR Committee, CSR Other_Downloads/41_Composition_of_
Policy and CSR projects approved by CSR_Committee.pdf
the board are disclosed on the website CSR Policy https://relianceretail.com/INV_Doc/
of the company Other_Downloads/36_Corporate_Social_
Responsibility_Policy.pdf
CSR projects approved by the board https://relianceretail.com/INV_Doc/
Other_Downloads/40_CSR_approved_
projects_for_FY_2021-22.pdf
4. Provide the details of Impact assessment of CSR projects carried out The Company has carried out Impact Assessment
in pursuance of sub-rule(3) of rule 8 of the Companies (Corporate through an Independent third party and the summary
Social Responsibility Policy) Rules, 2014, if applicable (attach the of the reports are attached.
report)
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility) Rules, 2014 and amount required for set off for the financial year, if any
SI. Financial Year Amount available for set-off from Amount required to be set-off for the
No. preceeding financial years (Rs. in crore) financial year, if any (Rs. in crore)
Not Applicable
6. Average net profit of the company as per section 135(5) ` 6174.98 Crore
7. a) Two percent of average net profit of the company as per section 135(5) ` 123.50 Crore
b) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years Nil
c) Amount requried to be set off for the financial year, if any Nil
d) Total CSR obligation for the financial year (7a+7b-7c) ` 123.50 Crore
8. a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (` in crore)
spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule
Financial Year CSR Account as per section 135(6) VII as per second proviso to section 135(5)
Amount Date of transfer Name of the fund Amount Date of transfer
` 123.50 Crore Not applicable Not applicable
8. b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
SI. Name of Item from Local Location of the Project Amount Amount Amount Mode of Mode of Implementation
No. the project the list of area project duration allocated spent trans- Imple- - Through Implementing
activities (Yes/ for the in the ferred to mentation Agency
in sched- No) project current Unspent - Direct
ule VII to State District (` in financial CSR (Yes/No) Name CSR Registration
the Act crore) year Account number
(` in for the
crore) project as
per section
135(6)
(` in
crore)
TOTAL Nil Nil Nil
8. c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
SI. Name of the Item from the list of Local Location of the Amount Mode of Im- Mode of Implementation
No. project. activities in schedule area project spent for the plementation - Through Implementing
VII to the Act. (Yes/No) project. - Direct Agency
(` in crore) (Yes/No)
State District Name CSR
Registration number
EDUCATION
1 Other Initiatives Clause (ii) Promoting Yes Assam : - Kamrup 15 No Reliance Foundation
including Programme education CSR00000623
Partnerships
HEALTH
2 Preventive and Yes Maharashtra Mumbai 13.9

Public Healthcare
initiatives
Clause (i) promoting
3 Covid-19 - Mission Yes Note - 1 51.5 Reliance Foundation
health care including No
Covid Suraksha CSR00000623
preventive health care
4 Other Initiatives Yes Maharashtra Nagpur 25
including Programme
Partnerships
SPORTS FOR DEVELOPMENT
5 Promoting Grassroot Clause (vii) training Yes Maharashtra Thane 4.1 No Reliance Foundation
Sports to promote rural CSR00000623
sports, nationally
recognisedsports,
paralympic sports and
olympic sports
27
(1) (2) (3) (4) (5) (6) (7) (8)
SI. Name of the Item from the list of Local Location of the Amount Mode of Im- Mode of Implementation
No. project. activities in schedule area project spent for the plementation - Through Implementing
VII to the Act. (Yes/No) project. - Direct Agency
(` in crore) (Yes/No)
State District Name CSR
Registration number
DISASTER RESPONSE
6 Covid-19 Relief - Clause (xii) disaster Yes Note - 2 13.5 No Reliance Foundation
Mission Anna Sewa management, including CSR00000623
relief, rehabilitation
and reconstruction
activities.
TOTAL 123
Note 1: Andhra Pradesh - Amaravati, Bihar - Patna, Chattisgarh - Raipur, Maharashtra - Mumbai, Pune, Nagpur, Nashik, Gujarat -
Gandhinagar, Haryana - Chandigarh, Kerala - Thiruvanantapuram
Note 2: Andhra Pradesh - Ananthapur, Chittoor, East Godavari, Kurnool, Srikakulam, Vijaywada, Visakhapatnam, Vizianagaram, West Godavari,
Bihar - Araria, Begusarai, Bhagalpur, Darbhanga, East Champaran, Gaya, Gopalganj, Madhubani, Munger, Muzaffarpur, Patna, Purnia,
Samastipur, Saran, Simdega, Sitamarhi, Siwan, Supaul, Vaishali, West Champaran, Chattisgarh - Bastar, Dhamtari, Durg, Kanker,
Narayanpur, Raipur, Rajnandgaon, Delhi - Delhi, East Delhi, New Delhi, South West Delhi, Goa - North Goa, Gujarat - Ahmedabad,
Anand, Banaskantha, Bharuch, Dahod, Gir Somnath, Jamnagar, Junagadh, Kachchh, Mahsana Navsari, Patan, Rajkot, Sabarkantha,
Surat, Valsad, Haryana - Faridabad, Gurugram, Jhajjar, Panchkula, Himachal Pradesh - Solan, Jharkhand - Bokaro, Chatra, Deoghar,
Dhanbad, Dumka, East Singhbhum, Garhwa, Giridh, Godda, Gumla, Hazaribag, Jamtara, Koderma, Latehar, Lohardaga, Palamau, Ranchi,
Sahibganj, Saraikela, Seraikela-kharsawan, Simdega, Singhbhum, West Singhbhum, Karnataka - Belagavi, Bengaluru, Bidar, Gadag,
Udupi, Kerala - Ernakulam, Kottayam, Wayanad, Madhya Pradesh - Barwani, Betul, Bhopal, Chhindwara, Gwalior, Harda, Jabalpur,
Jhabua, Khandwa Mandla, Rajgarh, Rewa, Satna, Sehore, Seoni, Shahdol, Shajapur, Ujjain, Vidisha, Maharashtra - Ahmednagar Akola,
Amravati, Aurangabad, Beed, Gadchiroli, Jalna, Kolhapur, Latur, Nagpur, Nanded, Parbhani, Pune, Raigad, Ratnagiri, Sangli, Sindhudurg,
Solapur, Thane, Yavatmal, Mumbai
d) Amount spent on Administrative Overheads -
e) Amount spent on Impact Assessment, if applicable *
f) Total amount spent for the Financial Year (8b+8c+8d+8e) ` 123.50 crore
* Amount claimed towards Impact Assessment is ` 50 lakhs
g) Excess amount for set off, if any
SI. Particular Amount

No. (` in crore)
(i) Two percent of average net profit of the company as per section 135(5) 123.50
(ii) Total amount spent for the Financial year 123.50
(iii) Excess amount spent for the financial year [(ii)-(i)] -
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous -
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] -
9. a) Details of Unspent CSR amount for the preceeding three financial years:
(1) (2) (3) (4) (5) (6)
SI. Preceding Amount transferred Amount spent Amount transferred to any fund specified under Schedule Amount remaining
No. Financial Year to Unspent CSR in the reporting VII as per section 135(6), if any to be spent
Account under Financial Year in succeeding
section 135(6) (` in crore) Name of the Fund Amount Date of transfer financial years
(` in crore) (` in crore) (` in crore)
Not Applicable
9. b) Details of CSR amount spent in the financial year for ongoing projects of the preceeding financial years:
(1) (2) (3) (4) (5) (6) (7) (8) (9)
SI. Project ID Name of the project Financial Project Total Amount Amount Cumulative Status of
No. year in duration allocated for spent on the amount spent the project-
which the the project project in at the end Completed/
project was (` in crore) the reporting of reporting Ongoing
commenced Financial year Financial Year
(` in crore) (` in crore)
Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR
spent in the financial year
a) Date of creation or acquisition of the capital asset (s) Not Applicable
b) Amount of CSR spent for creation of acquisition of capital asset. Not Applicable
c) Details of the entity or public authority or beneficiary under whose name such capital asset is Not Applicable
registred, their address, etc.
d) Provide details of the capital asset(s) created or acquired (including complete address and Not Applicable
location of the capital asset).
11. Specify the reasons(s), if the company has failed to spend two percent of the average net profit as per Not Applicable
section 135(5).
For and on Behalf of the Board of Directors
Ranjit V. Pandit Sanjay Jog Pankaj Pawar

(Chairman, CSR Committee) (Director) (Chairman)
May 5, 2022
29
Summary of independent Impact Assessment studies c) Mission Annasewa- To cushion the economic fallout,
conducted emergency meals were provided to the most vulnerable
communities. Under Mission Annaseva, the single
Year 2021-22
largest meal distribution programme ever undertaken
I. Impact Assessment of Reliance Foundation’s Compre- in the world by a corporate foundation, 8.5 crore meals
hensive COVID-19 Response Initiative including dry-ration-kits, food coupons and cooked
1. Impact Assessment Agency – Kantar Public meals were served to over 43 lakh marginalized and
underserved persons including migrant workers, daily
2. Project Background wage earners, slum dwellers across 19 states and 4 UTs.
As a Group, Reliance marshalled all its human, financial, and d) Mission Vaccine Suraksha- RF was actively involved
technical resources, leveraging years of business expertise in awareness campaigns regarding COVID-19
and community development experience and adopted a vaccinations. Mass awareness drives related to
multipronged prevention, mitigation, adaptation and ongoing COVID-19 vaccinations were carried out through
support strategy with the government and civil society to physical as well as digital platforms like Dial Out
beat the COVID-19 pandemic. The measures ranged from conference, WhatsApp, VMS etc. Support was provid-
strengthening health infrastructure, contribution to relief ed to Government Health Departments & workers for
funds, offering essential supplies and food to the needy and mobilising the community for vaccination by the on-
addressing the socio-economic impacts of the pandemic. field RF teams. Overall, 39 lakh+ doses were provided
Reliance launched multiple missions to fight COVID-19 free of cost by Reliance to support the nation in its
which included, Mission Oxygen, Mission COVID-19 vaccination mission. In addition, RF also supported
Infra, Mission Anna Sewa, Mission COVID-19 Suraksha district administration to conduct vaccination
and Mission Vaccine Suraksha. In addition, several other programmes for the communities.
initiatives were taken up to restore rural livelihoods as well e) Restoring Rural Livelihoods - To enable communities
as build resilience and preparedness among the communities to continue and sustain their livelihoods, RF mentored
through awareness generation on various aspects related to Farmer Producer Organizations (FPOs) helped
precaution and prevention amidst the pandemic. re-establish market linkages, disrupted by the
3. Objectives pandemic. Multiple technology platforms were
The objectives of the study were to assess the effectiveness of used to bridge the information gap and ensure large
the outreach programme by assessing knowledge awareness number of the affected population get access to
and practice and behavioural change at individual and opportunities available through government schemes,
community levels; and understand the adoption practices makeshift markets/procurement centers, e-NAM
at indi-vidual and community level. trading platform and many more. Capacity building
support was provided to help returning migrants gain
4. Key Findings access to new livelihood opportunities in farming,
a) Mission COVID-19 Infra-Reliance Foundation (RF) horticulture, animal husbandry and fisheries. As a
set up India’s first dedicated 250 bed COVID-19 result, 48,706 farmers were supported in transacting
hospital in collaboration with the Brihanmumbai farm and non-farm produce worth Rs. 120 crores
Municipal Corporation (BMC) in Mumbai, which during the COVID-19 crisis by RF mentored FPOs
was ramped up further to provide 2,000+ COVID-19 and through digital linkages. ~20,000 labourers were
beds across the country. In addition, testing capacities supported with wage employment opportunities
were ramped up from virtually nothing to be able to under MGNREGA and 5,900 persons were provided
get 15 thousand people tested per day in a matter of access to entitlement for benefitting from government
3-4 months. Moreover, 27 lakh+ liters of free fuel schemes. 81% of the respondents who received
was distributed to notified ambulances and emergency livelihood advisories, mentioned that these helped
vehicles across 18 states, for ensuring uninterrupted in realising benefits during the crisis times, 62% of
movement for providing essential services to the the respondents could carry out livelihood activities
citizens during this critical period. efficiently.
b) Mission Oxygen-To meet the nation’s medical f) Collaborations & partnerships with NGOs and
oxygen requirements, Reliance Industries repurposed Govt. agencies, pan-India network of Reliance,
its Jamnagar plant in a matter of days to ramp up technical expertise in disaster management, digital
production from zero to 1000 MT of liquid medical technology solutions, strengthened local governance
oxygen to be distributed free across the country, and leadership in rural areas built over the last decade
serving the needs of 1 lakh patients per day. facilitated and acted as a catalyst for an effective and
prompt implementation of covid response initiatives b. Increased access to knowledge resources and
on ground. adaption of sustainable practices
g) Behaviour change through Mission COVID Suraksha i. Reliance Foundation (RF) was recognized as a
- A multi-lingual booklet, distributed with the mask, trusted source of information across all target
informed users about proper ways to wear it along with groups with close to 90% respondents reported
mask hygiene. 87% of the respondents reported having willingness to adapt and take action based on
adopted COVID-19 appropriate preventive behaviour advisories.
such as wearing face mask etc. after receiving advisory ii. 88% of the respondents adopted production
related to prevention. 77% of the respondents men- practices after listening to the RFIS programme,
tioned being able to manage post COVID-19 care out of which 71% farmers reported at least one
situation more effectively. 70% of the respondents improved agricultural production practice.
further disseminated the information among their
family & peers. iii. 83% of the respondents adopted production
practices after listening to RFIS programme, out
h) The response towards the Mission COVID-19 Suraksha of which 72% livestock owners reported at least
was equally positive, beneficiary highly appreciated one improved livestock production practice.
the quality of the supplies provided by RF.
iv. 80% of the respondents adopted production
II. Empowering Rural Communities through practices after listening to RFIS programme, out
Knowledge- Based Livelihood Support – An Impact of which 66% fisher folk improved at least one
Assessment of Reliance Foundation’s Information fishery production practice.
Services Programme c. Better Income and Improvement in Socio Economic
1. Impact Assessment Agency – NR Management Status
Consultants India Private Limited i. Improvements in yield, loss aversion and
2. Project Background improved input efficiency have led to 55%
Reliance Foundation Information Services (RFIS) increase in net income for the farmers.
programme delivers knowledge based livelihood information ii. Better production practices in breeding, disease
in regional languages to farmers, fisher folk and livestock and fodder management leading to 82% increase
owners using various digital platforms and mass media in net income among livestock farmers.
tools. The programme facilitates productivity and income iii. Significant reduction in operating costs and
enhancement with the objective of reducing the cost of weather related risks for the artisanal fisher folks.
cultivation and lowering the yield loss due to climatic stress, The beneficiaries reported a 45% increase in net
pest infestations and disease etc. income from fisheries.
3. Objective iv. About one-third of farmers, one-fourth of
Assess the impact of the RFIS programme on the economic livestock owners, and 64% of fisher folk moved
status, knowledge and capacity of the communities. up at least one category among the socio
economic weaker sections since they enrolled
4. Key findings: with the RFIS programme.
a. Overall impact III. Promotion of Grassroots Sports – Reliance
i. The programme serves as a platform to improve Foundation Young Champs Programme
livelihoods through increased awareness in the
target communities about accessing knowledge 1. Impact Assessment Agency – ThinkThrough Consulting
resources, government welfare schemes and Private Limited
benefits. 2. Project Background
ii. Evidence of improved health practices among Reliance Foundation Young Champ (RFYC) Programme
mothers and their children. aims to create transformational football talent with the
iii. Evidence of improved linkages of youth to potential to influence the larger ecosystem and establish
employment and skilling opportunities available itself as the best football academy for promoting grassroots
in their vicinity. sports in India. The academy is fully residential and provides
31
professional football training to boys aged between 12 to b. Programme Level Impact

18 years. The academy has received a five-star rating from i. Sports and Education: The young champs are
All India Football Association and is currently rated as best given the opportunity to study at one of the
football academy in the country. best quality schools in Navi Mumbai. This has
3. Objectives reassured parents of the holistic development
of their children. Average score of young
a. To evaluate the impact of the grass roots football
champs was found to be nearly at par with the
training programme in the areas of players skill,
average score of regular students of RF School.
education and psycho social development.
Programme focus on education is a determinant
b. To evaluate the impact of the programme on lives of for choosing RFYC by 40% of the parents. 40%
children and their families. of young champs felt their academic performance
4. Key findings has improved.
a. Overall ii. Coaching, Counselling and other support helped
the young champs to cope up with anxiety and
i. RFYC has become an aspirational academy for stress. 67% of young champs reported that the
the upcoming football players. The alignment sessions with the counsellor/ psychologist helped
of the programme with National Sports Policy them positively deal with their anxiety and stress
(NSP) 2001 as well as the strategies of the levels. 80% of the respondents reported that
All India Football Federation (AIFF) has feedback received from coaches and mentors is
established the programme as a channel for positive.
driving ecosystem change.
ii. RFYC programme focuses on important aspect c. Individual Level Impact– At an individual level, young
of nurturing young talent coming from very champs stand out amongst peers and have developed
humble backgrounds from remote parts of India potential to become role models. They have developed
and provide a career path way. holistic skills to pursue careers in or out of football with
RFYC focus on academics as a big differentiator. In
iii. The overall positive impact of the RFYC economic terms, access to academy and education has helped
programme is evident from the fact that nine out save about ` 5 Lakh per annum for a family. The graduates
of the ten young champs who graduated from the from the academy have secured starting contracts of
first cohort were able to pursue a professional ` 7 Lakh per annum.
career in sports with leading football clubs in
India. Their performance on the field during d. Ecosystem Level Impact - Increasingly, Football is being
professional matches demonstrates that RFYC seen as a career option (impact currently restricted to regions
is on the right track to create transformational with a prevalent football culture). Inclusion of children from
talent in Indian football. The trickle down effect weaker socio-economic backgrounds has empowered them
of creating a sporting culture across the country to prove their sporting skills at multiple levels. The Academy
is an important outcome of the programme along which is ranked at number 2 by AIFF is an aspirational
with promoting sports. benchmark for other academies and clubs in India. Deep
scouting of talent has helped expand the geographical scope
of the sport and provide opportunities for young talent.
Annexure II
SECRETARIAL AUDIT REPORT

For the Financial Year ended March 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel), Rules, 2014]
To, secretarial records. We believe that the processes and practices,

The Members, we followed provide a reasonable basis for our opinion.
Reliance Retail Limited
3rd Floor, Court House Opinion
Lokmanya Tilak Marg Based on our verification of the Company’s books, papers, minute
Dhobi Talao books, forms and returns filed and other records maintained by
Mumbai- 400 002 the Company and provided either as scanned copies by email or
through permitted access to the Company’s in-house portal and
We have conducted the secretarial audit of the compliance of also the information provided by the Company, its officers, agents
applicable statutory provisions and the adherence to good corporate and authorized representatives during the conduct of secretarial
practices by Reliance Retail Limited (“the Company”). audit, we hereby report that in our opinion, the Company has,
Secretarial Audit was conducted in a manner that provided us a during the audit period covering the financial year ended on March
reasonable basis for evaluating the corporate conducts/ statutory 31, 2022 (“the Financial Year”), complied with the statutory
compliances and expressing our opinion thereon. provisions listed hereunder and also that the Company has proper
Board-processes and compliance-mechanism in place to the
Management’s responsibility extent, in the manner and subject to the reporting made hereinafter:
The Management along with the Board of Directors are responsible We have examined the books, papers, minute books, forms and
for ensuring that the Company complies with the provisions of all returns filed and other records maintained by the Company for
applicable laws and maintains the required statutory records and the Financial Year according to the provisions of:
documents in the prescribed manner. i) The Companies Act, 2013 (“the Act”) and the rules made
thereunder;
Auditor’s responsibility
ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
Based on audit, our responsibility is to express an opinion on the and the rules made thereunder- Not Applicable to the
compliance with the applicable laws and maintenance of records Company during the Audit Period;
by the Company. We conducted our audit in accordance with the
iii) The Depositories Act, 1996 and the Regulations and Bye-
auditing standards CSAS 1 to CSAS 4 (“CSAS”) prescribed by
laws framed thereunder;
the Institute of Company Secretaries of India. These standards
require that the auditor complies with statutory and regulatory iv) Foreign Exchange Management Act, 1999 and the rules
requirements and plans and performs the audit to obtain reasonable and regulations made thereunder to the extent of Foreign
assurance about compliance with applicable laws and maintenance Direct Investment, Overseas Direct Investment and External
of records. Commercial Borrowings;
Due to the inherent limitations of an audit including internal, v) The following Regulations and Guidelines prescribed
financial and operating controls, there is an unavoidable risk that under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’):-
some misstatements or material non-compliances may not be
detected, even though the audit is properly planned and performed a) The Securities and Exchange Board of India
in accordance with the CSAS. (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011- Not Applicable to the Company
Basis for Opinion during the Audit Period;
We have followed the audit practices and processes as were b) The Securities and Exchange Board of India
appropriate to obtain reasonable assurance about the correctness (Issue of Capital and Disclosure Requirements)
of the contents of the secretarial records. The verification was Regulations, 2018 - Not Applicable to the Company
done on test basis to ensure that correct facts are reflected in the during the Audit Period;
33
c) Securities and Exchange Board of India (Share Based We further report that, the Company has identified the following
Employee Benefits) Regulations, 2014 (up to August laws as specifically applicable to the Company:
12, 2021) and The Securities and Exchange Board
i) The Food Safety and Standards Act, 2006 and Rules;
of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 (with effect from August ii) The Legal Metrology Act 2009 and Rules;
13, 2021) - Not Applicable to the Company during iii) State Agriculture Produce Marketing Act;
the Audit Period; iv) The Bureau of Indian Standards Act, 2016;
d) Securities and Exchange Board of India (Issue and v) The Trade Marks Act, 1999
Listing of Debt Securities) Regulations, 2008 (up to
We further report that-
August 15, 2021) - Not Applicable to the Company
during the Audit Period; The Board of Directors of the Company is constituted comprising
Executive Director, Non-Executive Directors, Independent
e) The Securities and Exchange Board of India (Issue and Directors and Woman Director. There were no changes in the
Listing of Non-Convertible Securities) Regulations, composition of the Board of Directors that took place during the
2021 (with effect from August 16, 2021)- Not period under review.
Applicable to the Company during the Audit Period;
Adequate notice was given to all directors of the Company of the
f) The Securities and Exchange Board of India (Registrars meetings of the Board (including meetings of the Committees),
to an Issue and Share Transfer Agents) Regulations, except where consent of directors was received for shorter notice.
1993 regarding the Companies Act and dealing with With the consent of the directors, the agenda and detailed notes
client - Not Applicable to the Company during the on agenda for the Board meetings (including meetings of the
Audit Period; Committees), were sent less than seven days before the date of
g) The Securities and Exchange Board of India (Delisting the respective meeting(s).
of Equity Shares) Regulations, 2009 (up to June 9, We further report that the Company has devised a system which
2021) & The Securities and Exchange Board of India enables the directors to seek and obtain further information and
(Delisting of Equity Shares) Regulations, 2021 (with clarifications on the agenda items before the meeting and for
effect from June 10, 2021) –- Not Applicable to the meaningful participation at the meeting.
Company during the Audit Period; and
All decisions made at Board Meetings and Committee Meetings
h) The Securities and Exchange Board of India (Buyback have unanimous consent of directors (excluding the directors who
of Securities) Regulations, 2018 - Not Applicable to are concerned or interested in specific items) as recorded in the
the Company during the Audit Period. minutes of the meetings of the Board of Directors or Committees
i) The Securities and Exchange Board of India of the Board, as the case may be.
(Prohibition of Insider Trading) Regulations, 2015 We further report that having regard to the compliance
- Not Applicable to the Company during the Audit system prevailing in the Company and as per explanations and
Period; management representations obtained and relied upon by us the
We have also examined compliance with the applicable clauses Company has adequate systems and processes commensurate with
of the following: the size and operations of the Company to monitor and ensure
compliance with applicable laws, rules, regulations and guidelines.
i) Secretarial Standards issued by The Institute of Company
Secretaries of India;
For Shashikala Rao & Co.
ii) The Listing Agreements entered into by the Company Company Secretaries
with Stock Exchange(s) and the SEBI (Listing Obligations ICSI Unique Code: P2010MH067400
and Disclosure Requirements) Regulations, 2015, – Not PR 845/2020
Applicable to the Company during the Audit Period;
Shashikala Rao
During the period under review the Company has complied Partner
with the provisions of the Act, Rules, Regulations, Guidelines, Place: Mumbai FCS 3866 CP No 9482
Standards, etc. mentioned above. Date: May 05, 2022 UDIN F003866D000276182
ANNEXURE TO THE SECRETARIAL AUDIT REPORT
To
The Members
Our report of even date is to be read along with this letter:
1. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
2. Wherever required, we have obtained a Management Representation about the compliance of laws, rules and regulations and
happening of events, etc.
3. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Shashikala Rao & Co.

