RRL Annual Report 2022 23

RELIANCE RETAIL LIMITED
Annual Report
2022-23
Table of Contents
1 Company Information
2 Notice of Annual General Meeting
15 Board’s Report
33 Standalone Financial Statements
34 Independent Auditor’s Report on Financial Statements
43 Balance Sheet
44 Statement of Profit and Loss
45 Statement of Changes in Equity
46 Cash Flow Statement
47 Notes to the Financial Statements
93 Consolidated Financial Statements
94 Independent Auditor’s Report on Financial Statements
100 Balance Sheet
101 Statement of Profit and Loss
102 Statement of Changes in Equity
103 Cash Flow Statement
104 Notes to the Financial Statements

COMPANY INFORMATION
Board of Directors Committees Company Secretary and

Whole-Time Director Audit Committee Compliance Officer
V. Subramaniam Ranjit V. Pandit (Chairman) Sridhar Kothandaraman
Dipak C. Jain
Non-Executive Chairman Pankaj Pawar Chief Financial Officer
Pankaj Pawar Dinesh Taluja
Nomination and
Non-Executive Directors Remuneration Committee Auditors
Sanjay Jog Ranjit V. Pandit (Chairman) D T S & Associates LLP
Geeta Fulwadaya Dipak C. Jain
Anshu Prakash Pankaj Pawar
Sanjay Jog Bankers
State Bank of India
Independent Directors HDFC Bank Limited
Stakeholders Relationship
Ranjit V. Pandit ICICI Bank Limited
Dipak C. Jain Committee
Axis Bank Limited
Adil Zainulbhai Sanjay Jog (Chairman) Kotak Mahindra Bank Limited
Pankaj Pawar
Dipak C. Jain
Registered Office
3rd Floor, Court House,
Corporate Social Lokmanya Tilak Marg, Dhobi Talao
Responsibility Committee Mumbai – 400002
CIN: U01100MH1999PLC120563
Ranjit V. Pandit (Chairman) Website: www.relianceretail.com
Dipak C. Jain Email: retail.secretarial@ril.com
Pankaj Pawar Tel.: +91 22 3555 3800
Sanjay Jog
Compliance Committee Share Transfer Agent

V. Subramaniam (Chairman) KFin Technologies Limited
Sanjay Jog Selenium, Tower B,
Geeta Fulwadaya Plot 31-32, Financial District
Gachibowli, Nanakramguda,
Risk Management Hyderabad-500 032, India
Committee Website : www.kfintech.com
E-Mail: rrlinvestor@kfintech.com
Ranjit V. Pandit (Chairman) Toll Free No.: 1800 309 4001
Pankaj Pawar (From 9:00 a.m. to 6:00 p.m.)
V. Subramaniam Fax : + 91 40 6716 1680
Ashwin Khasgiwala
Dinesh Taluja
Annual Report 2022-23 1

NOTICE
NOTICE is hereby given that the Twenty-fourth Annual “RESOLVED THAT in accordance with the provisions
General Meeting of the Members of Reliance Retail of Sections 149, 150 and 152 read with Schedule IV
Limited will be held on Thursday, September 28, 2023 and other applicable provisions of the Companies Act,
at 11:30 A.M. (IST) through Video Conferencing (“VC”)/ 2013 (“the Act”) and the Companies (Appointment and
Other Audio Visual Means (“OAVM”), to transact the Qualifications of Directors) Rules, 2014 (including any
following business: statutory modification(s) or re-enactment(s) thereof,
for the time being in force), Mr. Adil Zainulbhai (DIN:
ORDINARY BUSINESS 06646490), who was appointed as an Additional
Director, designated as an Independent Director,
1. To consider and adopt (a) the audited financial
pursuant to the provisions of Section 161(1) of the Act
statement of the Company for the financial year
and the Articles of Association of the Company and in
ended March 31, 2023 and the reports of the Board
respect of whom the Company has received a notice in
of Directors and Auditors thereon; and (b) the audited
writing under Section 160 of the Act from a Member
consolidated financial statement of the Company for
proposing his candidature for the office of Director, be
the financial year ended March 31, 2023 and the report
appointed as an Independent Director of the Company,
of the Auditors thereon and in this regard, to consider
not liable to retire by rotation and to hold office for a
and if thought fit, to pass the following resolutions as
term up to October 19, 2027;
Ordinary Resolutions:
RESOLVED FURTHER THAT the Board of Directors

(a) “RESOLVED THAT the audited financial
be and is hereby authorised to do all acts and take all
statement of the Company for the financial
such steps as may be necessary, proper or expedient
year ended March 31, 2023 and the reports of
to give effect to this resolution.”
the Board of Directors and Auditors thereon, as
circulated to the Members, be and are hereby 5. To appoint Mr. Anshu Prakash as a Director and in
considered and adopted.” this regard, to consider and if thought fit, to pass, the
following resolution as an Ordinary Resolution:
(b) “RESOLVED THAT the audited consolidated
financial statement of the Company for the “RESOLVED THAT in accordance with the provisions
financial year ended March 31, 2023 and the of Section 152 read with other applicable provisions
report of the Auditors thereon, as circulated to of the Companies Act, 2013 (“the Act”) and the
the Members, be and are hereby considered and Companies (Appointment and Qualification of
adopted.” Directors) Rules, 2014 (including any statutory
modification(s) or re-enactment(s) thereof, for the time
2. To appoint Mr. Pankaj Pawar, who retires by rotation
being in force), Mr. Anshu Prakash (DIN: 03540028),
as a Director, and in this regard, to consider and if
who was appointed as an additional director in
thought fit, to pass the following resolution as an
accordance with the provisions of Section 161(1) of the
Ordinary Resolution:
Act and the Articles of Association of the Company
“RESOLVED THAT in accordance with the provisions and who holds office up to the date of this meeting
of Section 152 and other applicable provisions of and in respect of whom the Company has received a
the Companies Act, 2013, Mr. Pankaj Pawar (DIN: notice in writing under Section 160 of the Act from a
00085077), who retires by rotation at this meeting, member proposing his candidature for the office of
be and is hereby appointed as a Director of the Director, be and is hereby appointed as a Director of
Company.” the Company, liable to retire by rotation;
3. To appoint Mr. V Subramaniam, who retires by RESOLVED FURTHER THAT the Board of Directors

rotation as a Director, and in this regard, to consider be and is hereby authorised to do all acts and take all
and if thought fit, to pass the following resolution as such steps as may be necessary, proper or expedient
an Ordinary Resolution: to give effect to this resolution.”
“RESOLVED THAT in accordance with the provisions By Order of the Board of Directors
of Section 152 and other applicable provisions of
the Companies Act, 2013, Mr. V Subramaniam (DIN:
K. Sridhar
00009621), who retires by rotation at this meeting,
Company Secretary
be and is hereby appointed as a Director of the
Mumbai, September 06, 2023
Company.”
Registered Office:
SPECIAL BUSINESS 3rd Floor, Court House, Lokmanya Tilak Marg,
4. To appoint Mr. Adil Zainulbhai as an Independent Dhobi Talao, Mumbai - 400 002
Director and in this regard, to consider and if CIN: U01100MH1999PLC120563
thought fit, to pass the following resolution as an Website: www.relianceretail.com
Ordinary Resolution: Email: retail.secretarial@ril.com
Tel.: +91 22 3555 3800
2 Reliance Retail Limited

Notice Board’s Report Financial Statements
Notes: Dispatch of Annual Report through

1. The Ministry of Corporate Affairs (“MCA”) has, vide Electronic Mode:
its circular dated December 28, 2022, read together 7. In compliance with the MCA Circulars, Notice of
with circulars dated April 8, 2020, April 13, 2020, the AGM along with the Annual Report for the
May 5, 2020, January 13, 2021, December 8, 2021, financial year 2022-23 is being sent only through
December 14, 2021 and May 5, 2022 (collectively electronic mode to those Members whose e-mail
referred to as “MCA Circulars”), permitted convening address is registered with the Company/Registrar
the Annual General Meeting (“AGM” / “Meeting”) and Transfer Agent/ Depository Participants/
through Video Conferencing (“VC”) or Other Audio Depositories. Members may note that the Notice
Visual Means (“OAVM”), without physical presence and Annual Report for the financial year 2022-23
of the members at a common venue. In accordance will also be available on the Company’s website
with the MCA Circulars and applicable provisions of www.relianceretail.com, and on the website of
the Companies Act, 2013 (“the Act”) read with Rules Company’s Registrar and Transfer Agent, KFin
made thereunder, the AGM of the Company is being Technologies Limited (“KFinTech”) at
held through VC / OAVM. The deemed venue for the https://evoting.kfintech.com.
AGM shall be the Registered Office of the Company.
8. For receiving all communication (including Annual
2. A statement pursuant to the provisions of Section Report) from the Company electronically:
102(1) of the Act, relating to the Special Business to be
transacted at the AGM, is annexed hereto. a) Members holding shares in physical mode and
who have not registered / updated their e-mail
3. Generally, a member entitled to attend and vote at address with the Company are requested to
the meeting is entitled to appoint a proxy to attend register / update the same by writing to the
and vote on a poll instead of himself and the proxy Company with details of folio number and
need not be a member of the Company. Since this attaching a self-attested copy of PAN card
AGM is being held through VC / OAVM pursuant to at retail.secretarial@ril.com or to KFinTech at
the MCA Circulars, physical attendance of Members rrlinvestor@kfintech.com.
has been dispensed with. Accordingly, the facility for
appointment of proxies by the Members will not be b) Members holding shares in dematerialised mode
available for the AGM and hence, the Proxy Form and are requested to register / update their e-mail
Attendance Slip are not annexed hereto. address with the relevant Depository Participant.
NSDL has provided a facility for registration/
4. Since the AGM will be held through VC/ OAVM, updation of e-mail address through the link:
the route map of the venue of the Meeting is not https://eservices.nsdl.com/kyc-attributes/#/login.
annexed hereto.
5. In terms of the provisions of Section 152 of the Act, Procedure for joining the AGM through
Mr. Pankaj Pawar and Mr. V Subramaniam, Directors VC / OAVM:
of the Company, retire by rotation at the Meeting.
9. The Company will provide VC / OAVM facility to its
The Nomination and Remuneration Committee and Members for participating at the AGM.
the Board of Directors of the Company commend
a) Members will be able to attend the
their respective re-appointments.
AGM through VC / OAVM by using
Mr. Pankaj Pawar and Mr. V Subramaniam, Directors their login credentials provided in the
of the Company, are interested in the Ordinary accompanying communication.
Resolutions set out at Item Nos. 2 and 3, respectively,
Members are requested to follow the
of the Notice with regard to their re-appointment. The
procedure given below:
relatives of Mr. Pankaj Pawar and Mr. V Subramaniam
may be deemed to be interested in the resolutions set i. Launch internet browser by typing/ clicking
out at Item Nos. 2 and 3 respectively, of the Notice, on the following link:
to the extent of their shareholding, if any, in the
https://jiomeet.jio.com/rrlagm
Company. Save and except the above, none of the
Directors/ Key Managerial Personnel of the Company/ (best viewed with Edge 80+, Firefox 78+,
their relatives are, in any way, concerned or interested, Chrome 83+, Safari 13+)
financially or otherwise, in the Ordinary Business set
ii. Click on “Shareholder CLICK HERE” button
out under Item Nos. 1 to 3 of the Notice.
iii. nter the login credentials (that is,
E
6. Details of Directors retiring by rotation/ seeking
User ID and password provided in the
appointment at this Meeting are provided in the
accompanying communication) and click
“Annexure” to the Notice.
on “Login”.

iv. Upon logging-in, you will enter the 11. Members attending the AGM through VC / OAVM
Meeting Room. shall be reckoned for the purpose of quorum under
Section 103 of the Act.
b) embers who do not have or who have
M
forgotten their User ID and Password, 12. Members of the Company under the category of
may obtain/ generate/ retrieve the same, ‘Institutional Investor’ are encouraged to attend and
for attending the AGM, by following the vote at the AGM.
procedure given in the E-voting instructions at
Note No. 13.C.(vii)(III) Procedure for ‘remote e-voting’ and
c) Members who would like to express their views e-voting at the AGM (‘insta poll’):
or ask questions during the AGM may register 13. A. E-VOTING FACILITY:
themselves at https://emeetings.kfintech.com.
The Speaker Registration will be open during The Company is providing to its Members facility
Thursday, September 21, 2023 to Sunday, to exercise their right to vote on resolutions
September 24, 2023;. Only those Members who proposed to be passed at the AGM by electronic
are registered will be allowed to express their means (“e-voting”). Members may cast their
views or ask questions. The Company reserves votes remotely, using an electronic voting system
the right to restrict the number of questions and on the dates mentioned herein below (“remote
number of speakers, depending upon availability e-voting’’).
of time as appropriate for smooth conduct of Further, the facility for voting through electronic
the AGM. voting system will also be made available at the
d) All shareholders attending the AGM will have the Meeting (“Insta Poll”) and Members attending
option to post their comments/ queries through the Meeting who have not cast their vote(s)
a dedicated Chat box that will be available below by remote e-voting will be able to vote at the
the Meeting Screen. Meeting through Insta Poll.
e) Members will be allowed to attend the AGM The Company has engaged the services of
through VC / OAVM on first come, first KFinTech as the agency to provide e-voting facility.
served basis. The manner of voting, including voting
Institutional / Corporate Members (that is,
f) remotely by (i) individual shareholders holding
other than Individuals, HUFs, NRIs, etc.) shares of the Company in demat mode, (ii)
are also required to send legible scanned shareholders other than individuals holding
certified true copy (in PDF format) of the shares of the Company in demat mode, (iii)
Board Resolution / Power of Attorney / shareholders holding shares of the Company
Authority Letter, etc., together with attested in physical mode, and (iv) Members who
specimen signature(s) of the duly authorised have not registered their e-mail address, is
representative(s), to rrl.scrutinizer@kfintech. explained in the instructions given under C.
com with a copy marked to evoting.rrl@ and D. hereinbelow.
kfintech.com. Such authorisation should The remote e-voting facility will be available
contain necessary authority in favour of during the following voting period:
its authorised representative(s) to attend
the AGM. Commencement of 9.00 a.m. (IST) on Saturday,
remote e-voting: September 23, 2023
g) Facility to join the Meeting shall be opened
fifteen minutes before the scheduled time of the End of remote 5.00 p.m. (IST) on Wednesday,
e-voting: September 27, 2023
Meeting and shall be kept open throughout the
proceedings of the Meeting. The remote e-voting will not be allowed beyond
h) Members who need assistance before or during the aforesaid date and time and the remote
the AGM, can contact KFinTech on emeetings@ e-voting module shall be forthwith disabled by
kfintech.com or call on toll free number 1800- KFinTech upon expiry of the aforesaid period.
309-4001 (from 9:00 a.m. (IST) to 6:00 p.m (IST) Voting rights of a Member / Beneficial Owner
on all working days). Kindly quote your name, (in case of electronic shareholding) shall be in
DP ID-Client ID / Folio no. and E-voting Event proportion to his/her/its shareholding in the
Number (“EVEN”) in all your communications. paid-up equity share capital of the Company
10. In case of joint holders attending the Meeting, only as on the cut-off date, that is, Thursday,
such joint holder who is higher in the order of names September 21, 2023 (“Cut-off Date”).
will be entitled to vote at the Meeting. The Board of Directors of the Company has
appointed Mr. Anil Lohia, a Practising Chartered

Accountant (Membership No.: 031626), Partner Member casts vote(s) by both modes, then
of Dayal and Lohia, Chartered Accountants or voting done through remote e-voting shall
failing him Mr. Kushit Jain, a Practising Chartered prevail and vote(s) cast at the Meeting shall
Accountant (Membership No.: 608082) Partner be treated as “INVALID”.
of Dayal and Lohia, Chartered Accountants, as
iv. person, whose name is recorded in the
A
Scrutiniser to scrutinise the remote e-voting
Register of Members or in the Register
and Insta Poll process in a fair and transparent
of Beneficial Owners maintained by the
manner and they have communicated their
Depositories as on the Cut-off Date only
willingness to be appointed and will be available
shall be entitled to avail the facility of
for the said purpose.
remote e-voting or for participation at
B. INFORMATION AND INSTRUCTIONS the AGM and voting through Insta Poll.
RELATING TO ‘E-VOTING’: A person who is not a Member as on the
Cut-off date, should treat the Notice for
The Members who have cast their vote(s)
i.
information purpose only.
by remote e-voting may also attend the
Meeting but shall not be entitled to cast v. The Company has opted to provide the
their vote(s) again at the Meeting. same electronic voting system at the
Meeting, as used during remote e-voting,
ii. nce the vote on a resolution is cast by a
O
and the said facility shall be operational till
Member, whether partially or otherwise,
all the resolutions proposed in the Notice
the Member shall not be allowed to
are considered and voted upon at the
change it subsequently or cast the
Meeting and may be used for voting only
vote again.
by the Members holding shares as on the
iii. A Member can opt for only single mode Cut-off Date who are attending the Meeting
of voting, that is, through remote e-voting and who have not already cast their vote(s)
or voting at the Meeting (Insta Poll). If a through remote e-voting.
C. REMOTE E-VOTING:
vi. I NFORMATION AND INSTRUCTIONS FOR REMOTE E-VOTING BY INDIVIDUAL SHAREHOLDERS
HOLDING SHARES OF THE COMPANY IN DEMAT MODE
All “individual shareholders holding shares of the Company in demat mode” can cast their vote,

by way of a single login credential, through their demat accounts / websites of Depositories /
Depository Participants. The procedure to login and access remote e-voting, as devised by the
Depositories / Depository 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 1. Users already registered for Easi / Easiest facility
facility of NSDL may follow the following of CDSL may follow the following procedure:
procedure: i. Type in the browser / Click on any of the following
i. Type in the browser / Click on the following links: https://web.cdslindia.com/myeasinew/
e-Services link: https://eservices.nsdl.com. home/login
ii. Click on the button “Beneficial Owner” available for or
login under ‘IDeAS’ section. ww.cdslindia.com and click on New System
w
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.

Procedure to login through websites of Depositories
National Securities Depository Limited (NSDL) Central Depository Services (India) Limited (CDSL)
v. You will be able to see Company Name: “Reliance iii. You will see Company Name: “Reliance Retail
Retail Limited” on the next screen. Click on the Limited” on the next screen. Click on the e-Voting
e-Voting link available against Reliance Retail link available against Reliance Retail Limited
Limited or select e-Voting service provider or select e-Voting service provider “KFinTech”
“KFinTech” and you will be re-directed to the and you will be re-directed to the e-Voting page
e-Voting page of KFinTech to cast your vote without of KFinTech to cast your vote without any further
any further authentication. authentication.
2. Users not registered for IDeAS e-Services facility 2. Users not registered for Easi/ Easiest facility of
of NSDL may follow the following procedure: CDSL 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.com. following link: https://web.cdslindia.com/
ii. Select option “Register Online for IDeAS” available myeasinew/Registration/EasiRegistration.
on the left hand side of the page. ii. Proceed to complete registration using your DP ID-
iii. Proceed to complete registration using your DP ID, Client ID (BO ID), etc.
Client ID, Mobile Number etc. iii. After successful registration, please follow steps
iv. After successful registration, please follow steps given under Sr. No. 1 above to cast your vote.
given under Sr. No. 1 above to cast your vote.
3. Users may directly access the e-Voting module of 3. Users may directly access the e-Voting module of
NSDL as per the following procedure: CDSL 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, iii. System will authenticate user by sending OTP on
16-character demat account number held with registered Mobile & E-mail as recorded in the Demat
NSDL, starting with IN), Login Type, that is, through Account.
typing Password (in case you are registered on iv. On successful authentication, you will enter the
NSDL’s e-voting platform) / through generation e-voting module of CDSL. Click on the e-Voting
of OTP (in case your mobile / e-mail address is link available against Reliance Retail Limited
registered in your demat account) and Verification or select e-Voting service provider “KFinTech”
Code as shown on the screen. 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 the authentication.
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.
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 Members facing any technical issue during login can
contact NSDL helpdesk by sending a request at evoting@ contact CDSL helpdesk by sending a request at helpdesk.
nsdl.co.in or call at toll free no.: 022-4886 7000 / 022- evoting@cdslindia.com or contact at 1800 22 55 33.
2499 7000

vii. I NFORMATION AND INSTRUCTIONS (f) On successful login, the system
FOR ‘REMOTE E-VOTING’: will prompt you to select the
E-Voting Event Number (EVEN)
I. In case a Member receives an
(A).
for Reliance Retail Limited.
e-mail from the Company /
KFinTech [for members whose (g) On the voting page, enter the
e-mail address is registered number of shares as on the Cut-
with the Company / Depository off Date under either “FOR” or
Participant(s)]: “AGAINST” or alternatively, you
may partially enter any number
(a)
Launch internet browser by
under “FOR” / “AGAINST”, but
typing the URL: https://evoting.
the total number under “FOR” /
kfintech.com
“AGAINST” taken together should
(b) Enter the login credentials not exceed your total shareholding
as on the Cut-off Date. You may
(User ID and password provided
also choose to “ABSTAIN” and
in the e-mail). The E-Voting
vote will not be counted under
Event Number+Folio No. or DP
either head.
ID - Client ID will be your User ID.
If you are already registered with (h)
Members holding shares under
KFinTech for e-voting, you can use multiple folios / demat accounts
the existing password for logging- shall choose the voting process
in. If required, please visit https:// separately for each of the folios /
evoting.kfintech.com or contact demat accounts.
toll-free number 1800-309-4001
(i) Voting has to be done for each
(from 9:00 a.m. (IST) to 6:00 p.m.
item of the Notice separately. In
(IST) on all working days) for your
case you do not cast your vote on
existing password.
any specific item, it will be treated
(c)
After entering these details as “ABSTAINED”.
appropriately, click on “LOGIN”.
(j) You may then cast your vote by
(d) You will now reach Password selecting an appropriate option
Change Menu wherein you are and click on “SUBMIT”.
required to mandatorily change
(k) A confirmation box will be
your password upon logging-in for
displayed. Click “OK” to confirm,
the first time. The new password
else “CANCEL” to modify.
shall comprise minimum 8
characters with at least one upper (l) Once you confirm, you will not be
case (A-Z), one lower case (a-z), allowed to modify your vote.
one numeric (0-9) and a special
(m)
Institutional/ Corporate Members
character (@,#,$,etc.). The system
(that is, other than Individuals,
will prompt you to change your
HUFs, NRIs, etc.) are also required
password and update your contact
to send legible scanned certified
details like mobile number, e-mail
true copy (in PDF Format) of
address, etc. on first login. You
the Board Resolution / Power of
may also enter a secret question
Attorney / Authority Letter, etc.,
and answer of your choice to
together with attested specimen
retrieve your password in case
signature(s) of the duly authorized
you forget it. It is strongly
representative(s), to the Scrutiniser
recommended that you do
at e-mail id: rrl.scrutinizer@
not share your password with
kfintech.com with a copy marked
any other person and that you
to evoting.rrl@kfintech.com. Such
take utmost care to keep your
authorisation should contain
password confidential.
necessary authority for voting by
(e) You need to login again with the its authorised representative(s).
new credentials. It is also requested to upload the

same in the e-voting module in MYEPWD<space>E-Voting Event
their login. The naming format Number+Folio No. or DP ID -
of the aforesaid legible scanned Client ID to 9212993399
document shall be “Corporate

Example for NSDL:
Name EVEN”.
MYEPWD<SPACE>
In case of a Member whose
(B). IN12345612345678
e-mail address is not registered

Example for CDSL:
/ updated with the Company
MYEPWD<SPACE>
/ KFinTech / Depository
1402345612345678
Participant(s), please follow the
following steps to generate your
Example for Physical:
login credentials: MYEPWD<SPACE>
XXXX123456789
(a)
Members holding shares in
physical mode, who have not b) If e-mail address or mobile
registered / updated their e-mail number of the Member is
address with the Company, are registered against Folio No. / DP
requested to register / update the ID - Client ID, then on the home
same by writing to the Company page of https://evoting.kfintech.
with details of folio number and com, the Member may click
attaching a self-attested copy of “Forgot Password” and enter Folio
PAN card at retail.secretarial@ril.com No. or DP ID - Client ID and PAN
or to KFinTech at rrlinvestor@ to generate password.
kfintech.com. c) Member may call on KFinTech’s
(b) embers holding shares in
M toll-free number 1800-309-4001
dematerialised mode who have (from 9:00 a.m. IST to 6:00 p.m.
not registered their e-mail IST on all working days).
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Company / KFinTech will forward then he/she/it can use his/her/its
your login credentials to your existing password for logging-in.
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(d) Follow the instructions at I(A). (a) Members may refer to the “Help” and
to (m) to cast your vote. “FAQs” sections / E-voting user manual
available through a dropdown menu in
II. Members can also update their mobile the “Downloads” section of KFinTech’s
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Any person who becomes a Member
III. no. V below.
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D. Insta Poll: x. ubject to receipt of requisite number of

S
votes, the Resolutions proposed in the Notice
viii.
INFORMATION AND INSTRUCTIONS FOR
shall be deemed to be passed on the date of
INSTA POLL:
the Meeting, that is, Thursday, September
Facility to vote through Insta Poll will be made 28, 2023.
available on the Meeting page (after you log
into the Meeting) and will be activated once Procedure for inspection of documents:
the Insta Poll is announced at the Meeting. An
14. The Register of Directors and Key Managerial
icon, “Vote”, will be available at the bottom
Personnel and their shareholding maintained under
left on the Meeting Screen. Once the voting
Section 170 of the Act, the Register of Contracts or
at the Meeting is announced by the Chairman,
Arrangements in which the Directors are interested,
Members who have not cast their vote using
maintained under Section 189 of the Act, and the
remote e-voting will be able to cast their vote
relevant documents referred to in the Notice will be
by clicking on this icon.
available, electronically, for inspection by the Members
E. E-VOTING RESULT: during the AGM.
ix. The Scrutiniser will, after the conclusion of All documents referred to in the Notice will also be
e-voting at the Meeting, scrutinise the votes cast available electronically for inspection without any fee
at the Meeting (Insta Poll) and votes cast through by the Members from the date of circulation of this
remote e-voting, make a consolidated Scrutiniser’s Notice up to the date of AGM.
Report and submit the same to the Chairman. The
Members seeking to inspect such documents can
result of e-voting will be declared within stipulated
send an email to retail.secretarial@ril.com.
time provided under the Act and the same, along
with the consolidated Scrutiniser’s Report, will 15. Members seeking any information with regard to the
be placed on the website of the Company: www. accounts or any matter to be considered at the AGM,
relianceretail.com and on the website of KFinTech are requested to write to the Company on or before
at: https://evoting.kfintech.com. The result will Thursday, September 21, 2023, by sending e-mail on
also be displayed at the registered office of retail.secretarial@ril.com. The same will be replied by
the Company. the Company suitably.
By Order of the Board of Directors
K. Sridhar
Company Secretary
Registered Office:
3rd Floor, Court House, Lokmanya Tilak Marg,
Dhobi Talao, Mumbai - 400 002
CIN: U01100MH1999PLC120563
Website: www.relianceretail.com
Email: retail.secretarial@ril.com
Tel.: +91 22 3555 3800

Statement/ Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013
The following statement sets out all material facts relating Copy of letter of appointment of Mr. Adil Zainulbhai setting
to the business mentioned under Item Nos. 4 & 5 in out the terms and conditions of appointment is available
the Notice: for inspection by the Members electronically. Members
seeking to inspect the same can send an email to retail.
Item no. 4 secretarial@ril.com.
Based on the recommendation of the Nomination and Mr. Adil Zainulbhai is interested in the resolution set out at
Remuneration Committee, the Board of Directors of the Item No. 4 of the Notice with regard to his appointment.
Company, pursuant to the provisions of Section 149 and Relatives of Mr. Adil Zainulbhai may be deemed to be
161(1) of the Companies Act, 2013 (“the Act”) and the interested in the resolution to the extent of their
Articles of Association of the Company, had appointed shareholding interest, if any, in the Company.
Mr. Adil Zainulbhai (DIN: 06646490) as an Additional
Save and except the above, none of the Directors / Key
Director of the Company designated as an Independent
Managerial Personnel of the Company / their relatives
Director for a term of 5 (five) consecutive years with effect
are, in any way, concerned or interested, financially or
from October 20, 2022.
otherwise, in the resolution.
In accordance with the provisions of Section 149 read
The Board commends the Ordinary Resolution set out at
with Schedule IV to the Act, appointment of Independent
Item No. 4 of the Notice for approval by the Members.
Director requires approval of Members of the Company.
Mr. Adil Zainulbhai is qualified to be appointed as a Item no. 5
Director in terms of Section 164 of the Act and has given
Based on the recommendation of the Nomination and
his consent to act as a Director. The Company has also
Remuneration Committee, the Board of Directors of the
received declaration from Mr. Adil Zainulbhai that he meets
Company, pursuant to the provisions of Section 161(1) of
the criteria of independence as prescribed under Section
the Companies Act, 2013 (“the Act”) and the Articles of
149(6) of the Act.
Association of the Company, had appointed Mr. Anshu
The Company has also received notice under Section 160 Prakash (DIN: 03540028), as an Additional Director of the
of the Act from a shareholder proposing the candidature Company with effect from December 1, 2022. Pursuant to
of Mr. Adil Zainulbhai for the office of a Director of Section 161(1) of the Act, Mr. Anshu Prakash holds office up
the Company. to the date of this meeting.
In the opinion of the Board, Mr. Adil Zainulbhai fulfils the Mr. Anshu Prakash is not disqualified from being appointed
conditions for appointment as an Independent Director as a Director in terms of Section 164 of the Act and has
as specified in the Act. Mr. Adil Zainulbhai is independent given his consent to act as a Director.
of the management and possesses appropriate skills,
Details of Mr. Anshu Prakash are provided in the
experience and knowledge.
“Annexure” to the Notice, pursuant to the provisions of the
Mr. Adil Zainulbhai has the skills and capabilities required Secretarial Standard on General Meetings (SS-2), issued by
for the role of Independent Director. In view of these, the Institute of Company Secretaries of India.
appointment of Mr. Adil Zainulbhai as an Independent
Mr. Anshu Prakash is interested in the resolution set out at
Director is in the interest of the Company.
Item No. 5 of the Notice with regard to his appointment.
Details of Mr. Adil Zainulbhai, pursuant to the provisions Relatives of Mr. Anshu Prakash may be deemed to be
of Secretarial Standard on General Meetings (“SS-2”), interested in the resolution to the extent of their
issued by the Institute of Company Secretaries of India, are shareholding interest, if any, in the Company.
provided in the “Annexure” to the Notice. He shall be paid
Save and except the above, none of the Directors / Key
remuneration by way of fee for attending meetings of the
Managerial Personnel of the Company / their relatives
Board or Committees thereof or for any other purpose as
are, in any way, concerned or interested, financially or
may be decided by the Board, reimbursement of expenses
otherwise, in the resolution.
for participating in the Board and other meetings and
profit related commission within the limits stipulated under The Board commends the Ordinary Resolution set out at
Section 197 of the Act. Item No. 5 of the Notice for approval by the Members.