Company Secretaries
ICSI Unique Code: P2010MH067400
PR 845/2020
Place: Mumbai Shashikala Rao

Date: May 05, 2022 Partner
FCS 3866 CP No 9482
UDIN F003866D000276182
Standalone Financial Statements
2021-22
Independent Auditor’s Report
To The Members of Reliance Retail Limited

Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Reliance Retail Limited (“the Company”), which comprise
the Balance Sheet as at March 31, 2022, 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 “standalone financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 March 31, 2022, 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 standalone 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 Standalone 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 standalone 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 standalone 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 consolidated financial statements, standalone financial
statements and our auditor’s report thereon.
• Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone 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 Standalone 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 standalone 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 standalone financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone 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.
RELIANCE RETAIL LIMITED 37
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone 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 standalone 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 standalone 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 standalone financial statements, including the disclosures, and
whether the standalone 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 standalone 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 March 31, 2022 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2022 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 standalone 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 standalone financial
statements as referred to in Note 27 of the standalone 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 it’s 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 it’s 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 have 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.
For D T S & Associates LLP

Chartered Accountants
Firm’s Registration No. 142412W/W100595
Vishal D. Shah
Partner
Membership No. 119303
UDIN: 22119303AIMBGE7586
Place: Mumbai
Date: May 5, 2022
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 March 31, 2022)
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 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 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 (Rs. In Crore)

Aggregate amount provided during the year
- Subsidiaries 0.02
- Associates -
- Joint Ventures -
- Other Companies 37.35
Balance outstanding as at March 31, 2022
- Subsidiaries 0.02
- Associates -
- Joint Ventures -
- Other Companies 37.35
(b) In our opinion and according to the information and explanation given to us, the guarantees given or investments made
during the year are not prejudicial to the interest of the Company.
(c) Based on the records examined by us and information and explanation given to us, the Company has not given any 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 the persons covered under Section 185 of the Act or given guarantees or securities in connection with the loan taken
by such persons and 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, duty of Customs, 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
March 31, 2022 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 March 31, 2022 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 (Rs. in Crore)
Central Sales Tax Sales Tax Joint Commissioner of Commercial F.Y 2017-2018 0.03
Act, 1956 Taxes (Appeal)
Deputy Commissioner of Sales Tax F.Y 2013-2014 0.10(1)
Entry Tax Act of Entry Tax Entry Tax Tribunal of Various States F.Y 2012-13 to 0.06(2)
Various States F.Y 2016-17
The Additional Commissioner F.Y 2014-2015 0.03(3)
(Appeals)
Central Excise Act, Excise Duty The Customs, Excise and Service F.Y 2012-2013 3.98(4)
1944 Tax Appellate Tribunal (CESTAT)
The Commissioner of Customs F.Y 2011-2012 0.01
(Appeals)
Commercial Tax Act, Goods and Joint Commissioner of Commercial F.Y 2017-2018 0.45(5)
Service Tax Tax
Value Added Tax Act Value Added Value Added Tax, Tribunal of F.Y 2009 -2010 and 0.60(6)
of Various States Tax Various State F.Y 2011-2012 to
2013-2014
Joint Commissioner (Appeals) of F.Y 2015-2016 1.78
Commercial Tax
Special Objection Hearing Authority F. Y 2017-2018 0.14(7)
Deputy Commissioner of Sales Tax F.Y 2013-2014 1.47(8)
Income Tax Act, 1961 Income Tax Commissioner of Income Tax A.Y 2018-2019 68.19
(Appeals)
1
Rs.0.01 Crore, 2 Rs.0.06 Crore, 3 Rs.39,100, 4 Rs.0.16 Crore, 5 Rs.0.02 Crore, 6 Rs.0.36 Crore, 7Rs.0.10 Crore, 8 Rs.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
Company has not raised term loans from any lender and hence reporting under clause ix(c) of paragraph 3 of the Order is
not applicable to the Company.
(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 has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures.
(f) In our opinion and according to the information and explanations given to us, the Company has not raised loans during
the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.
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 material
fraud by the Company or 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 auditors 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 during the year while
determining the nature, timing and extent of audit procedures
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, subsidiary or associate 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.

Vishal D. Shah
Partner
Place: Mumbai
Date: May 5, 2022
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 March 31, 2022)
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 March 31,
2022 in conjunction with our audit of the standalone 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.
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting with reference to these
standalone 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 standalone 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 standalone 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 standalone financial statements.
Meaning of internal financial controls over financial reporting with reference to these standalone financial statements
A company’s internal financial control over financial reporting with reference to these standalone 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 standalone 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 standalone financial statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these standalone 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 standalone financial statements to future periods are subject to the risk that the internal financial control over
financial reporting with reference to these standalone 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 standalone financial statements were operating effectively as at March 31, 2022, 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.

Vishal D. Shah
Partner
Place: Mumbai
Date: May 5, 2022
Standalone Balance Sheet as at 31st March, 2022
` crore
Notes As at As at
31st March, 2022 31st March, 2021
Assets
Non-Current Assets
Property, Plant and Equipment 1 14,019.11 8,263.15
Capital Work-in-Progress 1 11,882.11 6,991.55
Intangible Assets 1 2,775.18 3,164.70
Intangible Assets Under Development 1 11,839.66 3,612.13
Goodwill 2.90 2.90
40,518.96 22,034.43
Financial Assets
Investments 2 716.39 586.24
Other Non- Current Assets 3 6,532.54 58.72
Total Non-Current Assets 47,767.89 22,679.39
Current Assets
Inventories 4 20,036.08 12,321.60
Financial Assets
Trade Receivables 5 8,804.66 6,019.47
Cash and Cash Equivalents 6 460.22 352.96
Other Financial Assets 7 2,692.77 2,586.28
Other Current Assets 8 8,363.03 6,220.59
Total Current Assets 40,356.76 27,500.90
Total Assets 88,124.65 50,180.29
Equity and Liabilities
Equity
Equity Share Capital 9 4,990.42 4,990.42
Other Equity 10 25,264.34 20,331.79
Total Equity 30,254.76 25,322.21
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 11 12,021.00 -
Provisions 12 68.38 48.20
Deferred Tax Liabilities (Net) 13 1,448.88 917.75
Total Non-Current Liabilities 13,538.26 965.95
Current Liabilities
Borrowings 14 28,735.44 14,745.88
Trade Payables Due to: 15
Micro and Small Enterprise 633.03 401.39
Other than Micro and Small Enterprise 12,289.40 6,281.51
Other Financial Liabilities 16 1,228.59 1,377.21
Other Current Liabilities 17 1,440.33 1,082.56
Total Current Liabilities 44,331.63 23,892.13
Total Liabilities 57,869.89 24,858.08
Total Equity and Liabilities 88,124.65 50,180.29
Significant Accounting Policies
See Accompanying notes to the Financial Statements 1 to 38
As per our Report of even date For and on behalf of the Board
For D T S & Associates LLP V. Subramaniam Pankaj Pawar Sanjay Jog

Chartered Accountants Whole-Time Director Director Director
(Firm Registration No. 142412W/W100595)
Vishal D Shah Geeta Fulwadaya Prof. Dipak C. Jain K Sudarshan
Partner Director Director Director
Ranjit V. Pandit K Sridhar

Date: 5th May, 2022 Director Company Secretary
Standalone Statement of Profit and Loss for the year ended 31st March, 2022
` crore
Notes 2021-22 2020-21
Income
Value of Sales 184,821.33 141,581.29
Income from Services 8,634.69 8,343.60
Value of Sales & Services (Revenue) 193,456.02 149,924.89
Less: GST Recovered 24,058.67 18,237.08
Revenue from Operations 19 169,397.35 131,687.81
Other Income 20 12.58 239.08
Total Income 169,409.93 131,926.89
Expenses
Cost of Materials Consumed 0.04 0.94
Purchases of Stock-in-Trade 154,397.08 115,853.24
Changes in Inventories of Finished Goods and Stock-in-Trade 21 (7,605.42) (2,918.98)
Employee Benefits Expense 22 1,514.39 1,223.11
Finance Costs 23 1,977.24 693.03
Depreciation and Amortisation Expense 1 1,781.03 1,447.58
Other Expenses 24 10,765.65 9,446.41
Total Expenses 162,830.01 125,745.33
Profit Before Tax 6,579.92 6,181.56
Tax Expenses:
Current Tax 25 1,114.14 1,585.15
Deferred Tax 25 531.13 9.55
Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to Statement of Profit and Loss 22.1 (3.12) 1.83
(ii) Income tax relating to items that will not be reclassified to Statement of (0.79) 0.46
Profit and Loss
(iii) Items that will be reclassified to Statement of Profit and Loss 0.31 -
(iv) Income tax relating to items that will be reclassified to Statement of Profit 0.08 -
and Loss
Total Other Comprehensive Income/(Loss) for the Year (Net of Tax) (2.10) 1.37
Total Comprehensive Income for the Year 4,932.55 4,588.23
Earnings per equity share of face value of ` 10 each
Basic (in `) 26 9.27 8.62
Diluted (in `) 26 5.29 4.92
See Accompanying notes to the Financial Statements 1 to 38

Geeta Fulwadaya Prof. Dipak C. Jain K Sudarshan

Vishal D Shah Director Director Director
Partner

Standalone Statement of Changes in Equity for the period year 31st March, 2022
` 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 reporting period share capital during the reporting period
reporting period i.e. the year 2020-21 i.e. 31st March, 2021 the year 2021-22 i.e.31st March, 2022
1st April, 2020
4,990.40 0.02 4,990.42 - 4,990.42
B Other Equity ` crore

Particulars Instruments Classified as Equity Reserves & Surplus
8.5% Non Call money Compulsorily Capital Securities Retained Other Balance as at
Cumulative towards Convertible Reserve Premium Earnings Comprehensive 31st March,
Optionally OCPS Debentures Income 2022
Convertible of ` 10,00,000
Preference each, fully
Shares of ` 10 paid up
each (OCPS),
fully paid up
As on 31st March, 2022
Balance as at 1st April, 2021 800.00 - 330.00 55.11 3,200.00 15,955.79 (9.11) 20,331.79
Add: Total Comprehensive Income - - - - - 4,934.65 (2.10) 4,932.55
for the year
Balance as at 31st March, 2022 800.00 - 330.00 55.11 3,200.00 20,890.44 (11.21) 25,264.34
As on 31st March, 2021
Balance as at 1st April, 2020 200.00 381.22 330.00 55.11 800.00 11,368.93 (10.48) 13,124.78
Add : Call Money received during 600.00 (381.22) 0.00 - 2,400.00 - - 2,618.78
the year
Add: Total Comprehensive Income - - - - - 4,586.86 1.37 4,588.23
for the year



Partner

Standalone Cash Flow Statement for the year ended 31st March, 2022
` crore
2021-22 2020-21
A: Cash Flow From Operating Activities
Net Profit before Tax as per Statement of Profit and Loss 6,579.92 6,181.56
Adjusted for:
(Profit)/Loss on sale/discarding of Property, Plant and Equipment (net) 8.22 2.78
Loss on Sale of Business - 23.94
Depreciation and Amortisation Expense 1,781.03 1,447.58
Effect of Exchange Rate Change 2.93 (11.00)
Net Gain on Financial Assets - (14.65)
Interest Income (12.46) (224.42)
Finance Costs 1,977.24 693.03
Operating Profit before Working Capital Changes 10,336.88 8,098.82
Adjusted for:
Trade and Other Receivables (6,237.90) (5,070.61)
Inventories (7,714.48) (2,973.44)
Trade and Other Payables 6,423.22 1,961.53
Subtotal (7,529.16) (6,082.52)
Cash Generated from Operations 2,807.72 2,016.30
Taxes Paid (Net) (1,157.96) (1,424.10)
Net Cash flow from Operating Activities* 1,649.76 592.20
B: Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment and Intangible Assets (20,333.63) (8,216.61)
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets 7.48 11.87
Sale of Business to Holding Company - 42.46
Investment in Subsidiaries/ Joint Ventures (6.00) (8.00)
Purchase of Financial Assets (124.15) (12,323.50)
Proceeds from Sale of Financial Assets - 12,338.15
Movement in Other Financial Assets - 2,436.10
Movement in Loans & Advances and Other Assets (5,223.45) (4,237.19)
Interest Income 10.42 285.02
Net Cash Flow used in Investing Activities (25,669.33) (9,671.70)
C: Cash Flow From Financing Activities
Proceeds from Issue of Preference Share - 2,618.78
Proceeds from Issue of Equity share - 0.02
Proceeds from Borrowings - Non-Current 12,021.00 -
Borrowings Current (Net) 13,989.56 11,785.14
Movement in Deposits - (4,700.00)
Interest Paid (1,883.73) (605.98)
Net Cash Flow from Financing Activities 24,126.83 9,097.96
Net (Decrease)/ Increase in Cash and Cash Equivalents 107.26 18.46
Opening Balance of Cash and Cash Equivalents 352.96 334.50
Closing Balance of Cash and Cash Equivalents (Refer Note 6) 460.22 352.96
* Includes Amount spent in Cash towards Corporate Social Responsibility is ` 123.50 crore (Previous Year ` 94.64 crore).


Partner

Notes to the Standalone Financial Statements for the year ended 31st March, 2022
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. Significant 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.
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 Significant Accounting Policies
(a) Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification.
An asset is treated as Current when it is -
- Expected to be realised or intended to be sold or consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.
All other assets are classified as non-current.
A liability is current when -
- It is expected to be settled in normal operating cycle;
- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
(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 and any cost directly attributable to
bringing the assets to its working condition for its intended use.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be
measured reliably.
Property, Plant and Equipment which are significant to the total cost of that item of Property, Plant and Equipment
and having different useful life are accounted separately.
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
lower of estimated useful life or lease period; on assets acquired under finance lease depreciation is provided over
the lease term.
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.
Gains or losses arising from derecognition of a Property, Plant and Equipment are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit
and Loss when the asset is derecognised.
(c)
Leases
The Company, as a lessee, recognizes a right-of-use asset and a lease liability for its leasing arrangements, if the
contract conveys the right to control the use of an identified asset.
The contract conveys the right to control the use of an identified asset, if it involves the use of an identified asset
and the Company has substantially all of the economic benefits from use of the asset and has right to direct the use
of the identified asset. The cost of the right-of-use asset shall comprise of the amount of the initial measurement
of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial
direct costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use
assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or
useful life of right-of-use asset.
The Company measures the lease liability at the present value of the lease payments that are not paid at the
commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that
rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate.
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 loss, if any. Such cost includes purchase price and any cost
directly attributable to bringing the asset to its working condition for the intended use.
measured reliably.
prior to its intended use, are considered as project development expenses and disclosed under Intangible Assets
Under Development.
Gains or losses arising from derecognition of an Intangible Asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when
the asset is derecognized.
The Company’s Other Intangible Assets include assets with finite and indefinite useful life.
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.
Particular Amortisation
Computer Software
Over a period ranging from 5 to 10 Years
Brands and Trademark
(e) Research and Development Expenditure

Revenue expenditure pertaining to research is charged to the Statement of Profit and Loss.
Development costs are capitalized as an intangible asset if it can be demonstrated that the project is expected to
generate future economic benefits, it is probable that those future economic benefits will flow to the entity and the
costs of the asset can be measured reliably, else it is charged to the Statement of Profit and Loss.
(f) 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.
(g)
Finance Costs
Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are
regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.
(h) Inventories
Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any.
Cost of inventories comprises of cost of purchase, cost of conversion and other costs including overheads net of
recoverable taxes incurred in bringing them to their respective present location and condition.
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.
(i) Impairment of Non-Financial Assets - Property, Plant and Equipment and Intangible Assets
The Company assesses at each reporting date as to whether there is any indication that any Property, Plant and
Equipment and Intangible assets or group of assets, called Cash Generating Units (CGU) may be impaired. If
any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of
impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company
estimates the recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset’s carrying amount exceeds
its recoverable amount. The recoverable amount is higher of an asset’s fair value less cost of disposal and value in
use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount
rate that reflects current market assessments of the time value of money and risk specific to the assets.
The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of
recoverable amount.
(j) 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 amount 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.
(k)
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.
(l) Employee Benefits Expense
Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered
by employees are recognised as an expense during the period when the employees render the services.
Post-Employment Benefits
Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions
to a separate entity. The Company makes specified monthly contributions towards Provident Fund, Superannuation
Fund and Pension Scheme.
The Company recognizes contribution payable to the provident fund scheme as an expense, when an employee
renders the related service. If the contribution payable to the scheme for service received before the balance sheet
date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after
deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services
received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will
lead to, for example, a reduction in future payment or a cash refund.
Defined Benefit Plans
The Company pays gratuity to the employees who have completed five years of service with the Company at the
time of resignation/superannuation. The gratuity is paid @15 days salary for every completed year of service as per
the Payment of Gratuity Act, 1972.
The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment
to the employees. The gratuity fund has been approved by respective Income Tax Authorities.
The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit
Method and spread over the period during which the benefit is expected to be derived from employees’ services.
Remeasurement gains and losses arising from adjustments and changes in actuarial assumptions are recognised in
the period in which they occur in Other Comprehensive Income.
(m)
Tax Expenses
The tax expenses for the period comprises of current tax and Deferred Income Tax. Tax is recognised in Statement
of Profit and Loss, except to the extent that it relates to items recognised in the Other Comprehensive Income or in
Equity. In which case, the tax is also recognised in Other Comprehensive Income or Equity.
i) Current Tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
Income Tax authorities, based on tax rates and laws that are enacted at the Balance sheet date.
ii) Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the Financial Statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax losses can be utilized.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and
assets are reviewed at the end of each reporting period.
(n) Share Based Payments

Equity-settled share-based payments to employees and others providing similar services are measured at the fair
value of the equity instruments at the grant date.
The fair value determined at the grant date of the equity-settled share based payments is expensed on a straight
line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest,
with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimate of
the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is
recognised in Statement of Profit and Loss such that the cumulative expenses reflects the revised estimate, with a
corresponding adjustment to Share Based Payments Reserve.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted
earnings per share.
(o) Foreign Currencies Transactions and Translation
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit
and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on
foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets
which are capitalized as cost of assets.
Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the
exchange rates at the date of the transaction. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on
translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on
the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in
Other Comprehensive Income or Statement of Profit and Loss are also recognised in Other Comprehensive Income
or Statement of Profit and Loss, respectively).
(p) 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.
Revenue from rendering of services is recognised over time by measuring the progress towards complete satisfaction
of performance obligations at the reporting period.
Revenue is measured at the amount of consideration which the company expects to be entitled to in exchange
for transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected
on behalf of third parties (for example taxes and duties collected on behalf of the government). Consideration
is generally due upon satisfaction of performance obligations and a receivable is recognized when it becomes
unconditional. Generally the credit period does not exceed 90 days for sale of goods or services as the case may be.
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.
Contract balances
Trade receivables
A receivable represents the Company’s right to an amount of consideration that is unconditional.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the
Company transfers goods or services to the customer, a contract liability is recognised when the payment is made or
the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs
under the contract.
Interest Income
Interest Income from a Financial Asset is recognised using effective interest rate method.
Dividend Income
Dividend Income is recognised when the Company’s right to receive the amount has been established.
(q)
Financial Instruments
i) Financial Assets
A. Initial Recognition and Measurement
All Financial Assets are initially recognized at fair value. Transaction costs that are directly attributable
to the acquisition or issue of Financial Assets, which are not at Fair Value Through Profit or Loss, are
adjusted to the fair value on initial recognition. Purchase and sale of Financial Assets are recognised
using trade date accounting.
B. Subsequent Measurement
a) Financial Assets Measured at Amortised Cost (AC)
A Financial Asset is measured at Amortised Cost if it is held within a business model whose objective is
to hold the asset in order to collect contractual cash flows and the contractual terms of the Financial Asset
give rise on specified dates to cash flows that represents solely payments of principal and interest on the
principal amount outstanding.
b) Financial Assets Measured at Fair Value Through Other Comprehensive Income (FVTOCI)
A Financial Asset is measured at FVTOCI if it is held within a business model whose objective is achieved
by both collecting contractual cash flows and selling Financial Assets and the contractual terms of the
Financial Asset give rise on specified dates to cash flows that represents solely payments of principal and
interest on the principal amount outstanding.
c) Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)
A Financial Asset which is not classified in any of the above categories are measured at FVTPL.
Financial assets are reclassified subsequent to their recognition, if the Company changes its business model
for managing those financial assets. Changes in business model are made and applied prospectively from
the reclassification date which is the first day of immediately next reporting period following the changes
in business model in accordance with principles laid down under Ind AS 109 – Financial Instruments.
C. Investment in Subsidiaries, Associates and Joint Ventures

The Company has accounted for its investments in Subsidiaries, associates and joint venture at cost less
impairment loss (if any).
D. Other Equity Investments

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
recognized in Statement of Profit and loss when the company’s right to receive payment is established.
E.
Impairment of Financial Assets
In accordance with Ind AS 109, the Company uses “Expected Credit Loss” (ECL) model, for evaluating
impairment of Financial Assets other than those measured at Fair Value Through Profit and Loss (FVTPL).
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
All Financial Liabilities are recognized at fair value and in case of borrowings, net of directly attributable
cost. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.
Financial Liabilities are carried at amortized cost using the effective interest method.
For trade and other payables maturing within one year from the balance sheet date, the carrying amounts
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 currency forwards and commodity
contracts to mitigate the risk of changes in 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.
Such derivative financial instruments are initially recognised at fair value on the date on which a derivative
contract is entered into and are subsequently measured at fair value. Derivatives are carried as Financial Assets
when the fair value is positive and as Financial Liabilities when the fair value is negative.
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. When a derivative is designated as a cash flow hedging instrument, the effective portion of
changes in the fair value of the derivative is recognized in the cash flow hedging reserve being part of Other
Comprehensive Income. Any ineffective portion of changes in the fair value of the derivative is recognized
immediately in the Statement of Profit and Loss. If the hedging relationship no longer meets the criteria for
hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires
or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash
flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the
underlying transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging
reserve is transferred to the statement of profit and loss upon the occurrence of the underlying transaction. If
the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging
reserve is reclassified in the Statement of Profit and Loss.
B. Fair Value Hedge

The company designates derivative contracts as hedging instruments to mitigate the risk of change in fair
value of hedged item due to movement in commodity prices and foreign exchange rates.
Changes in the fair value of hedging instruments and hedged items that are designated and qualify as fair
value hedges are recorded in the Statement of Profit and Loss. If the hedging relationship no longer meets
the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to
Statement of Profit and Loss over the period of maturity.
iv) Derecognition of Financial Instruments
The Company derecognizes a Financial Asset when the contractual rights to the cash flows from the Financial
Asset expire or it transfers the Financial Asset and the transfer qualifies for derecognition under Ind AS 109. A
Financial Liability (or a part of a Financial Liability) is derecognized from the Company’s Balance Sheet when
the obligation specified in the contract is discharged or cancelled or expires.
v) 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.
(r) Non-current assets held for sale
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use and sale is considered highly probable.
A sale is considered as highly probable when decision has been made to sell, assets are available for immediate sale
in its present condition, assets are being actively marketed and sale has been agreed or is expected to be concluded
within 12 months of the date of classification.
Assets and liabilities classified as held for sale are measured at the lower of their carrying amount and fair value less
cost of sell and are presented separately in the Balance Sheet.
(s) Earnings per share
Basic earnings per share is calculated by dividing the net profit after tax by the weighted average number of equity
shares outstanding during the year adjusted for bonus element in equity share. Diluted earnings per share adjusts the
figures used in determination of basic earnings per share to take into account the conversion of all dilutive potential
equity shares. Dilutive potential equity shares are deemed converted as at the beginning of the period unless issued
at a later date.
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) Depreciation / Amortisation and Useful Life of 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 changes. The
depreciation / amortisation for future periods is revised if there are significant changes from previous estimates.
(b) Recoverability of Trade Receivable
Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision
against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and
timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non- payment.
(c) Provisions
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of
funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability require 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.
(d) 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 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.
(e) Recognition of Deferred Tax Assets and liabilities
Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses for which there is
probability of utilisation against the future taxable profit. The Company uses judgement to determine the amount of deferred tax
that can be recognised, based upon the likely timing and the level of future taxable profits and business developments.
(f) Fair Value Measurement
For estimates relating to fair value of financial instruments refer note 30 of financial statements.
(g) Leases
The Company has adopted Ind AS 116 using the prospective approach. The Company evaluated if an arrangement qualifies
to be a lease as per requirements of Ind AS 116. Identification of lease requires significant judgement. Large portion of the
Company’s leases are cancellable by both lessor and lessee or are arrangements which qualify as variable leases and hence
are not considered for recognition of Right of Use Asset and lease liabilities. There are few lease arrangements which are
cancellable only at the option of the lessee but have not been considered for recognition of Right of Use Assets and lease
liabilities on grounds of materiality and exercisability.
(h) Estimation uncertainty relating to the Global health pandemic on COVID -19
Management has performed the assessment of the effect of COVID -19 on the recoverability of the value of assets as at
the end of the year and liquidity position as well as business activities in the foreseeable future. Based on the assessment,
presently there are no significant concerns regarding recoverability of the value of the assets as well as on liquidity and
continuity of the business. The impact of COVID – 19 may be different from that estimated as at the date of approval of
these financial statements and the Company will continue to monitor any material changes to future economic conditions.
D. Standards Issued but not Effective
On March 23, 2022, the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards)
Amendment Rules, 2022.This notification has resulted into amendments in the following existing accounting standards which
are applicable to company from April 1, 2022.
i. Ind AS 101 – First time adoption of Ind AS
ii. Ind AS 103 – Business Combination
iii. Ind AS 109 – Financial Instrument
iv. Ind AS 16 – Property, Plant and Equipment
v. Ind AS 37 –Provisions, Contingent Liabilities and Contingent Assets
vi. Ind AS 41 – Agriculture
Application of above standards are not expected to have any significant impact on the company’s 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 year Deductions/ Upto As at As at
1st April, Adjustments Adjustments 31st March, 1st April, Adjustments 31st March, 31st March, 31st March,
2021 2022 2021 2022 2022 2021
Property, Plant and Equipment
Own Assets:
Freehold Land 14.21 - - 14.21 - - - - 14.21 14.21
Buildings 17.22 - - 17.22 2.05 0.29 - 2.34 14.88 15.17
Plant and Machinery 342.69 171.37 5.77 508.29 184.98 60.06 4.05 240.99 267.30 157.71
Electrical Installations 3,350.36 1,906.06 8.96 5,247.46 964.35 378.27 5.21 1,337.41 3,910.05 2,386.01
Equipment 3,879.70 1,938.11 10.25 5,807.56 1,232.70 366.73 5.27 1,594.16 4,213.40 2,647.00
Furniture and Fixtures 2,440.52 1,712.23 6.69 4,146.06 610.58 275.16 3.82 881.92 3,264.14 1,829.94
Vehicles 0.06 - - 0.06 0.03 0.00 - 0.03 0.03 0.03
Leasehold Improvements 1,824.55 1,328.82 5.47 3,147.90 631.67 204.19 3.09 832.77 2,315.13 1,192.88
Sub-Total 11,869.31 7,056.59 37.14 18,888.76 3,626.36 1,284.70 21.44 4,889.62 13,999.14 8,242.95
Right- of-Use Assets
Leasehold Land 25.29 25.29 5.09 0.23 5.32 19.97 20.20
Sub-Total 25.29 - - 25.29 5.09 0.23 - 5.32 19.97 20.20
Total (A) 11,894.60 7,056.59 37.14 18,914.05 3,631.45 1,284.93 21.44 4,894.94 14,019.11 8,263.15
Intangible Assets
Brands and Trademark 135.66 89.63 - 225.29 27.16 13.56 - 40.72 184.57 108.50
Software 3,737.45 14.11 - 3,751.56 681.25 482.54 - 1,163.79 2,587.77 3,056.20
Other Intangible Assets - 2.84 - 2.84 - - - - 2.84 -
Total (B) 3,873.11 106.58 - 3,979.69 708.41 496.10 - 1,204.51 2,775.18 3,164.70
Total (A+B) 15,767.71 7,163.17 37.14 22,893.74 4,339.86 1,781.03 21.44 6,099.45 16,794.29 11,427.85
Previous year 11,430.28 5,769.91 1,432.48 15,767.71 3,263.14 1,447.58 370.86 4,339.86 11,427.85
Capital Work-in-Progress 11,882.11 6,991.55
Intangible Assets Under Development 11,839.66 3,612.13
1.1 Capital Work-in-Progress Includes:
` 39.16 crore (Previous Year ` 48.99 crore) on account of Capital Goods Inventory.

Ageing schedule as at 31st March,2022: ` crore

Capital-Work-in Progress <1 Year 1-2 Years 2-3 Years >3 Years Total
Projects in progress 10,484.45 1,397.66 - - 11,882.11
Projects temporarily suspended - - - - -
Total 10,484.45 1,397.66 - - 11,882.11
Intangible Assets Under Development <1 Year 1-2 Years 2-3 Years >3 Years Total
Intangible Assets Under Development 8,227.61 3,582.85 29.20 - 11,839.66
Total 8,227.61 3,582.85 29.20 - 11,839.66
Ageing schedule as at 31st March,2021: ` crore

Capital-Work-in Progress <1 Year 1-2 Years 2-3 Years >3 Years Total
Total 1,584.11 5,407.44 - - 6,991.55
Intangible Assets Under Development <1 Year 1-2 Years 2-3 Years >3 Years Total
Intangible Assets Under Development 3,582.93 29.20 - - 3,612.13
Total 3,582.93 29.20 - - 3,612.13
` crore
2 Investments -Non Current As at 31st March, 2022 As at 31st March, 2021
Units Amount Units Amount
A Investments measured at Amortised Cost
In Government and other securities - Unquoted
National Savings Certificates - 6 yrs Issue VII 0.29 0.29
(Includes deposited with Government Authorities)
Total of Investments measured at Amortised Cost 0.29 0.29
B Investments measured at Cost
Investments measured at Cost
In Equity Shares of Subsidiary Companies - Unquoted,
Fully paid up
Reliance Petro Marketing Limited of ` 10 each 50,000 0.05 50,000 0.05
Reliance-GrandOptical Private Limited of ` 10 each 50,000 0.05 50,000 0.05
Reliance Clothing India Private Limited of ` 10 each 50,000 0.05 50,000 0.05
0.15 0.15
In Equity Shares of Joint ventures Companies - Unquoted,
Fully paid up
Reliance-Vision Express Private Limited of ` 10 each 11,10,00,000 111.00 10,50,00,000 105.00
Marks and Spencer Reliance India Private Limited (Class C 9,51,16,546 225.66 9,51,16,546 225.66
Shares of ` 5 each)
Marks and Spencer Reliance India Private Limited (Class A 81,42,722 55.87 81,42,722 55.87
Shares of ` 10 each)
Reliance-GrandVision India Supply Private Limited of ` 10 each 1,35,00,000 13.50 1,35,00,000 13.50
406.03 400.03
In Preference Shares of Subsidiary Companies - Unquoted,
fully paid up
Reliance Petro Marketing Limited of ` 10 each(10% Non 39,95,800 103.89 39,95,800 103.89
Cumulative Optionally Convertible Preference Shares)
103.89 103.89
Total Investments measured at Cost 510.07 504.07
C Investments measured at Fair Value through Other
Comprehensive Income
In equity shares - Unquoted, fully paid up
KaiOS Technologies Inc (KTI) of USD 0.01 each 19,04,781 45.54 19,04,781 45.54
Yatra Online Private Limited of ` 1 each 95,390 0.80 – –
In Preferred Shares - Unquoted, fully paid up
KaiOS Technologies Inc (KTI) of USD 0.01 each 6,25,000 36.33 6,25,000 36.33
In Government Securities - Quoted* 1,25,00,000 123.35 – –
Total of Investments measured at Fair Value through Other 206.02 81.87
Comprehensive Income
D Investments measured at Fair Value through Profit and Loss
In equity shares - Unquoted, fully paid up
The Colaba Central Co-operative Consumer’s Wholesale and 25 - 25 -
Retail Stores Limited (Sahakari Bhandar) of ` 200 each ( ` 5 000)
Retailers Association’s Skill Council of India of ` 100 each (` 50 000) 500 0.01 500 0.01
Total of Investments measured at Fair Value through Profit 0.01 0.01
& Loss
Total Investments- Non -Current (A+B+C+D) 716.39 586.24
* Held as margin money with Financial Institution.
` crore
Aggregate value of Book Value Book Value
Quoted Investments 123.35 –
Unquoted Investments 593.04 586.24
` crore
2 Category-wise Non current investment As at As at
Financial assets measured at Amortised Cost 0.29 0.29
Financial assets measured at Cost 510.07 504.07
Financial assets measured at Fair value through Profit and Loss 0.01 0.01
Financial assets measured at Fair value through Other 206.02 81.87
Comprehensive Income (OCI)
Total Non current investment 716.39 586.24

` crore
3 Other Non- Current Assets As at As at
(Unsecured and Considered Good) 31st March, 2022 31st March, 2021
Capital Advances 27.87 27.93
Deposits(i) 5.14 4.47
Advance Income Tax (Net of Provision)(ii) 67.94 23.33
Others(iii) 6,431.59 2.99
Total 6,532.54 58.72
(i)
Deposits given to Statutory Authorities.
(ii)
Advance Income Tax (Net of Provision) As at As at
At start of year 23.33 184.84
Charge for the year (1,114.14) (1,585.15)
Others * 0.79 (0.46)
Tax paid during the year (net of refunds) 1,157.96 1,424.10
At end of year 67.94 23.33
* Mainly pertains to Provision for Tax on Other Comprehensive Income
Others include advance for acquisition of ROU assets of ` 4,076 crore (by adjusting receivables for supply of goods to an
(iii)
unrelated party) relating to new stores under fit-out taken on lease by a related party.
` crore
4 Inventories As at As at
(Valued at lower of cost or net realisable value) 31st March, 2022 31st March, 2021
Finished Goods – 0.02
Stock-in-Trade (Including Stock in Transit) 19,779.19 12,173.75
Stores and Spares 256.89 147.83
Total 20,036.08 12,321.60
` crore
5 Trade Receivables As at As at
(Unsecured and Considered Good) 31st March 2022 31st March, 2021
Trade receivables 8,804.66 6,019.47
Total 8,804.66 6,019.47
Ageing Schedule as at 31st March, 2022 ` crore

Particulars Outstanding for following periods from due date of payment*
< 6 6 months- 1-2 years 2-3 years >3 years Total
Months 1year
(i) Undisputed Trade receivables considered good 317.51 43.11 15.98 7.57 116.67 500.84
(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 - - - - - -
(vi) Disputed Trade Receivables - credit impaired - - - - - -
Total 317.51 43.11 15.98 7.57 116.67 500.84
*Net of provision
Ageing Schedule as at 31st March, 2021 ` in crore
Particulars Outstanding for following periods from due date of payment*
< 6 6 months- 1-2 years 2-3 years >3 years Total
Months 1year
(ii) Undisputed Trade Receivables - which have - - - - - -
(iii) Undisputed Trade Receivables - credit impaired - - - - - -
(iv) Disputed Trade Receivables - considered good - - - - - -
(v) Disputed Trade Receivables - which have - - - - -
(vi) Disputed Trade Receivables - credit impaired - - - - - -
Total 479.45 152.67 13.28 313.06 2.06 960.52
*Net of provision
` crore
6 Cash and Cash Equivalents As at As at
Cash on Hand 103.65 65.72
Balances with banks(i), (ii), (iii) & (iv) 356.57 287.24
Cash and Cash Equivalent as per Balance Sheet / Cash Flow Statement 460.22 352.96
(i)
Includes deposits ` 25.82 crore (previous year ` 26.15 crore) with maturity period of more than 12 months.
(ii)
Includes deposits ` 7.19 crore (previous year ` 21.67 crore) given as collateral securities.
(iii)
Includes deposits ` 111.04 crore liened against Bank Overdraft facilities.
Includes deposits ` 25 crore (Previous year ` 15 crore) held as Deposit reserve Fund.
(iv)
6.1 Cash and Cash Equivalents includes deposits maintained by the Company with banks, which can be withdrawn by the Company
at any point of time with out prior notice or penalty on the principal.
` crore
7 Other Financial Assets - Current As at As at
Interest Accrued on Investment 2.09 0.14
Deposits 2,515.04 2,475.34
Others (i) 175.64 110.80
Total 2,692.77 2,586.28
(i)
Other includes Fair valuation of Derivatives & Interest Receivable.
` crore
8 Other Current Assets As at As at
Balance with Customs, Central Excise, GST and State Authorities. 3,183.36 1,033.45
Others (i) 5,179.67 5,187.14
Total 8,363.03 6,220.59
(i)
Includes advances to vendors and employees.
` crore
9 Share Capital As at As at
Authorised:
1350,00,00,000 Equity shares of ` 10 each 13,500.00 13,500.00
(1350,00,00,000)
150,00,00,000 Preference shares of ` 10 each 1,500.00 1,500.00
(150,00,00,000)
Total 15,000.00 15,000.00
Issued, Subscribed and Paid-Up:
499,04,22,513 Equity shares of ` 10 each fully paid up 4,990.42 4,990.42
(499,04,22,513)
Total 4,990.42 4,990.42
9.1 498,70,26,060 Shares are held by Reliance Retail Ventures Limited, the Holding Company.
(498,70,26,060)
9.2 498,95,41,650 Shares were alloted pursuant to the Scheme of Arrangement and Amalgamation without payment
(498,95,41,650) being received in cash.
9.3 The details of Shareholders holding more than 5% shares :

As at As at
Name of the Shareholders No. of Shares % held No. of Shares % held
Reliance Retail Ventures Limited 498,70,26,060 99.93% 498,70,26,060 99.93%
9.4 The details of Shareholding of Promoter :

As at 31st March, 2022
Sr. Class of Equity Share Promoter’s Name No. of Change No. of Shares % of total % of
no 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 Reliance Retail 498,70,26,060 – 498,70,26,060 99.93% –
sharesof ` 10 each Ventures Limited
Total 498,70,26,060 – 498,70,26,060

Sr. Class of Equity Share Promoter’s Name No. of Change No. of Shares % of total % of
no 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 Reliance Retail 498,70,26,060 – 498,70,26,060 99.93% –
sharesof ` 10 each Ventures Limited
Total 498,70,26,060 – 498,70,26,060
9.5 The Reconciliation of the number of shares outstanding is set out below :
Particulars As at As at
No. of shares No. of shares
Equity Shares outstanding at the beginning of the year 499,04,22,513 499,04,04,513
Add: Equity Shares issued during the year – 18,000
Equity Shares outstanding at the end of the year 499,04,22,513 499,04,22,513
9.6 The Company is authorised to issue up to forty nine crore Restricted Stock Units (RSUs) to eligible employees under RelianceRetail
Restricted Stock Unit Plan 2007. The RSUs vest on different dates over a period of sixteen years from the date of grantof RSUs
as per the scheme and upon vesting, the employees are entitled to three equity shares of ` 10 each for every five RSUs. As on
March 31, 2022, RSUs in force total to Three lakh one thousand seven hundred and eighty nine (Previous year Three lakh one
thousand seven hundred and eighty nine).
9.7 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
10 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 800.00 200.00
Add : For the year – 600.00
800.00 800.00
Compulsorily Convertible Debentures of ` 10,00,000 each, fully paid up 330.00 330.00
1,130.00 1,130.00
Capital Reserve
` crore
Securities Premium
As per last Balance Sheet 3,200.00 800.00
Add : 8.5% Non-Cumulative Optionally Convertible Preference Shares of ` 10 each – 2,400.00
3,200.00 3,200.00
Retained Earnings
As per last Balance Sheet 15,955.79 11,368.93
Add: Profit/ (loss) for the year 4,934.65 4,586.86
20,890.44 15,955.79
Other Comprehensive Income
As per last Balance Sheet (9.11) (10.48)
Add: Movement in OCI (Net) during the year (2.10) 1.37
(11.21) (9.11)
Total 25,264.34 20,331.79
10.1 Each Compulsorily Convertible Debentures (CCD) of face value of ` 10,00,000 each shall be converted in to 1,00,000 preference
shares of ` 10 each at the end of 10 years from the date of allotment of CCDs. Each preference share, arising out of conversion
of CCD, shall at the end of 20 years from the date of allotment of preference shares, be converted into one equity share of
` 10/- each.
10.2 Details of Shareholders holding more than 5% in the Preference Shares Capital
(8.5% Non Cumulative Optionally Convertible Preference Shares)
Name of the Shareholder(s) No. of Shares % held No. of Shares % held
Reliance Retail Ventures Limited (Promoter / Holding 79,99,89,606 99.99% 79,99,89,606 99.99%
Company)
10.3 Terms of 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS)
The OCPS shall be either redeemed at ` 50 per share or converted into 5 (Five) Equity Shares of ` 10 each at any time at the
option of the Company, but not later than 10 years from the date of allotment of the OCPS i.e. February 17, 2018.
10.4 Rights, Preferences and Restrictions attached to Preference Shares
The Company has one class of Preference Shares i.e. 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS)
of `10/- per share. Such Preference Shares shall carry a preferential right over the Equity shares of the Company as regards
to payment of dividend and repayment of capital, in the event of winding-up of the Company. The dividend proposed, if any,
by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. The OCPS shall carry
voting rights prescribed under the provisions of the Companies Act, 2013.
10.5 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 – –
Preference shares at the end of year 80,00,00,000 80,00,00,000
` crore
11 Borrowings - Non Current As at As at
Unsecured - At amortised Cost
Loan from Related Party(i) 12,021.00 –
Total 12,021.00 –
(i)
Repayable at the end of 3-5 years.
11.1 Interest rates on Borrowings are at the rate of 7.50%.
` crore
12 Provisions - Non Current As at As at
Provision for Employee Benefits (Refer Note 22.1)(i) 68.38 48.20
Total 68.38 48.20
(i)
The provision for employee benefit includes annual leave and vested long service leave entitlement accrued and compensation
claims made by employees.
` crore
13 Deferred Tax Liabilities (Net) As at As at
31st March, 2022 31st March 2021
The movement on the deferred tax account is as follows:
At the start of the year 917.75 908.20
Charge to Statement of Profit and Loss 531.13 9.55
At the end of year 1,448.88 917.75
` crore
Component of Deferred tax Assets / (Liabilities) As at (Charge)/Credit to As at
31st March, 2021 Statement of Profit 31st March, 2022
and Loss
Deferred tax Asset / (Liability) in relation to:
Property, Plant and Equipment and Intangible Assets (923.35) (539.40) (1,462.75)
Disallowance under the Income Tax Act, 1961 5.60 8.27 13.87
Total (917.75) (531.13) (1,448.88)
` crore
14 Borrowings - Current As at As at
Secured - At amortised Cost
Working Capital Loans
From Banks(i) – 200.03
Loans and advances from related parties (ii) 28,733.70 14,545.85
From Banks 1.74 –
Total 28,735.44 14,745.88
(i) Working Capital Loans from Banks referred above to the extent of:
- ` Nil (previous year ` 200.03 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.
14.1 Interest rates on Borrowings are in range of 4.00% to 7.50%
14.2 Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of accounts.
14.3 Refer note 30 for maturity profile.
` crore
15 Trade payable As at As at
Trade Payables Due to:
Micro and Small Enterprise 633.03 401.39
Other than Micro and Small Enterprise 12,289.40 6,281.51
Total 12,922.43 6,682.90
15.1 There are no overdue amounts outstanding to Micro and Small Enterprises as at March 31st, 2022.
15.2 Ageing Schedule as on 31st March, 2022 ` crore

Outstanding for following periods from due date of payment
Total
Less than 1 year 1-2 years 2-3 years > 3 years
(i) MSME - - - - -
(ii) Others 1,176.15 37.53 21.42 25.57 1,260.67
(iii) Disputed Dues - MSME - - - - -
(iv) Disputed Dues - Others - - - - -
Total 1,176.15 37.53 21.42 25.57 1,260.67
15.3 Ageing Schedule as on 31st March, 2021 ` in crore

Outstanding for following periods from due date of payment
Total
Less than 1 year 1-2 years 2-3 years > 3 years
(i) MSME -
(ii) Others 1,540.11 89.59 46.86 49.47 1,726.03
(iii) Disputed Dues - MSME - - - - -
(iv) Disputed Dues - Others - - - - -
Total 1,540.11 89.59 46.86 49.47 1,726.03

` crore
16 Other Financial Liabilities - Current As at As at
Interest Accrued but not due on Borrowings 195.30 101.79
Creditors for Capital Expenditure 16.99 69.42
Others(i) 1,016.30 1,206.00
Total 1,228.59 1,377.21
(i)
Includes Security Deposits Received and Financial Liability at Fair Value.
` crore
17 Other Current Liabilities As at As at
Income Received in Advance 545.51 465.69
Other Payables(i)&(ii) 894.82 616.87
Total 1,440.33 1,082.56
(i) Includes statutory dues and advances from customers.
(ii) Includes ` 215.03 crore (Previous year ` 163.51 crore) received towards sale of Jewellery products under various sale
initiatives/retail customer programmes.
` crore
18 Provisions - Current As at As at
Total 4.84 3.58
(i) The provision for employee benefit includes gratuity, annual leave and vested long service leave entitlement accrued and
compensation claims made by employees.
` crore
19 Revenue from Operations 2021-22 2020-21
Value of Sales 1,62,212.11 1,24,620.39
Total * 1,69,397.35 1,31,687.81
* Net of GST
` crore
20 Other Income 2021-22 2020-21
Interest
Bank Deposits 5.74 9.79
Debt Instruments - 197.92
Others 6.72 16.71
12.46 224.42
Gain on Financial Assets
Realised Gain - 14.65
- 14.65
Dividend Income
Other Non-Operating Income 0.12 0.01
Total 12.58 239.08
Above Other Income comprises of assets measured at amortised cost ` 12.46 crore (previous year ` 224.42 crore), Fair value
through Profit and Loss ` NIL (previous year ` 14.65 crore) and Other Non-Operating Income ` 0.12 crore (previous year
` 0.01 crore).
` crore
21 Changes in Inventories of Finished Goods and Stock-in-Trade 2021-22 2020-21
Inventories (at close)
Finished Goods – 0.02
Stock-in-Trade 19,779.19 12,173.75
19,779.19 12,173.77
Inventories (at commencement)
Finished Goods 0.02 –
Stock-in-Trade 12,173.75 9,254.79
12,173.77 9,254.79
Total (7,605.42) (2,918.98)
` crore
22 Employee Benefits Expense 2021-22 2020-21
Salaries and Wages 1,213.29 1,001.64
Contribution to Provident and Other Funds 111.91 73.45
Staff Welfare Expenses 189.19 148.02
Total 1,514.39 1,223.11
22.1 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
Employer’s Contribution to Provident Fund 40.47 27.00
Employer’s Contribution to Superannuation Fund 0.37 0.21
Employer’s Contribution to Pension Scheme 37.54 24.21
The Company’s Provident Fund is exempted under section 17 of Employee’s Provident Fund and Miscellaneous Provisions
Act, 1952.

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 96.92 77.33
Current Service Cost 29.03 20.20
Interest Cost 6.73 5.29
Actuarial (Gain)/ Loss 2.52 ( 1.20)
Benefits Paid ( 6.48) ( 3.58)
Transfer In/(Out) 0.60 ( 1.12)
Defined Benefit Obligation at year end 129.32 96.92
` crore
II. Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets Gratuity (funded)
Fair Value of Plan Assets at beginning of the year 96.92 77.33
Return on Plan Assets 6.11 5.61
Employer Contribution 25.97 14.20
Benefits Paid (0.28) (0.22)
Transfer In/(Out) 0.60 –
Fair Value of Plan Assets at year end 129.32 96.92
` crore
III. Reconciliation of Fair Value of Assets and Obligations Gratuity (funded)
Fair Value of Plan Assets 129.32 96.92
Present Value of Obligation 129.32 96.92
Amount recognised in Balance Sheet (Surplus / Deficit) – –
` crore
IV. Expenses recognised during the year Gratuity (funded)
In Income Statement
Current Service Cost 29.03 20.20
Interest Cost 6.73 5.29
Return on Plan Assets (6.73) (5.29)
Net Cost 29.03 20.20
In Other Comprehensive Income (OCI)
Actuarial (Gain)/ Loss 2.52 (1.20)
Return on Plan Assets 0.62 (0.32)
Net (Income)/ Expense for the year Recognised in OCI 3.14 (1.52)

V. Investment Details As at 31st March, 2022 As at 31st March, 2021
Particulars ` crore % Invested ` crore % Invested
Insurance Policies 129.24 99.94% 96.84 99.92%
Others 0.08 0.06% 0.08 0.08%
129.32 100.00% 96.92 100.00%

VI. Actuarial Assumptions Gratuity (funded)
Mortality Table (IALM) 2012-14 2012-14
(Ultimate) (Ultimate)
Discount Rate (per annum) 7.09% 6.95%
Expected rate of return on plan assets (per annum) 7.09% 6.95%
Rate of Escalation in Salary (per annum) 6.00% 6.00%
Rate of employee turnover (per annum) 2.00% 2.00%
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 2021-22.
VIII. Sensitivity Analysis
Siginificant Acturial 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 31st March, 2022 As at 31st March, 2021
Decrease Increase Decrease Increase
Change in rate of discounting( delta effect of +/- 0.5%) 7.38 8.07 5.49 6.00
Change in rate of salary increase( delta effect of +/- 0.5%) 7.48 8.12 5.56 6.03
Change in rate of employee turnover( delta effect of +/- 0.5%) 0.24 0.22 0.11 0.10
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
23 Finance Costs 2021-22 2020-21
Interest Expenses 1,977.24 693.03
Total 1,977.24 693.03
` crore
24 Other Expenses 2021-22 2020-21
Selling and Distribution Expenses
Sales Promotion and Advertisement Expenses 341.33 462.20
Store Running Expenses 1,316.13 903.47
Royalty 8.97 12.20
Brokerage and Commission 2,472.98 1,353.93
Warehousing and Distribution Expenses 1,361.30 979.95
5,500.71 3,711.75
` crore
2021-22 2020-21
Establishment Expenses
Stores and Packing Materials 176.44 102.64
Machinery Repairs 0.63 0.59
Building Repairs and Maintenance 169.00 116.17
Other Repairs 26.22 6.53
Rent including Lease Rentals 883.59 684.09
Operating Lease Rentals 2,738.39 3,884.48
Insurance 131.07 84.33
Rates and Taxes 26.84 20.74
Travelling and Conveyance Expenses 47.83 43.57
Professional Fees 328.40 208.06
Loss on Sale/ Discarding of Assets 8.34 2.79
Loss on Sale of Business - 23.94
Exchange Differences (Net) 18.86 27.40
Electricity Expenses 250.50 194.27
Hire Charges 90.44 42.70
Charity and Donation 123.52 94.64
General Expenses 243.57 196.45
5,263.64 5,733.39
Payments to Auditor
Statutory Audit Fees 1.20 1.10
Certification and Consultation Fees 0.10 0.17
1.30 1.27
Total 10,765.65 9,446.41
24.1 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 : ` 123.50 crore (previous year ` 94.64 crore). Expenditure related to Corporate
Social Responsibility is ` 123.50 Crore (previous year ` 94.64 Crore).
Details of Amount spent towards CSR given below:
` crore
(b) Particulars 2021-22 2020-21
Healthcare 90.40 43.21
Education 15.00 41.44
Rural Transformation – 4.50
Disaster Relief 13.50 4.23
Sports For Development 4.10 1.26
Others 0.50 –
Total * 123.50 94.64
* Represents amount spent through Reliance Foundation ` 123.50 Crore (Previous Year ` 94.64 Crore).
` crore
25 Taxation As at As at
Income Tax recognised in Statement of Profit and Loss
Current Tax 1,114.14 1,585.15
Deferred Tax 531.13 9.55
Total Income Tax Expense 1,645.27 1,594.70
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
` crore
Profit before Tax 6,579.92 6,181.56
Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 1,656.03 1,555.77
Tax Effect of :
Expenses disallowed 1,363.57 1,227.01
Additional Allowances (1,905.46) (1,197.63)
Current Tax Provision (A) 1,114.14 1,585.15
Incremental Deferred Tax Liability on account of PPE & Intangible Assets 539.40 7.08
Incremental Deferred Tax Liability on account of Financial Assets & Other items (8.27) 2.47
Deferred Tax Provision (B) 531.13 9.55
Tax Expenses recognised in Statement of Profit and Loss (A+B) 1,645.27 1,594.70
Effective Tax Rate 25.00% 25.80%
26 Earnings per share (EPS)
2021-22 2020-21
Face Value per Equity Share (`) 10.00 10.00
Basic Earnings per Share (`) 9.27 8.62
Net Profit after tax as per Statement of Profit and Loss attributable to Equity 4,934.65 4,586.86
Shareholders (` in crore)
Weighted Average number of Equity Shares used as denominator for calculating 532,04,22,513 532,04,04,562
Basic EPS
Diluted Earnings per Share (`) 5.29 4.92
Net Profit after Tax as per Statement of Profit and Loss attributable to 4,934.65 4,586.86
EquityShareholders (` in crore)
Diluted EPS
Reconciliation of weighted average number of shares outstanding
Basic EPS
Total Weighted Average Potential Equity Shares 400,02,52,010 400,02,42,313
Diluted EPS
27 Commitments and Contingent Liabilities