Annexure to the notice dated September 06, 2023
Details of the Directors retiring by rotation/ seeking appointment at the Meeting:
Name Mr. Pankaj Pawar Mr. V. Subramaniam Mr. Anshu Prakash Mr. Adil Zainulbhai
Age 50 Years 57 Years 61 Years 69 Years

Qualification Engineering graduate Chartered Accountant Economics graduate Mechanical Engineering
with Master’s degree in and Cost Accountant with Masters in Business from Indian Institute of
Business Management Administration from Technology, and MBA
Faculty of Management from Harvard Business
Studies, University of School.
Delhi.
Experience Mr. Pankaj Pawar is Mr. V. Subramaniam Shri Anshu Prakash has Mr. Adil Zainulbhai is
serving as Managing has over 25 years of been a distinguished civil the chairman of Quality
Director of Reliance experience in the fields ofservant with over thirty Council of India and
Jio Infocomm Limited. Finance, Accounts, and five years of vast and Capacity Building
He has over 28 years Taxation. He has over the diverse experience in the Commission of India. He
of working experience years served at various Indian Administrative is also the Chairman of
across diverse roles leadership positions in Service in the fields of Network18 and TV18
in strategy, corporate industries ranging from Administration, Finance and is currently on the
development and consumer products, and Economic Affairs, Boards of Reliance
operations in Reliance petrochemicals, refining Industries, etc. He has Industries Ltd., Larsen &
and other leading to automobiles and retail held various senior Toubro Ltd. and Cipla Ltd.
companies. In Reliance, during his corporate positions including Mr. Adil Zainulbhai retired
his work has been mainly tenure. Chairman and Managing as the Chairman of
focused on development Mr. V. Subramaniam Director of Delhi McKinsey & Company,
and scaling of consumer had also served as Transport Corporation, India after 34 years at
businesses. Before joining chief financial officer of Chief Secretary, McKinsey, and the last 10
Reliance, he worked Reliance Jio Infocom Delhi, Joint Secretary, in India.
with the Tata group's Limited and later as Government of India
Mr. Adil is very active in
corporate strategy office. chief financial officer in Ministry of Health,
community and social
of Reliance Retail Additional Secretary, in
causes. He is a Board
Ventures Limited and the Departments of Rural member of Piramal
Company. Development, Heavy
Swasthya, Piramal
Industries and Secretary,
Mr. V. Subramaniam is Foundation and Anant
Telecommunications
the Managing Director National University and
and Chairman, Digital
of the Reliance Retail others.
Communications
Ventures Limited as well
Commission in the
as whole time director of
Government of India.
the Company.
Terms and conditions In terms of Section In terms of Section 152(6) As per the resolution at As per the resolution at
of appointment/ re- 152(6) of the of the Companies Act, Item No. 5 of the Notice Item No. 4 of the Notice
appointment Companies Act, 2013, 2013, Mr. V. Subramaniam convening this Meeting convening this Meeting
Mr. Pankaj Pawar who who was appointed as read with Explanatory read with the Explanatory
was appointed as a a Whole-time Director Statement. Statement.
Non-executive Director at the Annual General
at the Annual General Meeting held on
Meeting held on August September 30, 2020, is
04, 2013, is liable to retire liable to retire by rotation.
by rotation.
Remuneration (including Nil C 7.14 crore C 0.4 Lakhs C 1.2 Lakhs
sitting fees, if any) last
drawn (FY 2022-23)
Remuneration proposed Nil As per the terms Sitting fees as payable to Sitting fees as payable to
to be paid and conditions of his Directors Directors
appointment as the
Whole-time Director of
the Company

Date of first appointment 01.10.2010 as an 07.12.2016 as an 01.12.2022 as an 20.10.2022 as an

on the Board Additional Director Additional Director Additional Director Additional Director
designated as
Independent Director
Shareholding in the Nil Nil Nil Nil
Company as on
March 31, 2023
Relationship with Not related to any Not related to any Not related to any Not related to any
other Directors/ Key Director / Key Managerial Director / Key Managerial Director / Key Managerial Director / Key Managerial
Managerial Personnel Personnel Personnel Personnel Personnel
Number of Meetings 4 4 1 2
of the Board attended
during the financial year
(2022-23)
Directorships of other • Reliance Jio Infocomm • Just Dial Limited - • Reliance Industries
Boards as on March 31, Limited • Reliance Brands Limited
2023 • Jio Platforms Limited Limited • Larsen and Toubro
• Jio Media Limited • Reliance Retail Limited
• Jio Things Limited Ventures Limited • Network18 Media &
• Mesindus Ventures Investments Limited
• Jio Satellite
Communications Limited • Reliance Jio Infocomm
Limited • Reliance Brands Limited
• Jio Space Technology Luxury Fashion Private • Cipla Limited
Limited Limited • Reliance Retail
• Reliance Jio Media • MM Styles Private Ventures Limited
Limited Limited • TV18 Broadcast
• Reliance Retail • Reliance Consumer Limited
Ventures Limited Products Limited • Piramal Foundation
• Reliance Retail and • Reliance Logistics and • Unnati Employment
Fashion Lifestyle Warehouse Holdings Network
Limited Limited
• Open Network for
• Einsten Commercials Digital Commerce
Private Limited • C3 Medicare Private
• Parinita Commercials Limited
Private Limited • Viacom 18 Media
• Shree Salasar Bricks Private Limited
Private Limited
• Marugandha Land
Developers Private
Limited
• Kaniska Commercials
Private Limited
• Anagh Commercials
Private Limited
• Starfish Commercials
Private Limited
• N.C. Trading Company
Private Limited

Membership/ Reliance Jio Infocomm Just Dial Limited - Reliance Industries

Chairmanship of Limited Audit Committee- Limited
Committees of other Allotment Committee– Member Audit Committee –
Boards as on March 31, Member Member
Reliance Retail Ventures
2023
Audit Committee – Limited Human Resource,
Member Finance Committee – Nomination and
Risk Management Member Remuneration
Committee – Member Committee – Chairman
Risk Management
Finance Committee – Committee – Member Risk Management
Member Committee – Chairman
Reliance Brands Limited
Stakeholders Relationship Audit Committee – Network 18 Media &
Committee – Member Investments Limited
Chairman
Reliance Jio Media Audit Committee –
Nomination and
Limited Chairmam
Remuneration
Allotment Committee – Committee – Member Nomination and
Member Remuneration
Compliance Committee –
Committee – Member
Reliance Retail Ventures Chairman
Limited Stakeholders’
Reliance Brands Luxury
Relationship Committee
Audit Committee – Fashion Private Limited
– Chairman
Member Nomination and
Corporate Social
Finance Committee – Remuneration
Responsibility Committee
Member Committee – Member
– Chairman
Risk Management Audit Committee -
Risk Mangement
Committee – Member Chairman
Committee – Chairman
Jio Platforms Limited
Reliance Jio Infocomm
Finance Committee –
Limited
Member
Audit Committee –
Risk Management
Chairman
Corporate Social
– Chairman
Nomination and
Remuneration
Cipla Limited
Corporate Social
-- Member
Nomination and
Remuneration
Stakeholders Relationship
TV18 Broadcast Limited
Audit Committee --
Chairman
Nomination and
Remuneration
Corporate Social
– Chairman
Risk Management

Larsen & Toubro Limited

Nomination and
Remuneration
Risk Management
Reliance Retail Ventures
Limited
Audit Committee –
Chairman
Corporate Social
– Chairman
Nomination and
Remuneration
Viacom 18 Media
Private Limited
Audit Committee –
Member
Nomination and
Remuneration
Corporate Social
– Chairman
By Order of the Board of Directors
K. Sridhar
Company Secretary
Registered Office:
3rd Floor, Court House, Lokmanya Tilak Marg,
Dhobi Talao, Mumbai - 400 002
CIN: U01100MH1999PLC120563
Website: www.relianceretail.com
Email: retail.secretarial@ril.com
Tel.: +91 22 3555 3800

BOARD’S REPORT
Dear Members,
The Board of Directors present the Company’s Twenty-fourth Annual Report (“Report”) and the Company’s audited
financial statement for the financial year ended March 31, 2023.
Financial Results
The Company’s financial performance (standalone) for the financial year ended March 31, 2023 is summarized below:
(C in crore)
Particulars 2022-23 2021-22
Revenue from operations 251,971.67 193,456.02

Other Income 109.90 12.58
Profit before Interest, Depreciation and Tax 16300.16 10,338.19
Less: Interest 3,923.33 1,977.24
Depreciation 2,988.79 1,781.03
Profit before tax 9,388.04 6,579.92
Less: Current tax 1409.82 1,114.14
Deferred tax 933.44 531.13
Profit for the year 7044.78 4,934.65
Add: Other Comprehensive Income (76.71) (2.10)
Total Comprehensive Income of the year 6968.07 4,932.55
Add: Balance in Profit & Loss Account 20,879.23 15,946.68
Less: Appropriation -
Closing Balance (including other comprehensive income) 27,847.30 20,879.23
Transfer to Reserves During the year, over 3,000 stores were opened taking the
total count to 17,053 stores with a total area of 61.5 million
The Board of Directors has not transferred any amount to
sq. ft. extending its leadership position further into tier II
the Reserves for the year under review.
and III markets.
Results of operations and the state of The business continued to innovate, launch and scale up
new retail formats to serve diverse customer segments.
Company’s affairs The year witnessed number of such new format launches
Your Company delivered robust performance with another including Smart Bazaar, Azorte, Centro, Fashion Factory
year of strong revenue growth and profit performance. and Portico.
On a consolidated basis, Reliance Retail delivered Revenue Leveraging omni channel capabilities, digital commerce
of C 252,161 crore against C 194,249 crore for the previous platforms led by JioMart and Ajio sustained growth
year, a growth of 30% over last year driven by broad based momentum and continued to serve customers far
growth across consumption baskets. and wide.
The business continued its strong track record of profit New Commerce business continued to grow rapidly
growth registering an EBITDA of C 16,266 crore against with expansion of its merchant partner network across
C 10,365 crore for the previous year, higher by 57% Y-o-Y. geographies. The business crossed a milestone of 3 million
The Company delivered a consolidated profit after tax of merchant partners during the period.
C 7,009 crore against C 4,938 crore for the previous year. Digital Commerce and New Commerce businesses
On a standalone basis, the Company delivered Revenue of contributed to 18% of revenue.
C 2,51,972 crore against C 1,93,456 crore for the previous year. The business continued to attract and serve millions of
The Company had earned profit after tax of C 7,045 crore customers across the country. The registered customer
against C 4,935 crore for the previous year. base grew to 249 million, a growth of 29% Y-o-Y. Total
transactions crossed a milestone of 1 billion transactions,
The Company witnessed growth across all consumption up 42% Y-o-Y. Stores recorded footfalls of over 780 million,
baskets from Consumer Electronics to Grocery to Apparel which were up 50% Y-o-Y.
& Footwear. At the same time, the Company continued
to expand its existing businesses enabled by technology,
innovation, scale and sharp execution.

Board’s Report
Market Overview product categories, including food, FMCG, general

merchandise, fashion and consumer electronics. The
Indian economy is staging a smart recovery in FY23
Company has established a winning portfolio of own
with waning of the pandemic ahead of many nations
brands across sectors, many of which have outgrown
and is positioning itself as the fastest growing large
competing national brands in their respective
economy in the world. Despite the macro-economic and
categories, by leveraging the Company’s deep and rich
geopolitical challenges faced this year, India is expected
understanding of Indian consumers’ likes, preferences
to be a bright spot and major engine of growth for the
and aspirations.
world. This is driven by private consumption and capital
formation through significant investments in infrastructure • Sourcing Ecosystem: To provide high quality
development and ease of doing business. products at affordable prices to its customers,
the Company has established a robust sourcing
Favourable demographics, rising income levels, rising share
ecosystem comprising of local producers, MSMEs,
of urbanisation, access to better education and aspirational
regional, national and global brands across product
lifestyle are some of the factors driving consumption
categories. In the grocery category, the Company
growth in the country. These trends are a force multiplier
connects producers directly to end consumers through
for the Indian retail sector which currently stands at over
its robust supply chain ecosystem; in the fashion &
US $800 Bn and is expected to grow at 11% CAGR to
lifestyle section, the Company operates on a Fiber
become a US$ 2 trillion market by 2030.
to Wardrobe model, bringing the latest and trendiest
fashion from around the world to its consumers in
Business Overview the most cost efficient manner; and in the consumer
Reliance Retail is India’s largest and most profitable retailer electronics category, the Company has strong
with a diverse omni-channel presence via integrated relationships with global brands, Original Equipment
store concepts and digital commerce platforms, providing Manufacturers, Original Design Manufacturers, chip
consumers with an outstanding value proposition, makers and contract manufacturers bringing widest
superior products and quality, and an unrivalled shopping assortment at the most competitive prices.
experience. Reliance Retail is featured 53rd in the list of
• elling Ecosystem: Reliance Retail has created and
S
top global retailers, the only Indian retailer to feature
strategically positioned a diverse portfolio of physical
among the top 100 global retailers and also ranks in the
and digital store formats to service a wide spectrum of
list of fastest growing retailers globally as per the Deloitte
customers and it currently holds a leadership position
report 2023.
in key consumption baskets. Reliance Retail offers
The Company operates in consumer electronics, fashion a wide range of products and services through its
and lifestyle, grocery, pharma, and connectivity and is a store concepts and digital platforms. Furthermore,
leader in all the focus consumption baskets. the Company has expanded its physical footprint into
tier II and III markets, bringing the benefits of modern
As of March 31, 2023, the Company operated 17,053 stores
trade to consumers in smaller towns. Extending
with 61.5 million Sq. Ft. of retail space having physical
its reach even further to reach India’s 200 million
presence across more than 7,000 cities in India and direct
households, the Company is building one of the
to customer deliver capabilities across 19,000+ pin codes.
world’s largest distribution platforms under its New
Reliance Retail serves millions of customers each year Commerce initiative by leveraging its extensive supply
and has one of the largest and fastest growing customer chain and sourcing capabilities, as well as new age
franchises in the world, with 249 million loyalty customers technologies, to support and enable millions of kirana
transacting across our offline and online channels. and merchant partners across the country, assisting
them to modernize, provide easy access to a diverse
Reliance Retail has built a strong portfolio of own brand
product portfolio, become more efficient and generate
products across food, FMCG, general merchandise, fashion
higher revenue.
and consumer electronics categories that offer superior
feature, quality and price propositions to leading brands The operating structure of Reliance Retail has
by combining its deep customer insights, rich market been the foundation of the Company’s competitive
knowledge and wide retail reach. advantage, leading to its leadership position in India.
Reliance Retail’s strategic advantages and competitive
Business Operating Framework strengths include:
The operational strategy of Reliance Retail spans the retail
• Largest consumer touchpoints through an
value chain, unlocking enormous value for all stakeholders
integrated network of Stores, Digital & new
through strategic presence in the product development,
commerce platforms.
sourcing, selling and data & analytics ecosystems.
• Leadership in focused consumption baskets
• esign & Development Ecosystem: The Company
D
of consumer electronics, fashion & lifestyle
has created a strong in-house competence for
and grocery
product design and development across multiple

• Deep understanding of consumer trends and license arrangements with key national and international
shopping behaviour. brands. Jiomart Digital (JMD), the New Commerce
business, has a strong value proposition and has partnered
•
Best in Class Technology adoption driving
with a large number of merchants across the country.
operational efficiencies. AI ML driven
decision-making models helps in improving
Strategic Progress
customer experience
• Reliance Digital and MyJio stores continued to
• Diverse retail concepts serving greater than 90% deliver industry leading growth led by higher footfalls
daily needs of Indian households and conversions.
• Wide supplier network involving MSMEs, • The business maintained its growth uptick on all key
regional, national and international suppliers regional and national festivals with Navratri, Diwali,
and manufacturers providing high quality New Year, Republic Day & Harvest festivals being the
products and best value that enhances notable ones.
customer proposition
• Own brands business scaled up further led by new
• Reliable and efficient supply chain network product launches and deeper distribution reach.
spread across the length and breadth of
the country • JMD business witnessed a strong growth with
merchant partner base growing 3X Y-o-Y.
• A nurturing, inclusive and high-growth work
environment that enables its employees to serve • resQ, the service organization, delivered robust growth
customers and communities better. during the year led by expansion in service plans,
categories and addition of service centers.
Strategic Priorities
Fashion and Lifestyle
• Continue to expand reach into Tier 2 & 3
markets through store network expansion and Reliance Retail is the largest fashion and lifestyle retailer
digital commerce. in India and has adopted a multi-format approach to serve
its customers through diverse formats catering to value,
• Scale up digital commerce and new commerce premium, bridge to luxury and luxury segments.
businesses by offering widest catalogue and
superior value Reliance Retail’s fashion and lifestyle operations are
vertically integrated with complete control over the fashion
• Strengthen product, design and sourcing ecosystem value chain from designing to fabric souring, logistics and
to build exclusive range of products under own distribution. It has thus created a robust “yarn-to-wardrobe”
brands that are high quality and offer better value operating model, with a strong portfolio of own brands,
to customers helping it to quickly adapt to emerging fashion trends.
• Strengthen supply chain infrastructure to efficiently As India’s leading value fashion chain, its flagship format,
deliver products across the country Trends commands a market leadership position and is
• Build new capabilities by strategic acquisition & democratizing fashion. The brand has further extended
partnerships with international & Indian brands itself to launch specialized store concepts focusing on the
need for specific categories through Trends Men, Trends
Women, Trends Junior and Trends Footwear.
Business Performance
The business operates Ajio the leading digital commerce
Consumer Electronics fashion destination in the country that offers curated
Reliance Retail is the largest consumer electronics retailer collections across thousands of national and international
in the country operating Reliance Digital and MyJio brands as well as a wide collection of own brands across
Store formats. product categories.
Consumer electronic purchase journey often necessitates The new commerce business through Ajio Business
demonstration, installation, maintenance and after sales has partnered with a large number of merchants across
service. Reliance Retail operates differentiated store the country and is providing them with access to wide
concepts that are centred around ‘Service’, ‘Solution’ bouquet of high-quality fashion merchandise with a strong
and ‘Consumer Experience’. The store offers an assisted value proposition.
shopping experience by well trained staff who simplify
product complexities, thus making the shopping journey Strategic Progress
easier for consumers.
• Largest network of stores across the country with
The business has a strong digital commerce reach through the widest reach in Tier 2 and Tier 3 towns and
reliancedigital.in and Jiomart. The own brands business expanding rapidly.
offers a range of products under own brands and exclusive

Board’s Report
• Ajio continued to scale to new highs as it • Grocery new commerce business continued to
strengthened its catalogue and attracted millions of grow rapidly with expansion of its merchant partner
customers on its platform through exciting offers. network across geographies.
• The business launched and scaled many new formats
to serve diverse customer segments during the year. Consumer Brands
These include Azorte, Centro, Fashion Factory GAP, Reliance Retail has developed an extensive portfolio of
Portico and more. brands that provide a wide range of quality offerings across
various categories such as staples, food, FMCG, home and
• Own brand portfolio grew from strength to strength personal care, and general merchandise.
with introduction of new brands targeting various
customer cohorts. Strategic Progress
• Business continued its focus on securing the textile • Consumer brands business is on a strong growth path
value chain and scaling manufacturing infrastructure with all categories performing well.
by setting up Design labs, Quality labs, Sampling and
R&D Centres across the country. • Successful launch and scale up of Independence
brand, which provides Indian consumers locally
• J ewels launched several national & regional collections developed, quality products at affordable prices.
during the year.
JioMart and Milkbasket
Grocery JioMart is a cross-category e-commerce platform for
Reliance Retail is the largest grocery retailer in the Grocery, Electronics, Fashion, Home & Kitchen, Jewellery,
country and operates multiple formats of Reliance Smart Beauty and more, that is making shopping easier, faster
Superstore, Smart Point, Smart Bazaar, Fresh Signature, and more convenient than ever before. Milkbasket is a
and Freshpik stores each with a unique value proposition. subscription business that enables daily subscription of
These stores serve daily and monthly shopping needs for essential products for households.
essentials, fresh produce, general merchandise and more
at an unbeatable value proposition in a modern & friendly Strategic Progress
shopping environment. • Jiomart had a broad-based growth across all town
Investments in developing an end-to-end value chain for classes and is considered to be an online destination
fresh produce has improved product quality, supply stability by millions of families.
and sourcing efficiencies for the grocery business which • The platform strengthened its capabilities by
are served through a network of collection centers and augmenting the catalogue size and seller base multi-
processing centers. fold during the year.
Through its New Commerce initiative, Reliance Retail is • The business launched JioMart on WhatsApp native
investing in infrastructure that links producers with small app during the quarter, a novel and disruptive initiative
merchants and consumers to create a winning partnership that brings the simplicity of instant chat service to the
model. Lakhs of merchant partners have joined the online shopping experience to millions of consumers.
platform and are benefiting from this inclusive initiative.
• Jiomart continued to augment non-grocery category
Strategic Progress contribution to its platform. Introduction of Consumer
• Reliance Retail’s stores led by Smart and Smart Bazaar Electronics, Trends, Hamleys and Urban Ladder
formats witnessed strong growth arising from store merchandise on the platform has expanded the
expansion and volume growth in existing stores. product offerings.
• Business delivered fastest pace of store opening in • Milkbasket doubled its business over the previous year
the industry. and enjoyed trust of millions of families.
• Continued focus on premiumisation in assortment Pharma

pushed order size and value and improved the
Reliance Retail operates Netmeds, a chain of pharmacies
shopping experience for customers.
and digital commerce platform, creating a seamless online-
• There was a broad-based growth across categories offline experience for customers seeking prescription
with sustained uptick in contribution of non- medicines, beauty essentials, OTC products, Ayush
food categories. wellness and more.
• The business has partnered with many small and
Strategic Progress
medium scale entrepreneurs in branded food segment
and helping them to grow their presence pan India. • The pharma consumption basket delivered robust
revenue growth across all channels.