` crore
As at As at
(I) Contingent Liabilities
(A) Guarantees
(i) Guarantees to Banks and Financial Institutions against credit facilities extended
to third parties and other Guarantees
- In respect of Others 37.37 18.83
(ii) Outstanding Guarantees furnished to Banks and Financial Institutions including
in respect of Letters of Credits
- In respect of Others 1,256.85 942.67
(B) Claim against the Company/ Disputed Liabilities not acknowledged as Debts*
(i) In respect of Others 19.80 17.85
(II) Commitments
Estimated amount of contracts remaining to be executed on capital accounts and
not provided for
* The above disputed liabilities are not expected to have any material effect on the financial position of the Company
28 During the previous year the company entered into a Slump sale agreement for transferring the supply chain undertaking to
Reliance Retail Ventures Limited effective 30th June 2020 on slump sale basis for a consideration of ` 42.46 Crore.
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 40,756.44 14,745.88
Cash and Marketable Securities* 583.57 352.96
Net Debt (A) 40,172.87 14,392.92
Total Equity (As per Balance Sheet) (B) 30,254.76 25,322.21
Net Gearing (A/B) 1.33 0.57
*Cash and Marketable Securities include Cash and Cash Equivalents of ` 460.22 crore (Previous Year ` 352.96 crore), Marketable
Securities of ` 123.35 crore (Previous Year ` Nil).
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
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* 0.29 - - - 0.29 - - -
Trade Receivables 8,804.66 - - - 6,019.47 - - -
Cash and cash Equivalents 460.22 - - - 352.96 - - -
Loans - - - - - - - -
Other Financial Assets 2,680.56 - - - 2,560.42 - - -
-
AT FVTPL
Investments 0.01 - - 0.01 0.01 - - 0.01
Financial Derivatives 9.16 - 9.16 - 0.98 - 0.98 -
Commodity Derivatives 3.05 3.05 - - 24.88 6.97 17.91 -
AT FVTOCI
Investments 206.02 123.35 - 82.67 81.87 - - 81.87
At Amortised Cost
Borrowings 40,756.44 - - - 14,745.88 - - -
Trade Payables 12,922.43 - - - 6,682.90 - - -
Other Financial Liabilities 1,177.57 - - - 1,377.21 - - -
At FVTPL
Financial Derivatives 3.93 - 3.93 - - - - -
Commodity Derivatives 47.09 0.41 46.68 - - - - -
* Excludes Group Company Investments ` 510.07 Crore (` 504.07 Crore Previous Year) measured at cost (Refer Note No. 2.1)
Reconciliation of fair value measurement of the investment categorised at level 3: ` crore

At FVTPL At FVTOCI At FVTPL At FVTOCI
Opening Balance 0.01 81.87 0.01 81.87
Addition during the year - 0.80 - -
Sale/Reduction during the year - - - -
Closing Balance 0.01 82.67 0.01 81.87
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; and
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 & RMB on financial instruments at the end of the
reporting period.
(i) Foreign Currency Exposure ` crore
As at 31st March, 2022 As at 31st March, 2021
USD GBP EUR RMB USD GBP RMB
Trade Payables 83.78 0.80 1.10 0.06 138.20 4.01 0.05
Trade Receivables (8.89) - - - (2.24)
Derivatives
Forwards & Futures (1,613.66) - - - (1,005.69) -
Net Exposure (1,538.77) 0.80 1.10 0.06 (869.73) 4.01 0.05

Sensitivity analysis of 1% change in exchange rate at the end of reporting period.
(ii) Foreign Currency Sensitivity ` crore

1% Depreciation in INR
Impact on P&L 15.39 (0.01) (0.01) (0.00) 8.70 (0.04) (0.00)
Total 15.39 (0.01) (0.01) (0.00) 8.70 (0.04) (0.00)
` crore
1% Appreciation in INR
Impact on P&L (15.39) 0.01 0.01 0.00 (8.70) 0.04 0.00
Total (15.39) 0.01 0.01 0.00 (8.70) 0.04 0.00
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 12,021.00 –
Current 28,735.44 14,745.88
Total 40,756.44 14,745.88
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 & forfeiting 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, 2022
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 - - - - 12,021.00 - 12,021.00
Current 1.74 - 28,733.70 - - - 28,735.44
Total 1.74 - 28,733.70 - 12,021.00 - 40,756.44
Derivatives Liabilities
Forwards / Futures 3.93 - - - - - 3.93
Total 3.93 - - - - - 3.93
` crore
Maturity Profile of Loans and Derivative Financial Liabilities as on 31st March, 2021
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
Current 200.03 - 14,545.85 - - - 14,745.88
Total 200.03 - 14,545.85 - - - 14,745.88
Forwards / Futures - - - - - - -
Total - - - - - - -
* Does not include Trade Payable amounting to ` 12,922.43 crore, (Previous Year ` 6,682.90 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 2,381.84 6,399.52 3.04 47.09 (44.05) June 22- Other Financial
Sept 22 Asset/Liabilities
Derivative Contracts 1,554.98 5,092.00 24.88 - 24.88 May 21- Other Financial
July 21 Asset/ liabilities
Hedged Items: ` crore

Type of Hedge and Risks Carrying Value Change in fair value Line Item in Balance Sheet
Assets Liabilities
Inventories 2,725.16 - 44.05 Inventories
Inventories 1,539.41 - (24.88) 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 2021-22 2020-21
1 Current Ratio 0.91 1.15
2 Debt-Equity Ratio* 1.35 0.58
3 Debt Service Coverage ratio# 4.33 9.92
4 Return on Equity Ratio 17.75% 21.11%
5 Inventory Turnover Ratio 9.19 10.54
6 Trade Recievables Turnover Ratio@ 26.10 35.24
7 Trade Payable Turnover Ratio 16.07 19.80
8 Net Capital Turnover Ratio 7.81 8.26
9 Net Profit Ratio 2.55% 3.06%
10 Return on Capital Employed 19.28% 23.19%
11 Return on Investment ^ 3.09% 69.55%
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 RMInventory) +
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 Equity Ratio is increased due to increase in Borrowings.
#
Debt Service Coverage Ratio decreased due to increase in finance cost.
@
Trade Recievables Turnover Ratio decreased due to increase in average Trade receivables.
^
Return on Investment decreased due to decrease in Other Income.
33 Related Parties Disclosures

As per Ind AS 24, the disclosures of transactions with the related parties are given below :
(i) List of related parties with whom transactions have taken place and relationships:
Sr Name of the Related Party Relationship
No
1 Reliance Industries Limited } Ultimate Holding Company
2 Reliance Retail Ventures Limited } Holding Company
3 Reliance Clothing India Private Limited }
4 Reliance-GrandOptical Private Limited } Subsidiary Companies
5 Reliance Petro Marketing Limited }
6 Aaidea Solutions Limited (Formerly Aaidea Solutions Private Limited)* }
7 Actoserba Active Wholesale Limited (Formerly Actoserba Active Wholesale }
Private Limited)
8 Addverb Technologies Private Limited * }
9 C-Square Info- Solutions Private Limited }
10 Dadha Pharma Distribution Private Limited }
11 Den Networks Limited }
12 E-Eighteen.Com Limited }
13 Genesis Colors Limited }
14 Genesis La Mode Private Limited }
15 GLF Lifestyle Brand Private Limited }
16 GML India Fashion Private Limited }
17 Grab A Grub Services Private Limited }
18 Hathway Cable Datacom Limited }
19 Indiacast Media Distribution Private Limited }
20 Indiavidual Learning Limited }
21 Indiawin Sports Private Limited }
22 Intimi India Private Limited* }
23 Jaisuryas Retail Ventures Private Limited* }
Fellow Subsidiaries
24 Jio Haptik Technologies Limited }
25 Jio Platforms Limited }
26 Kalanikethan Silks Private Limited* }
27 Reliance Digital Health Limited (Formerly Kanhatech Solutions Limited) }
28 MAS Brands Exports (Private) Limited* }
29 Amante India Private Limited (Formerly MAS Brands India Private Limited)* }
30 MAS Brands Lanka (Private) Limited* }
31 Mesindus Ventures Limited (Formerly Mesindus Ventures Private Limited)* }
32 Netmeds Marketplace Limited }
33 Network18 Media & Investments Limited }
34 Reliance Ambit Trade Private Limited }
35 Reliance BP Mobility Limited }
36 Reliance Brands Limited }
37 Reliance Brands Luxury Fashion Private Limited }
38 Reliance Commercial Dealers Limited }
39 Reliance Corporate IT Park Limited }
40 Reliance Eminent Trading & Commercial Private Limited }
41 Reliance GAS Lifestyle India Private Limited }
42 Reliance Gas Pipelines Limited }
43 Reliance Industrial Investments and Holdings Limited }

44 Reliance Jio Infocomm Limited }
45 Reliance Jio Media Limited }
46 Reliance Jio Messaging Services Private Limited }
47 Reliance Lifestyle Products Private Limited }
48 Reliance Payment Solutions Limited }
49 Reliance Progressive Traders Private Limited }
50 Reliance Projects and Property Management Services Limited }
51 Reliance Prolific Commercial Private Limited }
52 Reliance Prolific Traders Private Limited }
53 Reliance Retail Finance Limited }
54 Reliance Retail Insurance Broking Limited }
55 Reliance Sibur Elastomers Private Limited }
56 Reliance SMSL Limited }
57 Reliance Strategic Investments Limited }
58 Reliance Innovative Building Solutions Private Limited }
59 Saavn Media Limited }
60 Shopsense Retail Technologies Limited (Formerly Shopsense Retail } Fellow Subsidiaries
Technologies Private Limited)
61 Shri Kannan Departmental Store Limited (Formerly Shri Kannan Departmental }
Store Private Limited)
62 The Indian Film Combine Private Limted }
63 Tresara Health Limited (Formerly Tresara Health Private Limited) }
64 TV18 Broadcast Limited }
65 Urban Ladder Home Décor Solutions Limited (Formerly Urban Ladder Home }
Décor Solutions Private Limited)
66 Viacom 18 Media Private Limited }
67 Radisys India Limited (formerly known as Radisys India Private Limited) }
68 RB Holdings Private Limited }
69 RB Media Holdings Private Limited }
70 RB Mediasoft Private Limited }
71 RRB Mediasoft Private Limited }
72 Vitalic Health Private Limited }
73 Reverie Language Technologies Limited }
74 Model Economic Township Limited }
75 Hathway Digital Limited }
76 Reliance-GrandVision India Supply Private Limited }
77 Reliance-Vision Express Private Limited } Joint Venture Companies
78 Marks and Spencer Reliance India Private Limited }
79 Shri V Subramaniam }
80 Shri Dinesh Thapar* } Key Managerial Personnel
81 Shri K Sridhar }
82 Reliance Retail Limited Employees Gratuity Fund }
Post Employment Benefit Plan
83 Reliance Retail Limited Employees Provident Fund }
* The above entities includes related parties where the relationship existed for the part of the year.
(ii) Transactions during the year with related parties (excluding reimbursements): ` crore
Sr Nature of transactions Ultimate Holding Subsidiaries Fellow Joint Key Others Total
No holding company subsidiaries Ventures Managerial
company Personnel
1 Additional Investment in Share Capital# - - - - - - - -
- 2,618.76 - - - - - 2,618.76
2 Net unsecured loans taken/ (repaid) - 26,208.85 - - - - - 26,208.85
- 14,475.29 - - - - - 14,475.29
3 Net deposits Given/ (repaid) - - - (315.88) - - - (315.88)
- - - 749.72 - - - 749.72
4 Purchase/ subscription of investments - - - - 6.00 - - 6.00
- - - - 8.00 - - 8.00
5 Net loans and advances given/ (returned) - - - - - - - -
- - (78.47) (2,336.33) - - - (2,414.80)
6 Purchase of Property Plant & Equipment / - - - 7,160.98 - - - 7,160.98
Project Materials and Intangible Assets - - - 2,132.06 - - - 2,132.06
7 Sale of Undertaking - - - - - - - -
- 42.46 - - - - - 42.46
8 Sale of Purchase of Property Plant & Equipment - - - - - - - -
- - - 0.01 - - - 0.01
9 Revenue from Operations 184.73 3.60 3.59 4,405.47 1.35 - - 4,598.74
149.36 8.89 1.90 5,909.46 6.93 - - 6,076.54
10 Other Income - - - - - - - -
- - 6.58 189.92 - - - 196.50
11 Purchases 31.35 65.26 4.58 74,908.83 25.05 - - 75,035.07
65.02 188.56 2.88 64,060.43 10.22 - - 64,327.11
12 Expenditure
a. Finance Cost - 1,937.93 - - - - - 1,937.93
28.80 505.97 - - - - - 534.77
b. Store running expenses 0.05 - - 1,419.12 0.13 - - 1,419.30
0.01 - 0.07 665.54 - - - 665.62
c. Building repairs and maintenance - - - 108.78 - - - 108.78
- - - 66.43 - - - 66.43
d. Electricity expenses - - - 196.37 - - - 196.37
0.02 - 0.06 170.15 - - - 170.23
e. Rent including Lease Rent 5.55 - - 686.97 - - - 692.52
- - - 494.53 - - - 494.53
f. Hire Charges - - - 1.32 - - - 1.32
- - - 4.13 - - - 4.13
g. Professional Fees 1.10 - - 917.58 - - - 918.68
1.07 - - 594.83 - - - 595.90
h. Brokerage & Commission - - - 23.06 - - - 23.06
- - - 18.75 - - - 18.75
i. Sales promotion and advertisement expenses 0.10 - - 96.60 - - - 96.70
- - - 1.17 - - - 1.17
j. Travelling and Conveyance Expenses - - - 38.69 - - - 38.69
- - - 45.09 - - - 45.09
k. Warehousing and Distribution Expenses - 3,725.28 - 11.03 - - - 3,736.31
- 1,463.35 - 0.57 - - - 1,463.92
l. Stores And Packing Materials Consumed - - 0.00 43.67 - - - 43.67
1.46 - - - - - - 1.46
m. General expenses 0.08 - - 168.36 - - - 168.44
- - - 138.11 - - - 138.11
n. Employee Benefit Expenses - - - - - - 177.29 177.29
- - - - - - 119.00 119.00
o. Payment to key Managerial personnel - - - - - 8.79 - 8.79
- - - - - 8.46 - 8.46
` crore
Sr Nature of transactions Ultimate Holding Subsidiaries Fellow Joint Key Others Total
No holding company subsidiaries Ventures Managerial
company Personnel
Balance as at 31st March, 2022
13 Equity Share Capital - 4,987.03 - - - - - 4,987.03
- 4,987.03 - - - - - 4,987.03
14 Preference Share Capital# - 3,999.95 - - - - - 3,999.95
- 3,999.95 - - - - - 3,999.95
15 Debentures - 330.00 - - - - - 330.00
- 330.00 - - - - - 330.00
16 Borrowings - Current - 40,754.70 - - - - - 40,754.70
- 14,545.85 - - - - - 14,545.85
17 Investment - Non-Current - - 104.04 - 406.03 - - 510.07
- - 104.04 - 392.03 - - 496.07
18 Deposits Given - - - 1,114.88 - - - 1,114.88
- - - 1,430.76 - - - 1,430.76
19 Deposits Taken - - - - 0.04 - - 0.04
- - - - 0.04 - - 0.04
20 Trade Receivables 16.44 11.56 1.27 467.21 0.54 - - 497.02
17.88 - 1.64 205.64 0.89 - - 226.05
21 Other Current Assets - - 0.05 3,367.87 - - - 3,367.92
- - 0.05 4,292.05 - - - 4,292.10
22 Other Financial Liability - 195.19 - - - - - 195.19
- 101.34 - - - - - 101.34
23 Trade Payables 22.84 46.06 1.37 3,882.57 3.46 - - 3,956.30
40.97 78.12 4.86 212.73 0.46 - - 337.14
24 Other Current Liability - - - 7.96 4.81 - - 12.77
- - - 16.12 1.36 - - 17.48
25 Guarantees - - 0.02 37.35 - - - 37.37
- - 0.60 18.23 - - - 18.83
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 2021-22 2020-21
1 Additional Investment in Share Capital
Reliance Retail Ventures Limited Holding Company - 2,618.76
2 Net unsecured loans taken/ (repaid)
Reliance Retail Ventures Limited Holding Company 26,208.85 14,475.29
3 Net deposits Given/ (repaid)
Reliance Projects & Property Management Services Limited Fellow Subsidiary (295.88) 729.72
Dadha Pharma Distribution Private Limited Fellow Subsidiary (20.00) 20.00
4 Purchase/ subscription of investments
Reliance-Vision Express Private Limited Joint Venture 6.00 8.00
5 Net loans and advances given/ (returned)
Reliance Clothing India Private Limited Subsidiary - (78.47)
Reliance Brands Limited Fellow Subsidiary - (2,235.45)
Shri Kannan Departmental Store Limited (Formerly Shri Fellow Subsidiary - (92.18)
Kannan Departmental Store Private Limited)
Vitalics Health Private Limited Fellow Subsidiary - (8.70)
6 Purchase of Property Plant & Equipment /
Project Materials and Intangible Assets
Netmeds Marketplace Limited Fellow Subsidiary 104.55 100.00
Shopsense Retail Technologies Limited (Formerly Fellow Subsidiary 54.08 16.83
Shopsense Retail Technologies Private Limited)
Vitalic Health Private Limited Fellow Subsidiary 47.87 15.00
Urban Ladder Home Décor Solutions Limited (Formerly Fellow Subsidiary 47.66 -
Urban Ladder Home Décor Solutions Private Limited)
Aaidea Solutions Limited (Formerly Aaidea Solutions Fellow Subsidiary 22.17 -
Private Limited)*
Reliance Jio Infocomm Limited Fellow Subsidiary - 0.18
Reliance Projects and Property Management Services Fellow Subsidiary 6,884.65 2,000.05
Limited
7 Sale of Undertaking
Reliance Retail Ventures Limited Fellow Subsidiary - 42.46
8 Sale of Purchase of Property Plant & Equipment
Shri Kannan Departmental Store Private Limited Fellow Subsidiary - 0.01
9 Revenue from Operations
Reliance Industries Limited Ultimate Holding Company 184.73 149.36
Reliance Retail Ventures Limited Holding Company 3.60 8.89
Reliance Clothing India Private Limited Subsidiary 3.35 1.55
Reliance Petro Marketing Limited Subsidiary 0.24 0.35
Reliance Brands Limited Fellow Subsidiary 71.10 35.25
Reliance Jio Infocomm Limited Fellow Subsidiary 3,603.14 1,499.63
Indiawin Sports Private Limited Fellow Subsidiary 2.28 1.92
7India Convenience Retail Limited Fellow Subsidiary 1.58 -
Jaisuryas Retail Ventures Private Limited* Fellow Subsidiary 35.32 -
Model Economic Township Limited Fellow Subsidiary 0.52 -
Grab a Grub Services Private Limited Fellow Subsidiary 0.29 -
Reliance Corporate IT Park Limited Fellow Subsidiary 10.65 11.18
Reliance Gas Pipelines Limited Fellow Subsidiary 0.12 -
Reliance Progressive Traders Private Limited Fellow Subsidiary - 0.49
` crore
Reliance Sibur Elastomers Private Limited Fellow Subsidiary 0.03 0.11
TV18 Broadcast Limited Fellow Subsidiary 0.23 0.19
Reliance Jio Messaging Services Private Limited Fellow Subsidiary - 0.15
Reliance SMSL Limited Fellow Subsidiary - 2.74
Reliance Prolific Commercial Private Limited Fellow Subsidiary - 0.01
Reliance Jio Media Limited Fellow Subsidiary - 0.25
Reliance Commercial Dealers Limited Fellow Subsidiary 0.06 0.08
Viacom 18 Media Private Limited Fellow Subsidiary 0.06 0.14
Genesis La Mode Private Limited Fellow Subsidiary 18.91 8.42
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 7.52 2.94
GLF Lifestyle Brand PrivateLimited Fellow Subsidiary 2.44 0.05
GML India Fashion Private Limited Fellow Subsidiary 1.82 0.08
Reliance GAS Lifestyle India Private Limited Fellow Subsidiary 6.77 3.01
Reliance Projects and Property Management Services Limited Fellow Subsidiary 366.45 4,223.38
Reliance Retail Finance Limited Fellow Subsidiary - 3.22
Reliance Retail Insurance Broking Limited Fellow Subsidiary 13.59 9.48
E-Eighteen.Com Limited Fellow Subsidiary 0.06 0.06
Genesis Colors Limited Fellow Subsidiary 0.62 0.69
Indiacast Media Distribution Private Limited Fellow Subsidiary 0.01 0.01
Saavn Media Limited Fellow Subsidiary 0.77 0.75
C-Square Info- Solutions Private Limited Fellow Subsidiary 0.17 0.03
Netmeds Marketplace Limited Fellow Subsidiary 0.52 0.10
Reliance BP Mobility Limited Fellow Subsidiary 2.93 3.53
Shri Kannan Departmental Store Limited (Formerly Shri Fellow Subsidiary 198.93 92.44
The Indian Film Combine Private Limted Fellow Subsidiary 0.37 0.13
Tresara Health Limited (Formerly Tresara Health Private Fellow Subsidiary 0.19 0.28
Limited)
Reliance Digital Health Limited (Formerly Kanhatech Fellow Subsidiary - 7.99
Solutions Limited)
Jio Haptik Technologies Limited Fellow Subsidiary - 0.07
Jio Platforms Limited Fellow Subsidiary 0.31 0.56
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0.11 -
Den Networks Limited (` 51,000) Fellow Subsidiary 0.00 0.08
Private Limited)*
Actoserba Active Wholesale Limited (Formerly Actoserba Fellow Subsidiary 55.10 -
Active Wholesale Private Limited)
Vitalic Health Private Limited Fellow Subsidiary 0.41 -
Amante India Private Limited (Formerly MAS Brands India Fellow Subsidiary 0.04 -
Private Limited)*
Mesindus Ventures Limited (Formerly Mesindus Ventures Fellow Subsidiary 0.07 0.02
Private Limited)*
Reliance Retail and Fashion Lifestyle Limited Fellow Subsidiary 0.89 -
Intimi India Private Limited * (` 23,448) Fellow Subsidiary 0.00 -
Watermark Infratech Private Limited Fellow Subsidiary 0.04 -
` crore
Radisys India Limited (formerly known as Radisys India Fellow Subsidiary 0.02 -
Private Limited)
RB Holdings Private Limited Fellow Subsidiary 0.04 -
RB Media Holdings Private Limited Fellow Subsidiary 0.04 -
RB Mediasoft Private Limited Fellow Subsidiary 0.04 -
RRB Mediasoft Private Limited Fellow Subsidiary 0.04 -
Marks and Spencer Reliance India Private Limited Joint Venture 0.40 6.06
10 Other Income
Reliance Clothing India Private Limited Subsidiary - 6.58
Reliance Brands Limited Fellow Subsidiary - 182.44
Vitalic Health Private Limited Fellow Subsidiary - 0.35
Shri Kannan Departmental Store Limited (Formerly Shri Fellow Subsidiary - 7.13
11 Purchases
Reliance Petro Marketing Limited Subsidiary 0.01 0.01
Reliance Clothing India Private Limited Subsidiary 4.56 2.87
Reliance Brands Limited Fellow Subsidiary 238.89 97.56
Reliance Corporate IT Park Limited (` 14,689) Fellow Subsidiary 0.00 0.26
Reliance Jio Infocomm Limited Fellow Subsidiary 73,797.69 62,996.36
Reliance Gas Lifestyle India Private Limited Fellow Subsidiary 22.53 6.40
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 21.20 4.91
Genesis La Mode Private Limited Fellow Subsidiary 50.24 21.48
Genesis Colors Limited Fellow Subsidiary 3.30 2.47
Amante India Private Limited (Formerly MAS Brands India Fellow Subsidiary 2.71 -
Private Limited)*
Shri Kannan Departmental Store Private Limited Fellow Subsidiary 70.33 0.28
Tresara Health Limited (Formerly Tresara Health Private Fellow Subsidiary 228.77 55.16
Limited)
Viacom 18 Media Private Limited Fellow Subsidiary 0.35 0.01
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 738.06
Dadha Pharma Distribution Private Limited Fellow Subsidiary 83.59 20.59
GLF Lifestyle Brand Private Limited Fellow Subsidiary 7.75 0.11
GML India Fashion Private Limited Fellow Subsidiary 4.81 0.18
Reliance Gas Pipelines Limited Fellow Subsidiary - 0.01
Private Limited)*
Reliance BP Mobility Limited (` 8,037) Fellow Subsidiary 0.00 -
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0.56 -
Kalanikethan Silks Private Limited* Fellow Subsidiary 1.56 -
` crore
Reliance Digital Health Limited (Formerly Kanhatech Fellow Subsidiary 5.29 -
Solutions Limited)
Marks and Spencer Reliance India Private Limited Joint Venture 24.19 9.87
Reliance-GrandVision India Supply Private Limited Joint Venture 0.04 -
12 Expenditure
a. Interest Cost
Reliance Industries Limited Ultimate Holding Company - 28.80
Reliance Retail Ventures Limited Holding Company 1,937.93 505.97
b. Store Running Expenses
Reliance Petro Marketing Limited Subsidiary - 0.07
Reliance SMSL Limited Fellow Subsidiary 695.78 163.09
Reliance Projects and Property Management Services Limited Fellow Subsidiary 395.66 323.14
Reliance Brands Limited (Previous Year ` 1,650) Fellow Subsidiary 0.05 0.00
Private Limited)*
Reliance Payment Solutions Limited Fellow Subsidiary 0.96 -
E-Eighteen.Com Limited Fellow Subsidiary 0.01 -
Reliance Gas Lifestyle India Private Limited (` 4,204) Fellow Subsidiary 0.00 -
Reliance-Vision Express Private Limited Joint Venture 0.13 -
c. Building Repairs and Maintenance
Reliance Projects and Property Management Services Fellow Subsidiary 108.78 66.43
Limited
d. Electricity Expenses
Reliance Petro Marketing Limited Subsidiary - 0.06
Reliance Projects and Property Management Services Fellow Subsidiary 195.99 170.08
Limited
The Indian Film Combine Private Limted Fellow Subsidiary 0.01 -
e. Rent including Lease Rent
Reliance Industries Limited Ultimate Holding Company 5.55 -
Reliance Innovative Building Solutions Private Limited Fellow Subsidiary 0.47 1.72
f. Hire Charges
Reliance-Grand Optical Private Limited (` 9,300) Subsidiary 0.00 0.00
(Previous Year ` 8,000)
Reliance Projects and Property Management Services Limited Fellow Subsidiary - 4.13
` crore
Grab A Grub Services Private Limited Fellow Subsidiary 0.01 -
g. Professional Fees
h. Brokerage & Commission
Reliance Payment Solutions Limited Fellow Subsidiary 23.06 18.75
Viacom 18 Media Private Limited (Previous Year ` 25,892) Fellow Subsidiary - 0.00
i. Sales Promotion and Advertisement Expenses
Reliance Brands Limited Fellow Subsidiary - 0.59
Saavn Media Limited Fellow Subsidiary 0.20 0.01
Grab A Grub Services Private Limited Fellow Subsidiary - 0.02
Indiawin Sports Private Limited Fellow Subsidiary 0.80 0.50
Private Limited)*
Reliance Payment Solutions Limited (` 31,962) Fellow Subsidiary 0.00 -
j. Travelling and Conveyance Expenses
Reliance Commercial Dealers Limited Fellow Subsidiary 38.69 45.09
k. Warehousing and Distribution Expenses
Grab A Grub Services Private Limited Fellow Subsidiary 0.70 0.57
l. Stores And Packing Materials Consumed
Reliance Petro Marketing Limited (` 57,584) Subsidiary 0.00 -
Reliance Jio Infocomm Limited Fellow Subsidiary 24.19 -
Jio Platforms Limited Fellow Subsidiary 3.81 -
Tresara Health Limited (Formerly Tresara Health Private Fellow Subsidiary 2.76 -
Limited)
Jio Things Limited Fellow Subsidiary 12.91 -
m. General expenses
Reliance Corporate IT Park Limited (Previous year ` 429) Fellow Subsidiary - 0.00
Reliance Jio Infocomm Limited Fellow Subsidiary 30.51 39.48
Hathway Cable and Datacom Limited (` 2,247) (Previous Fellow Subsidiary 0.00 0.00
Year ` 2,877)
Viacom 18 Media Private Limited Fellow Subsidiary - 0.04
` crore
C-Square Info-Solutions Private Limited Fellow Subsidiary 7.76 -
Reliance Retail Insurance Broking Limited (` 60,746) Fellow Subsidiary 0.00 -
n. Employee Benefit Expenses
Reliance Retail Limited Employees Gratuity Fund Other 25.97 14.20
Reliance Retail Limited Employees Provident Fund Other 151.32 104.80
o. Payment to key Managerial personnel
Shri V Subramaniam Key Managerial Personnel 5.95 5.60
Shri Dinesh Thapar * Key Managerial Personnel 2.50 2.57
Shri K Sridhar Key Managerial Personnel 0.34 0.29
* The above entities includes related parties where the relationship existed for the part of the year.
` crore
33.1 Compensation of Key Managerial Personnel 2021-22 2020-21
i Short-Term Benefits 8.54 8.21
ii Post Employment Benefits 0.25 0.25
Total 8.79 8.46
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, 2022.
b) Investment made by the Company as at 31st March 2022 (Refer Note 2)
35 The details of joint ventures are as follows:
Name of the joint ventures Country of Incorporation Proportion of ownership
interest
Marks and Spencer Reliance India Private Limited India 49%
Reliance-Grand Vision India Supply Private Limited India 50%
Reliance-Vision Express Private Limited India 50%
36 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 have 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.
37 The figures for corresponding previous year have been regrouped / reclassified wherever necessary, to make them comparable.
38 The Financial Statements were approved for issue by the Board of Directors on 5th May,2022.


Partner

Date: 5th May 2022 Director Company Secretary

Consolidated Financial Statements
2021-22
To The Members of Reliance Retail Limited

Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying consolidated financial statements of Reliance Retail Limited (“the Parent Company”) and its
subsidiaries (Parent Company and its subsidiaries together referred to as “the Group”) and its joint ventures which comprise the
Consolidated Balance Sheet as at March 31, 2022, and the Consolidated Statement of Profit and Loss (including Other Comprehensive
Income), the Consolidated Cash Flow Statement and the Consolidated 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 “consolidated financial
statements”).
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of
reports of other auditors on separate financial statements of such subsidiaries and joint ventures as were audited by the other auditors,
the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (“Act”) in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated
state of affairs of the Group and its joint ventures as at March 31, 2022, of its consolidated profits including other comprehensive
income, consolidated changes in equity and consolidated cash flows for the year then ended.
Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit
of the Consolidated Financial Statements section of our report. We are independent of the Group and its joint ventures 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 consolidated 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 consolidated financial
statements.
Information Other than the Financial Statements and Auditor’s Report Thereon
• The Parent Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual report, but does not include the consolidated financial statements, standalone financial statements and
our auditor’s report thereon.
• Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated 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 Consolidated Financial Statements

The Parent Company’s management and Board of Directors are responsible for the preparation and presentation of these consolidated
financial statements in term of the requirements of the Act that give a true and fair view of the consolidated balance sheet, consolidated
profit/ loss and other comprehensive income/loss, consolidated statement of changes in equity and consolidated cash flows of the
Group including its joint ventures in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133 of the Act. The respective Board of Directors of the companies to the
extent incorporated in India included in the Group and of its joint ventures are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of each company and for preventing and detecting
frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Parent
Company, as aforesaid.
In preparing the consolidated financial statements, the respective management and Board of Directors of the companies included
in the Group and of its joint ventures are responsible for assessing the ability of each company 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.
The respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for overseeing the
financial reporting process of each company.
Auditor’s Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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
Parent 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 Group and
joint venture 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 consolidated 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 Group and its joint ventures to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures and
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business activities within the
Group and its joint ventures to express an opinion on the consolidated financial statements, of which we are the independent
auditors. We are responsible for the direction, supervision and performance of the audit of financial information of such entities.
For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion. Our responsibilities in this regard are further described in section titled ‘Other Matters’ in this
audit report.
We communicate with those charged with governance of the Parent Company and such other entities included in the consolidated
financial statements of which we are the independent auditors 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.
Other Matters
• We did not audit the financial statements of 3 subsidiaries, whose financial statements reflect total assets of Rs.757.65 Crore as
at March 31, 2022, total revenues of Rs.744.80 Crore and net cash outflows of Rs.0.39 Crore for the year ended on that date, as
considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net
loss (including other comprehensive income) of Rs.4.37 Crore for the year ended March 31, 2022, in respect of 2 joint ventures,
whose financial statements have not been audited by us. These financial statements have been audited by other auditors whose
reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it
relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, and our report in terms of
sub- section (3) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and joint ventures is based solely on
the audit reports of the other auditors.
• The consolidated financial statements also include the Group’s share of net profit (including other comprehensive income) of
Rs.13.26 Crore for the year ended March 31, 2022, as considered in the consolidated financial statements, in respect of one joint
venture, whose financial statements have not been audited by their auditors. These financial statements are unaudited and have
been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the
amounts and disclosures included in respect of this joint venture, is based solely on such unaudited financial statements. In our
opinion and according to the information and explanations given to us by the Management, these financial statements are not
material to the Group.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not
modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the other auditors on separate
financial statements of such subsidiaries and joint ventures as were audited by other auditors, as noted in the ‘Other Matters’
paragraph, we report, to the extent applicable, that:
a) We / the other auditors whose reports we have relied upon 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 of the aforesaid consolidated
financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial
statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.
c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive income),
the consolidated statement of changes in equity and the consolidated statement of cash flows dealt with by this Report are
in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial
statements.
d) In our opinion, the aforesaid consolidated 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 of the Parent Company as on March 31, 2022 taken
on record by the Board of Directors of the Parent Company and the reports of the statutory auditors of its subsidiary
companies and joint venture companies incorporated in India, none of the directors of the Group companies and its joint
venture companies incorporated in India is disqualified as on March 31, 2022 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 with reference to consolidated financial statements of
the Parent Company, its subsidiary companies and joint venture companies incorporated in India and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A”.
g) With respect to the matter to be included in the Auditor’s Report under section 197(16) of the Act, in our opinion and
according to the information and explanations given to us and based on the reports of the statutory auditors of such
subsidiary companies and joint venture companies incorporated in India which were not audited by us, the remuneration
paid during the current year by the Parent Company, its subsidiary companies and joint venture companies to its directors
is in accordance with the provisions of Section 197 read with schedule V of 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 Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of the reports of the other auditors on separate financial statements of the
subsidiaries and joint ventures, as noted in the ‘Other Matters’ paragraph:
i. The consolidated financial statements disclose the impact of pending litigations as at March 31, 2022 on the consolidated
financial position of the Group and its joint ventures. Refer Note 31 of the consolidated financial statements.
ii. The Group, its joint ventures did not have any material foreseeable losses on long-term contracts including derivative
contracts;
iii. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the
Parent Company or its subsidiary companies and joint venture companies incorporated in India during the year ended
March 31, 2022;
iv. (a) The respective managements of the Parent Company and its subsidiaries and joint ventures which are incorporated
in India whose financial statements have been audited under the Act have represented to us and other auditors
of such subsidiaries and joint ventures respectively that, to the best of their 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 Parent Company, its subsidiaries and joint venture companies 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 respective managements of the Parent Company and its subsidiaries and joint ventures which are incorporated
in India whose financial statements have been audited under the Act have represented to us and other auditors of
such subsidiaries and joint ventures respectively that, to the best of their knowledge and belief no funds have been
received by the Parent Company, its subsidiaries and joint venture companies from any person or entity, including
foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Parent Company, its subsidiaries and joint venture companies 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
performed by us and that performed by the other auditors of the subsidiaries and joint ventures which are
companies incorporated in India whose financial statements have been audited under the Act, 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 Parent Company, its subsidiaries and joint ventures have not declared or paid any dividend during the year.
2. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020 (the “Order”/
“CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditor’s report,
according to the information and explanations given to us, and based on the CARO reports issued by us for the Parent Company
and CARO reports issued by the respective auditors of its subsidiaries and joint ventures included in the consolidated financial
statements, to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in those
CARO reports

Vishal D. Shah
Partner
UDIN: 22119303AIMBRI7262
Date: May 5, 2022

Place: Mumbai
Annexure “A” To the Independent Auditors’ Report on the consolidated financial statements of Reliance Retail Limited for
the year ended March 31, 2022
Report on the internal financial controls over financial reporting with reference to consolidated financial statements under
clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial statements of the Reliance Retail Limited as of and for the year ended
March 31, 2022, we have audited the internal financial controls with reference to consolidated financial statements of Reliance Retail
Limited (hereinafter referred to as “the Parent Company”) and such companies incorporated in India under the Act which are its
subsidiary companies and its joint ventures, as of that date.
Management’s responsibility for internal financial controls

The respective Company’s Management and Board of Directors of the Parent Company, its subsidiaries and its joint ventures, which
are companies incorporated in India are responsible for establishing and maintaining internal financial controls based on the internal
financial controls with reference to consolidated financial statements criteria established by the respective company considering the
essential components of internal control stated in 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 respective 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 Act.
Our responsibility is to express an opinion on the Parent Company, its subsidiaries and joint ventures, which are companies incorporated
in India, internal financial controls over financial reporting with reference to consolidated financial statements based on our audit.
We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under section 143(10) of
the Act, to the extent applicable to an audit of internal financial controls with reference to consolidated financial statements. 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 with reference to consolidated financial statements were established and
maintained and whether 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 consolidated 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 consolidated 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 consolidated financial statements, whether due to
fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports
referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on internal
financial controls over financial reporting with reference to consolidated financial statements.
Meaning of internal financial controls over financial reporting with reference to these consolidated financial statements
A company’s internal financial control over financial reporting with reference to these consolidated 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 consolidated 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 consolidated financial
statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these consolidated 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 consolidated financial statements to future periods are subject to the risk that the internal financial control over
financial reporting with reference to these consolidated 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 and based on the consideration of reports of
other auditors as referred to in Other Matter Paragraph below, the Parent Company, its subsidiaries and its joint ventures incorporated
in India have maintained in all material aspects, adequate internal financial controls over financial reporting with reference to these
consolidated financial statements and such internal financial controls over financial reporting with reference to these consolidated
financial statements were operating effectively as at March 31, 2022, based on the criteria for internal financial control over financial
reporting established by the Parent 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.
Other Matter
Our aforesaid reports under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls
over financial reporting with reference to consolidated financial statements in so far as it relates to separate financial statements of 3
subsidiary companies and 1 joint ventures, which are companies incorporated in India, is based on the corresponding reports of the
auditors of such subsidiaries and joint ventures incorporated in India.
Our opinion is not modified in respect of the above matter.

Vishal D. Shah
Partner
UDIN: 22119303AIMBRI7262
Date: May 5, 2022

Place: Mumbai
Consolidated Balance Sheet as at 31st March, 2022
` in crore
Notes As at As at
Assets
Non-Current Assets
Property, Plant and Equipment 1 14,104.86 8,338.99
Capital Work-in-Progress 1 11,888.04 7,000.17
Intangible Assets 1 2,775.99 3,165.60
Intangible Assets Under Development 1 11,839.66 3,612.13
Goodwill 90.03 90.03
Financial Assets
Other Financial Assets 3 1.48 1.43
Other Non- Current Assets 4 6,547.68 76.94
Total Non-Current Assets 47,730.32 22,628.24
Current Assets
Inventories 5 20,072.07 12,354.79
Financial Assets
Trade Receivables 7 8,833.93 6,020.89
Cash and Cash Equivalent 8 466.42 359.55
Other Financial Assets 9 2,693.30 2,586.87
Other Current Assets 10 8,452.92 6,279.83
Total Current Assets 41,000.53 28,052.27
Total Assets 88,730.85 50,680.51
Equity and Liabilities
Equity
Equity Share Capital 11 4,990.42 4,990.42
Other Equity 12 25,421.62 20,474.15
Liabilities
Non-Current Liabilities
Borrowings 13 12,135.91 93.02
Lease Liabilities 8.55 10.40
Deferred Tax Liabilities (Net) 15 1,458.82 929.68
Total Non-Current Liabilities 13,671.77 1,081.40
Current Liabilities
Borrowings 16 28,735.44 14,745.88
Lease Liabilities 1.50 1.77
Trade Payables 17 12,990.01 6,705.53
Other Financial Liabilities 18 1,417.44 1,558.93
Other Current Liabilities 19 1,497.57 1,118.65
Total Current Liabilities 44,647.04 24,134.54
Total Liabilities 58,318.81 25,215.94
Total Equity and Liabilities 88,730.85 50,680.51
See accompanying notes to the financial statements 1 to 40

Firm Registration No. 142412W/W100595
Vishal D. Shah Geeta Fulwadaya Prof. Dipak C. Jain K Sudarshan

Ranjit V Pandit K Sridhar

Consolidated Statement of Profit and Loss for the year ended 31st March, 2022
` in crore
Notes 2021-22 2020-21
INCOME
Value of Sales 1,85,616.51 1,46,867.63
Value of Sales & Services (Revenue) 1,94,249.36 1,55,209.06
Less: GST Recovered 24,116.04 18,298.40
Revenue from Operations 21 1,70,133.32 1,36,910.66
Other Income 22 21.78 296.15
Total Income 1,70,155.10 1,37,206.81
EXPENSES
Cost of Materials Consumed 0.04 0.94
Purchases of Stock-in-Trade 1,55,092.28 1,20,657.09
Changes in Inventories of Finished Goods and Stock-in-Trade 23 (7,607.12) (2,717.69)
Employee Benefits Expense 24 1,522.51 1,283.31
Finance Costs 25 1,985.88 694.14
Depreciation and Amortisation Expenses 1 1,794.24 1,461.65
Other Expenses 26 10,791.69 9,560.89
Total Expenses 1,63,579.52 1,30,940.33
Profit Before Share of Profit / (Loss) of Joint Ventures and Tax 6,575.58 6,266.48
Share of Profit / (Loss) of Joint Ventures 9.48 (49.04)
Profit Before Tax 6,585.06 6,217.44
Tax Expenses:
Current Tax 27 1,118.29 1,605.94
Deferred Tax 27 529.14 12.53
Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to Statement of Profit or Loss 22.1 (2.90) 1.74
(ii) Income tax relating to items that will not be reclassified to Statement of Profit and loss 0.73 (0.43)
(iii) Items that will be reclassified to Statement of Profit or Loss 22.2 16.69 (34.07)
(iv) Income tax relating to items that will be reclassified to Statement of Profit and loss (4.20) 8.58
Total Other Comprehensive Income / (loss) for the Year [Net of Tax] 10.32 (24.18)
Total Comprehensive Income for the Year 4,947.95 4,574.79
Net Profit Attributable to:
(a) Owners of the Company 4,937.63 4,598.97
(b) Non Controlling Interest - -
Other Comprehensive Income attributable to:
(a) Owners of the Company 10.32 (24.18)
Total Comprehensive Income attributable to:
(a) Owners of the Company 4,947.95 4,574.79
Earnings per equity share of face value of ` 10 each
Basic (in `) 30 9.28 8.64
Diluted (in `) 30 5.30 4.93
See accompanying notes to the financial statements 1 to 40
Consolidated Statement of Changes in Equity for the year ended 31st March, 2022
A Equity Share Capital ` in crore

Balance as at Changes during the Balance as at Changes during the Balance as at
1st April, 2020 year 2020-21 31st March, 2021 year 2021-22 31st March, 2022
4,990.40 0.02 4,990.42 - 4,990.42
B Other Equity ` in crore

Particulars Instruments Classified as Equity Reserves & Surplus Other Total
8.5% Non Call Money Compulsory Capital Securities Retained Comprehensive
Cumulative towards Convertible Reserve Premium Earnings Income
Optionally OCPS Debentures
Convertible of ` 10,00,000
Preference each, fully
Shares paid up
(OCPS) of
`10 each,
fully paid up
Balance as at 1st April, 2021 800.00 - 330.00 0.06 3,200.00 16,147.77 (3.68) 20,474.15
Total comprehensive income for the year - - - - - 4,937.63 10.32 4,947.95
Others - - - - - (0.48) - (0.48)
Balance as at 31st March, 2022 800.00 - 330.00 0.06 3,200.00 21,084.92 6.64 25,421.62
Balance as at 1st April 2020 200.00 381.22 330.00 0.06 800.00 11,548.80 20.50 13,280.58
Add : Issue of OCPS against call money 600.00 (381.22) - - 2,400.00 - - 2,618.78
Total comprehensive income for the year - - - - - 4,598.97 (24.18) 4,574.79



Consolidated Cash Flow Statement for the year ended 31st March, 2022
` in crore
2021-22 2020-21
A: Cash Flow From Operating Activities
Net Profit before Tax as per Statement of Profit and Loss 6,585.06 6,217.44
Adjusted for:
Loss on sale/ discarding of Property, Plant and Equipment (net) 8.45 2.79
Loss on sale of business - 23.94
Depreciation and Amortisation Expense 1,794.24 1,461.65
Effect of Exchange Rate Change 2.93 (11.04)
Net Gain on Financial Assets (5.94) (69.69)
Share of (Profit)/Loss of Joint Venture (9.48) 49.04
Interest Income (6.81) (208.38)
Finance Costs 1,985.87 694.14
Subtotal 3,769.26 1,942.45
Operating Profit before Working Capital Changes 10,354.32 8,159.89
Adjusted for:
Trade and Other Receivables (6,297.16) (4,785.07)
Inventories (7,717.28) (2,771.68)
Trade and Other Payables 6,497.16 1,634.09
Subtotal (7,517.28) (5,922.66)
Cash Generated from Operations 2,837.04 2,237.23
Taxes Paid (Net) (1,162.61) (1,440.08)
Net Cash generated from Operating Activities* 1,674.43 797.15
B: Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment and Other Intangible Assets (20,354.30) (8,224.03)
Proceeds from disposal of Property, Plant and Equipment and Other Intangible Assets 7.46 11.87
Sale of Undertaking to Holding Company (Refer Note 37) - 42.46
Purchase of Financial Assets (389.08) (12,716.38)
Proceeds from Sale of Financial Assets 250.00 12,523.92
Movement in Loans & Advances and other assets (Net) (5,223.46) (1,879.33)
Interest Income 4.92 266.97
Net Cash Flow used in Investing Activities (25,704.46) (9,974.52)
C: Cash Flow From Financing Activities
Proceeds from issue of Preference Share / Equity Instruments - 2,618.80
Proceeds from Borrowings - Long Term 12,041.04 93.02
Movement in Deposits - (4,700.00)
Borrowings Current (Net) 13,989.56 11,785.14
Payment of Lease Liabilities (1.33) (1.66)
Interest Paid (1,892.37) (607.07)
Net Cash generated from Financing Activities 24,136.90 9,188.23
Net (Decrease)/ Increase in Cash and Cash Equivalents 106.87 10.86
Opening Balance of Cash and Cash Equivalents 359.55 348.69
Closing Balance of Cash and Cash Equivalents (Refer note 8) 466.42 359.55
* Includes amount spent in Cash towards Corporate Social Responsibility is ` 126.22 crore (Previous Year ` 97.24 crore).



Notes to the Consolidated Financial Statements for the year ended 31st March, 2022
A. Corporate Information
The Consolidated Financial Statements comprise of Financial Statements of “Reliance Retail Limited” (“The Holding Company
or The Company”) and its subsidiaries (collectively referred to as “The Group”) for the year ended 31st March, 2022.
The Group and its Joint Ventures are mainly engaged in ‘Organised Retail’ primarily catering to consumers in India under
various consumption baskets. All the activities of the group revolve around this main business. Accordingly, the group has only
one identifiable segment reportable under Ind AS 108 –”Operating Segments”. Further details about the business operations of
the Group are provided in Note – 35 Segment Information.
B. Significant Accounting Policies

B.1 Basis of Preparation and Presentation
The Consolidated Financial Statements have been prepared on the historical cost basis except for following assets and
liabilities which have been measured at fair value:
i) Certain Financial Assets and Liabilities (including derivative instruments),
ii) Defined Benefit Plans - Plan Assets and
iii) Equity settled Share Based Payments
The Consolidated Financial Statements of the Group 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.
The Consolidated Financial Statements comprises of Reliance Retail Limited and its subsidiaries, being the entities that
it controls. Control is assessed in accordance with the requirement of Ind AS 110- Consolidated Financial Statements.
The Consolidated Financial Statements are presented in Indian Rupees (`) and all values are rounded to the nearest crore
(` 00,00,000), except when otherwise indicated.
B.2 Principles of Consolidation

(a) The financial statements of the Holding Company and its subsidiaries are combined on a line by line basis by adding
together like items of assets, liabilities, equity, incomes, expenses and cash flows, after fully eliminating intra-group
balances and intra-group transactions.
(b) Profits or Losses resulting from intra-group transactions that are recognised in assets, such as Inventory and Property,
Plant and Equipment, are eliminated in full.
(c) The audited / unaudited financial statements of joint ventures / associates have been prepared in accordance with the
Ind AS.
(d) The Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions
and other events in similar circumstances.
(e) The carrying amount of the Holding Company’s investment in each subsidiary is offset (eliminated) against the
Holding Company’s portion of equity in each subsidiary.
(f) The difference between the proceeds from disposal of investment in subsidiaries and the carrying amount of its
assets less liabilities as on the date of disposal is recognised in the Consolidated Statement of Profit and Loss being
the profit or loss on disposal of investment in subsidiary.
(g) Investment in Joint Ventures has been accounted under the Equity Method as per Ind AS 28 – Investments in
Associates and Joint Ventures.
(h) The Group accounts for its share of post-acquisition changes in net assets of joint ventures, after eliminating
unrealised profits and losses resulting from transactions between the Group and its joint ventures.
(i) Non-Controlling Interest’s share of profit / loss of consolidated subsidiaries for the year is identified and adjusted
against the income of the Group in order to arrive at the net income attributable to shareholders of the Holding
Company.
(j) Non-Controlling Interest’s share of net assets of consolidated subsidiaries is identified and presented in the
Consolidated Balance Sheet.
B.3 Summary of Significant Accounting Policies

(a) Current and Non-Current Classification
The Group presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification.
An asset is treated as Current when it is -
- Expected to be realised or intended to be sold or consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.
All other assets are classified as non-current.
A liability is treated as current when -
- It is expected to be settled in normal operating cycle;
- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
(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 and any cost directly attributable to
bringing the assets to its working condition for its intended use.
measured reliably.
Property, Plant and Equipment which are significant to the total cost of that item of Property, Plant and Equipment
and having different useful life are accounted separately.
Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior
to its intended use, are considered as project development 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 amortised over the
lower of estimated useful life or lease period; on assets acquired under finance leases depreciation is provided over
the lease term.
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.
Gains or losses arising from derecognition of a Property, Plant and Equipment are measured as the difference
between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit
and Loss when the asset is derecognised.
(c)
Leases
The Group, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements, if the
contract conveys the right to control the use of an identified asset.
The contract conveys the right to control the use of an identified asset, if it involves the use of an identified asset
and the Group has substantially all of the economic benefits from use of the asset and has right to direct the use
of the identified asset. The cost of the right-of-use asset shall comprise of the amount of the initial measurement
of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial
direct costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use
assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or
useful life of right-of-use asset.
The Group measures the lease liability at the present value of the lease payments that are not paid at the commencement
date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be
readily determined. If that rate cannot be readily determined, the Group uses incremental borrowing rate.
For short-term and low value leases, the Group recognises 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 loss, if any. Such cost includes purchase price and any cost
directly attributable for preparing the asset for its intended use.
measured reliably.
prior to its intended use, are considered as pre-operative expenses and disclosed under Intangible Assets Under
Development.
The group’s intangible assets comprises assets with finite and indefinite useful life which are amortised on a straight-
line basis over the period of their expected useful life. The amortisation period and the amortisation method for
Intangible Assets with a finite useful life are reviewed at each reporting date. Assets with indefinite useful lives are
not amortised but are tested for impairment annually at the cash generating unit level.
The Group’s Other Intangible Assets include assets with finite and indefinite useful life.
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 Groups’s Other Intangible having finite useful life
and to the extent of amortisation is as under.
Particular Amortisation
Computer Software
Over a period ranging from 5 to 20 Years
Brands and Trademark
(e) Research and Development Expenditure

Revenue expenditure pertaining to research is charged to the Consolidated Statement of Profit and loss.
Development costs are capitalised as an intangible asset if it can be demonstrated that the project is expected to
generate future economic benefits, it is probable that those future economic benefits will flow to the entity and the
costs of the asset can be measured reliably, else it is charged to the Statement of Profit and Loss.
(f) 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.
(g)
Finance Costs
Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are
regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its intended use.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are charged to the Consolidated Statement of Profit and Loss for the period for which they
are incurred.
(h) Inventories
Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any.
Cost of inventories comprises of cost of purchase, cost of conversion and other costs including overheads net of
recoverable taxes incurred in bringing them to their respective present location and condition.
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.
(i) Impairment of Non-Financial Assets - Property, Plant and Equipment, Goodwill & Intangible Assets
The Group assesses at each reporting date as to whether there is any indication that any Property, Plant and Equipment,
Goodwill and Intangible assets or group of assets, called Cash Generating Units (CGU) may be impaired. If any such
indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment,
if any. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognised in the Consolidated Statement of Profit and Loss to the extent, asset’s carrying
amount exceeds its recoverable amount. The recoverable amount is higher of an asset’s fair value less cost of disposal
and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax
discount rate that reflects current market assessments of the time value of money and risk specific to the assets.
The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of
recoverable amount.
(j) Provisions
Provisions are recognised when the Group 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 amount 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.
(k)
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 Group 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.
(l) Employee Benefits Expense

Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered
by employees are recognised as an expense during the year when the employees render the services.
Post-Employment Benefits
Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the Group pays specified contributions to
a separate entity. The Group makes specified monthly contributions towards Provident Fund, Superannuation Fund
and Pension Scheme.
The Group recognises contribution payable to the provident fund scheme as an expense, when an employee renders
the related service. If the contribution payable to the scheme for service received before the balance sheet date
exceeds the contribution already paid, the deficit payable to the scheme is recognised as a liability after deducting
the contribution already paid. If the contribution already paid exceeds the contribution due for services received
before the balance sheet date, then excess is recognised as an asset to the extent that the pre-payment will lead to,
for example, a reduction in future payment or a cash refund.