• The hyperlocal operating model supported faster and providing them options for exit and liquidity, including by
reliable supply capabilities giving the omni-channel way of listing of the equity shares. The Company does
benefit to customers. not have any plan for listing of its equity shares on the
stock exchanges. In view of the above, the Company
Connectivity had proposed a scheme of arrangement with its equity
Reliance Retail serves as the master distributor for Jio shareholders to provide an option for exit and liquidity in
connectivity services, which are sold through a network terms of the said scheme. The Scheme is pending before
of MyJio and Digital stores. Additionally, it has partnered the National Company Law Tribunal, Mumbai.
with a wide network of retailers throughout the country
to provide best in class service of activations, recharges, Subsidiaries, Joint Ventures and
devices availability and after sales service. Associate Companies
During the year under review, Reliance Clothing India
Outlook Limited, Reliance-Grand Optical Private Limited and
The Indian consumption trend is poised to remain on an Reliance Petro Marketing Limited have ceased to be the
upward trajectory over the next few decades supported subsidiaries of the Company. Reliance-Vision Express
by several long-term sustainable tailwinds. These include Private Limited, Reliance-Grand Vision India Supply Private
a favourable demographic profile, increasing per capita Limited and Marks & Spencer Reliance India Private
income, rising aspirations supported by affordable data that Limited have ceased to be Joint Ventures of the Company
has narrowed the information gap, and improved access to during the year under review.
stores and e-commerce in rural areas that has deepened
A statement providing details of performance and
the reach of brands and closed the aspirational divide
salient features of the financial statement of Subsidiary/
between urban and rural consumers.
Associate/ Joint Venture companies, as per Section 129(3)
Furthermore, emerging organized retail formats, digital of the Companies Act, 2013 (“the Act”), is provided as
and technological advancements, the ongoing trend of Annexure A to the consolidated financial statement and
urbanization and greater access to financing are changing therefore not repeated in this Report to avoid duplication.
the consumption landscape. With per capita GDP
surpassing the critical US$2,000 threshold, consumer Consolidated Financial Statement
discretionary spending is likely to trend upward, and these
In accordance with the provisions of the Act and Indian
trends together suggest a promising outlook for the Indian
Accounting Standard (“Ind AS”) 110 - Consolidated Financial
retail sector.
Statements and Ind AS – 28 – Investments in Associates
Reliance retail with its industry leading store network and and Joint Ventures, the consolidated audited financial
emerging digital platforms, investments in value chain and statement forms part of the this Report.
its track record of strong execution is well poised to lead
the industry in the coming decade. Secretarial Standards
The Company has followed the applicable Secretarial
Dividend Standards, with respect to Meetings of the Board of
The Board of Directors of the Company have not Directors (SS-1) and General Meetings (SS-2) issued by the
recommended any dividend on the preference shares and Institute of Company Secretaries of India.
equity shares for the year under review.
Directors’ Responsibility Statement
Details of Material changes from the end Your Directors state that:
of the financial year a) in the preparation of the annual accounts for the year
There have been no material changes and commitments ended March 31, 2023, the applicable accounting
affecting the financial position of the Company between standards read with requirements set out under
the end of the financial year and date of this Report. Schedule III to the Act have been followed and there
are no material departures from the same;
Scheme of Arrangement b) the Directors have selected such accounting policies
The Company had implemented two schemes namely and applied them consistently and made judgements
Reliance Retail Employees’ Restricted Stock Unit Plan 2006 and estimates that are reasonable and prudent so as
and 2007 under which Restricted Stock Units (“RSUs”) to give a true and fair view of the state of affairs of the
have been allotted to eligible employees. On exercise of Company as at March 31, 2023 and of the profit of the
the RSUs by some of the employees, equity shares have Company for the year ended on that date;
been allotted to them. The Company has been receiving
requests from the employees holding equity shares for

Board’s Report
c) the Directors have taken proper and sufficient care The Annual report on CSR activities including summary
for the maintenance of adequate accounting records of Impact Assessment Report is annexed herewith and
in accordance with the provisions of the Act for marked as Annexure I to this Report.
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; Risk Management
d) the Directors have prepared the annual accounts on a The Company has a structured Risk Management
going concern basis; and Framework, designed to identify, assess and mitigate risks
appropriately. The Risk Management Committee has been
e) the Directors have devised proper systems to ensure
entrusted with the responsibility to assist the Board in:
compliance with the provisions of all applicable
laws and that such systems are adequate and (a) overseeing and approving the Company’s enterprise
operating effectively. wide risk management framework; and
(b) ensuring that all material Strategic and Commercial
Contracts or arrangements with Related risks including Cybersecurity, Safety and Operations,
Parties Compliance, Control and Financial risks have been
During the year under review: identified and assessed and
(a) all contracts / arrangements / transactions entered (c) ensuring that all adequate risk mitigations are in place,
by the Company during the financial year with related to address these risks.
parties were in its ordinary course of business and on
an arm’s length basis. Internal Financial Controls
(b) the Company had not entered into any contract / The key internal financial controls have been documented,
arrangement / transaction with related parties which is automated wherever possible and embedded in the
required to be reported in Form No. AOC-2 in terms of respective business processes.
Section 134(3)(h) read with Section 188 of the Act and Assurance to the Board on the effectiveness of internal
Rule 8(2) of the Companies (Accounts) Rules, 2014. financial controls is obtained through 3 Lines of Defence
Members may refer to Note 33 of the standalone financial which include:
statements which sets out related party disclosures (a) Management reviews and self-assessment;
pursuant to Ind AS.
(b) Continuous controls monitoring by functional
experts; and
Corporate Social Responsibility (CSR)
The Company continues its endeavor to improve the (c) Independent design and operational testing by the
lives of people and provide opportunities for their holistic Group Internal Audit function.
development through its different initiatives in the areas of The Company believes that these systems provide
Health, Education, Sports for Development and Disaster reasonable assurance that the Company’s internal financial
Response. The three core commitments of Scale, Impact controls are adequate and are operating effectively
and Sustainability form the bed-rock of the Company’s as intended.
philosophy on CSR initiatives. As per the Corporate Social
Responsibility Policy (“CSR Policy”) of the Company,
Health, Education, Sports for Development and Disaster
Jewellery Purchase Scheme
Response, are the focus areas for CSR engagement. The Company operates “Jewellery Purchase Scheme”
providing an opportunity to its customers through ‘Reliance
The CSR policy, formulated by the Corporate Social Jewels’ stores, to purchase gold and diamond jewellery for
Responsibility Committee (“CSR Committee”) Committee the various festival, family and social occasions through
and approved by the Board, continues to be unchanged. a deferred payment facility. The amounts received from
The CSR Policy may be accessed on the Company’s customers under the jewellery purchase schemes of
website at the link https://www.relianceretail.com/ the Company are construed as ‘deposits’ under the Act.
INV_Doc/Other_Downloads/36_Corporate_Social_ The Company has accepted deposits, being advances
Responsibility_Policy.pdf. from customers under jewellery purchase scheme
During the year under review, the Company has spent amounting to C 2,81,88,69,081/- during the year and the
C 135.10 crore (2% of the average net profits of the last three amounts remaining unclaimed at the end of the year is
financial years) on CSR activities. C 49,97,18,500/-. There has been no default in repayment of
deposits or payment of interest thereon during the year.

The fixed deposit schemes of the Company (Jewellery 1, 2022. In terms of section 161(1) of the Act, Mr. Anshu
Purchase Schemes) have received a credit rating of CARE Prakash will hold office upto the date of the ensuing
AAA from CARE Ratings Limited. The Company has strong Annual General Meeting. The Company has received
financials and the same is reflected in the highest credit requisite notice in writing from a member proposing his
rating issued by the agency. candidature for appointment as a Director, liable to retire
by rotation. The Board has recommended appointment
There were no revision in the credit rating mentioned
of Mr. Anshu Prakash as Director of the Company, to the
above during the year. The Company has not accepted any
members at the ensuing AGM of the Company.
deposit that is not in compliance with the requirements of
Chapter V of the Act. The Board of Directors of the Company, based on the
recommendation of the NRC had appointed Mr. Dinesh
Directors and Key Managerial Personnel Taluja as the Chief Financial Officer of the Company with
effect from August 16, 2022.
In accordance with the provisions of the Act and the Articles
of Association of the Company, Mr. V. Subramaniam and The Company has received declarations from all the
Mr. Pankaj Pawar, Directors of the Company, retire by Independent Directors of the Company confirming that:
rotation at the ensuing Annual General Meeting (AGM).
a) they meet with the criteria of independence as
The Board of Directors, based on the recommendation of
prescribed under the Act; and
the Nomination and Remuneration Committee (NRC), has
recommended their re-appointment. b) they have registered their names in the Independent
Directors’ Databank.
Mr. K. Sudarshan an Independent Director of the Company,
ceased to be Director of the Company upon completion of In the opinion of the Board, all the Independent Directors
his second term on March 24, 2023. The Board places on of the Company possess requisite expertise, integrity
record its sincere appreciation for the contribution made by and experience.
him during his tenure on the Board of the Company.
The Company has devised, inter-alia the following
The members of the Company at the 23rd AGM of the policies viz:
Company held on September 30, 2022, had approved by
a) Policy for selection of Directors and determining
way of special resolution the re-appointment of Prof. Dipak
Directors’ independence; and
C. Jain as an Independent Director of the Company for a
second term of 5 (five) consecutive years, with effect from b) Remuneration Policy for Directors, Key Managerial
July 25, 2023. Personnel and other employees.
The Board of Directors, on the recommendation of NRC The aforesaid policies are available on the Company’s
had appointed Mr. Adil Zainulbhai as an Additional Director website and can be accessed at https://www.relianceretail.
designated as an Independent Director for a period of com/INV_Doc/Other_Downloads/23_Policy_for_
5 years with effect from October 20, 2022 and he shall selection_of_Director_and_Determining_Director_
hold office upto the date of the ensuing Annual General Independence.pdf and https://www.relianceretail.com/
Meeting. The Company has received requisite notice in INV_Doc/Other_Downloads/24_Remuneration_Policy_
writing from a member proposing his candidature for of_Director_KMP_and_Other_Employees.pdf
appointment as an Independent Director, not liable to retire
The Policy for selection of Directors and determining
by rotation. The Board has recommended appointment
Directors’ independence sets out the guiding principles
of Mr. Adil Zainulbhai as an Independent Director of the
for the NRC for identifying persons who are qualified to
Company, to the members at the ensuing Annual General
become Directors and to determine the independence
Meeting (AGM) of the Company.
of Directors, while considering their appointment as
In the opinion of the Board, he possesses requisite Independent Directors of the Company. The Policy also
expertise, integrity and experience (including proficiency) provides for the factors in evaluating the suitability of
for appointment as an Independent Director of the individual Board members with diverse background and
Company and the Board considers that, given his experience that are relevant for the Company’s operations.
professional background, experience and contributions, There has been no change in the policy during the year
appointment of Mr. Adil Zainulbhai would be beneficial to under review.
the Company.
The Remuneration Policy for Directors, Key Managerial
The Board of Directors, on the recommendation of the Personnel and other employees sets out the guiding
NRC had appointed Mr. Anshu Prakash as an Additional principles for the NRC for recommending to the Board the
Director of the Company with effect from December remuneration of the Directors, Key Managerial Personnel

Board’s Report
and other employees of the Company. There has been no Disclosures:

change in the policy during the year under review.
(I) Meetings of the Board
Performance Evaluation Four meetings of the Board of Directors were held
during the year.
The Company has a policy for performance evaluation
of the Board, Committees and other individual Directors
(including Independent Directors) which include criteria for
(II) Audit Committee
performance evaluation of Non-executive Directors and During the year under review, Mr. K. Sudarshan
Executive Directors. ceased to be a Director of the Company upon
completion of his second term as an Independent
In accordance with the manner of evaluation specified Director and consequently ceased to be the member
by the NRC Committee, the Board carried out annual of the Audit Committee.
performance evaluation of the Board, its Committees and
Individual Directors. The Independent Directors carried The Audit Committee presently comprises Mr. Ranjit
out annual performance evaluation of the Chairperson, the V. Pandit (Chairman), Mr. Pankaj Pawar and Prof.
non-independent directors and the Board as a whole. The Dipak C. Jain. All the recommendations made by the
Chairman of the respective Committees shared the report Audit Committee were accepted by the Board.
on evaluation with the respective Committee members.
(III) Corporate Social Responsibility
The performance of each Committee was evaluated by the
Board, based on the report on evaluation received from the
Committee
respective Committees. A consolidated report was shared During the year under review, Mr. K. Sudarshan
with the Chairman of the Board for his review and giving ceased to be a Director of the Company upon
feedback to each Director. completion of his second term as an Independent
Director and consequently ceased to be the member
of the CSR Committee.
Employees’ Stock Option / Restricted
Stock Units (RSUs) The CSR Committee presently comprises Mr. Ranjit V.
Pandit (Chairman), Mr. Pankaj Pawar, Mr. Sanjay Jog
Disclosures with respect to Employees Stock Option
and Prof. Dipak C. Jain.
Scheme of the Company can be accessed at https://
www.relianceretail.com/appInv/Uploads/ESOP_
Disclosure_2022-23.pdf. (IV) Nomination and Remuneration
Committee
Auditors and Auditors’ Report During the year under review, Mr. K. Sudarshan
ceased to be a Director of the Company upon
Statutory Auditors completion of his second term as an Independent
D T S & Associates LLP, Chartered Accountants Director and consequently ceased to be the member
(Registration number 142412W/W100595), were of the NRC Committee.
re‑appointed as Auditors of the Company, for a second
term of 5 (five) consecutive years at the Annual General The NRC Committee presently comprises Mr. Ranjit V.
Meeting held on September 30, 2022. The Auditors have Pandit (Chairman), Mr. Pankaj Pawar, Mr. Sanjay Jog
confirmed that they are not disqualified from continuing as and Prof. Dipak C. Jain.
Auditors of the Company.
(V) Stakeholder Relationship Committee
The Auditors’ Report does not contain any qualification,
During the year under review, Mr. K. Sudarshan
reservation, adverse remark or disclaimer. The Notes to
ceased to be a Director of the Company upon
financial statements referred in the Auditors’ Report are
completion of his second term as an Independent
self-explanatory and do not call for any further comments.
Director and consequently ceased to be the member
of the Stakeholder Relationship Committee.
Secretarial Auditor
The Board had appointed M/s. Shashikala Rao and Co., The Stakeholder Relationship Committee presently
Company Secretaries, to conduct Secretarial Audit of the comprises Mr. Sanjay Jog (Chairman), Mr. Pankaj
Company. The Secretarial Audit Report for the financial Pawar and Prof. Dipak C. Jain
year ended March 31, 2023, is annexed and marked as
Annexure II to this Report. The Secretarial Audit Report (VI) Compliance Committee
does not contain any qualification, reservation, adverse The Compliance Committee comprises
remark or disclaimer. Mr. V. Subramaniam (Chairman), Mr. Sanjay Jog and
Ms. Geeta Fulwadaya.

(VII) Risk Management Committee (XI) Conservation of energy, technology

The Risk Management Committee comprises absorption, foreign exchange earnings
Mr. Ranjit V. Pandit (Chairman), Mr. Pankaj Pawar, and outgo
Mr. V. Subramaniam, Mr. Dinesh Taluja and A. Conservation of Energy
Mr. Ashwin Khasgiwala.
i) Steps taken or impact on conservation of
energy
(VIII)Vigil Mechanism
The Company was successful in saving of
The Company has established a robust Vigil 19548 MWh units and reduction of 16609
Mechanism and Whistle-blower Policy in accordance MT CO2 emissions, through implementation
with the provisions of the Act. The Vigil Mechanism of various energy conservation measures at
is supervised by an ‘Ethics & Compliance Task Force’ stores, the same are summarised below:
comprising senior executives of the Company. Ethics
& Compliance Task Force meets periodically to review i. Energy Action Plan for FY 2022-23 was
the complaints and incidents and reports them to prepared with targets of 4.1% (20199 MWh)
the Audit Committee. Protected disclosures can and achieved @ 97 % till Jan 2023. Expected
be made by a whistle blower through an e-mail or to cross 23000+ MWh Units and 114 %.
dedicated telephone line or a letter to the Ethics & ii. Energy Audits conducted at 1379 stores,
Compliance Task Force or to the Chairman of the having higher power consumption and
Audit Committee. The Vigil Mechanism and Whistle Initiated energy saving measures.
Blower Policy may be accessed on the Company’s
website at the link https://www.relianceretail.com/ iii. Maintained 0.996 Power Factor at more
INV_Doc/Other_Downloads/37_Vigil_Mechanism_ than 993 stores, resulted in kVah savings
and_Whistle_Blower_Policy.pdf and qualifying for Mission Power Factor
(PF) incentives through special mission PF
(IX) Prevention of sexual harassment at 0.996+.
workplace iv. Potential for Contract Demand (CD)
In accordance with the requirements of the Sexual Optimization at stores identified, CD
Harassment of Women at Workplace (Prevention, optimized at 18 stores and obtained savings
Prohibition & Redressal) Act, 2013 (“POSH Act”) and against Fixed / Demand Charges.
Rules made thereunder, the Company has in place v. Replaced 2831 numbers of old conventional
a policy which mandates no tolerance against any fixed speed Air conditioners with Energy
conduct amounting to sexual harassment of women Efficient Invertor based one at 529 stores.
at workplace. The Company has constituted Internal
Complaints Committee(s) (ICCs) to redress and resolve vi. Energy Management System (EnMS)
any complaints arising under the POSH Act. Training Automation project successfully
/ awareness programs are conducted throughout the implemented at 7 stores and respective
year to create sensitivity towards ensuring respectable stores power consumption is monitored
workplace. Further, there were no cases/complaints from the eAnalytics Portal and
filed during the financial year under review. Implementation at other stores is planned.
vii. Identified Metering errors, low efficiency
(X) Particulars of loans given, investments Transformers, replaced with efficient one,
made, guarantees given and securities also recovered additional paid cost of C 3.34
provided crore from Electricity suppling companies /
Particulars of loans given and investments made Property owners.
along with the purpose for which the loan is proposed viii. Replacement of low efficiency lighting
to be utilised by the recipients are provided in the with smart energy efficient one includes
Standalone financial statement (Please Refer Note 2 dimmable lights with Inbuilt Motion Sensors
and 34 to the standalone financial statement). at Washrooms and Trial Rooms, Dimmable
During the year under review, there were no and Daylight sensors at Parking,
guarantees given or securities provided by the ix. Implementation of projects like HVAC
Company in terms of Section 186 of the Act. automation, Signage Board timer controllers,
fixing strip curtains at open chillers,
automation in cooling tower, AHU Exhaust
Fan and Blower operation optimization.

Board’s Report
x. Solar Power Generation Performance (iii) Information regarding imported

checked and enhanced invertor efficiency technology (Imported during last three
resulted in increase in Solar Generation. years)
xi. Studied feasibility at pan India stores for The Company has not imported any
solar power generation in coordination technology during the last three years.
with New Energy team and proposals are
under considerations. (iv) Expenditure incurred on research and
development: Nil
xii. Implementation of some special projects
C. Foreign Exchange Earnings and Outgo:
includes, applying Thermal Reflective /
Insulation coatings on Roof and Glass, EC Foreign Exchange earned in terms of Actual
fans at cold rooms, successfully completed Inflows: C 1,881.51 crore
at Demo stores and implementation at Foreign Exchange outgo in terms of Actual
applicable stores it is in process. Outflows: C 3,012.23 crore
xiii. Detailed Assessment of Net Zero Project
(includes Solar and BESS) at Kurkumbh (XII) Annual Return
completed, proposed for approval. Other 10 The Annual Return of the Company as on March
stores are identified for Net Zero and study 31, 2023 is available on the Company’s website and
is in progress. can be accessed at https://relianceretail.com/appInv/
xiv. Detailed proposal worked out for Uploads/RRL_Annual_Return_2022_23.pdf
Energy Saving at Trends 1392 stores for
implementation of HVAC Timer control, General
Digital Signage Board timer control and Your Directors state that no disclosure or reporting is
Motion Sensor for Washrooms and Trial required in respect of the following matters as there
Rooms, same Implementation is in Progress. were no transactions on these matters during the year
under review:
Steps taken by the Company for utilizing
alternate sources of energy 1) Issue of equity shares with differential rights as to
dividend, voting or otherwise.
Considering the nature of the Company’s
business of rendering services, at 8 stores solar 2) Issue of shares (including sweat equity shares) to
energy is used as an alternate energy source. At employees of the Company under any scheme save
1 store, units generated by other owned solar and except Employee’s Stock Option Scheme referred
plant is purchased to offset the energy from to in this Report.
fossil fuels. 3) The Company has not provided money for the
purchase of its own shares by employees or by
Capital investment on energy conservation trustees for the benefit of employees.
equipment:
The Company has made capital investment 4) The Whole-time Director of the Company does not
of C 12.14 crore (approx.) on various energy receive any remuneration or commission from any of
conservation initiatives like, efficient HVAC its subsidiaries/ holding companies.
equipment’s etc. at stores. 5) No significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the
B. Technology Absorption going concern status and Company’s operations
(i) Efforts made towards technology in future.
absorption 6) No fraud has been reported by the Auditors to the
The Company has not entered into any Audit Committee or the Board.
technology agreement or collaborations.
7) The Company is not required to maintain cost records
(ii) The benefits derived like product in terms of Section 148(1) of the Act.
improvement, cost reduction, product 8) There has been no change in the nature of business of
development or import substitution the Company.
Not applicable

9) There is no proceeding pending under the Insolvency

and Bankruptcy Code, 2016.
10) There was no instance of one-time settlement with
any Banks or Financial Institutions.
Acknowledgement
The Board places on record its deep sense of appreciation
for the committed services by all the employees of the
Company. The Board of Directors would also like to
express their sincere appreciation for the assistance and
co-operation received from financial institutions, banks,
government and regulatory authorities, customers, vendors
and Members during the year under review.
For and on behalf of the Board of Directors
Pankaj Pawar
(Chairman)
April 20, 2023

Annexure - I
Annual Report on Corporate Social Responsibility (CSR) activities for

the Financial Year 2022-23
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. Number of meetings of CSR Number of meetings of CSR

Name of Director Designation/Nature of Directorship
No. Committee held during the year Committee attended during the year
1 Mr. Ranjit V. Pandit Chairman (Non-Executive Director) 3 2

2 Mr. Pankaj Pawar Member (Non-Executive Director) 3 1
3 Mr. Sanjay Jog Member (Non-Executive Director) 3 3
4 Prof. Dipak C. Jain* Member (Non-Executive Director) 3 -
* Mr. K. Sudarshan ceased to be a Director of the Company upon completion of his second term on March 24, 2023, and consequently, ceased
to be member of the Committee. He had attended all the meetings of the Committee held up to March 24, 2023. Prof. Dipak C. Jain has been
appointed as Member of the Committee w.e.f. March 29, 2023
3. Provide the weblink where Composition Composition of CSR https://relianceretail.com/INV_Doc/Other_Downloads/41_

of CSR Committee, CSR Policy and Committee Composition_of_CSR_Committee.pdf
CSR projects approved by the board
CSR Policy https://relianceretail.com/INV_Doc/Other_Downloads/36_
are disclosed on the website of the
Corporate_Social_Responsibility_Policy.pdf
Company
CSR projects approved https://relianceretail.com/appInv/Uploads/RRL_CSR_
by the board PROJECTS_22_23.pdf
4. Provide the executive summary along with web-link(s) of The Company has carried out Impact Assessment through an
Impact assessment of CSR projects carried out in pursuance of Independent third party and the summary of the reports are
sub-rule(3) of rule 8, if applicable attached.
5. a) Average net profit of the Company as per sub-section (5) of section 135. C 6,754.70 crore
b) Two percent of average net profit of the Company as per sub-section (5) of section 135. C 135.10 crore
c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years. -
d) Amount required to be set-off for the financial year, if any. -
e) Total CSR obligation for the financial year [(b)+(c)-(d)] C 135.10 crore
6. a) Amount spent on CSR Projects (both Ongoing and other than Ongoing Project) C 135.10 crore (spent
on othe than Ongoing
Project)
b) Amount spent on Administrative Overheads -
c) Amount spent on Impact Assessment, if applicable *
d) Total amount spent for the Financial Year [(a)+(b)+(c)] C 135.10 crore
* Amount claimed towards Impact Assessment is C 50 lakhs
e) CSR amount spent or unspent for the Financial Year:
Amount Unspent (K in crore)

Total Amount spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as per
Financial Year Account as per sub-section (6) of section 135. second proviso to sub-section (5) of section 135.
Amount Date of transfer Name of the Fund Amount. Date of transfer.
C 135.10 crore Nil Nil

(f) Excess amount for set off, if any:
SI. No. Particular Amount (in K)
(i) Two percent of average net profit of the Company as per sub-section (5) of section 135. C 135.10 crore
(ii) Total amount spent for the Financial Year C 135.10 crore
(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)] -
7 Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
(1) (2) (3) (4) (5) (6) (7) (8)
Balance Amount Amount transferred to a Fund as

Amount transferred to Unspent in CSR Amount specified under Schedule VII as Amount remaining
Sl. Preceding Unspent CSR Account Account under spent in the per second proviso to sub-section to be spent Deficiency,
(5) of section 135, if any in succeeding
No. Financial Year(s) under sub-section (6) of Sub-section (6) of Financial Year if any
Financial Years
section 135 (K in crore) section 135 (K in crore) Amount
Date of transfer (K in crore)
(K in crore) (K in crore)
1 FY 2021-22
2 FY 2020-21 NIL
3 FY 2019-20
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount No
spent in the Financial Year:
If Yes, enter the number of Capital assets created/acquired Not Applicable
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
Short particulars of the property or

Sl. Pincode of the Date of Amount of CSR amount Details of entity/ Authority/ beneficiary of
asset(s) [including complete address
No. property or asset(s) creation spent - (K in crore) the registered owner
and location of the property]
(1) (2) (3) (4) (5) (6)
CSR Registration Registered
Name
Number, if applicable address
Not Applicable
9. Specify the reasons(s), if the company has failed to spend two percent of the average net profit as per sub-section (5) of section 135.
Not Applicable
For and on behalf of the Board of Directors
Ranjit V. Pandit Sanjay Jog Pankaj Pawar

(Chairman, CSR Committee) (Director) (Chairman)
Mumbai, April 20, 2023

Summary of independent Impact Assessment studies conducted
Year 2022-23
1. Dhirubhai Ambani Scholarship 2. Health Outreach Programme of Sir

Programme H.N Reliance Foundation & Research
Impact Assessment Agency – 4th Wheel Centre
Social Impact Impact Assessment Agency – Dr. Arundhati Char

1. Background 1. Background
Established in 1996, the Dhirubhai Ambani The Health Outreach Programme of Reliance
Scholarship (DAS) programme assists meritorious Foundation (RF) and Sir H.N. Reliance Hospital is
students of standard XII to pursue college education dedicated to serving the needs of over 5,00,000
in the stream of their choice across 28 states and 5 people residing in the slums of Mumbai and Navi
Union Territories. The scholarship provides financial Mumbai. Through a combination of three static
support to cover various aspects of a student’s medical units and four mobile medical units, this
college education. These include tuition fees, programme operates on a service-on-demand model.
transportation costs, accommodation expenses, as The main objective of the programme is to enhance
well as expenses related to books, stationery & other the quality of life of these communities by promoting
academic necessities. DAS programme serves as a better health seeking behavior, reducing the burden of
valuable resource for meritorious students, helping disease, and alleviating the financial strain associated
them to access quality education and pursue their with out-of-pocket healthcare expenses. By reaching
chosen academic disciplines and plays a crucial role out to underserved areas, the programme strives
in promoting educational opportunities and fostering to make healthcare more accessible and improve
talent across the nation. overall wellbeing.
2. Objectives 2. Objectives
To evaluate the impact of the DAS programme. The objective of the study are:
3. Key findings and impact • To understand the improvement in the health
status of patients visiting the clinics.
3.1 Scholar
• Of all the scholars reached through the • To assess knowledge, attitude and practice on
project, 70% were engaged in studies and various health conditions.
24% were in employment. • To quantify the economic benefits of
• More than 50% of the scholars reached the community.
through the project were either
pursuing graduation in medical science 3. Key findings
or engineering. 92% of the patients reached through the programme
belonged to low income families (annual household
3.2 Impacts on Scholars’ Households income of up to C 85,000) and more than half of the
• 87% of the employed scholars contribute patients (58%) were females.
their salaries to household income and
better quality of life. 3.1 Disease Prevalence and Management and
economic impact
• On average, the employed scholars
Anaemia Prevalence among Females:
•
contribute INR 30,000/- per month to their
The clinic’s initiatives led to a reduction in
families and 25% of their total earnings to
anaemia prevalence among females from
their siblings’ education.
34.4% to 28.4%.
3.3 Impact on Scholars Organizations Non-Communicable Diseases (NCDs)
•
• 36% of the employed scholars have Detection and Treatment: Following
contributed to improving their respective the detection of NCDs, 75% of the
organizational processes or functions. patients visited the clinic to follow the
treatment regime.
• 11% of the employed scholars played a
leading role in developing an innovative Reduced Chances of Malnourishment
•
product in their respective organizations. in Children: The clinic’s initiatives resulted

in 61% lower chance of malnourishment through potential savings on out-of-pocket

amongst children from their first visit. expenditure on accessing health services.
80% of the mothers who attended the
clinic have shown enhanced knowledge of 3.2 Patients satisfaction
child nutrition. 92% of the patients were satisfied with
Economic impact: The programme
• the consultations and quality of services
has generated INR 16 crore worth of provided at the clinic.
economic impact for patients with NCDs

Annexure - II
SECRETARIAL AUDIT REPORT

For the Financial Year ended March 31, 2023
[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, Opinion
The Members,
Based on our verification of the Company’s books,
Reliance Retail Limited
papers, minute books, forms and returns filed and other
3rd Floor, Court House
records maintained by the Company and provided as
Lokmanya Tilak Marg
scanned copies in physical or electronic mode or through
Dhobi Talao, Mumbai- 400 002
permitted access to the Company’s in-house portal
We have conducted the secretarial audit of the compliance and also the information provided by the Company, its
of applicable statutory provisions and the adherence to officers, agents and authorized representatives during
good corporate practices by Reliance Retail Limited (“the the conduct of secretarial audit, we hereby report that in
Company”). Secretarial Audit was conducted in a manner our opinion, the Company has, during the audit period
that provided us a reasonable basis for evaluating the covering the financial year ended on March 31, 2023 (“the
corporate conducts/ statutory compliances and expressing Financial Year”), complied with the statutory provisions
our opinion thereon. listed hereunder and also that the Company has proper
Board-processes and compliance-mechanism in place to
Management’s responsibility the extent, in the manner and subject to the reporting
made hereinafter.
The Management along with the Board of Directors are
responsible for ensuring that the Company complies We have examined the books, papers, minute books,
with the provisions of all applicable laws and maintains forms and returns filed and other records maintained
the required statutory records and documents in the by the Company for the Financial Year according to the
prescribed manner. provisions of:
i) The Companies Act, 2013 (“the Act”) and the rules
Auditor’s responsibility made thereunder;
Based on audit, our responsibility is to express an
ii) The Securities Contracts (Regulation) Act,
opinion on the compliance with the applicable laws and
1956 (‘SCRA’) and the rules made thereunder-
maintenance of records by the Company. We conducted
Not Applicable to the Company during the
our audit in accordance with the auditing standards
Audit Period;
CSAS 1 to CSAS 4 (“CSAS”) prescribed by the Institute of
Company Secretaries of India. These standards require iii) The Depositories Act, 1996 and the Regulations and
that the auditor complies with statutory and regulatory Bye-laws framed thereunder;
requirements and plans and performs the audit to obtain
iv) Foreign Exchange Management Act, 1999 and
reasonable assurance about compliance with applicable
the rules and regulations made thereunder to the
laws and maintenance of records.
extent of Foreign Direct Investment, Overseas Direct
Due to the inherent limitations of an audit including Investment and External Commercial Borrowings;
internal, financial and operating controls, there is an
v) The following Regulations and Guidelines prescribed
unavoidable risk that some misstatements or material
under the Securities and Exchange Board of India Act,
non-compliances may not be detected, even though the
1992 (‘SEBI Act’):-
audit is properly planned and performed in accordance with
the CSAS. a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
Basis for Opinion Regulations, 2011- Not Applicable to the
Company during the Audit Period;
We have followed the audit practices and processes as
were appropriate to obtain reasonable assurance about the b) The Securities and Exchange Board of India
correctness of the contents of the secretarial records. The (Prohibition of Insider Trading) Regulations, 2015-
verification was done on test basis to ensure that correct Not Applicable to the Company during the
facts are reflected in the secretarial records. We believe Audit Period;
that the processes and practices, we followed provide a
c) The Securities and Exchange Board of India
reasonable basis for our opinion.
(Issue of Capital and Disclosure Requirements)

Regulations, 2018- Not Applicable to the Independent Directors. The changes in the Board
Company during the Audit Period; of Directors that took place during the audit period
were carried out in compliance with the provisions of
d) The Securities and Exchange Board of India
the Act.
(Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 - Not Applicable to During the audit period, four Board meetings
the Company during the Audit Period; were convened and held. Seven days advance
notice was given to all directors to schedule the
e) The Securities and Exchange Board of India
Board meetings and to the respective directors for
(Issue and Listing of Non-Convertible Securities)
Committee meetings, except for one Nomination and
Regulations, 2021 Not Applicable to the
Remuneration Committee meeting which was held
Company during the Audit Period;
at shorter notice with the consent of the directors.
f) The Securities and Exchange Board of India The agenda and detailed notes on agenda were sent
(Registrars to an Issue and Share Transfer Agents) at least seven days in advance for the Board and
Regulations, 1993 regarding the Companies Act Committee meetings, except for one Nomination
and dealing with client - Not Applicable to the and Remuneration Committee meeting which
Company during the Audit Period; was convened at shorter notice with the consent
of directors.
g) The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2021- e further report that the Company has devised
W
Not Applicable to the Company during the a system which enables the directors to seek and
Audit Period; and obtain further information and clarifications on the
agenda items before the meeting and for meaningful
h) The Securities and Exchange Board of India
participation at the meeting.
(Buyback of Securities) Regulations, 2018 -
Not Applicable to the Company during the All decisions made at Board Meetings and Committee
Audit Period. Meetings have unanimous consent of directors
(excluding the directors who are concerned or
We have also examined compliance with:
interested in specific items) as recorded in the
i) Applicable Secretarial Standards issued by the minutes of the meetings of the Board of Directors or
Institute of Company Secretaries of India; and Committees of the Board, as the case may be.
ii) The Listing Agreements entered into by the e further report that having regard to the
W
Company with Stock Exchange(s) and the compliance system prevailing in the Company and as
SEBI (Listing Obligations and Disclosures per explanations and management representations
Requirements) Regulations, 2015 - Not obtained and relied upon by us the Company has
Applicable to the Company during the adequate systems and processes commensurate with
Audit Period. the size and operations of the Company to monitor
and ensure compliance with applicable laws, rules,
During the audit period, the Company has complied
regulations and guidelines.
with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above. We further report that, during the audit period the

Company has done the following transactions in due
We further report that, the Company has identified

compliance with the applicable provisions of the Act:
the following laws as specifically applicable to
the Company: 1. Borrowed funds from banks and body corporate
pursuant to sections 179 and 180 of the Act;
i) The Food Safety and Standards Act, 2006
and Rules; 2. Sale and / or transfer of investments in securities.
ii) The Legal Metrology Act 2009 and Rules;
For Shashikala Rao & Co.
iii) State Agriculture Produce Marketing Act; Company Secretaries
ICSI Unique Code: P2010MH067400
iv) The Bureau of Indian Standards Act, 2016;
PR 845/2020
v) The Trade Marks Act, 1999.
We further report that-
Shashikala Rao
The Board of Directors of the Company is constituted Partner
comprising Executive Director, Non-Executive Place: Mumbai FCS 3866 CP No 9482
Directors including one woman director and Date: April 20, 2023 UDIN: F003866E000157461

ANNEXURE TO THE SECRETARIAL AUDIT REPORT
To
The Members
Reliance Retail Limited
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 and financial statements and disclosures made therein.
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
Shashikala Rao
Partner
Place: Mumbai FCS 3866 CP No 9482
Date: April 20, 2023 UDIN: F003866E000157461

Standalone Financial Statements
2022-23
INDEPENDENT AUDITOR’S REPORT
To The Members of Reliance Retail Limited
Report on the Audit of the Standalone • In connection with our audit of the standalone
financial statements, our responsibility is to read the
Financial Statements other information and, in doing so, consider whether
Opinion the other information is materially inconsistent with
We have audited the accompanying standalone financial the standalone financial statements or our knowledge
statements of Reliance Retail Limited (“the Company”), obtained during the course of our audit or otherwise
which comprise the Balance Sheet as at March 31, 2023, appears to be materially misstated.
and the Statement of Profit and Loss (including Other • If, based on the work we have performed on the other
Comprehensive Income), the Cash Flow Statement and information that we obtained prior to the date of this
the Statement of Changes in Equity for the year then auditor’s report, we conclude that there is a material
ended, and a summary of significant accounting policies misstatement of this other information, we are
and other explanatory information (“together referred to as required to report that fact. We have nothing to report
“standalone financial statements”). in this regard.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid Management’s Responsibility for the
standalone financial statements give the information Standalone Financial Statements
required by the Companies Act, 2013 (“the Act”) in The Company’s Board of Directors is responsible for the
the manner so required and give a true and fair view matters stated in section 134(5) of the Act with respect to
in conformity with the Indian Accounting Standards the preparation of these standalone financial statements
prescribed under section 133 of the Act read with the that give a true and fair view of the financial position,
Companies (Indian Accounting Standards) Rules, 2015, financial performance including other comprehensive
as amended, (“Ind AS”) and other accounting principles income, cash flows and changes in equity of the Company
generally accepted in India, of the state of affairs of the in accordance with the Ind AS and other accounting
Company as at March 31, 2023, and its profit including principles generally accepted in India. This responsibility
other comprehensive income, its cash flows and the also includes maintenance of adequate accounting
changes in equity for the year ended on that date. records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing
Basis for Opinion and detecting frauds and other irregularities; selection
We conducted our audit of the standalone financial and application of appropriate accounting policies;
statements in accordance with the Standards on making judgments and estimates that are reasonable and
Auditing specified under section 143(10) of the Act prudent; and design, implementation and maintenance of
(SAs). Our responsibilities under those Standards are adequate internal financial controls, that were operating
further described in the Auditor’s Responsibility for the effectively for ensuring the accuracy and completeness
Audit of the Standalone Financial Statements section of the accounting records, relevant to the preparation
of our report. We are independent of the Company in and presentation of the standalone financial statements
accordance with the Code of Ethics issued by the Institute that give a true and fair view and are free from material
of Chartered Accountants of India (ICAI) together with the misstatement, whether due to fraud or error.
ethical requirements that are relevant to our audit of the
In preparing the standalone financial statements,
standalone financial statements under the provisions of the
management is responsible for assessing the Company’s
Act and the Rules made thereunder, and we have fulfilled
ability to continue as a going concern, disclosing, as
our other ethical responsibilities in accordance with these
applicable, matters related to going concern and using the
requirements and the ICAI’s Code of Ethics. We believe
going concern basis of accounting unless management
that the audit evidence obtained by us is sufficient and
either intends to liquidate the Company or to cease
appropriate to provide a basis for our audit opinion on the
operations, or has no realistic alternative but to do so.
standalone financial statements.
Those Board of Directors are also responsible for
Information Other than the Financial overseeing the Company’s financial reporting process.
Statements and Auditor’s Report Thereon
• The Company’s Board of Directors is responsible Auditor’s Responsibility for the Audit of the
for the other information. The other information Standalone Financial Statements
comprises the information included in the Board of Our objectives are to obtain reasonable assurance about
Directors report, but does not include the consolidated whether the standalone financial statements as a whole
financial statements, standalone financial statements are free from material misstatement, whether due to fraud
and our auditor’s report thereon. or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of
• Our opinion on the standalone financial statements
assurance, but is not a guarantee that an audit conducted
does not cover the other information and we do not
in accordance with SAs will always detect a material
express any form of assurance conclusion thereon.

Standalone
misstatement when it exists. Misstatements can arise from We also provide those charged with governance with
fraud or error and are considered material if, individually a statement that we have complied with relevant
or in the aggregate, they could reasonably be expected to ethical requirements regarding independence, and to
influence the economic decisions of users taken on the communicate with them all relationships and other
basis of these standalone financial statements. matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also: Report on Other Legal and Regulatory
Requirements
• Identify and assess the risks of material misstatement
1. As required by the Companies (Auditor’s Report)
of the standalone financial statements, whether
Order, 2020 (“the Order”) issued by the Central
due to fraud or error, design and perform audit
Government in terms of Section 143(11) of the Act,
procedures responsive to those risks, and obtain audit
we give in “Annexure A” a statement on the matters
evidence that is sufficient and appropriate to provide
specified in paragraphs 3 and 4 of the Order.
a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is 2. As required by Section 143(3) of the Act, based on our
higher than for one resulting from error, as fraud audit, we report that:
may involve collusion, forgery, intentional omissions,
a) We have sought and obtained all the information
misrepresentations, or the override of internal control.
and explanations which to the best of our
• Obtain an understanding of internal financial knowledge and belief were necessary for the
control relevant to the audit in order to design audit purposes of our audit.
procedures that are appropriate in the circumstances.
b) In our opinion, proper books of account as
Under section 143(3)(i) of the Act, we are also
required by law have been kept by the Company
responsible for expressing our opinion on whether
so far as it appears from our examination of
the Company has adequate internal financial controls
those books.
system in place and the operating effectiveness of
such controls. c) The Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income,
• Evaluate the appropriateness of accounting policies
the Cash Flow Statement and Statement of
used and the reasonableness of accounting estimates
Changes in Equity dealt with by this Report are
and related disclosures made by the management.
in agreement with the relevant books of account
• Conclude on the appropriateness of management’s and returns.
use of the going concern basis of accounting and,
d) In our opinion, the aforesaid standalone financial
based on the audit evidence obtained, whether
statements comply with the Ind AS specified
a material uncertainty exists related to events or
under Section 133 of the Act.
conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If e) On the basis of the written representations
we conclude that a material uncertainty exists, we received from the directors as on March 31, 2023
are required to draw attention in our auditor’s report taken on record by the Board of Directors, none
to the related disclosures in the standalone financial of the directors is disqualified as on March 31,
statements or, if such disclosures are inadequate, to 2023 from being appointed as a director in terms
modify our opinion. Our conclusions are based on of Section 164(2) of the Act.
the audit evidence obtained up to the date of our
f) With respect to the adequacy of the internal
auditor’s report. However, future events or conditions
financial controls over financial reporting of the
may cause the Company to cease to continue as a
Company with reference to these standalone
going concern.
financial statements and the operating
• Evaluate the overall presentation, structure and effectiveness of such controls, refer to our
content of the standalone financial statements, separate Report in “Annexure B”.
including the disclosures, and whether the standalone
g) With respect to the other matters to be included
financial statements represent the underlying
in the Auditor’s Report in accordance with the
transactions and events in a manner that achieves
requirements of section 197(16) of the Act, as
fair presentation.
amended, in our opinion and to the best of our
We communicate with those charged with governance information and according to the explanations
regarding, among other matters, the planned scope and given to us, the remuneration paid by the
timing of the audit and significant audit findings, including Company to its directors during the year is in
any significant deficiencies in internal control that we accordance with the provisions of section 197
identify during our audit. read with Schedule V to the Act.

h) With respect to the other matters to be included person or entity, including foreign
in the Auditor’s Report in accordance with Rule entities (“Funding Parties”), with the
11 of the Companies (Audit and Auditors) Rules, understanding, whether recorded in
2014, as amended in our opinion and to the writing or otherwise, that the Company
best of our information and according to the shall, whether, directly or indirectly, lend
explanations given to us: or invest in other persons or entities
identified in any manner whatsoever
i. The Company has disclosed the impact of
by or on behalf of the Funding Party
pending litigations on its financial position
(“Ultimate Beneficiaries”) or provide any
in its standalone financial statements as
guarantee, security or the like on behalf
referred to in Note 28 of the standalone
of the Ultimate Beneficiaries; and
financial statements;
(c) Based on our audit procedures that
ii. The Company did not have any long-term
have been considered reasonable
contracts including derivative contracts for
and appropriate in the circumstances,
which there were any material foreseeable
nothing has come to our notice
losses; and
that has caused us to believe that
iii. There were no amounts which were the representations under sub-
required to be transferred to the Investor clause (a) and (b) contain any
Education and Protection Fund by material misstatement.
the Company.
v. The Company has not declared or paid any
iv. (a) The management has represented to dividend during the year.
us that, to the best of it’s knowledge
vi. Proviso to Rule 3(1) of the Companies
and belief no funds have been
(Accounts) Rules, 2014 for maintaining
advanced or loaned or invested
books of account using accounting software
(either from borrowed funds or share
which has a feature of recording audit
premium or any other sources or kind
trail (edit log) facility is applicable to the
of funds) by the Company to or in
Company with effect from April 1, 2023, and
any other person or entity, including
accordingly, reporting under Rule 11(g) of
foreign entities (“Intermediaries”), with
Companies (Audit and Auditors) Rules, 2014
the understanding, whether recorded
is not applicable for the financial year ended
in writing or otherwise, that the
March 31, 2023.
Intermediary shall, whether, directly
or indirectly lend or invest in other
For D T S & Associates LLP
persons or entities identified in any
Chartered Accountants
manner whatsoever by or on behalf of
Firm’s Registration No. 142412W/W100595
the company (“Ultimate Beneficiaries”)
or provide any guarantee, security
Vishal D. Shah
or the like on behalf of the
Partner
Ultimate Beneficiaries;
Membership No. 119303
(b) The management has represented to UDIN: 23119303BGVAIK2166
us that, to the best of it’s knowledge Place: Mumbai
and belief no funds have been Date: April 20, 2023
received by the Company from any

ANNEXURE A
To the Independent Auditors’ Report
(Referred to in paragraph 1 under ‘Report on other legal physical verification by the management did not
and regulatory requirements’ section of our report of even exceed 10% or more in aggregate of each class
date to the members of Reliance Retail Limited for the year of inventory.
ended March 31, 2023)
(b) Based on the records examined by us and
i. In respect of its Property Plant and Equipment: information and explanation given to us, the
Company has been sanctioned working capital
(a) (A) Based on the records examined by us
limits from banks on the basis of security of
and information and explanation given to
current assets and the quarterly returns or
us the Company has maintained proper
statements filed by the Company with such
records showing full particulars, including
banks are in agreement with the books of
quantitative details and situation of Property
account of the Company.
Plant and Equipment.
iii. (a) On the basis of examination of records of the
(B) Based on the records examined by us and
Company, during the year the Company has not
information and explanation given to us the
provided securities and granted loans secured
Company has maintained proper records
or unsecured to any companies, firms, limited
showing full particulars of Intangible Assets.
liability partnerships or other parties. The
(b) The Property Plant and Equipment were Company has given guarantees to following
physically verified by the Management in parties, the details of which is as under:
a phased periodical manner which, in our (C in Crore)
opinion is reasonable having regards to size
Particulars Amount
of the Company and nature of its assets. No
material discrepancies were noticed on such Aggregate amount provided during
physical verification. the year
Subsidiaries -
(c) According to the information and explanations
given to us and the records examined by us, we Associates -
report that, the title deeds, comprising all the Joint Ventures -
immovable properties (other than properties
Other Companies 56.43
where the Company is the lessee and the lease
agreements are duly executed in favour of the Balance outstanding as at March
31, 2023
lessee) disclosed in the financial statements,
are held in the name of the Company as at the Subsidiaries -
balance sheet date. Associates -
(d) Based on the records examined by us and Joint Ventures -
information and explanation given to us by the Other Companies 93.80
Company, the Company during the year has
not revalued its Property Plant and Equipment (b) In our opinion and according to the information
(including rights of use assets) or intangible and explanation given to us, the guarantees given
assets, hence, the requirements of the said clause or investments made during the year are not
i(d) of paragraph 3 of the Order is not applicable prejudicial to the interest of the Company.
to the Company.
(c) Based on the records examined by us and
(e) According to the information and explanation information and explanation given to us, the
given to us and records examined by us no Company has not given any loans secured or
proceedings have been initiated or are pending unsecured, to any companies, firms, limited
against the Company for holding any benami liability partnerships or other parties hence the
property under the Benami Transactions reporting requirement of clause iii(c), (d), (e), (f)
(Prohibition) Act, 1988 (45 of 1988) and rules of paragraph 3 of the Order is not applicable to
made thereunder. the Company.
ii. (a) According to the information and explanation iv. In our opinion and according to the information
given to us and records examined by us, the and explanations given to us, the Company has not
management of the Company has conducted directly or indirectly advanced loan to parties covered
physical verification of its inventories at regular under section 185 of the Act or given guarantees
intervals and in our opinion the coverage or securities in connection with the loan taken by
and procedure of such verification by the such persons and the Company has complied with
management is appropriate. As explained the provisions of section 186 of the Act, in respect
to us and on the basis of records examined
by us, the value of discrepancies noticed on

of investments, loans, guarantee or security given, vii. Based on the records examined by us and according
as applicable. to the information and explanations given to us, in
respect of statutory dues:
v. In our opinion and according to the information and
explanations given to us, the Company has complied a) The Company has generally been regular in
with the provisions of Sections 73 to 76 or any other depositing undisputed statutory dues including
relevant provisions of the Act and the Companies Goods and Service Tax, Provident Fund,
(Acceptance of Deposits) Rules, 2014, as amended, Employees’ State Insurance, Income Tax, duty
with regard to the deposits accepted. According to of Customs, Cess and any other statutory dues
the information and explanations given to us, no order applicable to it to the appropriate authorities. No
has been passed by the Company Law Board or the undisputed amounts payable in respect of the
National Company Law Tribunal or the Reserve Bank aforesaid dues were outstanding as at March 31,
of India or any Court or any other Tribunal. 2023 for a period of more than six months from
the date they became payable.
vi. To the best of our knowledge and information
and explanation given to us, the maintenance of b) Details of statutory dues referred to in clause
cost records has not been specified by the Central vii (a) above, which have not been deposited as
Government under section 148(1) of the Act in respect on March 31, 2023 on account of disputes are
of activities undertaken by the Company, hence given below:
the reporting requirement under the clause vi of
paragraph 3 of the Order is not applicable.
(C in Crore)
Period to which the amount
Name of the Statute Nature of Dues Forum where dispute is pending Amount
relates
Central Sales Tax Act, Sales Tax Deputy Commissioner of Sales Tax F.Y. 2013-14 0.10(1)
1956
Central Sales Tax Appellate Tribunal F.Y. 2011-12 0.74(2)
Deputy Commissioner of Sales Tax F.Y. 2015-16 9.42
Entry Tax Entry Tax Tribunal of Various States F.Y. 2012-13 to 0.06(3)
Entry Tax Act of Various F.Y 2016-17
States The Additional Commissioner (Appeals) F.Y. 2014-15 0.03(4)
Central Excise Act, 1944 Excise Duty The Customs, Excise and Service Tax Appellate F.Y. 2012-13 3.97(5)
Tribunal (CESTAT)
The Commissioner of Customs (Appeals) F.Y. 2011-12 0.01
Goods and Service Tax Act, Goods and Additional / Joint Commissioner Appeals F.Y. 2017-18, F.Y. 2020-21 0.73(6)
Service Tax & F.Y. 2021-22
Value Added Tax Act of Value Added Sales Tax Appellate Authority / Tribunals of F.Y. 2009-10 and 0.61(7)
Various States Tax Various State F.Y 2011- 12 to 2013-14
Deputy Commissioner of Sales Tax F.Y. 2013-14 1.47(8)
Income Tax Act, 1961 Income Tax Commissioner of Income Tax (Appeals) A.Y. 2018-19 68.19
Commissioner of Income Tax (Appeals) A.Y. 2019-20 42.69
Hon’ble Bombay High Court A.Y. 2011-12 0.45
Includes 1 C 56,325/-, 2 C 1,000/- 3 C 0.06 Crore, 4 C 39,100/-, 5 C 0.16 Crore, 6 C 0.02 Crore, 7 C 0.36 Crore, 8 C 0.03 Crore paid under protest.

Standalone
viii. According to information and explanation given to us explanations given to us, no material fraud by the
and examination of records of the Company, there are Company or on the Company has been noticed
no transactions surrendered or disclosed as income or reported during the year.
during the year in the tax assessments under the
(b) According to the information and explanations
Income Tax Act, 1961.
given to us, no report under sub-section (12)
ix. (a) Based on the examination of records and of section 143 of the Act has been filed by the
information and explanation given to us, the auditors in form ADT-4 as prescribed under rule
Company has not defaulted in repayment of its 13 of the Companies (Audit and Auditors) Rules,
loans or payment of interest to any lender. 2014 with the Central Government.
(b) According to the information and explanations (c) We have taken into consideration the whistle
given to us and on the basis of the audit blower complaints received by the Company
procedures, we report that the Company has during the year while determining the nature,
not been declared as wilful defaulter by any timing and extent of audit procedures
banks, financial institution or government or any
xii. The Company is not a Nidhi Company and hence
government authority.
reporting under clause (xii) of paragraph 3 of the Order
(c) In our opinion and information and explanation is not applicable to the Company.
given to us and based on the examination of
xiii. In our opinion and according to the information
records of the Company, the term loans availed
and explanations given to us, the Company is in
by the Company has been applied for the
compliance with Sections 177 and 188 of the Act,
purpose it was obtained.
where applicable, for all transactions with the related
(d) According to the information and explanations parties and the details of related party transactions
given to us, and the procedures performed by have been disclosed in the financial statements etc. as
us, and on an overall examination of the financial required by the applicable accounting standards.
statements of the Company, we report that no
xiv. (a) In our opinion and based on our examination,
funds raised on short term basis have been used
the Company has an internal audit system
for long-term purposes.
commensurate with the size and nature of
(e) According to the information and explanations its business.
given to us and on an overall examination of the
(b) We have considered the internal audit reports
financial statements of the Company, we report
of the Company issued till date, for the period
that the Company has not taken any funds from
under audit.
any entity or person on account of or to meet
the obligations of its subsidiaries, associates or xv. According to the information and explanations given
joint ventures. to us, during the year, the Company has not entered
into any non-cash transactions with its directors
(f) In our opinion and according to the information
or directors of its holding, subsidiary or associate
and explanations given to us, the Company has
company or persons connected with them, and hence
not raised loans during the year on the pledge of
provisions of Section 192 of the Act, are not applicable.
securities held in its subsidiaries, joint ventures or
associate companies. xvi. (a) The Company is not required to be registered
under Section 45-IA of the Reserve Bank of India
x. (a) In our opinion and according to the information
Act, 1934.
and explanations given to us, the Company
has not raised moneys by way of initial public (b) On the basis of examination of records and
offer or further public offer (including debt according to the information and explanation
instruments) and hence reporting under clause given to us by the Company, the Company has
x(a) of paragraph 3 of the Order is not applicable not conducted any Non-Banking Financial or
to the Company. Housing Finance activities hence the reporting
requirements under clause xvi(b) of paragraph 3
(b) In our opinion and according to the information
of the Order is not applicable.
and explanation given to us, the Company during
the year has not made any preferential allotment (c) In our opinion and according to the information
or private placement of shares or fully or partly and explanation given to us, the Company is not
convertible debentures and hence reporting a Core Investment Company as defined in the
under clause x(b) of paragraph 3 of the Order is regulations made by the Reserve Bank of India.
not applicable to the Company.
(d) As represented by the management, the Group
xi. (a) Based on the audit procedures performed does not have any Core Investment Company as
by us and according to the information and part of the Group as per the definition of Group

contained in the Core Investment Companies xx. (a) Based on the examination of records of the
(Reserve Bank) Directions, 2016 and hence the Company and according to the information
reporting under clause (xvi)(d) of paragraph 3 of and explanation given to us by the Company,
the Order is not applicable. in respect of other than ongoing projects, there
were no unspent amount that were required to
xvii. Based on the examination of records, the Company
be transferred to a Fund specified in Schedule VII
has not incurred cash losses in the financial year and
in compliance with second proviso to sub-section
in the immediately preceding financial year.
5 of section 135 of the Act.
xviii. There has been no resignation of the statutory
(b) Based on the examination of records of the
auditors during the year and accordingly this clause is
Company, and according to the information and
not applicable.
explanations given to us, in respect of ongoing
xix. According to the information and explanations projects there were no unspent amount that were
given to us and on the basis of the financial ratios, required to be transferred to special account in
ageing and expected dates of realization of financial compliance with provision of sub section 6 of
assets and payment of financial liabilities, other section 135 of the Act.
information accompanying the financial statements,
our knowledge of the Board of Directors and For D T S & Associates LLP
management plans and based on our examination of Chartered Accountants
the evidence supporting the assumptions, nothing has Firm’s Registration No. 142412W/W100595
come to our attention, which causes us to believe that
any material uncertainty exists as on the date of the Vishal D. Shah
audit report that Company is not capable of meeting Partner
its liabilities existing at the date of balance sheet as Membership No. 119303
and when they fall due within a period of one year UDIN: 23119303BGVAIK2166
from the balance sheet date. We, however, state that Place: Mumbai
this is not an assurance as to the future viability of the Date: April 20, 2023
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.