The Group pays gratuity to the employees who have completed five years of service at the time of resignation/
superannuation. The gratuity is paid @15 days salary for every completed year of service as per the Payment of
Gratuity Act, 1972.
The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment
to the employees. The gratuity fund has been approved by respective Income Tax Authorities.
The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit
Method and spread over the period during which the benefit is expected to be derived from employees’ services.
Remeasurement gains and losses arising from adjustments and changes in actuarial assumptions are recognised in
the period in which they occur in Other Comprehensive Income.
(m) Tax Expenses

The tax expenses for the period comprises of current tax and Deferred Tax. Tax is recognised in Consolidated
Statement of Profit and Loss, except to the extent that it relates to items recognised in the Other Comprehensive
Income or in Equity. In which case, the tax is also recognised in Other Comprehensive Income or Equity.
i) Current Tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities, based on tax rates and laws that are enacted at the Balance sheet date.
ii) Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the Financial Statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets are recognised to the extent it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax losses can be utilised.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and
assets are reviewed at the end of each reporting period.
(n) Share Based Payments

Equity-settled share-based payments to employees and others providing similar services are measured at the fair
value of the equity instruments at the grant date.
The fair value determined at the grant date of the equity-settled share based payments is expensed on a straight line
basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a
corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number
of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in
Consolidated Statement of Profit and Loss such that the cumulative expenses reflects the revised estimate, with a
corresponding adjustment to Share Based Payments Reserve.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted
earnings per share.
(o) Foreign Currencies Transactions and Translation

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in Consolidated Statement
of Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs
on foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets
which are capitalised as cost of assets.
Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the
exchange rates at the date of the transaction. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on
translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on
the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in
Other Comprehensive Income or Statement of Profit and Loss are also recognised in Other Comprehensive Income
or Statement of Profit and Loss, respectively).
(p) 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 Group has
generally concluded that it is the principal in its revenue arrangement, as 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 Group has not retained any significant risks of
ownership or future obligations with respect to the goods shipped.
Revenue from rendering of services is recognised over time by measuring the progress towards complete satisfaction
of performance obligations at the reporting period.
Revenue is measured at the amount of consideration which the Group expects to be entitled to in exchange for
transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected on
behalf of third parties (for example taxes and duties collected on behalf of the government).
Consideration is generally due upon satisfaction of performance obligations and a receivable is recognised when it
becomes unconditional. Generally, the credit period does not exceed 90 days for sale of goods or services as the case
may be.
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.
Contract balances
Trade receivables
A receivable represents the Group’s right to an amount of consideration that is unconditional.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the
Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the
payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under
the contract.
Interest Income
Interest Income from a Financial Asset is recognised using effective interest rate method.
Dividend Income
Dividend Income is recognised when the Group’s right to receive the amount has been established.
(q)
Financial Instruments
i) Financial Assets
All Financial Assets are initially recognised at fair value. Transaction costs that are directly attributable to
the acquisition or issue of Financial Assets, which are not at Fair Value Through Profit or Loss, are adjusted
to the fair value on initial recognition. Purchase and sale of Financial Assets are recognised using trade date
accounting.
a) Financial Assets Measured at Amortised Cost (AC)
A Financial Asset is measured at Amortised Cost if it is held within a business model whose objective is to hold
the asset in order to collect contractual cash flows and the contractual terms of the Financial Asset give rise on
specified dates to cash flows that represents solely payments of principal and interest on the principal amount
outstanding.
b) Financial Assets Measured at Fair Value Through Other Comprehensive Income (FVTOCI)
A Financial Asset is measured at FVTOCI if it is held within a business model whose objective is achieved by
both collecting contractual cash flows and selling Financial Assets and the contractual terms of the Financial
Asset give rise on specified dates to cash flows that represents solely payments of principal and interest on the
principal amount outstanding.
c) Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)
Financial Asset which is not classified in any of the above categories are measured at FVTPL.
Financial assets are reclassified subsequent to their recognition, if the Group changes its business model for
managing those financial assets. Changes in business model are made and applied prospectively from the
reclassification date which is the first day of immediately next reporting period following the changes in
business model in accordance with principles laid down under Ind AS 109 – Financial Instruments.
C. Other Equity Investments

All other equity investments are measured at fair value, with value changes recognised in Consolidated
Statement of Profit and Loss, except for those equity investments for which the Group 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 Group’s right to receive payment is established.
D. Impairment of Financial Assets

In accordance with Ind AS 109, the Group uses “Expected Credit Loss” (ECL) model, for evaluating
impairment of Financial Assets other than those measured at Fair Value Through Profit and Loss (FVTPL).
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 Group applies ‘simplified approach’ which requires expected lifetime losses to be
recognised from initial recognition of the receivables. The Group 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 Group 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
All Financial Liabilities are recognised at fair value and in case of borrowings, net of directly attributable cost.
Fees of recurring nature are directly recognised in the Consolidated Statement of Profit and Loss as finance cost.
Financial Liabilities are carried at amortised cost using the effective interest method.
For trade and other payables maturing within one year from the balance sheet date, the carrying amounts
approximate fair value due to the short maturity of these instruments.
iii) Derivative Financial Instruments and Hedge Accounting

The Group uses various derivative financial instruments such as currency forwards and commodity contracts to
mitigate the risk of changes in exchange rates and commodity prices. At the inception of a hedge relationship,
the Group formally designates and documents the hedge relationship to which the Group wishes to apply
hedge accounting and the risk management objective and strategy for undertaking the hedge. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is entered
into and are also subsequently measured at fair value. Derivatives are carried as Financial Assets when the fair
value is positive and as Financial Liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to Consolidated
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 Group 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. When a derivative is designated as a cash flow hedging instrument, the effective portion of
changes in the fair value of the derivative is recognised in the cash flow hedging reserve being part of Other
Comprehensive Income. Any ineffective portion of changes in the fair value of the derivative is recognised
immediately in the Consolidated Statement of Profit and Loss. If the hedging relationship no longer meets the
criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument
expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognised
in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until
the underlying transaction occurs. The cumulative gain or loss previously recognised in the cash flow hedging
reserve is transferred to the Consolidated statement of profit and loss upon the occurrence of the underlying
transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash
flow hedging reserve is reclassified in the Consolidated Statement of Profit and Loss.
B. Fair Value Hedge

The Group designates derivative contracts as hedging instruments to mitigate the risk of change in fair value
of hedged item due to movement in commodity prices and foreign exchange rates.
Changes in the fair value of hedging instruments and hedged items that are designated and qualify as fair value
hedges are recorded in the Consolidated Statement of Profit and Loss. If the hedging relationship no longer
meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised
to Consolidated Statement of Profit and Loss over the period of maturity.
iv) Derecognition of Financial Instruments

The Group derecognises a Financial Asset when the contractual rights to the cash flows from the Financial
Asset expire or it transfers the Financial Asset and the transfer qualifies for derecognition under Ind AS 109.
A Financial Liability (or a part of a Financial Liability) is derecognised from the Group’s Balance Sheet when
the obligation specified in the contract is discharged or cancelled or expires.
v) Offsetting
Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when,
and only when, the Group 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.
(r) Non-current assets held for sale

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale
transaction rather than through continuing use and sale is considered highly probable.
A sale is considered as highly probable when decision has been made to sell, assets are available for immediate sale
in its present condition, assets are being actively marketed and sale has been agreed or is expected to be concluded
within 12 months of the date of classification.
Assets and liabilities classified as held for sale are measured at the lower of their carrying amount and fair value less
cost of sell and are presented separately in the Consolidated Balance Sheet.
(s) Earnings per share

Basic earnings per share is calculated by dividing the net profit after tax by the weighted average number of equity
shares outstanding during the year adjusted for bonus element in equity share. Diluted earnings per share adjusts the
figures used in determination of basic earnings per share to take into account the conversion of all dilutive potential
equity shares. Dilutive potential equity shares are deemed converted as at the beginning of the period unless issued
at a later date.
C. Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The preparation of the Group’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) Depreciation / Amortisation and Useful Life of Property, Plant and Equipment / Intangible Assets
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
Group’s historical experience with similar assets and take into account anticipated technological changes. The depreciation /
amortisation for future periods is revised if there are significant changes from previous estimates.
(b) Recoverability of Trade Receivables

Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a provision
against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and timing of
anticipated future payments and any possible actions that can be taken to mitigate the risk of non- payment.
(c) Provisions
Provisions and liabilities are recognised in the period when it becomes probable that there will be a future outflow of funds
resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition
and quantification of the liability require 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.
(d) Impairment of Financial and Non-Financial Assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists,
the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or Cash Generating
Units (CGU’s) fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other assets or a group of assets. Where the carrying amount
of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount.
The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss rates. The
Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Group’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 Group 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.
(e) Recognition of Deferred Tax Assets and liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses for which there is
probability of utilisation against the future taxable profit. The Group uses judgement to determine the amount of deferred tax
that can be recognised, based upon the likely timing and the level of future taxable profits and business developments.
(f) Fair Value Measurement

For estimates relating to fair value of financial instruments refer note 33 of consolidated financial statements.
(g) Leases
The Group had evaluated if an arrangement qualifies to be a lease as per requirements of Ind AS 116. Identification of lease
requires significant judgement. In case of Reliance Retail Limited, the Holding Company, large portion of the leases are
cancellable by both lessor and lessee or are arrangements which qualify as variable leases and hence are not considered for
recognition of Right of Use Asset and lease liabilities. Also there are few lease arrangements which are cancellable only at
the option of the lessee but have not been considered for recognition of Right of Use Assets and lease liabilities on grounds of
materiality and exercisability
(h) Estimation uncertainty relating to the Global health pandemic on COVID -19
Management has performed the assessment of the effect of COVID-19 on the recoverability of the value of assets as at the end
of the year and liquidity position as well as business activities in the foreseeable future. Based on the assessment, presently
there are no significant concerns regarding recoverability of the value of the assets as well as on liquidity and continuity of
the business. The impact of COVID–19 may be different from that estimated as at the date of approval of these consolidated
financial statements and the Group will continue to monitor any material changes to future economic conditions.
D. Standard Issue but not effective

On March 23, 2022 the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards )
Amendment Rules 2022. The notification has resulted into amendments in the following existing accounting standards which
are applicable to Group from April 1, 2022.
i. Ind AS 101 – First time adoption of Ind AS
ii. Ind AS 103 – Business Combination
iii. Ind AS 109 – Financial Instrument
iv. Ind AS 16 – Property, Plant and Equipment
v. Ind AS 37 – Provisions, Contingent Liabilities and Contingent assets
vi. Ind AS 41 – Agriculture
Application of above standards are not expected to have any significant impact on the consolidated financial statements.
1 Property, Plant and Equipment, Intangible Assets, Capital Work-in-progress and Intangible Assets under Development
` in crore
Description Gross block Depreciation/ Amortisation Net block
As at Additions/ Deductions/ As at As at For the year Deductions/ Upto As at As at
1st April, Adjustments Adjustments 31st March, 1st April, Adjustments 31st March, 31st March, 31st March,
2021 2022 2021 2022 2022 2021
Property, Plant and Equipment
Own Assets:
Freehold Land 17.93 - - 17.93 - - - - 17.93 17.93
Buildings 21.27 5.10 - 26.37 4.54 0.41 - 4.95 21.42 16.73
Plant and Machinery 476.61 189.50 5.81 660.30 268.52 69.70 4.10 334.12 326.18 208.09
Electrical Installations 3,353.79 1,906.08 9.00 5,250.87 966.09 378.61 5.23 1,339.47 3,911.40 2,387.70
Equipment 3,886.44 1,938.57 10.49 5,814.52 1,235.41 367.18 5.35 1,597.24 4,217.28 2,651.03
Furniture and Fixtures 2,442.90 1,712.24 6.73 4,148.41 611.76 275.39 3.82 883.33 3,265.08 1,831.14
Vehicles 0.34 - - 0.34 0.29 0.01 - 0.30 0.04 0.05
Leasehold 1,827.28 1,328.82 5.52 3,150.58 633.03 204.45 3.12 834.36 2,316.22 1,194.25
Improvements
Sub-Total 12,026.56 7,080.31 37.55 19,069.32 3,719.64 1,295.75 21.62 4,993.77 14,075.55 8,306.92
Right-of-Use Assets
Leasehold Land 25.79 - - 25.79 5.20 0.24 - 5.44 20.35 20.59
Premises 16.29 - 0.56 15.73 4.81 2.07 0.11 6.77 8.96 11.48
Sub-Total 42.08 - 0.56 41.52 10.01 2.31 0.11 12.21 29.31 32.07
Total (A) 12,068.64 7,080.31 38.11 19,110.84 3,729.65 1,298.06 21.73 5,005.98 14,104.86 8,338.99
Intangible Assets
Franchisee Rights 1.34 - - 1.34 0.45 0.07 - 0.52 0.82 0.89
Brands and Trademark 135.66 89.63 - 225.29 27.16 13.57 - 40.73 184.56 108.50
Software 3,737.45 14.10 - 3,751.55 681.24 482.54 - 1,163.78 2,587.77 3,056.21
Others - 2.84 - 2.84 - - - - 2.84 -
Total (B) 3,874.45 106.57 - 3,981.02 708.85 496.18 - 1,205.03 2,775.99 3,165.60
Total (A+B) 15,943.09 7,186.88 38.11 23,091.86 4,438.50 1,794.24 21.73 6,211.01 16,880.85 11,504.59
Previous year 11,602.92 5,773.54 1,433.37 15,943.09 3,348.25 1,461.65 371.40 4,438.50 11,504.59 8,254.67
Capital Work-in-Progress 11,888.04 7,000.17
Intangible Assets Under Development 11,839.66 3,612.13
1.1 Capital Work-in-Progress Includes:

(a) ` 39.66 crore (Previous Year ` 59.55 crore) on account of Capital Goods Inventory.
1.2 Capital Work in Progress (CWIP):

Ageing as at 31st March, 2022 ` in crore
Particulars <1 Year 1-2 Years 2-3 Years >3 Years Total
Total 10,485.96 1,402.08 - - 11,888.04
1.3 Intangible Assets under Development (IAUD):
Ageing as at 31st March, 2022 ` in crore
Projects in progress 8,227.61 3,582.85 29.20 - 11,839.66
Total 8,227.61 3,582.85 29.20 - 11,839.66
1.4 Capital Work in Progress (CWIP):
Ageing as at 31st March 2021 ` in crore
Total 1,592.06 5,408.11 - - 7,000.17
1.5 Intangible Assets under Development (IAUD):
Ageing as at 31st March 2021 ` in crore
Projects in progress 3,582.93 29.20 - - 3,612.13
Total 3,582.93 29.20 - - 3,612.13
` in crore
2 Investments - Non Current As at As at
Units Amount Units Amount
A Investments in Joint Ventures
Investments measured at Cost (accounted using Equity Method)
In Equity Shares of Joint ventures Companies - Unquoted, Fully
paid up
Marks and Spencer Reliance India Private Limited (Class C Shares of 9,51,16,546 184.85 9,51,16,546 173.77
` 5 each)
Marks and Spencer Reliance India Private Limited (Class A Shares of 81,42,722 45.09 81,42,722 42.32
` 10 each)
Reliance-Vision Express Private Limited of ` 10 each 11,10,00,000 38.62 10,50,00,000 36.76
Reliance-GrandVision India Supply Private Limited of ` 10 each 1,35,00,000 7.70 1,35,00,000 7.93
Total Investments in Joint Ventures 276.26 260.78
B Other Investments
Investments measured at Amortised Cost
In Government and other securities - unquoted
National Savings Certificates - 6 yrs Issue VII 0.29 0.29
(Includes deposited with Government Authorities)
Total of Investment measured at amortised cost 0.29 0.29
C Investments measured at Fair Value through Profit and Loss

In Equity Shares - Unquoted, fully paid up
Retailers Association's Skill Council of India of ` 100 each 500 0.01 500 0.01
The Colaba Central Co-operative Consumer's Wholesale and Retail Stores 25 - 25 -
Limited (Sahakari Bhandar) of ` 200 each. (` 5,000 (previous year ` 5,000))
Air Controls and Chemical Engg. Co. Limited of ` 1 each (` 1500 (previous 1,000 - 1,000 -
year ` 1500))
Total Investments measured at Fair Value through Profit and Loss 0.01 0.01
D Investments measured at Fair Value through Other Comprehensive

Income
In Equity Shares - Unquoted, fully paid up
KaiOS Technologies PTE. Limited of USD 0.01 each 19,04,781 45.54 19,04,781 45.54
Yatra Online Limited of ` 1 each 95,390 0.80 - -
In Preferred Shares - Unquoted, fully paid up
KaiOS Technologies PTE. Limited of USD 0.01 each 6,25,000 36.33 6,25,000 36.33
Investment in Government Securities Quoted * 123.35 -
Total Investments measured at Fair Value through Other

Comprehensive Income 206.02 81.87
Total Investments- Non-Current (A+B+C+D) 482.58 342.95
* Held as margin money with financial institution.
Aggregate value of Book Value Book Value

Quoted investments 123.35 -
Unquoted investments 359.23 342.95
` in crore
2.1 Category-wise Non-current investment As at As at

Financial assets measured at Amortised Cost 0.29 0.29
Financial assets measured at Cost (accounted using Equity Method) 276.26 260.78
Financial assets measured at Fair value through Profit and Loss (FVTPL) 0.01 0.01
Financial assets measured at Fair value through Other Comprehensive Income (OCI) 206.02 81.87
Total Non current investment 482.58 342.95
` in crore
3 Others Financial Assets- Non Current As at As at
Deposits 1.48 1.43
Total 1.48 1.43
` in crore
4 Other Non- Current Assets As at As at
Capital Advances 27.87 27.93
Advance Income Tax (Net of Provision) 69.27 28.42
Deposits (i)
18.96 17.59
Others(ii) 6,431.58 3.00
Total 6,547.68 76.94
(i)
Deposits given to Statutory Authorities.
Others Include advance for acquisition of Right-of-use assets of ` 4,076 crore (by adjusting recievables for supply of goods
(ii)
to an unrelated party) relating to new stores under fit-out taken on lease by a related party
` in crore
4.1 Advance Income Tax (Net of Provision) As at As at
At start of year 28.42 186.13
Charge for the year (1,118.29) (1,605.94)
Others * (3.47) 8.15
Tax paid during the year (net of refunds) 1,162.61 1,440.08
At end of year 69.27 28.42
* Mainly pertains to Provision for Tax on Other Comprehensive Income
` in crore
5 Inventories As at As at
Finished Goods - 0.02
Stores and Spares 263.06 152.90
Stock-in-Trade(i) 19,809.01 12,201.87
Total 20,072.07 12,354.79
(i)
Includes inventory in transit
` in crore
6 Current Investments As at As at
Investments Measured at Fair Value Through Other
Comprehensive Income (FVTOCI) *
Investment in Mutual Funds -Unquoted 481.89 450.34
Total 481.89 450.34
Aggregate Value of Unquoted Investment 481.89 450.34
* Refer Note 33
` in crore
7 Trade Receivables (Unsecured and Considered Good) As at As at
Trade receivables 8,833.93 6,020.89
Total 8,833.93 6,020.89
7.1 Trade Receivables ageing ` in crore
Particulars Outstanding for following periods from
due date of payment*
<6 6 1-2 2-3 >3 Total
Months months years years years
- 1 year
As at 31st March, 2022:
(ii) Undisputed Trade Receivables which have - - - - - -
(iii) Undisputed Trade Receivables credit impaired - - - - - -
(iv) Disputed Trade Receivables considered good - - - - - -
(v) Disputed Trade Receivables which have significant - - - - - -
increase in credit risk
(vi) Disputed Trade Receivables credit impaired - - - - - -
Total 344.53 43.19 16.37 7.62 117.11 528.82
* Net of Provision
` in crore
Particulars Outstanding for following periods
from due date of payment*
<6 6 1-2 years 2-3 years >3 years Total
Months months-
1year
(ii) Undisputed Trade Receivables which have - - - - - -
(iii) Undisputed Trade Receivables credit impaired - - - - - -
(iv) Disputed Trade Receivables considered good - - - - - -
(v) Disputed Trade Receivables which have significant - - - - - -
increase in credit risk
(vi) Disputed Trade Receivables credit impaired - - - - - -
Total 480.60 152.67 13.08 311.64 2.27 960.26
* Net of Provision
` in crore
8 Cash and Cash Equivalents As at As at
Cash on Hand 103.82 66.08
Balances with banks(i), (ii) , (iii) & (iv) 362.60 293.47
Cash and Cash Equivalent as per Balance Sheet 466.42 359.55
Cash and Cash Equivalent as per Consolidated Cash Flow Statement 466.42 359.55
(i)
Includes deposits ` 25.82 crore (previous year ` 26.16 crore) with maturity period of more than 12 months.
(ii)
Includes deposits ` 7.95 crore (previous year ` 22.75 crore) given as collateral securities.
(iii)
Includes deposits ` 25.00 crore (Previous year ` 15.00 crore) held as Deposit reserve Fund.
(iv)
Includes deposits ` 111.04 crore liened against Bank Overdraft facilities.
8.1 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.
` in crore
9 Other Financial Assets - Current As at As at
Interest Accrued on Investment 2.09 0.14
Deposits 2,515.56 2,475.91
Others (i) 175.65 110.82
Total 2,693.30 2,586.87
(i)
Includes Fair valuation of Derivatives & Interest receivable.
` in crore
10 Other Current Assets (Unsecured and Considered Good) As at As at
Balance with Customs, Central Excise, GST and State Authorities etc. 3,263.54 1,085.01
Others (i) 5,189.38 5,194.82
Total 8,452.92 6,279.83
(i)
Includes advances to vendors and employees
` in crore
11 Equity Share Capital As at As at
Authorised:
13,50,00,00,000 Equity Shares of ` 10 each 13,500.00 13,500.00
(13,50,00,00,000)
1,50,00,00,000 Preference Shares of ` 10 each 1,500.00 1,500.00
(1,50,00,00,000)
Total 15,000.00 15,000.00
Issued, Subscribed and Fully Paid-Up:
4,99,04,22,513 Equity Shares of ` 10 each 4,990.42 4,990.42
(4,99,04,22,513)
Total 4,990.42 4,990.42
11.1 Out of above 4,98,70,26,060 (Previous year 4,98,70,26,060) equity shares of ` 10 each fully paid-up are held by Reliance Retail
Ventures Limited, the holding company.
11.2 Represents 4,98,95,41,650 (Previous year 4,98,95,41,650) equity shares of ` 10 each fully paid-up were allotted pursuant to the
Scheme of Arrangement and Amalgamation without payment being received in cash.
11.3 The details of Shareholders holding more than 5% shares:

As at As at
Name of the Shareholder No. of Shares % held No. of Shares % held
Reliance Retail Ventures Limited (Holding Company) 4,98,70,26,060 99.93 4,98,70,26,060 99.93
11.4 Shareholding of Promoter

Sr. Class of Equity share Promoters name No. of shares change No. of shares % of % change
No. at the during the at the end of total during
beginning of year the year shares the year
the year
1 Fully paid up equity shares Reliance Retail 4,98,70,26,060 - 4,98,70,26,060 99.93 -
of ` 10 each Ventures Limited
(Holding Company)
Sr. Class of Equity share Promoters name No. of change No. of shares % of % change
No. shares at the during the at the end of total during
beginning of year the year shares the year
the year
1 Fully paid up equity shares Reliance Retail 4,98,70,26,060 - 4,98,70,26,060 99.93 -
of ` 10 each Ventures Limited
(Holding Company)
11.5 The Reconciliation of the number of shares outstanding is set out below:
No. of shares No. of shares
Equity Shares outstanding at the beginning of the year 4,99,04,22,513 4,99,04,04,513
Add: Equity Shares issued during the year - 18,000
Equity Shares outstanding at the end of the year 4,99,04,22,513 4,99,04,22,513
11.6 The Company is authorised to issue up to forty nine crore Restricted Stock Units (RSUs) to eligible employees under Reliance
Retail Restricted Stock Unit Plan 2007. The RSUs vest on different dates over a period of sixteen years from the date of grant
of RSUs as per the scheme and upon vesting, the employees are entitled to three equity shares of ` 10 each for every five RSUs.
As on March 31, 2022, RSUs in force total to Three lakh one thousand seven hundred and eighty nine (Previous year Three
lakh one thousand seven hundred and eighty nine).
11.7 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.
` in crore
12 Other Equity As at As at
Instruments Classified as Equity
8.5% Non-Cumulative Optionally Convertible Preference Shares (OCPS) of ` 10 800.00 800.00
each, fully paid up
Compulsory Convertible Debentures of ` 10,00,000 each, fully paid up 330.00 330.00
1,130.00 1,130.00
Call money towards OCPS
As per last Balance Sheet - 381.22
Less : Converted during the year - (381.22)
- -
TOTAL INSTRUMENT CLASSIFIED AS EQUITY 1,130.00 1,130.00

Capital Reserve
Add: During the year - -
0.06 0.06
Securities Premium
As per last Balance Sheet 3,200.00 800.00
Add : 8.5% Non-Cumulative Optionally Convertible Preference Shares of ` 10 - 2,400.00
each, fully paid up
3,200.00 3,200.00
Retained Earnings
As per last Balance Sheet 16,147.77 11,548.80
Add: Profit for the year 4,937.63 4,598.97
Others (0.48) -
21,084.92 16,147.77
Other Comprehensive Income
As per last Balance Sheet (3.68) 20.50
Add: Movement in OCI (Net) during the year 10.32 (24.18)
6.64 (3.68)
Total 25,421.62 20,474.15
12.1 Each Compulsorily Convertible Debentures (CCD) of face value of ` 10,00,000 each shall be converted in to 1,00,000 preference
shares of ` 10 each at the end of 10 years from the date of allotment of CCDs. Each preference share, arising out of conversion of
CCD, shall at the end of 20 years from the date of allotment of preference shares, be converted into one equity share of ` 10/- each.
12.2 Details of Shareholders holding more than 5% in the Preference Share Capital
(8.5% Non Cumulative Optionally Convertible Preference Shares)
Name of the Shareholder(s) No. of Shares % held No. of Shares % held
Reliance Retail Ventures Limited (Holding Company) 79,99,89,606 99.99% 79,99,89,606 99.99%
12.3 Terms of 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS)
The OCPS shall be either redeemed at ` 50 per share or converted into 5 (Five) Equity Shares of ` 10 each at any time at the
option of the Company, but not later than 10 years from the date of allotment of the OCPS i.e. February 17, 2018.
12.4 Rights, Preferences and Restrictions attached to Preference Shares
The Company has one class of Preference Shares i.e. 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS)
of ` 10/- per share. Such Preference Shares shall carry a preferential right over the Equity shares of the Company as regards
to payment of dividend and repayment of capital, in the event of winding – up of the Company. The dividend proposed, if any,
by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. The OCPS shall carry
voting rights prescribed under the provisions of the Companies Act, 2013.
12.5 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
Less: Preference shares redeemed during the year - -
Preference shares outstanding at the end of year 80,00,00,000 80,00,00,000

` in crore
13 Borrowings - Non Current As at As at
Unsecured - At amortised cost
Term Loan from Related Party (Refer note 34(i)) 12,135.91 93.02
Total 12,135.91 93.02
(i) Repayable at the end of 3-5 years.
13.1 Interest rates on Borrowings are at the rate of 7.50%
` in crore
14 Provisions - Non Current As at As at
Total 68.49 48.30
The provision for employee benefit includes annual leave and vested long service leave entitlement accrued and compensation
(i)
claims made by employees.