ANNEXURE B
To the Independent Auditors’ Report
(Referred to in paragraph 2(f) under ‘Report on other controls over financial reporting included obtaining an
legal and regulatory requirements’ section of our report understanding of internal financial controls over financial
of even date to the members of Reliance Retail Limited reporting with reference to these standalone financial
for the year ended March 31, 2023) statements, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
Report on the internal financial controls effectiveness of internal control based on the assessed
risk. The procedures selected depend on the auditor’s
over financial reporting under clause (i) judgement, including the assessment of the risks of
of sub-section 3 of Section 143 of the material misstatement of the financial statements, whether
Companies Act, 2013 (“the Act”) due to fraud or error.
We have audited the internal financial controls over We believe that the audit evidence we have obtained is
financial reporting of Reliance Retail Limited (“the sufficient and appropriate to provide a basis for our audit
Company”) as of March 31, 2023 in conjunction with opinion on the Company’s internal financial controls system
our audit of the standalone financial statements of the over financial reporting with reference to these standalone
Company for the year ended on that date. financial statements.
Management’s responsibility for internal Meaning of internal financial controls

financial controls over financial reporting with reference to
The Company’s management is responsible for establishing these standalone financial statements
and maintaining internal financial controls based on the
A company’s internal financial control over financial
internal control over financial reporting criteria established
reporting with reference to these standalone financial
by the Company considering the essential components
statements is a process designed to provide reasonable
of internal control stated in the Guidance Note on Audit
assurance regarding the reliability of financial reporting
of Internal Financial Controls over Financial Reporting
and the preparation of financial statements for external
issued by the Institute of Chartered Accountants of India
purposes in accordance with generally accepted accounting
(the “Guidance Note”). These responsibilities include the
principles. A company’s internal financial control over
design, implementation and maintenance of adequate
financial reporting with reference to these standalone
internal financial controls that were operating effectively
financial statements includes those policies and procedures
for ensuring the orderly and efficient conduct of its
that (1) pertain to the maintenance of records that,
business, including adherence to Company’s policies, the
in reasonable detail, accurately and fairly reflect the
safeguarding of its assets, the prevention and detection of
transactions and dispositions of the assets of the company;
frauds and errors, the accuracy and completeness of the
(2) provide reasonable assurance that transactions are
accounting records, and the timely preparation of reliable
recorded as necessary to permit preparation of financial
financial information, as required under the Companies
statements in accordance with generally accepted
Act, 2013.
accounting principles, and that receipts and expenditures
of the company are being made only in accordance
Auditor’s responsibility with authorisations of management and directors of the
Our responsibility is to express an opinion on the company; and (3) provide reasonable assurance regarding
Company’s internal financial controls over financial prevention or timely detection of unauthorised acquisition,
reporting with reference to these standalone financial use, or disposition of the company’s assets that could have
statements based on our audit. We conducted our audit a material effect on the financial statements.
in accordance with the Guidance Note on Audit of Internal
Financial Controls over Financial Reporting issued by Inherent limitations of internal financial
the Institute of Chartered Accountants of India and the
Standards on Auditing prescribed under Section 143(10)
controls over financial reporting with
of the Act, to the extent applicable to an audit of internal reference to these standalone financial
financial controls. Those Standards and the Guidance Note statements
require that we comply with ethical requirements and plan Because of the inherent limitations of internal financial
and perform the audit to obtain reasonable assurance controls over financial reporting with reference to these
about whether adequate internal financial controls over standalone financial statements, including the possibility
financial reporting was established and maintained and if of collusion or improper management override of controls,
such controls operated effectively in all material respects. material misstatements due to error or fraud may occur
Our audit involves performing procedures to obtain audit and not be detected. Also, projections of any evaluation
evidence about the adequacy of the internal financial of the internal financial controls over financial reporting
controls system over financial reporting with reference with reference to these standalone financial statements
to these standalone financial statements and their to future periods are subject to the risk that the internal
operating effectiveness. Our audit of internal financial 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, 2023, 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
Membership No. 119303
UDIN: 23119303BGVAIK2166
Place: Mumbai
Date: April 20, 2023

STANDALONE BALANCE SHEET
As at 31st March, 2023
(C in crore)
As at As at
Notes
31st March, 2023 31st March, 2022
Assets
Non-Current Assets
Property, Plant and Equipment 1 39,311.81 14,019.11
Other Intangible Assets 1 14,277.52 2,775.18
Goodwill 2.90 2.90
Capital Work-in-Progress 1 24,442.22 11,882.11
Intangible Assets Under Development 1 1,322.94 11,839.66
79,357.39 40,518.96
Financial Assets
Investments 2 1.09 716.39
Other Non- Current Assets 3 4,664.60 6,532.54
Total Non-Current Assets 84,023.08 47,767.89
Current Assets
Inventories 4 24,969.10 20,036.08
Financial Assets
Investments 5 262.05 -
Trade Receivables 6 5,520.17 8,804.66
Cash and Cash Equivalents 7 401.38 460.22
Other Financial Assets 8 3,195.61 2,692.77
Other Current Assets 9 10,088.45 8,363.03
Total Current Assets 44,436.76 40,356.76
Total Assets 1,28,459.84 88,124.65
Equity and Liabilities
Equity
Equity Share Capital 10 4,990.42 4,990.42
Other Equity 11 32,232.41 25,264.34
Total Equity 37,222.83 30,254.76
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 12 44,569.04 12,021.00
Provisions 13 86.85 68.38
Deferred Tax Liabilities (Net) 14 2,381.34 1,448.88
Total Non-Current Liabilities 47,037.23 13,538.26
Current Liabilities
Borrowings 15 26,368.68 28,735.44
Trade Payables Due to: 16
Micro and Small Enterprise 971.14 633.03
Other than Micro and Small Enterprise 14,517.62 12,289.40
Other Financial Liabilities 17 971.90 1,228.59
Other Current Liabilities 18 1,362.73 1,440.33
Total Current Liabilities 44,199.78 44,331.63
Total Liabilities 91,237.01 57,869.89
Total Equity and Liabilities 1,28,459.84 88,124.65
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 Adil Zainulbhai

Chartered Accountants Whole-Time Director (DIN: 00085077) (DIN: 06646490)
Firm Registration No: (DIN: 00009621)
142412W/W100595 Sanjay Jog Ranjit V Pandit
Dinesh Taluja (DIN: 01727602) (DIN: 00782296)
Chief Financial Officer Directors
Geeta Fulwadaya Anshu Prakash
K. Sridhar (DIN: 03341926) (DIN: 03540028)
Vishal D. Shah Company Secretary
Partner Prof. Dipak C. Jain
Membership No: 119303 (DIN: 00228513)

STANDALONE STATEMENT OF PROFIT AND LOSS
for the year ended 31st March, 2023
(C in crore)
Notes 2022-23 2021-22
Income
Value of Sales 2,39,807.56 1,84,821.33
Income from Services 12,164.11 8,634.69
Value of Sales & Services (Revenue) 2,51,971.67 1,93,456.02
Less: GST Recovered 28,319.00 24,058.67
Revenue from Operations 20 2,23,652.67 1,69,397.35
Other Income 21 109.90 12.58
Total Income 2,23,762.57 1,69,409.93
Expenses
Cost of Materials Consumed 0.01 0.04
Purchases of Stock-in-Trade 1,97,564.35 1,54,397.08
Changes in Inventories of Finished Goods and Stock-in-Trade 22 (4,579.05) (7,605.42)
Employee Benefits Expense 23 2,081.04 1,514.39
Finance Costs 24 3,923.33 1,977.24
Depreciation and Amortisation Expense 1 2,988.79 1,781.03
Other Expenses 25 12,396.06 10,765.65
Total Expenses 2,14,374.53 1,62,830.01
Profit Before Tax 9,388.04 6,579.92
Tax Expenses:
Current Tax 26 1,409.82 1,114.14
Deferred Tax 26 933.44 531.13
Profit for the year 7,044.78 4,934.65
Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to Statement of Profit and loss 21.1 (71.10) (3.12)
(ii) Income tax relating to items that will not be reclassified to Statement of Profit and loss 2.71 (0.79)
(iii) Items that will be reclassified to Statement of Profit and loss 21.2 (3.88) 0.31
(iv) Income tax relating to items that will be reclassified to Statement of Profit and loss (0.98) 0.08
Total Other Comprehensive Income/ (Loss) for the Year (Net of Tax) (76.71) (2.10)
Total Comprehensive Income for the Year 6,968.07 4,932.55
Earnings per equity share of face value of K 10 each
Basic (in C) 27 13.24 9.27
Diluted (in C) 27 7.55 5.29
See Accompanying notes to the financial statements 1 to 38

K. Sridhar (DIN: 03341926) (DIN: 03540028)

STANDALONE STATEMENT OF CHANGES IN EQUITY
A. Equity Share Capital

(C in crore)
Balance at the Balance at the end Balance at the end

Changes in equity Changes in equity
beginning of the of the reporting of the reporting
share capital during share capital during
reporting period period i.e. period i.e.
the year 2021-22 the year 2022-23
i.e. 1st April, 2021 31st March, 2022 31st March, 2023
4,990.42 - 4,990.42 - 4,990.42
B. Other Equity
(C in crore)
Instruments Classified as Equity Reserves & Surplus
Compulsorily
8.5% Non Cumulative
Convertible
Particulars Optionally Convertible Other Balance as at
Debentures Capital Securities Retained
Preference Shares Comprehensive 31st March,
of K 10,00,000 Reserve Premium Earnings
(OCPS) of K 10 each, Income 2022
each, fully
fully paid up
paid up
As on 31st March, 2023

Balance as at 1st April 2022 800.00 330.00 55.11 3,200.00 20,890.44 (11.21) 25,264.34
Add: Total Comprehensive - - - - 7,044.78 (76.71) 6,968.07
Income for the year
Balance as at 31st March, 800.00 330.00 55.11 3,200.00 27,935.22 (87.92) 32,232.41
2023
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 - - - - 4,934.65 (2.10) 4,932.55
Income for the year
Balance as at 31st March, 800.00 330.00 55.11 3,200.00 20,890.44 (11.21) 25,264.34
2022

K. Sridhar (DIN: 03341926) (DIN: 03540028)

STANDALONE STATEMENT OF CASH FLOW
(C in crore)
2022-23 2021-22
A: Cash Flow From Operating Activities

Net Profit before Tax as per Statement of Profit and Loss 9,388.04 6,579.92
Adjusted for:
(Profit)/ Loss on Sale/ Discarding of Property, Plant and Equipment (Net) (7.76) 8.22
Depreciation and Amortisation Expense 2,988.79 1,781.03
Effect of Exchange Rate Change (Net) 6.10 2.93
Net Gain on Financial Assets (67.12) -
Interest Income (20.47) (12.46)
Finance Costs 3,923.33 1,977.24
Operating Profit before Working Capital Changes 16,210.91 10,336.88
Adjusted for:
Trade and Other Receivables (1,746.04) (6,237.90)
Inventories (4,933.02) (7,714.48)
Trade and Other Payables 2,381.61 6,423.22
Subtotal (4,297.45) (7,529.16)
Cash Generated from Operations 11,913.46 2,807.72
Taxes Paid (Net) (2,027.34) (1,157.96)
Net Cash flow from Operating Activities* 9,886.12 1,649.76
B: Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment and Intangible Assets (36,490.76) (20,333.63)
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets 34.66 7.48
Investment in Subsidiaries/ Joint Ventures - (6.00)
Purchase of Financial Assets (142.58) (124.15)
Proceeds from Sale of Financial instruments 577.19 -
Movement in Loans & Advances and Other Assets 399.62 (5,223.45)
Interest Income 14.65 10.42
Net Cash Flow used in Investing Activities (35,607.22) (25,669.33)
C: Cash Flow From Financing Activities
Proceeds from Borrowings - Non-Current 32,598.04 12,021.00
Repayment of Borrowings - Non-Current (50.00) -
Borrowings Current (Net) (2,366.76) 13,989.56
Interest Paid (4,519.02) (1,883.73)
Net Cash Flow from Financing Activities 25,662.26 24,126.83
Net (Decrease)/ Increase in Cash and Cash Equivalents (58.84) 107.26
Opening Balance of Cash and Cash Equivalents 460.22 352.96
Closing Balance of Cash and Cash Equivalents (Refer Note 7) 401.38 460.22
* Includes Amount spent in Cash towards Corporate Social Responsibility is C 135.10 crore (Previous Year C 123.50 crore).

K. Sridhar (DIN: 03341926) (DIN: 03540028)

NOTES
to the Standalone Financial Statements for the year ended 31st March, 2023
A. Corporate Information - It is expected to be settled in normal

operating cycle;
Reliance Retail Limited (“the Company”) is a public
limited company incorporated in India having its - It is held primarily for the purpose of trading;
registered office at 3rd floor, Court House, Lokmanya
- It is due to be settled within twelve months
Tilak Marg, Dhobi Talao, Mumbai 400002, India.
after the reporting period, or
The Company’s immediate holding Company is
Reliance Retail Ventures Limited and Ultimate holding - There is no unconditional right to defer the
company is Reliance Industries Limited. The Company settlement of the liability for at least twelve
is engaged in organised retail spanning across months after the reporting period.
various consumption baskets primarily catering to
The Company classifies all other liabilities as non-
Indian consumers.
current.
B. Significant Accounting Policies Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
B.1 Basis of Preparation and Presentation
The financial statements have been prepared on (b) Property, Plant and Equipment
the historical cost basis except for following assets Property, Plant and Equipment are stated at
and liabilities which have been measured at fair cost, net of recoverable taxes, trade discount
value amount: and rebates less accumulated depreciation and
i) Certain Financial Assets and Liabilities (including impairment losses, if any. Such cost includes
derivative instruments), purchase price and any cost directly attributable
to bringing the assets to its working condition for
ii) Defined Benefit Plans - Plan Assets and its intended use.
iii) Equity settled Share Based Payments Subsequent costs are included in the asset’s
The Financial Statements of the Company have carrying amount or recognised as a separate
been prepared to comply with the Indian Accounting asset, as appropriate, only when it is probable
Standards (‘Ind AS’), including the Rules notified under that future economic benefits associated with the
the relevant provisions of the Companies Act, 2013 as item will flow to the entity and the cost can be
amended from time to time. measured reliably.
The Company’s financial statements are presented in Property, Plant and Equipment which are
Indian Rupees (C), which is also its functional currency significant to the total cost of that item of
and all values are rounded to the nearest crore Property, Plant and Equipment and having
(C 00,00,000), except when otherwise indicated. different useful life are accounted separately.
Other Indirect Expenses incurred relating to
B.2 Summary of Significant Accounting project, net of income earned during the project
Policies development stage prior to its intended use,
(a) Current and Non-Current Classification are considered as pre - operative expenses and
The Company presents assets and liabilities disclosed under Capital Work-in-Progress.
in the Balance Sheet based on Current/ Non- Depreciation on Property, Plant and Equipment
Current classification. is provided on straight line method and based on
An asset is treated as Current when it is - useful life of the assets as prescribed in Schedule
II to the Companies Act, 2013. Leasehold
- Expected to be realised or intended to be improvements are amortized over the estimated
sold or consumed in normal operating cycle; useful life; on assets acquired under finance lease
- Held primarily for the purpose of trading; depreciation is provided over the lease term.
- Expected to be realised within twelve The residual values, useful lives and methods of
months after the reporting period, or depreciation of Property, Plant and Equipment
are reviewed at each financial year end and
- Cash or cash equivalent unless restricted adjusted prospectively, if appropriate.
from being exchanged or used to settle a
liability for at least twelve months after the Gains or losses arising from derecognition of a
reporting period. Property, Plant and Equipment are measured as
the difference between the net disposal proceeds
All other assets are classified as non-current. and the carrying amount of the asset and are
A liability is current when - recognized in the Statement of Profit and Loss
when the asset is derecognised.

NOTES
(c) Leases Gains or losses arising from derecognition of an

The Company, as a lessee, recognizes a right- Intangible Asset are measured as the difference
of-use asset and a lease liability for its leasing between the net disposal proceeds and the
arrangements, if the contract conveys the right to carrying amount of the asset and are recognized
control the use of an identified asset. in the Statement of Profit and Loss when the
asset is derecognized.
The contract conveys the right to control the
use of an identified asset, if it involves the use The Company’s Other Intangible Assets include
of an identified asset and the Company has assets with finite and indefinite useful life.
substantially all of the economic benefits from Assets with finite useful life are amortised on a
use of the asset and has right to direct the use straight-line basis over their expected useful life
of the identified asset. The cost of the right-of- and assets with indefinite useful lives are not
use asset shall comprise of the amount of the amortised but are tested for impairment annually
initial measurement of the lease liability adjusted at the cash generating unit level.
for any lease payments made at or before the
commencement date plus any initial direct costs A summary of the amortisation/depletion policies
incurred. The right-of-use assets is subsequently applied to the company’s Other Intangible having
measured at cost less any accumulated finite useful life and to the extent of amortisation
depreciation, accumulated impairment losses, is as under.
if any and adjusted for any remeasurement Particular Amortisation
of the lease liability. The right-of-use assets is
Computer Software
depreciated using the straight-line method from
the commencement date over the shorter of Brands and Trademark Over a period ranging from
lease term or useful life of right-of-use asset. 5 to 25 Years
Platform and related
The Company measures the lease liability at Product Developments
the present value of the lease payments that
are not paid at the commencement date of (e) Research and Development Expenditure
the lease. The lease payments are discounted
Revenue expenditure pertaining to research is
using the interest rate implicit in the lease, if
charged to the Statement of Profit and Loss.
that rate can be readily determined. If that rate
cannot be readily determined, the Company uses Development costs are capitalized as an
incremental borrowing rate. intangible asset if it can be demonstrated that
the project is expected to generate future
For short-term and low value leases, the
economic benefits, it is probable that those
Company recognizes the lease payments as an
future economic benefits will flow to the entity
operating expense on a straight-line basis over
and the costs of the asset can be measured
the lease term.
reliably, else it is charged to the Statement of
Profit and Loss.
(d) Intangible Assets
Intangible Assets are stated at cost of acquisition (f) Cash and Cash Equivalents
net of recoverable taxes, trade discount and
Cash and cash equivalents comprise of cash on
rebates less accumulated amortisation /
hand, cash at banks, short term deposits and
depletion and impairment loss, if any. Such cost
short-term highly liquid investments that are
includes purchase price and any cost directly
readily convertible to known amounts of cash
attributable to bringing the asset to its working
and which are subject to an insignificant risk of
condition for the intended use.
changes in value.
Subsequent costs are included in the asset’s
carrying amount or recognised as a separate (g) Finance Costs
asset, as appropriate, only when it is probable Borrowing costs include exchange differences
that future economic benefits associated with the arising from foreign currency borrowings to the
item will flow to the entity and the cost can be extent they are regarded as an adjustment to the
measured reliably. interest cost. Borrowing costs that are directly
Other Indirect Expenses incurred relating attributable to the acquisition or construction of
to project, net of income earned during the qualifying assets are capitalised as part of the
project development stage prior to its intended cost of such assets. A qualifying asset is one that
use, are considered as project development necessarily takes substantial period of time to get
expenses and disclosed under Intangible Assets ready for its intended use.
Under Development.

Standalone
Interest income earned on the temporary benefits will be required to settle the obligation
investment of specific borrowings pending and a reliable estimate can be made of the
their expenditure on qualifying assets is amount of the obligation.
deducted from the borrowing costs eligible
If the effect of the time value of money is
for capitalisation.
material, provisions are discounted using
All other borrowing costs are charged to the a current pre-tax rate that reflects, when
Statement of Profit and Loss for the period for appropriate, the risks specific to the liability.
which they are incurred. When discounting is used, the increase in
the provision due to the passage of time is
(h) Inventories recognised as a finance cost.
Items of inventories are measured at lower of
cost and net realisable value after providing (k) Contingent Liabilities
for obsolescence, if any. Cost of inventories Disclosure of contingent liability is made when
comprises of cost of purchase, cost of conversion there is a possible obligation arising from past
and other costs including overheads net of events, the existence of which will be confirmed
recoverable taxes incurred in bringing them to only by the occurrence or non-occurrence of
their respective present location and condition. one or more uncertain future events not wholly
within the control of the Company or a present
Costs of inventories are determined on
obligation that arises from past events where it is
weighted average basis except Gold and silver is
either not probable that an outflow of resources
determined on FIFO basis. Inventories of Gold /
embodying economic benefits will be required
Silver are adjusted with gains / loss on qualifying
to settle or a reliable estimate of amount cannot
fair value hedges.
be made.
(i) Impairment of Non-Financial Assets
(l) Employee Benefits Expense
- Property, Plant and Equipment and
Intangible Assets Short Term Employee Benefits
The Company assesses at each reporting date The undiscounted amount of short term
as to whether there is any indication that any employee benefits expected to be paid in
Property, Plant and Equipment and Intangible exchange for the services rendered by employees
assets or group of assets, called Cash Generating are recognised as an expense during the period
Units (CGU) may be impaired. If any such when the employees render the services.
indication exists, the recoverable amount of
an asset or CGU is estimated to determine the Post-Employment Benefits
extent of impairment, if any. When it is not Defined Contribution Plans
possible to estimate the recoverable amount of A defined contribution plan is a post-employment
an individual asset, the Company estimates the benefit plan under which the Company pays
recoverable amount of the CGU to which the specified contributions to a separate entity. The
asset belongs. Company makes specified monthly contributions
An impairment loss is recognised in the towards Provident Fund, Superannuation Fund
Statement of Profit and Loss to the extent, and Pension Scheme.
asset’s carrying amount exceeds its recoverable The Company recognizes contribution payable
amount. The recoverable amount is higher of an to the provident fund scheme as an expense,
asset’s fair value less cost of disposal and value in when an employee renders the related service.
use. Value in use is based on the estimated future If the contribution payable to the scheme for
cash flows, discounted to their present value service received before the balance sheet date
using pre-tax discount rate that reflects current exceeds the contribution already paid, the deficit
market assessments of the time value of money payable to the scheme is recognized as a liability
and risk specific to the assets. after deducting the contribution already paid.
The impairment loss recognised in prior If the contribution already paid exceeds the
accounting period is reversed if there has been a contribution due for services received before the
change in the estimate of recoverable amount. balance sheet date, then excess is recognized
as an asset to the extent that the pre-payment
(j) Provisions will lead to, for example, a reduction in future
payment or a cash refund.
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

NOTES
Defined Benefit Plans tax rates (and tax laws) that have been
The Company pays gratuity to the employees enacted or substantively enacted by the
who have completed five years of service end of the reporting period. The carrying
with the Company at the time of resignation/ amount of Deferred tax liabilities and
superannuation. The gratuity is paid @15 days assets are reviewed at the end of each
salary for every completed year of service as per reporting period.
the Payment of Gratuity Act, 1972.
(n) Share Based Payments
The gratuity liability amount is contributed to the
Equity-settled share-based payments to
approved gratuity fund formed exclusively for
employees and others providing similar services
gratuity payment to the employees. The gratuity
are measured at the fair value of the equity
fund has been approved by respective Income
instruments at the grant date.
Tax Authorities.
The fair value determined at the grant date
The liability in respect of gratuity and other
of the equity-settled share based payments is
post-employment benefits is calculated using the
expensed on a straight line basis over the vesting
Projected Unit Credit Method and spread over
period, based on the Company’s estimate of
the period during which the benefit is expected
equity instruments that will eventually vest,
to be derived from employees’ services.
with a corresponding increase in equity. At the
Remeasurement gains and losses arising end of each reporting period, the Company
from adjustments and changes in revises its estimate of the number of equity
actuarial assumptions are recognised in instruments expected to vest. The impact of
the period in which they occur in Other the revision of the original estimates, if any, is
Comprehensive Income. recognised in Statement of Profit and Loss such
that the cumulative expenses reflects the revised
(m) Tax Expenses estimate, with a corresponding adjustment to
The tax expenses for the period comprises of Share Based Payments Reserve.
current tax and Deferred Income Tax. Tax is The dilutive effect of outstanding options is
recognised in Statement of Profit and Loss, reflected as additional share dilution in the
except to the extent that it relates to items computation of diluted earnings per share.
recognised in the Other Comprehensive Income
or in Equity. In which case, the tax is also (o) Foreign Currencies Transactions and
recognised in Other Comprehensive Income Translation
or Equity.
Transactions in foreign currencies are recorded
at the exchange rate prevailing on the date
i) Current Tax
of transaction. Monetary assets and liabilities
Current tax assets and liabilities are denominated in foreign currencies are translated
measured at the amount expected to be at the functional currency closing rates of
recovered from or paid to the Income Tax exchange at the reporting date.
authorities, based on tax rates and laws that
are enacted at the Balance sheet date. Exchange differences arising on settlement or
translation of monetary items are recognised in
ii) Deferred Tax Statement of Profit and Loss except to the extent
of exchange differences which are regarded as an
Deferred tax is recognised on temporary
adjustment to interest costs on foreign currency
differences between the carrying amounts
borrowings that are directly attributable to the
of assets and liabilities in the Financial
acquisition or construction of qualifying assets
Statements and the corresponding tax bases
which are capitalized as cost of assets.
used in the computation of taxable profit.
Non-monetary items that are measured in
Deferred tax assets are recognised to the
terms of historical cost in a foreign currency are
extent it is probable that taxable profit will
recorded using the exchange rates at the date of
be available against which the deductible
the transaction. Non-monetary items measured
temporary differences, and the carry
at fair value in a foreign currency are translated
forward of unused tax losses can be utilized.
using the exchange rates at the date when the
Deferred tax liabilities and assets are fair value was measured. The gain or loss arising
measured at the tax rates that are expected on translation of non-monetary items measured
to apply in the period in which the liability at fair value is treated in line with the recognition
is settled or the asset realised, based on of the gain or loss on the change in fair value

Standalone
of the item (i.e., translation differences on items Contract liabilities

whose fair value gain or loss is recognised in A contract liability is the obligation to transfer
Other Comprehensive Income or Statement goods or services to a customer for which
of Profit and Loss are also recognised in Other the Company has received consideration (or
Comprehensive Income or Statement of Profit an amount of consideration is due) from the
and Loss, respectively). customer. If a customer pays consideration
before the Company transfers goods or services
(p) Revenue Recognition to the customer, a contract liability is recognised
Revenue from contracts with customers is when the payment is made or the payment
recognised when control of the goods or is due (whichever is earlier). Contract liabilities
services are transferred to the customer at an are recognised as revenue when the Company
amount that reflects the consideration entitled performs under the contract.
in exchange for those goods or services.The
Interest Income
Company has generally concluded that it is the
principal in its revenue arrangement, because it Interest Income from a Financial Asset is
typically controls the goods or services before recognised using effective interest rate method.
transferring them to the customer.
Dividend Income
Generally, control is transfer upon shipment
Dividend Income is recognised when the
of goods to the customer or when the goods
Company’s right to receive the amount has
is made available to the customer, provided
been established.
transfer of title to the customer occurs and the
Company has not retained any significant risks of
(q) Financial Instruments
ownership or future obligations with respect to
the goods shipped. i) Financial Assets
A. Initial Recognition and Measurement
Revenue from rendering of services is recognised
over time by measuring the progress towards All Financial Assets are initially recognized at
complete satisfaction of performance obligations fair value. Transaction costs that are directly
at the reporting period. attributable to the acquisition or issue of
Financial Assets, which are not at Fair Value
Revenue is measured at the amount of Through Profit or Loss, are adjusted to the
consideration which the company expects to be fair value on initial recognition. Purchase and
entitled to in exchange for transferring distinct sale of Financial Assets are recognised using
goods or services to a customer as specified in trade date accounting.
the contract, excluding amounts collected on
behalf of third parties (for example taxes and B. Subsequent Measurement
duties collected on behalf of the government).
a) Financial Assets Measured at Amortised
Consideration is generally due upon satisfaction
Cost (AC)
of performance obligations and a receivable
is recognized when it becomes unconditional. A Financial Asset is measured at Amortised
Generally the credit period does not exceed 90 Cost if it is held within a business model
days for sale of goods or services as the case whose objective is to hold the asset in
may be. order to collect contractual cash flows
and the contractual terms of the Financial
Customer acquisition cost comprises of directly
Asset give rise on specified dates to cash
attributable cost incurred towards acquisition
flows that represents solely payments
of new customers and it is amortised over the
of principal and interest on the principal
expected customer churn period.
amount outstanding.
In case of discounts, rebates, credits, price
b) Financial Assets Measured at Fair Value
incentives or similar terms, consideration are
Through Other Comprehensive Income
determined based on its expected value, which is
(FVTOCI)
assessed at each reporting period.
A Financial Asset is measured at FVTOCI
Contract balances if it is held within a business model whose
Trade receivables objective is achieved by both collecting
contractual cash flows and selling Financial
A receivable represents the Company’s right to Assets and the contractual terms of the
an amount of consideration that is unconditional.

NOTES
Financial Asset give rise on specified or

dates to cash flows that represents solely
payments of principal and interest on the • Full lifetime expected credit losses
principal amount outstanding. (expected credit losses that result from all
possible default events over the life of the
c) Financial Assets Measured at Fair financial instrument)
Value Through Profit or Loss (FVTPL)
A Financial Asset which is not classified in For Trade Receivables the Company
any of the above categories are measured applies ‘simplified approach’ which requires
at FVTPL. expected lifetime losses to be recognised
from initial recognition of the receivables.
Financial assets are reclassified subsequent The Company uses historical default rates to
to their recognition, if the Company changes determine impairment loss on the portfolio
its business model for managing those of trade receivables. At every reporting date
financial assets. Changes in business model these historical default rates are reviewed
are made and applied prospectively from and changes in the forward looking
the reclassification date which is the first estimates are analysed.
day of immediately next reporting period
following the changes in business model in For other assets, the Company uses 12
accordance with principles laid down under month ECL to provide for impairment loss
Ind AS 109 – Financial Instruments. where there is no significant increase in
credit risk. If there is significant increase in
C. Investment in Subsidiaries, Associates and credit risk full lifetime ECL is used.
Joint Ventures
ii) Financial Liabilities
The Company has accounted for its
investments in Subsidiaries, associates and A. Initial Recognition and Measurement
joint venture at cost less impairment loss (if All Financial Liabilities are recognized at
any). fair value and in case of borrowings, net of
directly attributable cost. Fees of recurring
D. Other Equity Investments nature are directly recognised in the
All other equity investments are measured Statement of Profit and Loss as finance cost.
at fair value, with value changes recognised
in Statement of Profit and Loss, except B. Subsequent Measurement
for those equity investments for which Financial Liabilities are carried at amortized
the Company has elected to present the cost using the effective interest method.
value changes in ‘Other Comprehensive
For trade and other payables maturing
Income’. However, dividend on such equity
within one year from the balance sheet
investments are recognized in Statement of
date, the carrying amounts approximate
Profit and loss when the company’s right to
fair value due to the short maturity of
receive payment is established.
these instruments.
E. Impairment of Financial Assets
iii) Derivative Financial Instruments and
In accordance with Ind AS 109, the Hedge Accounting
Company uses “Expected Credit Loss”
The Company uses various derivative
(ECL) model, for evaluating impairment of
financial instruments such as currency
Financial Assets other than those measured
forwards and commodity contracts to
at Fair Value Through Profit and Loss
mitigate the risk of changes in exchange
(FVTPL).
rates and commodity prices. At the
Expected credit losses are measured inception of a hedge relationship, the
through a loss allowance at an amount Company formally designates and
equal to: documents the hedge relationship to
which the Company wishes to apply hedge
• The 12 months expected credit losses accounting and the risk management
(expected credit losses that result from objective and strategy for undertaking the
those default events on the financial hedge. Such derivative financial instruments
instrument that are possible within 12 are initially recognised at fair value on
months after the reporting date); the date on which a derivative contract is
entered into and are subsequently measured

Standalone
at fair value. Derivatives are carried as in commodity prices and foreign

Financial Assets when the fair value is exchange rates.
positive and as Financial Liabilities when the
Changes in the fair value of hedging
fair value is negative.
instruments and hedged items that are
Any gains or losses arising from changes in designated and qualify as fair value hedges
the fair value of derivatives are taken directly are recorded in the Statement of Profit and
to Statement of Profit and Loss, except in Loss. If the hedging relationship no longer
case where the related underlying is held as meets the criteria for hedge accounting,
inventory, in which case, they are adjusted the adjustment to the carrying amount of a
to the carrying cost of inventory. hedged item is amortised to Statement of
Profit and Loss over the period of maturity.
Hedges that meet the criteria for hedge
accounting are accounted for as follows:
iv) Derecognition of Financial Instruments
A. Cash Flow Hedge The Company derecognizes a Financial
Asset when the contractual rights to the
The Company designates derivative
cash flows from the Financial Asset expire
contracts or non-derivative Financial
or it transfers the Financial Asset and the
Assets / Liabilities as hedging instruments
transfer qualifies for derecognition under
to mitigate the risk of movement in
Ind AS 109. A Financial Liability (or a part
interest rates and foreign exchange rates
of a Financial Liability) is derecognized
for foreign exchange exposure on highly
from the Company’s Balance Sheet when
probable future cash flows attributable to
the obligation specified in the contract is
a recognised asset or liability or forecast
discharged or cancelled or expires.
cash transactions. When a derivative
is designated as a cash flow hedging
v) Offsetting
instrument, the effective portion of
changes in the fair value of the derivative is Financial Assets and Financial Liabilities are
recognized in the cash flow hedging reserve offset and the net amount is presented in
being part of Other Comprehensive Income. the balance sheet when, and only when, the
Any ineffective portion of changes in the Company has a legally enforceable right to
fair value of the derivative is recognized set off the amount and it intends, either to
immediately in the Statement of Profit settle them on a net basis or to realise the
and Loss. If the hedging relationship asset and settle the liability simultaneously.
no longer meets the criteria for hedge
accounting, then hedge accounting is (r) Non-current assets held for sale
discontinued prospectively. If the hedging Non-current assets are classified as held for
instrument expires or is sold, terminated sale if their carrying amount will be recovered
or exercised, the cumulative gain or loss principally through a sale transaction rather than
on the hedging instrument recognized in through continuing use and sale is considered
cash flow hedging reserve till the period highly probable.
the hedge was effective remains in cash
A sale is considered as highly probable when
flow hedging reserve until the underlying
decision has been made to sell, assets are
transaction occurs. The cumulative gain
available for immediate sale in its present
or loss previously recognized in the cash
condition, assets are being actively marketed
flow hedging reserve is transferred to the
and sale has been agreed or is expected to
statement of profit and loss upon the
be concluded within 12 months of the date
occurrence of the underlying transaction.
of classification.
If the forecasted transaction is no longer
expected to occur, then the amount Assets and liabilities classified as held for sale are
accumulated in cash flow hedging reserve measured at the lower of their carrying amount
is reclassified in the Statement of Profit and fair value less cost of sell and are presented
and Loss. separately in the Balance Sheet.
B. Fair Value Hedge (s) Earnings per share

The company designates derivative Basic earnings per share is calculated by dividing
contracts as hedging instruments to the net profit after tax by the weighted average
mitigate the risk of change in fair value number of equity shares outstanding during the
of hedged item due to movement year adjusted for bonus element in equity share.

NOTES
Diluted earnings per share adjusts the figures (c) Provisions

used in determination of basic earnings per share
Provisions and liabilities are recognized in the period
to take into account the conversion of all dilutive
when it becomes probable that there will be a future
potential equity shares. Dilutive potential equity
outflow of funds resulting from past operations
shares are deemed converted as at the beginning
or events and the amount of cash outflow can be
of the period unless issued at a later date.
reliably estimated. The timing of recognition and
quantification of the liability require the application of
C. Critical Accounting Judgements and judgement to existing facts and circumstances, which
Key Sources of Estimation Uncertainty can be subject to change. The carrying amounts
The preparation of the Company’s Financial of provisions and liabilities are reviewed regularly
Statements requires management to make and revised to take account of changing facts
judgement, estimates and assumptions that affect and circumstances.
the reported amount of revenue, expenses, assets
and liabilities and the accompanying disclosures. (d) Impairment of Financial and Non-
Uncertainty about these assumptions and estimates Financial Assets
could result in outcomes that require a material The impairment provisions for Financial Assets
adjustment to the carrying amount of assets or are based on assumptions about risk of default
liabilities affected in next financial years. and expected cash loss rates. The Company uses
judgement in making these assumptions and
(a) Depreciation / Amortisation and Useful selecting the inputs to the impairment calculation,
Life of Property, Plant and Equipment / based on Company’s past history, existing market
Intangible Assets conditions as well as forward-looking estimates at the
Estimates are involved in determining the cost end of each reporting period.
attributable to bringing the assets to the location and In case of non-financial assets company estimates
condition necessary for it to be capable of operating asset’s recoverable amount, which is higher of an
in the manner intended by the management. asset’s or Cash Generating Units (CGU’s) fair value less
Property, Plant and Equipment / Intangible Assets costs of disposal and its value in use.
are depreciated / amortised over their estimated
useful life, after taking into account estimated In assessing value in use, the estimated future cash
residual value. Management reviews the estimated flows are discounted to their present value using
useful life and residual values of the assets annually pre-tax discount rate that reflects current market
in order to determine the amount of depreciation assessments of the time value of money and the risks
/ amortisation to be recorded during any reporting specific to the asset. In determining fair value less
period. The useful life and residual values are based costs of disposal, recent market transactions are taken
on the Company’s historical experience with similar into account, if no such transactions can be identified,
assets and take into account anticipated technological an appropriate valuation model is used.
changes. The depreciation / amortisation for future
periods is revised if there are significant changes from (e) Recognition of Deferred Tax Assets and
previous estimates. liabilities
Deferred tax assets and liabilities are recognised for
(b) Recoverability of Trade Receivable deductible temporary differences and unused tax
Judgements are required in assessing the losses for which there is probability of utilisation
recoverability of overdue trade receivables and against the future taxable profit. The Company uses
determining whether a provision against those judgement to determine the amount of deferred
receivables is required. Factors considered include tax that can be recognised, based upon the likely
the credit rating of the counterparty, the amount timing and the level of future taxable profits and
and timing of anticipated future payments and any business developments.
possible actions that can be taken to mitigate the risk
of non- payment.

Standalone
(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.
D. Standards Issued but not Effective

On March 31, 2023, the Ministry of Corporate Affairs
(MCA) has notified Companies (Indian Accounting
Standards) Amendment Rules, 2023.This notification
has resulted into amendments in the following
existing accounting standards which are applicable to
company from April 1, 2023.
i Ind AS 101 – First time adoption of Ind AS
ii Ind AS 102 – Share-based Payment
iii Ind AS 103 – Business Combination
iv Ind AS 107 – Financial Instrument Disclosures
v Ind AS 109 – Financial Instruments
vi Ind AS 115 – Revenue from Contracts
with Customers
vii Ind AS 1 – Presentation of Financial Statements
viii Ind AS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors
ix Ind AS 12 – Income Taxes
x Ind AS 34 - Interim Financial Reporting
Application of above standards are not expected
to have any significant impact on the company’s
financial statements.

NOTES
1 Property, Plant and Equipment, Intangible Assets, Capital Work-in-progress, and Intangible Assets under Development
(C in crore)
Gross block Depreciation/ amortisation Net block
Description As at As at As at Upto As at As at
Additions/ Deductions/ For the Deductions/
1st April, 31st March, 1st April, 31st March, 31st March, 31st March,
Adjustments Adjustments year # Adjustments
22 2023 22 2023 2023 2022
Property, Plant
and Equipment
Own Assets:
Freehold Land 14.21 - - 14.21 - - - - 14.21 14.21
Buildings 17.22 - - 17.22 2.34 0.28 - 2.62 14.60 14.88
Plant and Machinery 508.29 430.11 72.74 865.66 240.99 97.14 72.45 265.68 599.98 267.30
Electrical Installations 5,247.46 5,195.51 145.08 10,297.89 1,337.41 654.16 141.75 1,849.82 8,448.07 3,910.05
Equipment 5,807.56 6,579.74 205.66 12,181.64 1,594.16 671.77 192.63 2,073.30 10,108.34 4,213.40
Furniture and Fixtures 4,146.06 4,779.40 119.57 8,805.89 881.92 534.47 116.73 1,299.66 7,506.23 3,264.14
Vehicles 0.06 - - 0.06 0.03 0.01 - 0.04 0.02 0.03
Leasehold 3,147.90 10,838.09 192.85 13,793.14 832.77 545.20 185.45 1,192.52 12,600.62 2,315.13
Improvements
Sub-Total 18,888.76 27,822.85 735.90 45,975.71 4,889.62 2,503.03 709.01 6,683.64 39,292.07 13,999.14
Right- of-Use Assets
Leasehold Land 25.29 - - 25.29 5.32 0.23 - 5.55 19.74 19.97
Sub-Total 25.29 - - 25.29 5.32 0.23 - 5.55 19.74 19.97
Total (A) 18,914.05 27,822.85 735.90 46,001.00 4,894.94 2,503.26 709.01 6,689.19 39,311.81 14,019.11
Intangible Assets
Brands,Trademark and 225.29 849.67 - 1,074.96 40.72 16.70 - 57.42 1,017.54 184.57
Licenses
Platform and related 2,639.38 10,887.95 - 13,527.33 494.61 265.13 - 759.74 12,767.59 2,144.77
Product Developments
Software 1,112.18 289.66 0.01 1,401.83 669.18 243.11 0.01 912.28 489.55 443.00
Other Intangible 2.84 - - 2.84 - - - - 2.84 2.84
Assets
Total (B) 3,979.69 12,027.28 0.01 16,006.96 1,204.51 524.94 0.01 1,729.44 14,277.52 2,775.18
Total (A+B) 22,893.74 39,850.13 735.91 62,007.96 6,099.45 3,028.20 709.02 8,418.63 53,589.33 16,794.29
Previous year 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
Capital Work-in-Progress 24,442.22 11,882.11
Intangible Assets 1,322.94 11,839.66
Under Development
#
Depreciation / Amortisation for the year includes depreciation of C 39.41 crore (Previous Year C Nil) capitalised during the year. Thus, C 2,988.79 crore
has been considered in the Statement of Profit and Loss.

Standalone
1.1 Capital Work-in-Progress Includes:

C 42.91 crore (Previous Year C 39.16 crore) on account of Capital Goods Inventory.
Ageing schedule as at 31st March, 2023:

(C in crore)
Capital-Work-in Progress <1 Year 1-2 Years 2-3 Years >3 Years Total
Projects in progress 21,831.35 2,319.23 291.64 - 24,442.22

Projects temporarily suspended - -
Total 21,831.35 2,319.23 291.64 - 24,442.22
(C in crore)
Intangible Assets Under Development <1 Year 1-2 Years 2-3 Years >3 Years Total
Intangible Assets Under Development 1,272.62 50.32 1,322.94

Projects temporarily suspended -
Total 1,272.62 50.32 - - 1,322.94
Ageing schedule as at 31st March,2022:

(C in 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
(C in crore)
Intangible Assets Under Development <1 Year 1-2 Years 2-3 Years >3 Years Total
Intangible Assets Under 8,227.61 3,582.85 29.20 - 11,839.66

Development
Projects temporarily suspended - - - - -
Total 8,227.61 3,582.85 29.20 - 11,839.66

NOTES
(C in crore)
As at 31st March, 2023 As at 31st March, 2022
Units Amount Units Amount
2 Investments-Non Current
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 C 10 each - - 50,000 0.05
Reliance-GrandOptical Private Limited of C 10 each - - 50,000 0.05
Reliance Clothing India Limited (Formerly known as Reliance Clothing India - - 50,000 0.05
Private Limited) of C 10 each
- 0.15
In Equity Shares of Joint ventures Companies - Unquoted, Fully paid up
Reliance-Vision Express Private Limited of C 10 each - - 11,10,00,000 111.00
Marks and Spencer Reliance India Private Limited (Class C Shares of C 5 each) - - 9,51,16,546 225.66
Marks and Spencer Reliance India Private Limited (Class A Shares of C 10 each) - - 81,42,722 55.87
Reliance-GrandVision India Supply Private Limited of C 10 each - - 1,35,00,000 13.50
- 406.03
In Preference Shares of Subsidiary Companies - unquoted, fully paid up
Reliance Petro Marketing Limited of C 10 each - - 39,95,800 103.89
(10% Non Cumulative Optionally Convertible Preference Shares)
- 103.89
Total Investments measured at Cost - 510.07
C Investments measured at Fair Value through Other Comprehensive
Income
In equity shares - Unquoted, fully paid up
KaiOS Technologies PTE of USD 0.01 each $ 19,04,781 - 19,04,781 45.54
Yatra Online Private Limited of C 1 each 95,390 0.80 95,390 0.80
In Preferred Shares - Unquoted, fully paid up
KaiOS Technologies PTE of USD 0.01 each $ 6,25,000 - 6,25,000 36.33
In Government Securities - Quoted * - - 1,25,00,000 123.35
Total of Investments measured at Fair Value through Other 0.80 206.02
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 Retail Stores 25 - 25 -
Limited (Sahakari Bhandar) of C 200 each (C 5,000)
Retailers Association's Skill Council of India of C 100 each (C 50,000) 500 0.00 500 0.01
Total of Investments measured at Fair Value through Profit & Loss 0.00 0.01
Total Investments- Non-Current (A+B+C+D) 1.09 716.39
* Held as margin money with Financial Institution.
$ Net of Provison for Impairment.
Book Value Book Value
Aggregate value of
Quoted Investments - 123.35
Unquoted Investments 1.09 593.04

Standalone
As at As at
31st March, 2023 31st Mar, 2022
2.1 Category-wise Non current investment

Financial assets measured at Amortised Cost 0.29 0.29
Financial assets measured at Cost - 510.07
Financial assets measured at Fair value through Profit and Loss 0.00 0.01
Financial assets measured at Fair value through Other Comprehensive Income (OCI) 0.80 206.02
Total Non current investment 1.09 716.39
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
3 Other Non- Current Assets

(Unsecured and Considered Good)
Capital Advances 32.87 27.87
Deposits (i) 3.26 5.14
Advance Income Tax (Net of Provision) (ii) 682.75 67.94
Others (iii) 3,945.72 6,431.59
Total 4,664.60 6,532.54
(i) Deposits given to Statutory Authorities.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
(ii) Advance Income Tax (Net of Provision)

At start of year 67.94 23.33
Charge for the year (1,409.82) (1,114.14)
Others * (2.71) 0.79
Tax paid during the year (net of refunds) 2,027.34 1,157.96
At end of year 682.75 67.94
* Mainly pertains to Provision for Tax on Other Comprehensive Income
(iii) Others include advance for acquisition of ROU assets of C 260 crore (Previous year C 4,076 crore) (by adjusting receivables for
supply of goods to an unrelated party) relating to new stores under fit-out taken on lease by a related party.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
4 Inventories
(Valued at lower of cost or net realisable value)
Finished Goods 0.01 -
Stock-in-Trade (Including Stock in Transit) 24,358.23 19,779.19
Stores and Spares 610.86 256.89
Total 24,969.10 20,036.08
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
5 Investments - Current
Investments Measured at Fair Value Through Other Comprehensive Income
In Govt. Securities - Quoted* 262.05 -
Total 262.05 -

NOTES
(C in crore)
Book value Book value
Aggregate amount of
Quoted investments 262.05 -
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
6 Trade Receivables
Trade receivables 5,520.17 8,804.66
Total 5,520.17 8,804.66
Ageing Schedule as at 31st March, 2023

(C in crore)
Outstanding for following periods from due date of payment*

Particulars Not Due 6 months - Total
< 6 Months 1-2 years 2-3 years >3 years
1 year
(i) Undisputed Trade receivables 5,026.58 338.51 43.09 19.69 8.83 83.47 5,520.17
considered good
(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 - - - - - - -
(vi) Disputed Trade Receivables - credit - - - - - - -
impaired
Total 5,026.58 338.51 43.09 19.69 8.83 83.47 5,520.17
* Net of Provision

(C in crore)
Outstanding for following periods from due date of payment*

Particulars Not Due 6 months - Total
1 year
considered good
(ii) ndisputed Trade Receivables - which
U - - - - - - -
(iii) Undisputed Trade Receivables - - - - - - - -
credit impaired
(iv) Disputed Trade Receivables - - - - - - - -
considered good
(v)
Disputed Trade Receivables - which - - - - - - -
(vi) Disputed Trade Receivables - - - - - - -
- credit impaired
Total 8,303.82 317.51 43.11 15.98 7.57 116.67 8,804.66
* Net of Provision

Standalone
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
7 Cash and Cash Equivalents

Cash on Hand 109.85 103.65
Balances with banks (i), (ii), (iii) & (iv)
291.53 356.57
Cash and Cash Equivalent as per Balance Sheet / Cash Flow Statement 401.38 460.22
(i) Includes deposits C 1.36 crore (previous year C 25.82 crore) with maturity period of more than 12 months.
(ii) Includes deposits C 2.89 crore (previous year C 7.19 crore) given as collateral securities.
(iii) Includes deposits C 100 crore (previous year C 111.04 crore) liened against Bank Overdraft facilities.
(iv) Includes deposits C 25 crore (Previous year C 25 crore) held as Deposit reserve Fund.
7.1
Cash and Cash Equivalents includes deposits maintained by the Company with banks, which can be withdrawn by the
Company at any point of time without prior notice or penalty on the principal.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
8 Other Financial Assets - Current

Interest Accrued on Investment 4.57 2.09
Deposits (Refer Note 33) 3,074.93 2,515.04
Others (i) 116.11 175.64
Total 3,195.61 2,692.77
(i) Other includes Fair valuation of Derivatives & Interest receivable.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
9 Other Current Assets

Balance with Customs, Central Excise, GST and State Authorities. 6,956.84 3,183.36
Others (i) 3,131.61 5,179.67
Total 10,088.45 8,363.03
(i) Includes advances to vendors, employees and prepaid expenses
(C in crore)
As at As at
10 Share Capital
Authorised:
13,50,00,00,000 Equity shares of C 10 each 13,500.00 13,500.00
(13,50,00,00,000)
1,50,00,00,000 Preference shares of C 10 each 1,500.00 1,500.00
(1,50,00,00,000)
Total 15,000.00 15,000.00
Issued, Subscribed and Paid-Up:
4,99,04,22,513 Equity shares of C 10 each fully paid up 4,990.42 4,990.42
(4,99,04,22,513)
Total 4,990.42 4,990.42

NOTES
10.1 4,98,70,26,060 Shares are held by Reliance Retail Ventures Limited, the holding company.
(498,70,26,060)
10.2 4,98,95,41,650 Shares were alloted pursuant to the Scheme of Arrangement and Amalgamation without payment
being received in cash.
(498,95,41,650)

Name of the Shareholders
No. of Shares % held No. of Shares % held
10.3 The details of Shareholders holding more

than 5% shares:
Reliance Retail Ventures Limited 4,98,70,26,060 99.93% 4,98,70,26,060 99.93%
10.4 The details of Shareholding of Promoter :

Sr. No. of Shares at the Change during No. of Shares at the % of total % of change
Class of Equity Share Promoter's Name
no beginning of the year the year end of the year shares during the year
1 Fully paid-up equity Reliance Retail 4,98,70,26,060 - 4,98,70,26,060 99.93% -

shares of C 10 each Ventures
Limited
Total 4,98,70,26,060 - 4,98,70,26,060

No. of Shares at the Change during No. of Shares at the % of total % of change
Sr. no Class of Equity Share Promoter's Name
beginning of the year the year end of the year shares during the year
1 Fully paid-up equity Reliance Retail 4,98,70,26,060 - 4,98,70,26,060 99.93% -

shares of C 10 each Ventures Limited
Total 4,98,70,26,060 - 4,98,70,26,060
10.5 The Reconciliation of the number of shares outstanding is set out below:
As at As at
Particulars 31st March, 2023 31st Mar, 2022
No. of shares No. of shares
Equity Shares outstanding at the beginning of the year 4,99,04,22,513 4,99,04,22,513

Add: Equity Shares issued during the year - -
Equity Shares outstanding at the end of the year 4,99,04,22,513 4,99,04,22,513
10.6 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. During the year, the company has granted Forty four lakh seventeen
thousand RSUs. Upon vesting, each RSU entitles the grantee to excercise and get one equity share of C 10/- each. The
excercise price of RSU is Fair Market Value at the time of excercise. As on 31st March, 2023, RSUs in force total to Forty four
lakh seventeen thousand (Previous year: Three lakh one thousand seven hundred and eighty nine).
10.7 The company has only one class of equity shares having par value of C 10 per share. Each holder of equity shares is entitled
to one vote per share.