15 Deferred Tax Liabilities (Net) ` in crore
As at As at
The movement on the deferred tax account is as follows:
At the start of the year 929.68 917.15
Charge to Statement of Profit and Loss 529.14 12.53
At the end of the year 1,458.82 929.68
` in crore
Component of Deferred tax Liabilities As at Charge/(Credit) As at
31st March 2021 to Statement of 31st March, 2022
Profit and Loss
Deferred tax liabilities (Net) in relation to:
Property, plant and equipment and Intangible assets 935.35 537.41 1,472.76
Disallowance (5.67) (8.27) (13.94)
Total 929.68 529.14 1,458.82
Net Deferred Tax Liabilities
929.68 529.14 1,458.82
` in crore
16 Borrowings - Current As at As at
Secured - At amortised Cost
Working Capital Loans
From Banks(i) - 200.03
Loans and Advances from Related party (Refer Note 34(ii))(ii) 28,733.70 14,545.85
From Banks 1.74 -
Total 28,735.44 14,745.88
(i)
Working Capital Loans from Banks referred above to the extent of:
- ` Nil (previous year ` 200.03 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.
16.1 Interest rates on Borrowings are in range of 4.00% to 7.50%
16.2 Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of accounts.
16.3 Refer note 33 for maturity profile.
` in crore
17 Trade payable As at As at
Trade payable 12,990.01 6,705.53
Total 12,990.01 6,705.53
17.1 Trade Payable Ageing ` in crore

Particulars Outstanding for following periods from due date of payment Total
Less than 1-2 years 2-3 years > 3 years
1 year
(i) MSME - - - - -
(ii) Others 1,238.60 39.41 22.02 26.26 1,326.29
(iii) Disputed Dues -MSME - - - - -
(iv) Disputed Dues-Others - - - - -
Total 1,238.60 39.41 22.02 26.26 1,326.29
` in crore
Particulars Outstanding for following periods from due date of payment Total
Less than 1-2 years 2-3 years > 3 years
1 year
(i) MSME - - - - -
(ii) Others 1,552.72 93.09 48.02 50.72 1,744.55
(iii) Disputed Dues -MSME - - - - -
(iv) Disputed Dues-Others - - - - -
Total 1,552.72 93.09 48.02 50.72 1,744.55
` in crore
18 Other Financial Liabilities-Current As at As at
Interest Accrued but not due on Borrowings 195.30 101.81
Creditors for Capital Expenditure 17.39 69.51
Others(i) 1,204.75 1,387.61
Total 1,417.44 1,558.93
(i)
Includes Security Deposits Received & Financial Liability at fair value
` in crore
19 Other Current Liabilities As at As at
Income Received in Advance 545.92 466.10
Other Payables (i) & (ii) 951.65 652.55
Total 1,497.57 1,118.65
(i)
Includes statutory dues and advances from customers
Includes ` 215.03 crore (Previous year ` 163.51 crore) received towards sale of Jewellery products under various sale initiatives /
(ii)
retail customer programmes.
` in crore
20 Provisions - Current As at As at
Total 5.08 3.78
The provision for employee benefit includes gratuity, annual leave and vested long service leave entitlement accrued and
(i)
compensation claims made by employees.

` in crore
21 Revenue from Operations 2021-22 2020-21
Value of Sales 1,62,949.60 1,29,844.82
Total * 1,70,133.29 1,36,910.66
* Net of GST
` in crore
22 Other Income 2021-22 2020-21
Interest
Bank Deposits 5.79 9.85
Debt Instruments - 191.34
Others 6.81 17.04
12.60 218.23
Gain on Financial Assets
Realised Gain 5.94 69.69
5.94 69.69
Other Non-Operating Income 3.24 8.23
Total 21.78 296.15
Above Other Income comprises of assets measured at amortised cost ` 12.60 crore (Previous Year ` 218.23 crore), Fair value
through Profit and Loss ` Nil (previous year ` 69.69 crore), Fair value through Other Comprehensive Income ` 5.94 crore
(Previous Year ` Nil) and Other Non-Operating Income ` 3.24 crore (Previous Year ` 8.23 crore)
` in crore
2021-22 2020-21
22.1 Other Comprehensive Income - Items that will not be reclassified to statement
of Profit and loss
Remeasurement of Defined Benefits Plan (2.90) 1.74
Total (2.90) 1.74
2021-22 2020-21
22.2 Other Comprehensive Income - Items that will be reclassified to statement of
Profit and loss
Mutual Fund 16.69 (34.07)
Total 16.69 (34.07)
` in crore
23 Changes in Inventories of Finished Goods and Stock-in-Trade 2021-22 2020-21
Inventories (at close)
Finished Goods/ Stock-in-Trade 19,809.01 12,201.89
Inventories (at commencement)
Finished Goods/ Stock-in-Trade 12,201.89 9,484.20
Total (7,607.12) (2,717.69)
` in crore
24 Employee Benefits Expense 2021-22 2020-21
Salaries and Wages 1,220.71 1,058.90
Contribution to Provident and Other Funds 112.27 73.89
Staff Welfare Expenses 189.53 150.52
Total 1,522.51 1,283.31
24.1 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:
Employer’s Contribution to Provident Fund 40.64 27.26
Employer's Contribution to Superannuation Fund 0.37 0.23
Employer’s Contribution to Pension Scheme 37.66 24.21

I. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation ` in crore
Gratuity Gratuity
(funded) (unfunded)
Particulars 2021-22 2020-21 2021-22 2020-21
Defined Benefit Obligation at beginning of the year 98.08 80.47 0.08 0.08
Current Service Cost 29.11 20.28 0.02 0.02
Add: on Acquisition/Transfer - ( 2.12) - -
Interest Cost 6.81 5.39 0.01 -
Actuarial (Gain)/ Loss 2.42 ( 1.25) ( 0.02) ( 0.01)
Benefits Paid ( 6.48) ( 3.58) ( 0.00) ( 0.01)
Transfer In/(Out) 0.60 ( 1.11) - -
Defined Benefit Obligation at the end of year 130.54 98.08 0.09 0.08
II. Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets ` in crore
Particulars Gratuity
(funded)
2021-22 2020-21
Fair Value of Plan Assets at beginning of the year 98.98 81.39
Return on Plan Assets 6.87 5.45
Actuarial Gain/ (Loss) (0.52) 0.28
Employer Contribution 25.97 14.20
Benefits Paid 0.33 (2.34)
Fair Value of Plan Assets at year end of the year 131.63 98.98
III. Reconciliation of Fair Value of Assets and Obligations ` in crore

Particulars Gratuity Gratuity
(funded) (unfunded)
2021-22 2020-21 2021-22 2020-21
Fair Value of Plan Assets 131.63 98.98 - -
Present Value of Obligation 130.54 98.08 0.09 0.08
Amount recognised in Balance Sheet Surplus 1.09 0.90 (0.09) (0.08)
IV. Expenses recognised during the year ` in crore

Gratuity Gratuity
(funded) (unfunded)
Particulars 2021-22 2020-21 2021-22 2020-21
In Income Statement
Current Service Cost 29.11 20.28 0.02 0.02
Interest Cost 6.81 5.33 0.01 -
Return on Plan Assets ( 6.87) ( 5.33) - -
Net Cost 29.05 20.28 0.03 0.02
In Other Comprehensive income

Actuarial (Gain)/ Loss 2.42 ( 1.25) ( 0.02) ( 0.01)
Return on Plan Assets 0.52 ( 0.16) - -
Net (Income)/Expense for the period Recognised in OCI 2.94 ( 1.41) ( 0.02) ( 0.01)
V. Investment Details As at As at
Particulars ` crore % Invested ` crore % Invested
Insurance Policies 131.55 99.94 98.90 99.92
Others 0.08 0.06 0.08 0.08
131.63 100.00 98.98 100.00
VI. Actuarial Assumptions

Gratuity Gratuity
(funded) (unfunded)
Particulars 2021-22 2020-21 2021-22 2020-21
Mortality Table (IALM) 2012-14 2012-14 2012-14 2012-14
(Ultimate) (Ultimate) (Ultimate) (Ultimate)
Discount Rate (per annum) 7.09% 6.95% 7.09% 6.95%
Expected rate of return on plan assets (per annum) 7.09% 6.95% - -
Rate of Escalation in Salary (per annum) 6.00% 6.00% 6.00% 6.00%
Rate of employee turnover (per annum) 2.00% 2.00% 2.00% 2.00%
The estimates of rate of escalation in salary considered in actuarial valuation, taken 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 Group’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 2021-22
These plans typically expose the Group 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.
` in crore
25 Finance Costs 2021-22 2020-21
Interest Expenses 1,985.00 693.05
Interest on lease liabilities 0.88 1.09
Total 1,985.88 694.14

` in crore
26 Other Expenses 2021-22 2020-21
Selling and Distribution Expenses
Sales Promotion and Advertisement Expenses 342.91 463.20
Store Running Expenses 1,325.02 957.40
Brokerage, Royalty and Commission 2,482.59 1,366.66
Warehousing and Distribution Expenses 1,362.93 984.57
5,513.45 3,771.83
Establishment Expenses
Stores and Packing Materials 176.61 105.39
Machinery Repairs 0.63 1.14
Building Repairs and Maintenance 169.71 117.46
Other Repairs 28.80 7.89
Rent including Lease Rentals 884.72 683.81
Operating Lease Rentals 2,738.39 3,884.48
Insurance 131.97 85.13
Rates and Taxes 27.09 24.88
Travelling and Conveyance Expenses 48.19 44.45
Payment to Auditors 1.44 1.56
Professional Fees 328.72 209.58
Loss on sale of Business * - 23.94
Loss on Sale/ Discarding of property plant and equiptment 8.45 2.80
Exchange Differences (Net) 18.75 27.39
Electricity Expenses 252.12 201.16
Charity and Donations 126.24 97.24
Hire Charges 90.86 43.53
General Expenses 245.55 227.23
5,278.24 5,789.06
Total 10,791.69 9,560.89
* Refer Note 37
26.1 Payment to Auditors as: ` in crore
(a) Statutory Audit Fees 1.31 1.33
(b) Tax Audit Fees 0.02 0.06
(c) Certification and Consultation Fees 0.11 0.17
1.44 1.56
26.2 Corporate Social Responsibility (CSR)

CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Group
during the year : ` 126.22 crore (previous year ` 97.24 crore). Expenditure related to Corporate Social Responsibility is ` 126.22
Crore (previous year ` 97.24 Crore).
Details of Amount spent towards CSR given below: ` in crore

Healthcare 93.12 45.81
Education 15.00 41.44
Rural Transformation - 4.50
Disaster Relief 13.50 4.23
Sports For Development 4.10 1.26
Others 0.50 -
Total * 126.22 97.24
* Represents amount spent through Reliance Foundation ` 126.22 Crore (Previous Year ` 97.24 Crore)
` in crore
27 Taxation Year Ended Year Ended
Income Tax recognised in the Statement Profit and loss
Current Tax 1,118.29 1,605.94
Deferred Tax 529.14 12.53
Total Income Tax Expense 1,647.43 1,618.47
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
Profit before Tax 6,585.06 6,217.44
Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 1,657.33 1,564.74
Tax Effect of :
Non taxable Subsidiaries and Joint Ventures 1.78 16.11
Expenses disallowed 1,375.78 1,239.48
Additional Allowances (1,916.60) (1,214.39)
Current Tax Provision (A) 1,118.29 1,605.94
Incremental Deferred Tax Liability on account of Property Plant & Equipment & 537.41 9.80
Intangible Assets
Incremental Deferred Tax Liability on account of Financial Assets & Other items (8.27) 2.73
Deferred Tax Provision (B) 529.14 12.53
Tax Expenses recognised in Statement of Profit and Loss (A+B) 1,647.43 1,618.47
Effective Tax Rate 25.02% 26.03%
28 Enterprises Consolidated as Subsidiary in accordance with Indian Accounting Standard 110 - Consolidated Financial Statements:
Name of Subsidiaries Country of Proportion of
Incorporation Ownership
Interest
Reliance Clothing India Private Limited India 100.00%
Reliance Petro Marketing Limited India 100.00%
Reliance-GrandOptical Private Limited India 100.00%
29 Significant Enterprises consolidated as Joint Ventures in accordance with Indian Accounting Standard 28 - Investment in
Associates and Joint Ventures
Name of Joint Ventures Country of Proportion of
Incorporation Ownership Interest
Marks and Spencer Reliance India Private Limited India 49%
Reliance-GrandVision India Supply Private Limited India 50%
Reliance-Vision Express Private Limited India 50%
30 Earnings Per Share (EPS) 2021-22 2020-21

Face Value per Equity Share (`) 10.00 10.00
Basic Earnings per Share (`) 9.28 8.64
Net Profit (after adjusting Non Controlling Interest) as per Statement of Profit and 4,937.63 4,598.97
Loss attributable to Equity Shareholders (` crore)
Weighted average number of equity shares used as denominator for calculating EPS 5,32,04,22,513 5,32,04,04,562
Diluted Earnings per Share (`) 5.30 4.93
Net Profit (after adjusting Non Controlling Interest) as per Statement of Profit and 4,937.63 4,598.97
Loss attributable to Equity Shareholders (` crore)
Weighted Average number of Equity Shares used as denominator for calculating 9,32,06,74,523 9,32,06,46,875
Diluted EPS
Reconciliation of weighted average number of shares outstanding
Basic EPS
Total Weighted Average Potential Equity Shares 4,00,02,52,010 4,00,02,42,313
Diluted EPS
` in crore
31 Commitments and Contingent Liabilities As at As at
(I) Contingent Liabilities
(A) Guarantees
(i) Outstanding guarantees furnished to banks including in respect of letters
of credit
- In respect of Others 1,257.27 943.69
(ii) Guarantees to banks against credit facilities extended to third parties
- In respect of Others 37.35 18.23
(B) Claim against the Group/ Disputed Liabilities not acknowledged as Debts*
(II) Capital Commitments
(A) Estimated amount of contracts remaining to be executed on capital accounts
and not provided for
* The above disputed liabilities are not expected to have any material effect on the financial position of the Group.
32 Capital Management
The Group 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.
Net Gearing Ratio

The Net gearing ratio at the end of the reporting period was as follows: ` in crore
As at As at
Gross Debt 40,871.35 14,838.90
Cash and Marketable Securities* 1,071.66 809.89
Net Debt (A) 39,799.69 14,029.01
Total Equity (As per Balance Sheet) (B) 30,412.04 25,464.57
Net Gearing Ratio (A/B) 1.31 0.55
*Cash and Marketable Securities include Cash and Cash Equivalents of ` 466.42 crore (Previous Year ` 359.55 crore), Current
Investments and Marketable securities of ` 605.24 crore (Previous Year ` 450.34 crore).
33 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: ` in crore

Carrying Level of input Carrying Level of input
Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3
Financial Assets
At Amortised Cost
Investments* 0.29 - - - 0.29 - - -
Trade Receivables 8,833.93 - - - 6,020.89 - - -
Cash and Bank Balances 466.42 - - - 359.55 - - -
Other Financial Assets 2,682.57 - - - 2,562.44 - - -
At FVTPL
Investments* 0.01 - - 0.01 0.01 - - 0.01
Financial Derivatives 9.16 - 9.16 - 0.98 - 0.98 -
Commodity Derivatives 3.05 3.05 - - 24.88 6.97 17.91 -
At FVTOCI
Investments* 687.91 605.24 - 82.67 532.21 450.34 - 81.87
At Amortised Cost
Borrowings 40,871.35 - - - 14,838.90 - - -
Trade Payables 12,990.01 - - - 6,705.53 - - -
Lease Liability 10.04 - - - 12.17 - - -
Other Financial Liabilities 1,366.41 - - - 1,558.93 - - -
At FVTPL
Financial Derivatives 3.93 - 3.93 - - - - -
Commodity Derivatives 47.10 0.41 46.69 - - - - -
* Excludes Group Company Investment ` 276.26 Crore (Previous year ` 260.78 Crore) measured at cost (Refer Note No. 2.1)
Reconciliation of fair value measurement of the investment categorised at level 3: ` in crore
At FVTPL At FVTOCI At FVTPL At FVTOCI
Opening Balance 0.01 81.87 0.01 81.87
Addition during the year - 0.80 - -
Sale/Reduction during the year - - - -
Total Gain/(Loss) - - - -
Closing Balance 0.01 82.67 0.01 81.87
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, RMB, GBP & EUR on financial instruments at the end of the
reporting period. The exposure to other foreign currencies are not material.
(i) Foreign Currency Exposure ` in crore
As at 31st March, 2022 As at 31st March 2021
USD GBP EUR RMB USD GBP EUR RMB
Trade Payables 84.03 0.80 1.10 0.06 138.20 4.01 - 0.05
Trade Receivables (8.89) - - - (2.24) - - -
Derivatives
Forwards & Futures (1,613.66) - - - (1,005.69) - - -
Net Exposure (1,538.52) 0.80 1.10 0.06 (869.73) 4.01 - 0.05
Sensitivity analysis of 1% change in exchange rate at the end of reporting period.
Interest Rate risk
The exposure of the Group’s borrowings and derivatives to interest rate changes at the end of the reporting period are as follows:
` in crore
As at As at
Borrowings
Non Current 12,135.91 93.02
Current 28,735.44 14,745.88
Total 40,871.35 14,838.90
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 Group. Credit risk arises from Group’s activities in investments, dealing in derivatives and receivables
from customers. The Group 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 Group has a prudent and conservative process for managing its credit risk arising in the course of its business activities.
Credit risk across the Group is actively managed through Letters of Credit, Bank Guarantees, Parent Group Guarantees, advance
payments and factoring & forfaiting without recourse to the Group. The Group restricts its fixed income investments in liquid
securities carrying high credit rating.
Liquidity Risk
Liquidity risk arises from the Group’s inability to meet its cash flow commitments on the due date. The Group maintains sufficient
stock of cash, marketable securities and committed credit facilities. The Group 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 Group’s cash flow position and ensures that the Group is able to meet its financial
obligation at all times including contingencies
The Group’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.
` in crore
Particulars* Maturity Profile as at 31st March, 2022
Grand
Below 3 3-6 6-12 1-3 Years 3-5 Years Above 5 Total
months Months Months Years
Borrowing
Non Current - - - - 12,135.91 - 12,135.91
Current 1.74 - 28,733.70 - - - 28,735.44
Total 1.74 - 28,733.70 - 12,135.91 - 40,871.35
Lease Liabilities 0.55 0.56 1.15 4.30 3.38 3.19 13.13
Forwards / Futures 3.93 - - - - - 3.93
Total 3.93 - - - - - 3.93
` in crore
Particulars* Maturity Profile as on 31st March, 2021
Grand
Below 3 3-6 6-12 1-3 Years 3-5 Years Above 5 Total
months Months Months Years
Non Current - - - 93.02 - - 93.02
Current 200.03 - 14,545.85 - - - 14,745.88
Total 200.03 - 14,545.85 93.02 - - 14,838.90
Lease Liabilities 0.71 0.71 1.27 4.90 3.84 4.77 16.20
Forwards / Futures - - - - - - -
Total - - - - - - -
* Does not include Trade Payable amounting to ` 12,990.01 crore (Previous year ` 6,705.53 crore)
Hedge Accounting
Commodity risk: The Group is subject to commodity price risks due to fluctuation in prices of underlying Gold and Silver
Inventories. The Group uses a combination of Futures and Forward contracts to hedge the physical exposure of commodity
positions. The Group 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 ` in crore
Type of Hedge and Risks Nominal Quantity Carrying amount Changes Hedge Line Item in
Value (in Kgs) Assets Liabilities in Fair Maturity Date Balance Sheet
Value
As at 31st March 2022
Derivative Contracts 2,381.84 6,399.52 3.04 47.09 (44.05) June 22- Other Financial
Sept 22 Asset/Liabilities
Derivative Contracts 1,554.98 5,092.00 24.88 - 24.88 May 21– Other Financial
July 21 Asset/ liabilities
Hedged Items: ` in crore
Type of Hedge and Risks Carrying Value Change in fair Line Item in
Assets Liabilities value Balance Sheet
Inventories 2,725.16 - 44.05 Inventories
Inventories 1,539.41 - (24.88) Inventories
34 Related party disclosures:

(i) List of related parties with whom transactions have taken place and relationship
Sr. Name of the Related Party Relationship
No.
1 Reliance Industries Limited Ultimate Holding Company
2 Reliance Retail Ventures Limited Holding Company
3 7-India Convenience Retail Limited*
4 Aaidea Solutions Limited (Formerly known as Aaidea Solutions Private Limited)*
5 Abraham and Thakore Exports Private Limited*
6 Actoserba Active Wholesale Limited (Formerly known as Actoserba Active Wholesale
Private Limited)
7 Addverb Technologies Private Limited*
8 Amante India Private Limited (Formerly known as MAS Brands India Private Limited)*
9 C-Square Info-Solutions Private Limited Fellow Subsidiaries
10 Dadha Pharma Distribution Private Limited
11 Den Networks Limited
12 E-Eighteen.Com Limited
13 Genesis Colors Limited
14 Genesis La Mode Private Limited
15 GLF Lifestyle Brands Private Limited
16 GML India Fashion Private Limited
17 Grab A Grub Services Private Limited

No.
18 Hathway Cable and Datacom Limited
19 Hathway Digital Limited
20 Indiacast Media Distribution Private Limited
21 Indiawin Sports Private Limited
22 Intimi India Private Limited*
23 Jaisuryas Retail Ventures Private Limited*
24 Jio Haptik Technologies Limited
25 Jio Platforms Limited
26 Jio Things Limited
27 Kalanikethan Silks Private Limited*
28 Mesindus Ventures Limited (Formerly known as Mesindus Ventures Private Limited)
29 Model Economic Township Limited
30 Netmeds Marketplace Limited
31 Network18 Media & Investments Limited
32 Radisys India Limited (formerly known as Radisys India Private Limited)
33 RB Holdings Private Limited
34 RB Media Holdings Private Limited
35 RB Mediasoft Private Limited Fellow Subsidiaries
36 Reliance Ambit Trade Private Limited
37 Reliance BP Mobility Limited
38 Reliance Brands Limited
39 Reliance Brands Luxury Fashion Private Limited
40 Reliance Commercial Dealers Limited
41 Reliance Corporate IT Park Limited
42 Reliance Digital Health Limited (Formerly known as Kanhatech Solutions Limited)
43 Reliance Eminent Trading & Commercial Private Limited
44 Reliance GAS Lifestyle India Private Limited
45 Reliance Gas Pipelines Limited
46 Reliance Innovative Building Solutions Private Limited
47 Reliance Jio Infocomm Limited
48 Reliance Jio Media Limited
49 Reliance Jio Messaging Services Limited
50 Reliance Lifestyle Products Private Limited
51 Reliance Payment Solutions Limited
52 Reliance Progressive Traders Private Limited
53 Reliance Projects & Property Management Services Limited
54 Reliance Prolific Commercial Private Limited