Standalone
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
11 Other Equity
Instruments Classified as Equity
8.5% Non-Cumulative Optionally Convertible Preference Shares of C 10 each, fully paid up
As per last Balance Sheet 800.00 800.00
Compulsorily Convertible Debentures of C 10,00,000 each, fully paid up 330.00 330.00
1,130.00 1,130.00
Capital Reserve
Securities Premium
As per last Balance Sheet 3,200.00 3,200.00
Retained Earnings
Add: Profit for the year 7,044.78 4,934.65
27,935.22 20,890.44
Other Comprehensive Income
As per last Balance Sheet (11.21) (9.11)
Add: Movement in OCI (Net) during the year (76.71) (2.10)
(87.92) (11.21)
Total 32,232.41 25,264.34
11.1 Each Compulsorily Convertible Debentures (CCD) of face value of C 10,00,000 each shall be converted in to 1,00,000
preference shares of C 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 C 10/- each.
11.2 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 79,99,89,606 99.99% 79,99,89,606 99.99%

(Holding Company)
11.3 Terms of 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS)
The OCPS shall be either redeemed at C 50 per share or converted into 5 (Five) Equity Shares of C 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.
11.4 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 C 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.
11.5 The reconciliation of the number of 8.5% Non Cumulative Optionally Convertible Preference Shares outstanding is
set out below :
As at As at
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

NOTES
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
12 Borrowings - Non Current

Unsecured - At amortised Cost
Loan from Related Party (Refer Note 33(iii)) 25,325.10 12,021.00
Loan from banks 19,243.94 -
Total 44,569.04 12,021.00
12.1 Refer note 30 for maturity profile.

12.2 Interest rates on Borrowings are in the range of 7.15% to 8.20%
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
13 Provisions - Non Current

Provision for Employee Benefits (Refer Note 23.1) (i) 86.85 68.38
Total 86.85 68.38
(i) The provision for employee benefit includes annual leave and vested long service leave entitlement accrued and compensation claims made by
employees.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
14 Deferred Tax Liabilities (Net)

The movement on the deferred tax account is as follows:
At the start of the year 1,448.88 917.75
Charge to Statement of Profit and Loss 932.46 531.13
At the end of year 2,381.34 1,448.88
(C in crore)
(Charge)/Credit
(Charge)/Credit
As at to Other As at
Component of Deferred tax Assets / (Liabilities) to Statement of
31st March, 2022 comprehensive 31st March, 2023
Profit and Loss
Income
Deferred tax Asset / (Liability) in relation to:

Property, Plant and Equipment and Intangible Assets (1,462.75) (945.07) - (2,407.82)
Disallowance under the Income Tax Act, 1961 13.87 11.63 0.98 26.48
Total (1,448.88) (933.44) 0.98 (2,381.34)
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
15 Borrowings - Current
Secured - At amortised Cost
Working Capital Loans
From Banks (i) 1,599.84 -
Loans and advances from related parties (Refer Note 33(iii))(ii) 12,608.93 28,733.70
From Banks 11,459.91 1.74
Current Maturities of Long Term Debt 700.00 -
Total 26,368.68 28,735.44
(i) Working Capital Loans from Banks referred above to the extent of:
- C 1,599.84 crores (Previous year C Nil) are secured by way of first charge on all the current assets of the company.
(ii) Represents Inter Corporate Deposits (ICD) from Holding company.

Standalone
15.1 Interest rates on Borrowings are in range of 4.60% to 8.85%

15.2 Q
uarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement
with the books of accounts.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
16 Trade payable
Trade Payables Due to:
Micro and Small Enterprise 971.14 633.03
Other than Micro and Small Enterprise 14,517.62 12,289.40
Total 15,488.76 12,922.43
16.1 There are no overdue amounts outstanding to Micro and Small Enterprises as at March 31st 2023.
16.2 Ageing Schedule as on 31st March, 2023
(C in crore)
Outstanding for following periods from due date of payment

Particulars Not Due Less than Total
1-2 years 2-3 years > 3 years
1 year
(i) MSME 971.14 - - - - 971.14

(ii) Others 13,239.81 1,169.25 40.48 14.07 54.01 14,517.62
(iii) Disputed Dues - MSME - - - - - -
(iv) Disputed Dues - Others - - - - - -
Total 14,210.95 1,169.25 40.48 14.07 54.01 15,488.76
Ageing Schedule as on 31st March, 2022

(C in crore)

1 year
(i) MSME 633.03 633.03

(ii) Others 11,028.73 1,176.15 37.53 21.42 25.57 12,289.40
Total 11,661.76 1,176.15 37.53 21.42 25.57 12,922.43
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
17 Other Financial Liabilities - Current

Interest Accrued but not due on Borrowings 78.71 195.30
Creditors for Capital Expenditure 10.26 16.99
Others (i)
882.93 1,016.30
Total 971.90 1,228.59
(i) Includes Security Deposits Received and Financial Liability at Fair Value.

NOTES
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
18 Other Current Liabilities

Income Received in Advance 409.43 545.51
Other Payables (i)&(ii)
953.30 894.82
Total 1,362.73 1,440.33
(i) Includes statutory dues and advances from customers.
(ii) Includes C 300.26 crore (Previous year C 215.03 crore) received towards sale of Jewellery products under various sale initiatives/retail customer programmes.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
19 Provisions - Current
Total 7.71 4.84
(i) The provision for employee benefit includes gratuity, annual leave and vested long service leave entitlement accrued and compensation claims made
by employees.
(C in crore)
2022-23 2021-22
20 Revenue from Operations

Value of Sales 2,13,278.01 1,62,212.11
Total * 2,23,652.67 1,69,397.35
* Net of GST
(C in crore)
2022-23 2021-22
21 Other Income
Interest
Bank Deposits 7.01 5.74
Others 13.46 6.72
20.47 12.46
Net Gain on Sale of Investments 67.12 -
Other Non-Operating Income 22.31 0.12
Total 109.90 12.58
Above Other Income comprises of assets measured at amortised cost C 9.53 crore (previous year C 12.46 crore), at cost C 67.12 crore
(previous year Nil) ,Fair value through Other Comprehensive Income C 10.94 Crore (previous year C NIL) and Other Non-Operating
Income C 22.31 crore (previous year C 0.12 crore).
(C in crore)
2022-23 2021-22
21.1 Other Comprehensive Income - Items that will not be reclassified to Profit and loss
Remeasurement gain / (loss) of Defined Benefit Plan 10.77 (3.12)
Equity instruments through OCI (81.87) -
Total (71.10) (3.12)

Standalone
(C in crore)
2022-23 2021-22
21.2 Other Comprehensive Income - Items that will be reclassified to Profit and loss
Government Securities (3.88) 0.31
Total (3.88) 0.31
(C in crore)
2022-23 2021-22
22 Changes in Inventories of Finished Goods and Stock-in-Trade

Inventories (at close)
Stock-in-Trade 24,358.23 19,779.19
24,358.24 19,779.19
Inventories (at commencement)
Finished Goods - 0.02
Stock-in-Trade 19,779.19 12,173.75
19,779.19 12,173.77
Total (4,579.05) (7,605.42)
(C in crore)
2022-23 2021-22
23 Employee Benefits Expense

Salaries and Wages 1,667.07 1,213.29
Contribution to Provident and Other Funds 150.41 111.91
Staff Welfare Expenses 263.56 189.19
Total 2,081.04 1,514.39
23.1 As per Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined are given below :
Defined Contribution Plan
Contribution to defined contribution plan, recognised as expenses for the year is as under:
(C in crore)
Employer’s Contribution to Provident Fund 45.07 40.47

Employer's Contribution to Superannuation Fund 0.62 0.37
Employer’s Contribution to Pension Scheme 51.36 37.54
The Company’s Provident Fund is exempted under section 17 of Employee’s Provident Fund and Miscellaneous Provisions
Act, 1952.

NOTES
Defined Benefit Plans

The Company operates post retirement benefit plans as follows:
I. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation
(C in crore)
Gratuity (funded)
Particulars
2022-23 2021-22
Defined Benefit Obligation at beginning of the year 129.32 96.92

Current Service Cost 50.14 29.03
Interest Cost 9.29 6.73
Actuarial (Gain)/ Loss (12.29) 2.52
Benefits Paid (9.12) (6.48)
Transfer In/(Out) 1.87 0.60
Defined Benefit Obligation at year end 169.21 129.32
II. Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets
(C in crore)
Gratuity (funded)
Particulars
2022-23 2021-22
Fair Value of Plan Assets at beginning of the year 1 29.32 96.92

Return on Plan Assets 7.64 6.11
Employer Contribution 32.67 25.97
Benefits Paid (0.10) (0.28)
Transfer In/(Out) (0.32) 0.60
Fair Value of Plan Assets at year end 169.21 129.32
III. Reconciliation of Fair Value of Assets and Obligations

(C in crore)
Gratuity (funded)
Particulars
2022-23 2021-22
Fair Value of Plan Assets 169.21 129.32

Present Value of Obligation 169.21 129.32
Amount recognised in Balance Sheet (Surplus / Deficit) - -
IV. Expenses recognised during the year

(C in crore)
Gratuity (funded)
Particulars
2022-23 2021-22
In Income Statement
Current Service Cost 50.14 29.03
Interest Cost 9.29 6.73
Return on Plan Assets (9.16) (6.73)
Net Cost 50.27 29.03
In Other Comprehensive Income (OCI)
Actuarial (Gain)/ Loss (12.29) 2.52
Net (Income)/ Expense for the year Recognised in OCI (10.77) 3.14

Standalone
V. Investment Details
Particulars
(K in crore) % Invested (K in crore) % Invested
Insurance Policies 169.12 99.95% 1 29.24 99.94%

Others 0.09 0.05% 0.08 0.06%
169.21 100.00% 1 29.32 100.00%
VI. Actuarial Assumptions

Gratuity (funded)
2022-23 2021-22
Particulars
2012-14 2012-14
(Ultimate) (Ultimate)
Mortality Table (IALM)

Discount Rate (per annum) 7.60% 7.09%
Expected rate of return on plan assets (per annum) 7.60% 7.09%
Rate of Escalation in Salary (per annum) 6.00% 6.00%
Rate of employee turnover (per annum) 3.00% 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 2022-23.
VIII. Sensitivity Analysis

Siginificant Actuarial Assumptions for the determination of the defined benefit obligation are discount trade ,expected
salary increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible
changes of the assumptions occurring at end of the reporting period , while holding all other assumptions constant. The
result of Sensitivity analysis is given below:

Particulars
Decrease Increase Decrease Increase
Change in rate of discounting 8.85 9.64 7.38 8.07

(delta effect of +/- 0.5%)
Change in rate of salary increase 9.02 9.74 7.48 8.12
Change in rate of employee turnover 0.73 0.61 0.24 0.22

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.

NOTES
(C in crore)
2022-23 2021-22
24 Finance Costs
Interest Expenses 3,923.33 1,977.24
Total 3,923.33 1,977.24
* Net of Interest Capitalised of C 479.10 crore (Previous Year C Nil).
(C in crore)
2022-23 2021-22
25 Other Expenses
Selling and Distribution Expenses
Sales Promotion and Advertisement Expenses 697.12 341.33
Store Running Expenses 1,708.78 1,316.13
Royalty 38.54 8.97
Brokerage and Commission 2,353.21 2,472.98
Warehousing and Distribution Expenses 2,266.82 1,361.30
7,064.47 5,500.71
Establishment Expenses
Stores and Packing Materials 339.88 176.44
Machinery Repairs 0.05 0.63
Building Repairs and Maintenance 305.35 169.00
Other Repairs 26.51 26.22
Rent including Lease Rentals 1,176.47 883.59
Operating Lease Rentals 1,495.09 2,738.39
Insurance 308.44 131.07
Rates and Taxes 40.25 26.84
Travelling and Conveyance Expenses 129.18 47.83
Professional Fees 460.21 328.40
Loss on Sale/ Discarding of Assets 14.56 8.34
Exchange Differences (Net) (65.64) 18.86
Electricity Expenses 343.34 250.50
Hire Charges 238.50 90.44
Charity and Donation 135.12 123.52
General Expenses 382.86 243.57
5,330.17 5,263.64
Payments to Auditor
Statutory Audit Fees 1.32 1.20
Certification and Consultation Fees 0.10 0.10
1.42 1.30
Total 12,396.06 10,765.65
25.1 Corporate Social Responsibility (CSR)

(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by
the Company within the group during the year : C 135.10 crore (previous year C 123.50 crore).
Expenditure related to Corporate Social Responsibility is C 135.10 Crore (previous year C 123.50 Crore).

Standalone
(b) The details of amount spent towards CSR given below :

(C in crore)
Healthcare 38.50 90.40

Education 75.65 15.00
Rural Transformation 5.50 -
Disaster Relief - 13.50
Sports For Development 5.00 4.10
Others 10.45 0.50
Total * 135.10 123.50
* Represents amount spent through Reliance Foundation C 135.10 Crore (Previous Year C 123.50 Crore).
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
26 Taxation
Income Tax recognised in Statement of Profit and Loss
Current Tax 1,409.82 1,114.14
Deferred Tax 933.44 531.13
Total Income Tax Expense 2,343.26 1,645.27
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
(C in crore)
As at As at
Particulars
31st March, 2023 31st Mar, 2022
Profit before Tax 9,388.04 6,579.92

Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 2,362.78 1,656.03
Tax Effect of :
Expenses disallowed 1,647.14 1,363.57
Additional Allowances (2,600.10) (1,905.46)
Current Tax Provision (A) 1,409.82 1,114.14
Incremental Deferred Tax Liability on account of PPE & Intangible Assets 945.07 539.40
Incremental Deferred Tax Liability on account of Financial Assets & Other items (11.63) (8.27)
Deferred Tax Provision (B) 933.44 531.13
Tax Expenses recognised in Statement of Profit and Loss (A+B) 2,343.26 1,645.27
Effective Tax Rate 24.96% 25.00%

NOTES
(C in crore)
2022-23 2021-22
27 Earnings per share (EPS)

Face Value per Equity Share (K) 10.00 10.00
Basic Earnings per Share (K) 13.24 9.27
Net profit/ (loss) after tax as per Statement of Profit and Loss attributable to Equity 7,044.78 4,934.65
Shareholders (C in crore)
Weighted Average number of Equity Shares used as denominator for calculating Basic EPS 5,32,04,22,513 5,32,04,22,513
Diluted Earnings per Share (K) 7.55 5.29
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity 7,044.78 4,934.65
Shareholders (C in crore)
Weighted Average number of Equity Shares used as denominator for calculating Diluted EPS 9,32,48,39,513 9,32,06,74,523
Reconciliation of weighted average number of shares outstanding
Total Weighted Average Potential Equity Shares 4,00,44,17,000 4,00,02,52,010
(C in crore)
As at As at
28 Commitments and Contingent Liabilities

(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 93.80 37.37
(ii) Outstanding Guarantees furnished to Banks and Financial Institutions
including in respect of Letters of Credits
- In respect of Others 3,450.92 1,256.85
(B) Claim against the Company/ Disputed Liabilities not acknowledged as Debts*
(i) In respect of Others 29.78 19.80
(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

Standalone
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:
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
Gross Debt 70,937.72 40,756.44

Cash and Marketable Securities* 663.43 583.57
Net Debt (A) 70,274.29 40,172.87
Total Equity (As per Balance Sheet) (B) 37,222.83 30,254.76
Net Gearing Ratio (A/B) 1.89 1.33
*Cash and Marketable Securities include Cash and Cash Equivalents of C 401.38 crore (Previous Year C 460.22 crore), Marketable Securities
of C 262.05 crore (Previous Year C 123.35 crore)
30 Financial Instruments
Valuation Methodology
All financial instruments are initially recognized and subsequently re-measured at fair value as described below:
a) The fair value of investment in quoted and unquoted Government securities and Mutual Funds is measured at quoted price
or NAV.
b) The fair value of Forward Foreign Exchange contracts is determined using forward exchange rates at the balance sheet date.
c) Commodity derivative contracts are valued using readily available information in markets and quotations from exchange
& brokers.
d) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.
e) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

NOTES
Fair value measurement hierarchy:

(C in crore)
Particulars 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 5,520.17 - - - 8,804.66 - - -
Cash and cash Equivalents 401.38 - - - 460.22 - - -
Other Financial Assets 3,183.58 - - - 2,680.56 - - -
At FVTPL
Investments 0.00 - - 0.00 0.01 - - 0.01
Financial Derivatives 1.60 - 1.60 - 9.16 - 9.16 -
Commodity Derivatives 10.43 10.43 - - 3.05 3.05 - -
At FVTOCI
Investments 262.85 262.05 - 0.80 206.02 123.35 - 82.67
At Amortised Cost
Borrowings 70,937.72 - - - 40,756.44 - - -
Trade Payables 15,488.76 - - - 12,922.43 - - -
Other Financial Liabilities 927.49 - - - 1,177.57 - - -
At FVTPL
Commodity Derivatives 41.48 41.48 - 47.09 0.41 46.68 -
* Excludes Group Company Investments C Nil (Previous Year C 510.07 Crore) measured at cost (Refer Note No. 2.1)
Reconciliation of fair value measurement of the investment categorised at level 3:

(C in crore)

Particulars
At FVTPL At FVTOCI At FVTPL At FVTOCI
Opening Balance 0.01 82.67 0.01 81.87

Addition during the year (0.01) - - 0.80
Impairment during the year - (81.87) - -
Closing Balance 0.00 0.80 0.01 82.67
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.

Standalone
The following table shows foreign currency exposures in USD, GBP, EUR , AED & RMB on financial instruments at the end of the
reporting period.
(i) Foreign Currency Exposure

(C in crore)
As at 31st March, 2023 As at 31st March 2022
USD GBP EUR AED RMB USD GBP EUR RMB
Trade Payables 126.42 0.10 3.18 0.72 0.01 83.78 0.80 1.10 0.06
Trade Receivables (1.10) - - - - (8.89)
Derivatives
Forwards & Futures (1,040.40) - - - - (1,613.66)
Net Exposure (915.09) 0.10 3.18 0.72 0.01 (1,538.77) 0.80 1.10 0.06
Sensitivity analysis of 1% change in exchange rate at the end of reporting period.
(ii) Foreign Currency Sensitivity

(C in crore)
1% Depreciation in
INR
Impact on P&L 9.15 (0.00) (0.03) (0.01) (0.00) 15.39 (0.01) (0.01) (0.00)
Total 9.15 (0.00) (0.03) (0.01) (0.00) 15.39 (0.01) (0.01) (0.00)
(C in crore)
1% Appreciation in
INR
Impact on P&L (9.15) 0.00 0.03 0.01 0.00 (15.39) 0.01 0.01 0.00
Total (9.15) 0.00 0.03 0.01 0.00 (15.39) 0.01 0.01 0.00
Interest Rate Risk

The Company is also exposed to interest rate risk, changes in interest rates will affect future cash flows or the fair values of its
financial instruments, principally debt.
The exposure of the Company’s borrowings and derivatives to interest rate changes at the end of the reporting period are
as follows:
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
Borrowings
Non-Current (Includes Current Maturities) # 45,275.10 12,021.00
Current 25,668.68 28,735.44
Total 70,943.78 40,756.44
#
Include C 6.06 crore (Previous year C Nil) as Prepaid Finance Charges.

NOTES
Sensitivity analysis of 1% change in Interest rate
Interest rate Sensitivity
Particulars As at 31st March, 2023 As at 31st March, 2022
Up Move Down Move Up Move Down Move
Impact on equity (115.00) 115.00 - -

Impact on P&L (132.50) 132.50 - -
(247.50) 247.50 - -
Credit risk
Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing
financial loss to the Company. Credit risk arises from Company’s activities in investments, dealing in derivatives and receivables
from customers. The Company ensure that sales of products are made to customers with appropriate creditworthiness.
Investment and other market exposures are managed against counterparty exposure limits. Credit information is regularly
shared between businesses and finance function, with a framework in place to quickly identify and respond to cases of
credit deterioration.
The Company has a prudent and conservative process for managing its credit risk arising in the course of its business activities.
Credit risk across the Company is actively managed through Letters of Credit, Bank Guarantees, Parent Company Guarantees,
advance payments and factoring & forfaiting without recourse to the Company. The Company restricts its fixed income
investments in liquid securities carrying high credit rating.
Liquidity Risk
Liquidity risk arises from the Company’s inability to meet its cash flow commitments on the due date. The Company maintains
sufficient stock of cash, marketable securities and committed credit facilities. The Company accesses global and local financial
markets to meet its liquidity requirements. It uses a range of products to ensure efficient funding from across well-diversified
markets. Treasury monitors rolling forecasts of the Company’s cash flow position and ensures that the Company is able to meet
its financial obligation at all times including contingencies.
The Company’s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements. Treasury
pools the cash surpluses and arranges to either fund the net deficit or invest the net surplus in a range of short-dated, secure and
liquid instruments including short-term bank deposits and similar instruments. The portfolio of these investments is diversified to
avoid concentration risk in any one instrument or counterparty.
(C in crore)
Maturity Profile of Loans and Derivative Financial Liabilities as on 31st March, 2023
Liquidity Risks * Below
3-6 Months 6-12 Months 1-3 Years 3-5 Years Above 5 Years Grand Total
3 months
Non Derivative Liabilities

Non-Current # 73.12 51.88 575.00 13,627.00 30,948.10 - 45,275.10
Current 13,059.75 12,608.93 - 25,668.68
Total 13,132.87 51.88 13,183.93 13,627.00 30,948.10 - 70,943.78
Derivatives Liabilities
Forwards / Futures - 0.18 2.75 - - - 2.93
Total - 0.18 2.75 - - - 2.93
#
Include C 6.06 crore (Previous year C Nil) as Prepaid Finance Charges.

Standalone
(C in crore)
Maturity Profile of Loans and Derivative Financial Liabilities as on 31st March, 2022
Liquidity Risks * Below
3 months
Non Derivatives 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
Forwards / Futures 3.93 - - - - - 3.93
Total 3.93 - - - - - 3.93
* Does not include Trade Payable amounting to C 15,488.76 crore, (Previous Year C 12,922.43 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
(C in crore)
Quantity Carrying amount Hedge Maturity Line Item in

Type of Hedge and Risks Nominal Value Changes in FV
(in Kgs) Assets Liabilities Date Balance Sheet

Commodity price risk
Derivative Contracts 2,911.40 6,914.11 10.43 41.48 (31.05) Apr 23 Other Financial
- Sept 23 Asset/Liabilities
Derivative Contracts 2,381.84 6,399.52 3.04 47.09 (44.05) June 22 Other Financial
- Sept 22 Asset/ liabilities
Hedged Items:
(C in crore)
Carrying amount Line Item in

Type of Hedge and Risks Changes in FV
Assets Liabilities Balance Sheet

Inventories 3,216.45 - 31.05 Inventories

NOTES
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.
2022-23 2021-22
32 Ratios
1 Current Ratio 1.01 0.91
2 Debt-Equity Ratio* 1.91 1.35
3 Debt Service Coverage ratio# 3.35 4.33
4 Return on Equity Ratio 20.85% 17.75%
5 Inventory Turnover Ratio 8.74 9.19
6 Trade Recievables Turnover Ratio@ 35.18 26.10
7 Trade Payable Turnover Ratio 14.76 16.07
8 Net Capital Turnover Ratio 9.47 7.81
9 Net Profit Ratio 2.80% 2.55%
10 Return on Capital Employed 17.87% 19.28%
11 Return on Investment ^ 25.51% 3.09%
32.1 Formulae for computation of ratios are as follows:

Sr. No. Particulars Formula
1 Current Ratio Current Assets

Current Liabilities
2 Debt-Equity Ratio Total Debt
Total Equity
3 Debt Service Coverage Ratio Earnings before Interest, Tax and Exceptional Items
Interest Expense + Principal Repayments made during the
period for long term loans
4 Return on Equity Ratio Profit After Tax (Attributable to Owners)
Average Net Worth
5 Inventory Turnover Ratio Cost of Goods Sold
Average Inventories of Finished Goods, Stock-in-Process and
Stock-in-Trade
6 Trade Receivables Turnover Ratio Value of Sales & Services
Average Trade Receivables
7 Trade Payables Turnover Ratio Cost of Materials Consumed (after adjustment of RM
Inventory) + Purchases of Stock-in-Trade + Other Expenses
Average Trade Payables
8 Net Capital Turnover Ratio Value of Sales & Services
Working Capital (Current Assets - Current Liabilities)**
9 Net Profit Ratio %
Profit After Tax
Value of Sales & Services
10 Return on Capital Employed Net Profit After Tax + Deferred Tax Expense/(Income) +
(Excluding Working Capital financing) Finance Cost (-) Other Income
Average Capital Employed
11 Return on Investment Other Income (Excluding Dividend)
Average Cash, Cash Equivalents & Other Marketable
Securities
** Current Liabilities are excluding Loan from Holding Company.
* Debt 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 increased due to Income from Sale of Long Term Investments.