No.
55 Reliance Prolific Traders Private Limited
56 Reliance Retail and Fashion Lifestyle Limited
57 Reliance Retail Finance Limited
58 Reliance Retail Insurance Broking Limited
59 Reliance Sibur Elastomers Private Limited
60 Reliance SMSL Limited
61 Reliance Strategic Investments Limited
62 Reverie Language Technologies Limited
63 RRB Mediasoft Private Limited
64 Saavn Media Limited
65 Shopsense Retail Technologies Limited (Formerly known as Shopsense Retail
Fellow Subsidiaries
Technologies Private Limited)
66 Shri Kannan Departmental Store Limited (formerly known as Shri Kannan
Departmental Store Private Limited)
67 The Indian Film Combine Private Limited
68 Tresara Health Limited (Formerly known as Tresara Health Private Limited)
69 TV18 Broadcast Limited
70 Urban Ladder Home Décor Solutions Limited
(Formerly known as Urban Ladder Home Décor Solutions Private Limited)
71 Viacom 18 Media Private Limited
72 Vitalic Health Private Limited
73 Watermark Infratech Private Limited
74 Reliance-Vision Express Private Limited
75 Reliance-GrandVision India Supply Private Limited Joint Venture
76 Marks and Spencer Reliance India Private Limited
77 Shri V Subramaniam
Key Managerial
78 Shri Dinesh Thapar*
Personnel
79 Shri K Sridhar
80 Reliance Retail Limited Employees Gratuity Fund Post Employment
81 Reliance Retail Limited Employees Provident fund Benefits Plan
* The above entities includes related parties where the relationship existed for part of the year
(ii) Transactions during the year with related parties (excluding reimbursements):
` in crore
Sr. Nature of Transactions Ultimate Holding Fellow Joint Ventures Key Managerial Others Total
No. Holding Company Subsidiaries Personnel
Company
1 Additional Investment in - - - - - - -
Share Capital# - 2,618.76 - - - - 2,618.76
2 Net Unsecured loans taken/ - 26,230.74 - - - - 26,230.74
(Repaid) - 14,568.31 - - - - 14,568.31
3 Net loans and advances - - - - - - -
given/ (returned) - - (2,336.33) - - - (2,336.33)
4 Net Deposits given / - - (315.88) - - - (315.88)
(repaid) - - 749.72 - - - 749.72
5 Purchase/ subscription of - - - 6.00 - - 6.00
investments - - - 8.00 - - 8.00
6 Sale of Undertaking - - - - - - -
- 42.46 - - - - 42.46
7 Purchase of Property Plant - - 7,160.98 - - - 7,160.98
& Equipment/ Project - - 2,132.06 - - - 2,132.06
Materials and Intangible
Assets
8 Sale of Property Plant & - - - - - - -
Equipment - - 0.01 - - - 0.01
9 Revenue from Operations 184.77 3.60 4,423.74 1.61 - - 4,613.72
149.45 8.89 6,303.69 6.93 - - 6,468.96
10 Other income - - - - - - -
- - 189.92 - - - 189.92
11 Purchases 545.23 65.26 75,047.46 25.05 - - 75,683.00
3,005.12 188.56 65,776.01 10.22 - - 68,979.91
12 Expenditure
a) Store Running Expenses 0.05 - 1,420.89 0.13 - - 1,421.07
0.01 - 667.42 - - - 667.43
b) Professional Fees 1.12 - 917.58 - - - 918.70
1.07 - 594.83 - - - 595.90
c) Building Repairs and - - 108.78 - - - 108.78
Maintenance - - 66.43 - - - 66.43
d) Hire Charges - - 1.32 - - - 1.32
- - 4.13 - - - 4.13
e) Rent including Lease 5.55 - 687.02 - - - 692.57
Rentals - - 494.53 - - - 494.53
f) Electricity Expenses - - 196.57 - - - 196.57
0.02 - 170.30 - - - 170.32
g) Sales Promotion and 0.10 - 96.60 - - - 96.70
Advertisement Expenses - - 1.17 - - - 1.17
h) Brokerage & Commission - - 23.06 - - - 23.06
- - 18.75 - - - 18.75
i) Finance Costs - 1,945.68 - - - - 1,945.68
28.80 505.99 - - - - 534.79
` in crore
Sr. Nature of Transactions Ultimate Holding Fellow Joint Ventures Key Managerial Others Total
No. Holding Company Subsidiaries Personnel
Company
j) Travelling and - - 38.69 - - - 38.69
Conveyance Expenses - - 45.09 - - - 45.09
k) Warehousing and 0.05 3,725.28 11.03 - - - 3,736.36
Distribution Expenses - 1,463.35 0.57 - - - 1,463.92
l) Stores and Packing - - 43.67 - - - 43.67
Materials 1.46 - - - - - 1.46
m) General Expenses 0.08 - 168.44 - - - 168.52
- - 138.11 - - - 138.11
n) Payment to Key - - - - 8.79 - 8.79
Managerial Personnel - - - - 8.46 - 8.46
o) Employee Benefit - - - - - 177.29 177.29
expenses - - - - - 119.00 119.00
Balance as at 31st March 2022
a) Share Capital - 4,987.03 - - - - 4,987.03
- 4,987.03 - - - - 4,987.03
b) Preference Share Capital # - 3,999.95 - - - - 3,999.95
- 3,999.95 - - - - 3,999.95
c) Deposits taken - - - 0.04 - - 0.04
- - - 0.04 - - 0.04
d) Deposits Given - - 1,114.88 - - - 1,114.88
- - 1,430.76 - - - 1,430.76
e) Debentures - 330.00 - - - - 330.00
- 330.00 - - - - 330.00
f) Other Current Assets - - 3,367.90 - - - 3,367.90
- - 4,292.05 - - - 4,292.05
g) Other Current Liabilities - - 7.96 4.81 - - 12.77
- - 16.15 1.36 - - 17.51
h) Investments -Non current - - - 276.26 - - 276.26
- - - 260.78 - - 260.78
i) Trade and Other 16.46 11.56 467.74 0.57 - - 496.33
Receivables 17.88 - 206.36 0.89 - - 225.13
j) Trade and Other Payables 28.09 46.06 3,918.03 3.46 - - 3,995.64
46.42 78.12 212.73 0.46 - - 337.73
k) Loans Taken - 40,869.61 - - - - 40,869.61
- 14,638.87 - - - - 14,638.87
l) Other Financial Liabilities - 195.19 0.22 - - - 195.41
- 101.34 - - - - 101.34
m) Guarantees - - 37.35 - - - 37.35
- - 18.23 - - - 18.23
# Includes Securities Premium
Figures in italics represents previous year’s amount.
(iii) Disclosure in respect of major related party transactions during the year: ` in crore
Sr. Particulars Relationship 2021-22 2020-21
No.
1 Additional Investment in Share Capital
Reliance Retail Ventures Limited Holding Company - 2,618.76
2 Net Unsecured Loan Taken/ (Repaid)
3 Net loans and advances given/ (returned)
Reliance Brands Limited Fellow Subsidiaries - (2,235.45)
Shri Kannan Departmental Store Limited (Formerly known as Fellow Subsidiaries - (92.18)
Shri Kannan Departmental Store Private Limited)
Vitalic Health Private Limited Fellow Subsidiaries - (8.70)
4 Net Deposits Given/ (repaid)
Reliance Projects & Property Management Services Limited Fellow Subsidiaries (295.88) 729.72
Dadha Pharma Distribution Private Limited Fellow Subsidiaries (20.00) 20.00
5 Purchase/ subscription of investments
Reliance-Vision Express Private Limited Joint Ventures 6.00 8.00
6 Sale of Undertaking
Reliance Retail Ventures Limited Holding Company - 42.46
7 Purchase of Property Plant & Equipment/ Project
Materials and Other Intangible Assets
Reliance Projects & Property Management Services Limited Fellow Subsidiaries 6,884.65 2,000.05
Netmeds Marketplace Limited Fellow Subsidiaries 104.55 100.00
Shopsense Retail Technologies Limited (Formerly known as Fellow Subsidiaries 54.08 16.83
Shopsense Retail Technologies Private Limited)
Vitalic Health Private Limited Fellow Subsidiaries 47.87 15.00
Urban Ladder Home Décor Solutions Limited (Formerly Fellow Subsidiaries 47.66 -
known as Urban Ladder Home Décor Solutions Private
Limited)
Aaidea Solutions Limited (Formerly known as Aaidea Fellow Subsidiaries 22.17 -
Solutions Private Limited)*
Reliance Jio Infocomm Limited Fellow Subsidiaries - 0.18
8 Sale of Property Plant & Equipment
Shri Kannan Departmental Store Limited (Formerly known as Fellow Subsidiaries - 0.01
9 Revenue from Operations
Reliance Industries Limited Ultimate Holding 184.77 149.45
Company
Reliance Jio Infocomm Limited Fellow Subsidiaries 3,603.82 1,680.71
Reliance Projects & Property Management Services Limited Fellow Subsidiaries 366.48 4,223.38
Shri Kannan Departmental Store Limited (Formerly known as Fellow Subsidiaries 198.93 92.44
Reliance Brands Limited Fellow Subsidiaries 71.10 35.25

No.
Actoserba Active Wholesale Limited (Formerly known as Fellow Subsidiaries 55.10 -
Actoserba Active Wholesale Private Limited)
Jaisuryas Retail Ventures Private Limited* Fellow Subsidiaries 35.32 -
Reliance BP Mobility Limited Fellow Subsidiaries 20.39 216.56
Genesis La Mode Private Limited Fellow Subsidiaries 18.91 8.42
Reliance Retail Insurance Broking Limited Fellow Subsidiaries 13.59 9.48
Reliance Corporate IT Park Limited Fellow Subsidiaries 10.67 11.18
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiaries 7.52 2.94
Reliance GAS Lifestyle India Private Limited Fellow Subsidiaries 6.77 3.01
GLF Lifestyle Brands Private Limited Fellow Subsidiaries 2.44 0.05
Indiawin Sports Private Limited Fellow Subsidiaries 2.28 1.92
GML India Fashion Private Limited Fellow Subsidiaries 1.82 0.08
7-India Convenience Retail Limited* Fellow Subsidiaries 1.58 -
Reliance Retail and Fashion Lifestyle Limited Fellow Subsidiaries 0.89 -
Urban Ladder Home Décor Solutions Limited (Formerly known Fellow Subsidiaries 0.74 -
as Urban Ladder Home Décor Solutions Private Limited)
Saavn Media Limited Fellow Subsidiaries 0.77 0.75
Genesis Colors Limited Fellow Subsidiaries 0.62 0.69
Model Economic Township Limited Fellow Subsidiaries 0.52 -
Netmeds Marketplace Limited Fellow Subsidiaries 0.52 0.10
Vitalic Health Private Limited Fellow Subsidiaries 0.41 -
The Indian Film Combine Private Limited Fellow Subsidiaries 0.37 0.13
Jio Platforms Limited Fellow Subsidiaries 0.31 0.56
Grab A Grub Services Private Limited Fellow Subsidiaries 0.29 -
TV18 Broadcast Limited Fellow Subsidiaries 0.23 0.19
Tresara Health Limited (Formerly known as Tresara Health Fellow Subsidiaries 0.19 0.28
Private Limited)
C-Square Info-Solutions Private Limited Fellow Subsidiaries 0.17 0.03
Reliance Jio Media Limited Fellow Subsidiaries - 0.25
Reliance Jio Messaging Services Limited Fellow Subsidiaries - 0.15
Reliance Gas Pipelines Limited Fellow Subsidiaries 0.12 -
Reliance Sibur Elastomers Private Limited Fellow Subsidiaries 0.11 0.23
Reliance Lifestyle Products Private Limited Fellow Subsidiaries 0.11 -
Mesindus Ventures Limited (Formerly known as Mesindus Fellow Subsidiaries 0.07 0.02
Ventures Private Limited)
Reliance Commercial Dealers Limited Fellow Subsidiaries 0.06 0.08
e-Eighteen.com Limited Fellow Subsidiaries 0.06 0.06
Viacom 18 Media Private Limited Fellow Subsidiaries 0.06 0.14

No.
RB Holdings Private Limited Fellow Subsidiaries 0.04 -
RB Media Holdings Private Limited Fellow Subsidiaries 0.04 -
RB Mediasoft Private Limited Fellow Subsidiaries 0.04 -
RRB Mediasoft Private Limited Fellow Subsidiaries 0.04 -
Amante India Private Limited (Formerly known as MAS Fellow Subsidiaries 0.04 -
Brands India Private Limited)*
Watermark Infratech Private Limited Fellow Subsidiaries 0.04 -
Radisys India Limited (formerly known as Radisys India Fellow Subsidiaries 0.02 -
Private Limited)
IndiaCast Media Distribution Private Limited Fellow Subsidiaries 0.01 0.01
Den Networks Limited (Current Year ` 51,000) Fellow Subsidiaries 0.00 0.08
Intimi India Private Limited* (Current Year ` 23,488) Fellow Subsidiaries 0.00 -
Reliance Digital Health Limited (Formerly known as Fellow Subsidiaries - 7.99
Kanhatech Solutions Limited)
Reliance Progressive Traders Private Limited Fellow Subsidiaries - 0.49
Reliance Retail Finance Limited Fellow Subsidiaries - 3.22
Reliance SMSL Limited Fellow Subsidiaries - 2.74
Jio Haptik Technologies Limited Fellow Subsidiaries - 0.07
Reliance Prolific Commercial Private Limited Fellow Subsidiaries - 0.01
Marks and Spencer Reliance India Private Limited Joint Ventures 0.40 6.06
10 Other Income
Reliance Brands Limited Fellow Subsidiaries - 182.44
Shri Kannan Departmental Store Limited (Formerly known as Fellow Subsidiaries - 7.13
Vitalic Health Private Limited Fellow Subsidiaries - 0.35
11 Purchases
Reliance Industries Limited Ultimate Holding 545.23 3,005.12
Company
Reliance Jio Infocomm Limited Fellow Subsidiaries 73,797.69 62,996.36
Tresara Health Limited (Formerly known as Tresara Health Fellow Subsidiaries 228.77 55.16
Private Limited)
Reliance Brands Limited Fellow Subsidiaries 238.89 97.56
Reliance BP Mobility Limited Fellow Subsidiaries 138.62 1,715.58
Dadha Pharma Distribution Private Limited Fellow Subsidiaries 83.59 20.59

No.
Urban Ladder Home Décor Solutions Limited (Formerly Fellow Subsidiaries 72.72 -
known as Urban Ladder Home Décor Solutions Private
Limited)
Shri Kannan Departmental Store Limited (Formerly known as Fellow Subsidiaries 70.33 0.28
Genesis La Mode Private Limited Fellow Subsidiaries 50.24 21.48
Reliance GAS Lifestyle India Private Limited Fellow Subsidiaries 22.53 6.40
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiaries 21.20 4.91
GLF Lifestyle Brands Private Limited Fellow Subsidiaries 7.75 0.11
Reliance Digital Health Limited (Formerly known as Fellow Subsidiaries 5.29 -
Kanhatech Solutions Limited)
GML India Fashion Private Limited Fellow Subsidiaries 4.81 0.18
Genesis Colors Limited Fellow Subsidiaries 3.30 2.47
Amante India Private Limited (Formerly known as MAS Fellow Subsidiaries 2.71 -
Brands India Private Limited)*
Kalanikethan Silks Private Limited* Fellow Subsidiaries 1.56 -
Reliance Lifestyle Products Private Limited Fellow Subsidiaries 0.56 -
Viacom 18 Media Private Limited Fellow Subsidiaries 0.35 0.01
Reliance Corporate IT Park Limited (Current Year ` 14,689) Fellow Subsidiaries 0.00 0.26
Reliance Projects & Property Management Services Limited Fellow Subsidiaries - 738.06
Reliance Gas Pipelines Limited Fellow Subsidiaries - 0.01
Marks and Spencer Reliance India Private Limited Joint Ventures 24.19 9.87
Reliance-GrandVision India Supply Private Limited Joint Ventures 0.04 -
12 Expenditure
a) Store Running Expenses
Company
Reliance SMSL Limited Fellow Subsidiaries 697.55 164.97
Reliance Projects & Property Management Services Limited Fellow Subsidiaries 395.66 323.14
Urban Ladder Home Décor Solutions Limited (Formerly known Fellow Subsidiaries 56.12 -
as Urban Ladder Home Décor Solutions Private Limited)
Reliance Payment Solutions Limited (Previous Year ` 35,501) Fellow Subsidiaries 0.96 0.00
Reliance Brands Limited Fellow Subsidiaries 0.05 -
e-Eighteen.com Limited Fellow Subsidiaries 0.01 -
Reliance GAS Lifestyle India Private Limited (Current Year Fellow Subsidiaries 0.00 -
` 4,204)
Reliance-Vision Express Private Limited Joint Ventures 0.13 -

No.
b) Professional Fees
Company
c) Building Repairs and Maintenance
d) Hire Charges
Reliance Payment Solutions Limited Fellow Subsidiaries 1.31 -
Grab A Grub Services Private Limited Fellow Subsidiaries 0.01 -
Reliance SMSL Limited (C.Y. ` 8,300 and P.Y. ` 7,169) Fellow Subsidiaries 0.00 0.00
Reliance Projects & Property Management Services Limited Fellow Subsidiaries - 4.13
e) Rent including Lease Rentals
Reliance Industries Limited Ultimate Holding 5.55 -
Company
Reliance Innovative Building Solutions Private Limited Fellow Subsidiaries 0.47 1.72
Reliance Progressive Traders Private Limited Fellow Subsidiaries 0.05 -
f) Electricity Charges
Reliance Industries Limited Ultimate Holding - 0.02
Company
Reliance Progressive Traders Private Limited Fellow Subsidiaries 0.20 0.15
The Indian Film Combine Private Limited Fellow Subsidiaries 0.01 -
g) Sales Promotion and Advertisement Expenses
Company
Actoserba Active Wholesale Limited (Formerly Actoserba Fellow Subsidiaries 87.26 -
Indiawin Sports Private Limited Fellow Subsidiaries 0.80 0.50
Saavn Media Limited Fellow Subsidiaries 0.20 0.01
Reliance Payment Solutions Limited (Current Year ` 31,962) Fellow Subsidiaries 0.00 -
Reliance Brands Limited Fellow Subsidiaries - 0.59
Grab A Grub Services Private Limited Fellow Subsidiaries - 0.02

No.
h) Brokerage & Commission
Reliance Payment Solutions Limited Fellow Subsidiaries 23.06 18.75
Viacom 18 Media Private Limited (Previous year ` 23,118) Fellow Subsidiaries - 0.00
i) Finance Costs
Company
Reliance Retail Ventures Limited Holding Company 1,945.68 505.99
j) Travelling and Conveyance Expenses
Reliance Commercial Dealers Limited Fellow Subsidiaries 38.69 45.09
k) Warehousing and Distribution Expenses
Company
Grab A Grub Services Private Limited Fellow Subsidiaries 0.70 0.57
l) Stores and Packing Materials
Company
Reliance Jio Infocomm Limited Fellow Subsidiaries 24.19 -
Jio Things Limited Fellow Subsidiaries 12.91 -
Jio Platforms Limited Fellow Subsidiaries 3.81 -
Tresara Health Limited (Formerly known as Tresara Health Fellow Subsidiaries 2.76 -
Private Limited)
m) General Expenses
Company
Reliance Jio Infocomm Limited Fellow Subsidiaries 30.59 39.48
C-Square Info-Solutions Private Limited Fellow Subsidiaries 7.76 -
Actoserba Active Wholesale Limited (Formerly Actoserba 0.24 -
Reliance Retail Insurance Broking Limited (Current Year ` Fellow Subsidiaries 0.00 -
60,746)
Hathway Cable and Datacom Limited (Current Year ` 2,247 Fellow Subsidiaries 0.00 0.00
and Previous Year ` 2,877)
Viacom 18 Media Private Limited Fellow Subsidiaries - 0.04
Reliance Corporate IT Park Limited (Previous Year ` 429) Fellow Subsidiaries - 0.00

No.
n) Payment to Key Managerial Personnel
Shri V Subramaniam Key Managerial 5.95 5.60
Personnel
Shri Dinesh Thapar* Key Managerial 2.50 2.57
Personnel
Shri K Sridhar Key Managerial 0.34 0.29
Personnel
o) Employee Benefit expenses
Reliance Retail Limited Employees Provident Fund Others 151.32 104.80
Reliance Retail Limited Employees Gratuity Fund Others 25.97 14.20
* The above entities includes related parties where the relationship existed for the part of the year
34.1 Compensation of Key Managerial Personnel
(i) Short Term-Benefits 8.54 8.21
(ii) Post Employment Benefits 0.25 0.25
35 Segment Information
The Group is mainly engaged in ‘Organised Retail’ primarily catering to consumers in India under various consumption baskets.
All the activities of the group revolve around this main business. Accordingly, the group has only one identifiable segment
reportable under Ind AS 108 - “Operating Segments”. 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.
i Geographical Segment Information ` in crore
1 Segment Revenue – External Turnover 2021-22 2020-21
Within India 1,94,176.00 1,55,182.99
Outside India 73.36 26.07
Total 1,94,249.36 1,55,209.06
2 Non-Current Assets
Within India 47,730.28 22,628.18
Outside India 0.04 0.06
Total 47,730.32 22,628.24
36 Other Statutory Information
The Group 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.
37 During the previous year the company entered into a Slump sale agreement for transferring the supply chain undertaking to
Reliance Retail Ventures Limited effective 30th June 2020 on slump sale basis for a consideration of ` 42.46 Crore.
38 The figures of the corresponding year has been regrouped / reclassified wherever necessary, to make them comparable.
39 The Consolidated Financial statements were approved for issue by the Board of Directors on 5th May, 2022
40 Additional Information of Subsidiary/ Joint Ventues as per Schedule III of The Companies Act, 2013.
Name of the Enterprise Net Assets i.e. Total Assets Share in Profit or Loss Share in Other Share in Total
minus Total Liabilities Comprehensive Income Comprehensive Income
As % of Amount As % of Amount As % of Amount As % of Amount
Consolidated ` in crore Consolidated ` in crore Consolidated ` in crore Consolidated ` in crore
Net Assets Profit or Loss Other Total
Comprehensive Comprehensive
Income Income
Holding
Reliance Retail Limited 99.48% 30,254.76 99.94% 4,934.65 (20.35%) (2.10) 99.68% 4,932.55
Subsidiaries
1 Reliance Petro Marketing 1.29% 391.15 0.20% 10.08 120.16% 12.40 0.45% 22.48
Limited
2 Reliance-GrandOptical 0.00% (0.01) 0.00% (0.02) 0.00% - 0.00% (0.02)
Private Limited
3 Reliance Clothing India (0.28%) (84.70) (0.33%) (16.54) 0.19% 0.02 (0.33%) (16.52)
Private Limited
Adjustments Due to (0.06%) (19.39) 0.00% (0.02) 0.00% 0.00 0.00% (0.02)
Consolidation (Elimination)
Joint Ventures (Investment as per the Equity Method)
1 Marks and Spencer (0.17%) (51.59) 0.28% 13.84 0.00% - 0.28% 13.84
Reliance India Private
Limited
2 Reliance-GrandVision (0.02%) (5.80) 0.00% (0.23) 0.00% - 0.00% (0.23)
India Supply Private
Limited
3 Reliance-Vision Express (0.24%) (72.38) (0.09%) (4.13) 0.00% - (0.08%) (4.13)
Private Limited
Consolidated 100.00% 30,412.04 100.00% 4,937.63 100.00% 10.32 100% 4,947.95
Part “A” : Subsidiaries ` in crore
Sr. Name of Subsidiary Reporting Equity Other Total Total Investments Total Profit Provision Profit After Other Total Proposed % of
No. Company Currency Share Equity# Assets Liabilities Income Before for Taxation Comprehensive Comprehensive Dividend Shareholding*
Capital Taxation Taxation Income Income
1 Reliance Petro Marketing INR 0.05 391.10 710.00 318.85 481.89 733.42 12.24 2.16 10.08 12.40 22.48 0.00 100%
Limited
2 Reliance-GrandOptical
Private Limited
INR 0.05 (0.06) 0.04 0.05 - - (0.02) - (0.02) - (0.02) 0.00 100%
Annexure A
3 Reliance Clothing India INR 0.05 (84.75) 47.64 132.34 - 20.69 (16.54) - (16.54) 0.02 (16.52) 0.00 100%
Private Limited
#
Includes Reserve and Surplus
*Representing aggregate % of voting power held by the Company
Part “B” : Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act , 2013 related to Associates and Joint Ventures
Sr. Name of Joint Venture Company Latest Shares of Joint Ventures held by the Networth at Profit / Loss for the year Description of how Reason why the
No. Audited company on the year end tributable to there is significant Associates/ Joint
Balance No.# Amount of Extent of Shareholding as Considered Not influence Venture is not
Sheet Date Investment in Holding per latest Audited in Considered consolidated
Joint Venture %@ Balance Sheet Consolidation in
(` crore) (` crore)* (` crore) Consolidation
1 Reliance-Vision Express Private Limited 31.03.2022 11,10,00,000 111.00 50% 6.62 (4.13) - Note A -
2 Reliance-Grand Vision India Supply Private Limited 31.03.2022 1,35,00,000 13.50 50% 4.69 (0.23) - Note A -
Joint Ventures as per Companies Act, 2013
3 Marks and Spencer Reliance India Private Limited 31.03.2021 10,32,59,268 281.53 49% 149.73 13.84 - Note A -
Note: Reliance Petro Marketing Limited and Reliance Clothing India Private Limited are subsidiaries of the Company w.e.f March 31, 2009 and September 26, 2013, respectively. The other companies became subsidiaries/
joint ventures of the Company w.e.f July 1, 2013.
# Refer Note 2 for No. of Shares
@ Representing aggregate % of voting power held by the Company.
*Includes Other Comprehensive Income
Salient Features of Financial Statements of Subsidiary/
Note A : There is significant influence due to percentage(%) of voting power.
Vishal D. Shah Director Director Director
Partner
Dated : 5th May, 2022 Director Company Secretary
145

RRL Annual Report 2021 22

Uploaded by

Copyright:

Available Formats

RRL Annual Report 2021 22

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

RRL Annual Report 2021 22

Uploaded by

Copyright:

Available Formats

RELIANCE RETAIL LIMITED

RELIANCE RETAIL LIMITED

Contents of this Report Page No.

Notice of Annual General Meeting 4

Standalone Financial Statements

Independent Auditor’s Report on Financial Statements 36

Statement of Profit and Loss 46

Statement of Changes in Equity 47

Cash Flow Statement 48

Notes to the Financial Statements 49

Consolidated Financial Statements

Independent Auditor’s Report on Financial Statements 91

Statement of Profit and Loss 98

Statement of Changes in Equity 99

Cash Flow Statement 100

Notes to the Financial Statements 101

Board of Directors Auditors

Stakeholders Relationship Committee Share Transfer Agent

Risk Management Committee

Company Secretary & Compliance Officer

Chief Financial Officer

Notes: sent only through electronic mode to those Members

Procedure to login through websites of Depositories

Procedure to login through their demat accounts / Website of Depository Participant

PROCEDURE FOR INSPECTION OF DOCUMENTS:

ANNEXURE TO THE NOTICE DATED SEPTEMBER 07, 2022

Results of operations and the state of Company’s affairs:

• Large customer franchise who patronizes various Fashion & Lifestyle

competencies to straddle across the value chain of fibre to Pharmacy

Scheme of Arrangement estimates that are reasonable and prudent so as to give a

2. Composition of CSR Committee

3. Provide the weblink where Composition of CSR Committee https://relianceretail.com/INV_Doc/

TOTAL Nil Nil Nil

2 Preventive and Yes Maharashtra Mumbai 13.9

SPORTS FOR DEVELOPMENT

(1) (2) (3) (4) (5) (6) (7) (8)

d) Amount spent on Administrative Overheads -

e) Amount spent on Impact Assessment, if applicable *

g) Excess amount for set off, if any

SI. Particular Amount

(1) (2) (3) (4) (5) (6)

(1) (2) (3) (4) (5) (6) (7) (8) (9)

a) Date of creation or acquisition of the capital asset (s) Not Applicable

For and on Behalf of the Board of Directors

Ranjit V. Pandit Sanjay Jog Pankaj Pawar

professional football training to boys aged between 12 to b. Programme Level Impact

SECRETARIAL AUDIT REPORT

To, secretarial records. We believe that the processes and practices,

ANNEXURE TO THE SECRETARIAL AUDIT REPORT

For Shashikala Rao & Co.

Place: Mumbai Shashikala Rao

Independent Auditor’s Report

To The Members of Reliance Retail Limited

Basis for Opinion

Management’s Responsibility for the Standalone Financial Statements

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Report on Other Legal and Regulatory Requirements

For D T S & Associates LLP

Annexure “A” To the Independent Auditors’ Report

Particulars Amount (Rs. In Crore)