Standalone
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. No. Name of the Related Party Relationship
1 Reliance Industries Limited Ultimate holding company

2 Reliance Retail Ventures Limited Holding company
3 Reliance Clothing India Limited (Formerly known as Reliance Clothing India
Private Limited) *
Subsidiary companies
4 Reliance-GrandOptical Private Limited *
5 Reliance Petro Marketing Limited *
6 Reliance Clothing India Limited (Formerly known as Reliance Clothing India
Private Limited) *
9 Aaidea Solutions Limited
10 Actoserba Active Wholesale Limited
11 Addverb Technologies Limited (Formerly known as Addverb Technologies
Private Limited)
12 C-Square Info- Solutions Limited
(Formerly known as C-Square Info- Solutions Private Limited)
13 Dadha Pharma Distribution Limited
(Formerly known as Dadha Pharma Distribution Private Limited)
14 Den Networks Limited
15 E-Eighteen.Com Limited
16 Genesis Colors Limited
17 Genesis La Mode Private Limited
18 GLF Lifestyle Brands Private Limited
19 GML India Fashion Private Limited
20 Grab A Grub Services Limited Fellow Subsidiaries
(Formerly known as Grab A Grub Services Private Limited)
21 Hathway Cable and Datacom Limited
22 Indiacast Media Distribution Private Limited
23 Indiavidual Learning Limited
24 Indiawin Sports Private Limited
25 Intimi India Limited (Formerly known as Intimi India Private Limited)
26 Jaisuryas Retail Ventures Limited
(Formerly known as Jaisuryas Retail Ventures Private Limited)
27 Jio Haptik Technologies Limited
28 Jio Platforms Limited
29 Kalanikethan Silks Limited
(Formerly known as Kalanikethan Silks Private Limited)
30 Kalanikethan Fashions Limited
(Formerly known as Kalanikethan Fashions Private Limited)
31 Reliance Digital Health Limited
32 Amante Exports (Private) Limited
(Formerly known as MAS Brands Exports (Private) Limited)
33 Amante India Limited (Formerly Amante India Private Limited)

NOTES
34 Amante Lanka (Private) Limited

(Formerly known as MAS Brands Lanka (Private) Limited)
35 Mesindus Ventures Limited
36 Netmeds Marketplace Limited
37 Network18 Media & Investments Limited
38 Reliance Ambit Trade Private Limited
39 Reliance BP Mobility Limited
40 Reliance Brands Limited
41 Reliance Brands Luxury Fashion Private Limited
42 Reliance Commercial Dealers Limited
43 Reliance Corporate IT Park Limited
44 Reliance Eminent Trading & Commercial Private Limited
45 Reliance GAS Lifestyle India Private Limited
46 Reliance Gas Pipelines Limited
47 Reliance Industrial Investments and Holdings Limited
48 Reliance Jio Infocomm Limited
49 Reliance Jio Media Limited
50 Reliance Jio Messaging Services Limited
51 Reliance Lifestyle Products Private Limited
52 Reliance Payment Solutions Limited
53 Reliance Progressive Traders Private Limited
54 Reliance Projects & Property Management Services Limited
Fellow Subsidiaries
55 Reliance Prolific Commercial Private Limited
56 Reliance Prolific Traders Private 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 Reliance Innovative Building Solutions Private Limited
63 Saavn Media Limited
64 Shopsense Retail Technologies Limited
65 Shri Kannan Departmental Store Limited
66 The Indian Film Combine Private Limited
67 Tresara Health Limited
68 TV18 Broadcast Limited
69 Urban Ladder Home Décor Solutions Limited
70 Viacom 18 Media Private Limited
71 Radisys India Limited
72 RB Holdings Private Limited
73 RB Media Holdings Private Limited
74 RB Mediasoft Private Limited
75 RRB Mediasoft Private Limited
76 Vitalic Health Limited (Formerly known as Vitalic Health Private Limited)

Standalone
77 Reverie Language Technologies Limited

78 Model Economic Township Limited
79 Hathway Digital Limited
80 Reliance A&T Fashions Private Limited
(Formerly known as Abraham and Thakore Exports Private Limited)
81 AETN18 Media Private Limited
82 Colosceum Media Private Limited
83 Den Broadband Limited
84 Jio Media Limited
85 Just Dial Limited
86 Mayuri Kumkum Limited *
87 New Emerging World of Journalism Limited
88 Rahul Mishra Fashions Private Limited *
89 Reliance Abu Sandeep Private Limited
(Formerly known as ABSA Fashions Private Limited) *
90 Reliance AK-OK Fashion Limited *
91 Reliance Universal Traders Private Limited
92 SankhyaSutra Labs Limited
93 V-Retail Private Limited *
Fellow Subsidiaries
94 Watermark Infratech Private Limited
95 Catwalk Worldwide Private Limited *
96 Enercent Technologies Private Limited
97 Purple Panda Fashions Limited
(Formerly known as Purple Panda Fashions Private Limited)*
98 RBML Solutions India Limited
99 Reliance Ethane Pipeline Limited
100 Reliance International Limited
101 Reliance Ritu Kumar Private Limited
102 Reliance Syngas Limited
103 RISE Worldwide Limited
104 Rod Retail Private Limited *
105 Tesseract Imaging Limited
106 Cover Story Clothing Limited (Formerly known as Future Style Lab Limited) *
107 NowFloats Technologies Limited
(Formerly known as NowFloats Technologies Private Limited)
108 Jio Things Limited
109 7-India Convenience Retail Limited
110 Reliance Retail and Fashion Lifestyle Limited
111 Reliance-GrandVision India Supply Private Limited *
112 Reliance-Vision Express Private Limited * Joint venture companies
113 Marks and Spencer Reliance India Private Limited *
114 Shri V Subramaniam
115 Shri Dinesh Taluja *
Key Managerial Personnel
116 Shri K Sridhar
117 Shri Dinesh Thapar @

NOTES
118 Reliance Retail Limited Employees Gratuity Fund Post Employment Benefit Plan
119 Reliance Retail Limited Employees Provident Fund
* The above entities includes related parties where the relationship existed for the part of the year.
@ Ceased to be the related party in the previous year.
(ii) Transactions during the year with related parties (excluding reimbursements):
(C in crore)
Ultimate Key
Sr Holding Fellow Joint
Nature of transactions holding Subsidiaries Managerial Others Total
No company subsidiaries Ventures
company Personnel
1 Net unsecured loans - (2,820.67) - - - - - (2,820.67)

taken/ (repaid)
- 26,208.85 - - - - - 26,208.85
2 Net deposits Given/ 0.04 - - 1,038.12 - - - 1,038.16
(repaid)
- - - (315.88) - - - (315.88)
3 Purchase/ (Sale) of (298.86) (174.44) (103.89) - - - - (577.19)
investments
- - - - 6.00 - - 6.00
4 Purchase of Property 0.01 - - 15,380.88 - - - 15,380.89
Plant & Equipment /
- - - 7,248.24 - - - 7,248.24
Project Materials and
Intangible Assets
5 Revenue from Operations 179.47 6.51 1.33 8,274.31 0.18 - - 8,461.80
184.73 3.60 3.59 4,405.47 1.35 - - 4,598.74
6 Purchases 44.93 80.23 1.18 83,768.07 9.06 - - 83,903.47
31.35 65.26 4.58 74,908.83 25.05 - - 75,035.07
7 Expenditure
a. Finance cost - 3,557.41 - - - - - 3,557.41
- 1,937.93 - - - - - 1,937.93
b. Store running expenses - - - 2,001.60 - - - 2,001.60
0.05 - - 1,419.12 0.13 - - 1,419.30
c. Building repairs and - - - 163.66 - - - 163.66
maintenance
- - - 108.78 - - - 108.78
d. Electricity expenses - - - 301.37 - - - 301.37
- - - 196.37 - - - 196.37
e. Rent including Lease Rent 1.56 - - 1,003.16 - - - 1,004.72
5.55 - - 686.97 - - - 692.52
f. Hire Charges - - - 4.50 - - - 4.50
- - - 1.32 - - - 1.32
g. Professional Fees 2.34 - - 1,180.88 - - - 1,183.22
1.10 - - 917.58 - - - 918.68
h. Brokerage & Commission 0.07 - - 16.23 - - - 16.30
- - - 23.06 - - - 23.06
i. Sales promotion and 0.03 - - 90.15 - - - 90.18
advertisement expenses
0.10 - - 9.34 - - - 9.44
j. Travelling and - - - 2.30 - - - 2.30
Conveyance Expenses
- - - 38.69 - - - 38.69

Standalone
(C in crore)
Ultimate Key
company Personnel
k. Warehousing and 0.01 5,092.85 - 34.62 - - - 5,127.48

Distribution Expenses
- 3,725.28 - 11.03 - - - 3,736.31
l. Stores And Packing - - - 12.91 - - - 12.91
Materials Consumed
- - 0.00 43.67 - - - 43.67
m. General expenses - - - 241.95 - - - 241.95
0.08 - - 168.36 - - - 168.44
n Business Support Services 0.31 - - 3.50 - - - 3.81
- - - - - - -
o. Employee Benefit - - - - - - 301.61 301.61
Expenses
- - - - - - 177.29 177.29
p. Payment to key - - - - - 8.11 - 8.11
Managerial personnel
- - - - - 8.79 - 8.79
(C in crore)
Ultimate Key
company Personnel
Balance as at 31st March,

2023
8 Equity Share Capital - 4,987.03 - - - - - 4,987.03
- 4,987.03 - - - - - 4,987.03
9 Preference Share Capital# - 3,999.95 - - - - - 3,999.95
- 3,999.95 - - - - - 3,999.95
10 Debentures - 330.00 - - - - - 330.00
- 330.00 - - - - - 330.00
11 Borrowings - 37,934.03 - - - - - 37,934.03
- 40,754.70 - - - - - 40,754.70
12 Investment - Non-Current - - - - - - - -
- - 104.04 - 406.03 - - 510.07
13 Deposits Given 0.04 - - 2,153.03 - - - 2,153.07
- - - 1,114.88 - - - 1,114.88
14 Deposits Taken - - - - - - - -
- - - - 0.04 - - 0.04
15 Trade Receivables 6.12 - - 48.20 - - - 54.32
16.44 11.56 1.27 467.21 0.54 - - 497.02
16 Other Current Assets - - - 1,605.79 - - - 1,605.79
- - 0.05 3,367.87 - - - 3,367.92
17 Other Financial Liability - - - - - - - -
- 195.19 - - - - - 195.19
18 Trade Payables 18.51 10.62 - 1,723.02 - - - 1,752.15
22.84 46.06 1.37 3,882.57 3.46 - - 3,956.30
19 Other Current Liability - - - 1.64 - - - 1.64
- - - 7.96 4.81 - - 12.77
20 Guarantees - - - 93.80 - - - 93.80
- - 0.02 37.35 - - - 37.37
Figures in italics represents previous year’s amount.
# Including Securities Premium.

NOTES
(iii) Disclosure in respect of major related party transactions during the year:
(C in crore)
Particulars Relationship 2022-23 2021-22
1 Net unsecured loans taken/ (repaid)

Reliance Retail Ventures Limited Holding Company (2,820.67) 26,208.85
2 Net deposits Given/ (repaid)
Reliance Industries Limited Ultimate Holding Company 0.04
Reliance Projects & Property Management Services Fellow Subsidiary 1,038.07 (295.88)
Limited
Dadha Pharma Distribution Limited (Formerly known Fellow Subsidiary - (20.00)
as Dadha Pharma Distribution Private Limited)
Reliance-GrandOptical Private Limited * Fellow Subsidiary 0.05 -
3 Purchase/ (Sale) of Investments
Reliance Industries Limited Ultimate Holding Company (298.86) -
Reliance Retail Ventures Limited Holding Company (174.44) -
Reliance Petro Marketing Limited * Subsidiary (103.89) -
Reliance-Vision Express Private Limited * Joint Venture - 6.00
4 Purchase of Property Plant & Equipment / Project
Materials and Intangible Assets
Reliance Industries Limited Ultimate Holding Company 0.01 -
Netmeds Marketplace Limited Fellow Subsidiary 166.02 104.55
Shopsense Retail Technologies Limited Fellow Subsidiary 269.90 54.08
Vitalic Health Limited (Formerly known as Vitalic Fellow Subsidiary 50.93 47.87
Health Private Limited)
Urban Ladder Home Décor Solutions Limited Fellow Subsidiary 67.92 47.66
Aaidea Solutions Limited Fellow Subsidiary 91.84 22.17
Grab A Grub Services Limited (Formerly known as Grab Fellow Subsidiary 18.00 -
A Grub Services Private Limited)
Reliance Projects & Property Management Services Fellow Subsidiary 14,565.75 6,884.65
Limited
Addverb Technologies Limited (Formerly known as Fellow Subsidiary 3.13 -
Addverb Technologies Private Limited)
Actoserba Active Wholesale Limited Fellow Subsidiary 147.39 87.26
Reliance Industries Limited Ultimate Holding Company 179.47 184.73
Reliance Retail Ventures Limited Holding Company 6.51 3.60
Reliance Clothing India Limited (Formerly known as Subsidiary 1.33 3.35
Reliance Clothing India Private Limited) *
Reliance Petro Marketing Limited * Subsidiary - 0.24
Reliance Clothing India Limited (Formerly known as Fellow Subsidiary 3.47 -
Reliance Petro Marketing Limited * Fellow Subsidiary 0.02 -
Reliance Brands Limited Fellow Subsidiary 110.17 71.10
Reliance Jio Infocomm Limited Fellow Subsidiary 6,131.90 3,603.14
Indiawin Sports Private Limited Fellow Subsidiary 0.87 2.28
7-India Convenience Retail Limited Fellow Subsidiary 5.14 1.58
Jaisuryas Retail Ventures Limited (Formerly known as Fellow Subsidiary 35.21 35.32
Jaisuryas Retail Ventures Private Limited)

Standalone
(C in crore)
Model Economic Township Limited Fellow Subsidiary 0.05 0.52

Grab A Grub Services Limited (Formerly known as Grab Fellow Subsidiary 0.19 0.29
Reliance Corporate IT Park Limited Fellow Subsidiary 16.53 10.65
Reliance Gas Pipelines Limited Fellow Subsidiary 0.17 0.12
Reliance Progressive Traders Private Limited Fellow Subsidiary 0.09 -
Reliance Sibur Elastomers Private Limited Fellow Subsidiary 0.05 0.03
TV18 Broadcast Limited Fellow Subsidiary 0.61 0.23
Reliance Payment Solutions Limited Fellow Subsidiary 0.02 -
Reliance Jio Messaging Services Limited Fellow Subsidiary 0.15 -
Reliance SMSL Limited Fellow Subsidiary 0.74 -
Reliance Jio Media Limited Fellow Subsidiary 0.15 -
Reliance Commercial Dealers Limited Fellow Subsidiary 0.20 0.06
Viacom 18 Media Private Limited Fellow Subsidiary 0.41 0.06
Genesis La Mode Private Limited Fellow Subsidiary 34.81 18.91
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 13.75 7.52
GLF Lifestyle Brands Private Limited Fellow Subsidiary 5.67 2.44
GML India Fashion Private Limited Fellow Subsidiary 6.17 1.82
Reliance GAS Lifestyle India Private Limited Fellow Subsidiary 7.89 6.77
Reliance Projects & Property Management Services Fellow Subsidiary 158.27 366.45
Limited
Reliance Retail Insurance Broking Limited Fellow Subsidiary 12.69 13.59
E-Eighteen.Com Limited Fellow Subsidiary 0.07 0.06
Reliance A&T Fashions Private Limited (Formerly Fellow Subsidiary 0.02 -
known as Abraham and Thakore Exports Private
Limited)
AETN18 Media Private Limited (C 25,996) Fellow Subsidiary 0.00 -
Colosceum Media Private Limited (C 12,998) Fellow Subsidiary 0.00 -
Dadha Pharma Distribution Limited (Formerly known Fellow Subsidiary 0.02 -
Den Broadband Limited (C 6,499) Fellow Subsidiary 0.00 -
Hathway Digital Limited Fellow Subsidiary 0.03 -
Jio Media Limited (C 38,994) Fellow Subsidiary 0.00 -
Just Dial Limited (C 7,542) Fellow Subsidiary 0.00 -
Kalanikethan Fashions Limited (Formerly known as Fellow Subsidiary 0.04 -
Kalanikethan Fashions Private Limited)
Mayuri Kumkum Limited * Fellow Subsidiary 0.01 -
New Emerging World of Journalism Limited (C 19,497) Fellow Subsidiary 0.00 -
Rahul Mishra Fashions Private Limited * Fellow Subsidiary 0.02 -
Reliance Abu Sandeep Private Limited (Formerly known Fellow Subsidiary 0.00 -
as ABSA Fashions Private Limited) *
Reliance AK-OK Fashion Limited * Fellow Subsidiary 0.10 -
Reliance Eminent Trading & Commercial Private Fellow Subsidiary 0.12 -
Limited

NOTES
(C in crore)
Reliance Prolific Traders Private Limited Fellow Subsidiary 0.02 -

Reliance Universal Traders Private Limited Fellow Subsidiary 0.05 -
Reliance-GrandOptical Private Limited (C 30,000) * Fellow Subsidiary 0.00 -
SankhyaSutra Labs Limited (C 6,499) Fellow Subsidiary 0.00 -
Shopsense Retail Technologies Limited Fellow Subsidiary 0.02 -
V-Retail Private Limited* Fellow Subsidiary 2.73 -
Genesis Colors Limited Fellow Subsidiary 1.09 0.62
Indiacast Media Distribution Private Limited Fellow Subsidiary 0.03 0.01
Saavn Media Limited Fellow Subsidiary 0.56 0.77
C-Square Info- Solutions Limited (Formerly known as Fellow Subsidiary 0.08 0.17
C-Square Info- Solutions Private Limited)
Reliance BP Mobility Limited Fellow Subsidiary 2.61 2.93
Shri Kannan Departmental Store Limited Fellow Subsidiary 68.73 198.93
The Indian Film Combine Private Limited Fellow Subsidiary 0.08 0.37
Tresara Health Limited Fellow Subsidiary 0.59 0.19
Reliance Digital Health Limited Fellow Subsidiary 0.76 -
Jio Haptik Technologies Limited (C 19,497) Fellow Subsidiary 0.00 -
Jio Platforms Limited Fellow Subsidiary 0.89 0.31
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0.16 0.11
Den Networks Limited (Previous Year C 51,000) Fellow Subsidiary 0.02 0.00
Amante India Limited (Formerly Amante India Private Fellow Subsidiary 0.60 0.04
Limited)
Mesindus Ventures Limited Fellow Subsidiary 0.90 0.07
Reliance Retail and Fashion Lifestyle Limited Fellow Subsidiary 1.95 0.89
Intimi India Limited (Formerly known as Intimi India Fellow Subsidiary 0.05 0.00
Private Limited) (Previous Year C 23,448)
Watermark Infratech Private Limited Fellow Subsidiary - 0.04
Radisys India Limited Fellow Subsidiary 0.02 0.02
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
Catwalk Worldwide Private Limited * Fellow Subsidiary 14.82 -
Enercent Technologies Private Limited (C 33,023) Fellow Subsidiary 0.00 -
Hathway Cable and Datacom Limited Fellow Subsidiary 0.01 -
Kalanikethan Silks Limited (Formerly known as Fellow Subsidiary 0.05 -
Kalanikethan Silks Private Limited)
Network18 Media & Investments Limited Fellow Subsidiary 0.02 -

Standalone
(C in crore)
Purple Panda Fashions Limited (Formerly known as Fellow Subsidiary 1.66 -

Purple Panda Fashions Private Limited) *
RBML Solutions India Limited Fellow Subsidiary 0.59 -
Reliance Ethane Pipeline Limited Fellow Subsidiary 0.07 -
Reliance International Limited Fellow Subsidiary 1,543.43 -
Reliance Ritu Kumar Private Limited Fellow Subsidiary 7.63 -
Reliance Syngas Limited Fellow Subsidiary 1.55 -
RISE Worldwide Limited Fellow Subsidiary 0.19 -
Rod Retail Private Limited (C 41,466) * Fellow Subsidiary 0.00 -
Tesseract Imaging Limited Fellow Subsidiary 0.02 -
Cover Story Clothing Limited (Formerly known as Fellow Subsidiary 1.36 -
Future Style Lab Limited) *
NowFloats Technologies Limited (Formerly known as Fellow Subsidiary 0.04 -
NowFloats Technologies Private Limited)
Reliance-Vision Express Private Limited * Joint Venture 0.17 0.95
Marks and Spencer Reliance India Private Limited * Joint Venture 0.01 0.40
6 Purchases
Reliance Clothing India Limited (Formerly known as Subsidiary 1.16 4.56
Reliance Clothing India Private Limited)*
Reliance Petro Marketing Limited * Subsidiary 0.02 0.01
Reliance Petro Marketing Limited * Fellow Subsidiary 0.03 -
Reliance Corporate IT Park Limited (Previous Year Fellow Subsidiary 0.02 0.00
C 14,689)
Reliance Gas Lifestyle India Private Limited Fellow Subsidiary 26.48 22.53
Amante India Limited (Formerly Amante India Private Fellow Subsidiary 9.27 2.71
Limited)
Reliance Projects & Property Management Services Fellow Subsidiary 1.43 -
Limited
Dadha Pharma Distribution Limited (Formerly known Fellow Subsidiary 139.93 83.59

NOTES
(C in crore)
Aaidea Solutions Limited Fellow Subsidiary - 117.50

Reliance BP Mobility Limited (C 26,204) (Previous Year Fellow Subsidiary 0.00 0.00
C 8,037)
Kalanikethan Silks Limited (Formerly known as Fellow Subsidiary 94.75 1.56
Reliance Digital Health Limited Fellow Subsidiary 0.04 5.29
Limited)
Catwalk Worldwide Private Limited* Fellow Subsidiary 47.06 -
Intimi India Limited (Formerly known as Intimi India Fellow Subsidiary 0.45 -
Private Limited)
Jaisuryas Retail Ventures Limited (Formerly known as Fellow Subsidiary 16.29 -
Purple Panda Fashions Private Limited) *
Reliance International Limited Fellow Subsidiary 199.06 -
The Indian Film Combine Private Limited (C 5,239) Fellow Subsidiary 0.00 -
Future Style Lab Limited) *
Just Dial Limited Fellow Subsidiary 0.03 -
Mesindus Ventures Limited Fellow Subsidiary 0.02 -
TV18 Broadcast Limited Fellow Subsidiary 0.01 -
V-Retail Private Limited * Fellow Subsidiary 5.31 -
Mayuri Kumkum Limited * Fellow Subsidiary 0.37 -
Marks and Spencer Reliance India Private Limited* Joint Venture 8.92 24.19
Reliance-Vision Express Private Limited* Joint Venture 0.14 0.82
Reliance-GrandVision India Supply Private Limited* Joint Venture - 0.04
7 Expenditure
a. Finance cost
Reliance Retail Ventures Limited Holding Company 3,557.41 1,937.93
b. Store running expenses
Reliance Industries Limited Ultimate Holding Company - 0.05
Reliance SMSL Limited Fellow Subsidiary 537.90 695.78
Reliance Projects & Property Management Services Fellow Subsidiary 1,058.27 395.66
Limited
Reliance Brands Limited Fellow Subsidiary - 0.05
Reliance BP Mobility Limited Fellow Subsidiary - 0.07

Standalone
(C in crore)

Reliance Payment Solutions Limited Fellow Subsidiary - 0.96
E-Eighteen.Com Limited Fellow Subsidiary - 0.01
Reliance Gas Lifestyle India Private Limited (Previous Fellow Subsidiary - 0.00
Year C 4,204)
Reliance-Vision Express Private Limited * Joint Venture - 0.13
c. Building repairs and maintenance
Limited
Aaidea Solutions Limited (C 54,926) Fellow Subsidiary 0.00 -
d. Electricity expenses
Limited
Aaidea Solutions Limited Fellow Subsidiary 1.74 -
e. Rent including Lease Rent
Reliance Innovative Building Solutions Private Limited Fellow Subsidiary - 0.47
Limited
The Indian Film Combine Private Limited Fellow Subsidiary 3.36 -
f. Hire Charges
Reliance Payment Solutions Limited Fellow Subsidiary 1.43 1.31
Reliance-GrandOptical Private Limited (C 7,122) Fellow Subsidiary 0.00 0.00
(Previous Year C 9,300)*
g. Professional Fees
Jio Platforms Limited Fellow Subsidiary 1,104.40 813.27
Limited

NOTES
(C in crore)

Reverie Language Technologies Limited Fellow Subsidiary 0.42 -
h. Brokerage & Commission
Viacom 18 Media Private Limited Fellow Subsidiary 0.24 -
i. Sales promotion and advertisement expenses
Reliance Brands Limited Fellow Subsidiary 0.80 -
Saavn Media Limited Fellow Subsidiary - 0.20
Jio Platforms Limited Fellow Subsidiary 0.03 -
Reliance GAS Lifestyle India Private Limited Fellow Subsidiary 0.07 -
Amante India Limited (Formerly Amante India Private Fellow Subsidiary 8.00 -
Limited)
Purple Panda Fashions Private Limited)*
Limited
Reliance Payment Solutions Limited (Previous Year Fellow Subsidiary - 0.00
C 31,962)
j. Travelling and Conveyance Expenses
Reliance Commercial Dealers Limited Fellow Subsidiary - 38.69
Actoserba Active Wholesale Limited Fellow Subsidiary 0.61 -
k. Warehousing and Distribution Expenses
Grab A Grub Services Limited (Formerly known as Grab Fellow Subsidiary - 0.70
l. Stores And Packing Materials Consumed
Reliance Petro Marketing Limited (Previous Year Subsidiary - 0.00
C 57,584)
Reliance Jio Infocomm Limited Fellow Subsidiary 0.21 24.19
Jio Platforms Limited Fellow Subsidiary - 3.81
Tresara Health Limited Fellow Subsidiary - 2.76
Jio Things Limited Fellow Subsidiary 8.00 12.91
Genesis La Mode Private Limited Fellow Subsidiary 0.23 -

Standalone
(C in crore)
GLF Lifestyle Brands Private Limited Fellow Subsidiary 0.46 -

GML India Fashion Private Limited Fellow Subsidiary 0.72 -
Shri Kannan Departmental Store Limited (C 204) Fellow Subsidiary 0.00 -
Genesis Colors Limited Fellow Subsidiary 0.14 -
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0.06 -
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 1.01 -
m. General expenses
Reliance Retail Ventures Limited (Previous Year C 5,935) Holding Company 0.00 -
Hathway Cable and Datacom Limited (Previous Year Fellow Subsidiary - 0.00
C 2,247)
Limited
C-Square Info- Solutions Limited (Formerly known as Fellow Subsidiary 16.59 7.76
C-Square Info- Solutions Private Limited)
Reliance Retail Insurance Broking Limited (Previous Fellow Subsidiary - 0.00
Year C 60,746)
Shri Kannan Departmental Store Limited Fellow Subsidiary 0.04 -
n Business Support Services
7-India Convenience Retail Limited Fellow Subsidiary 0.01 -
Reliance Corporate IT Park Limited Fellow Subsidiary 3.11 -
Limited
Tresara Health Limited (C 5,150) Fellow Subsidiary 0.00 -
o. Employee Benefit Expenses
Reliance Retail Limited Employees Gratuity Fund Other 32.67 25.97
Reliance Retail Limited Employees Provident Fund Other 268.94 151.32
p. Payment to key Managerial personnel
Shri V Subramaniam Key Managerial Personnel 7.14 5.95
Shri Dinesh Thapar @ Key Managerial Personnel - 2.50
Shri Dinesh Taluja * Key Managerial Personnel 0.49 -
Shri K Sridhar Key Managerial Personnel 0.48 0.34
* The above entities includes related parties where the relationship existed for the part of the year.
@ Ceased to be the related party in the previous year.

NOTES
33.1 Compensation of Key Managerial Personnel

(C in crore)
i Short-Term Benefits 7.92 8.54

ii Post Employment Benefits 0.19 0.25
Total 8.11 8.79
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, 2023.
b) Investment made by the Company as at 31st March 2023 (Refer Note 2)
35 The details of joint ventures are as follows:
Country of Proportion of
Name of the joint ventures
Incorporation 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%
On 30th June, Company has disposed off the above investments in Joint Ventures.
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 has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(v) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.
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 20th April, 2023.

K. Sridhar (DIN: 03341926) (DIN: 03540028)

Consolidated Financial Statements
2022-23
INDEPENDENT AUDITOR’S REPORT
To The Members of Reliance Retail Limited
Report on the Audit of the Consolidated statements, standalone financial statements and our
auditor’s report thereon.
Financial Statements
Opinion • Our opinion on the consolidated financial statements
does not cover the other information and we do not
We have audited the accompanying consolidated express any form of assurance conclusion thereon.
financial statements of Reliance Retail Limited (“the
Parent Company”) and its subsidiaries (the Parent • In connection with our audit of the consolidated
Company and its subsidiaries together referred to as financial statements, our responsibility is to read the
“the Group”) and its joint ventures which comprise the other information and, in doing so, consider whether
Consolidated Balance Sheet as at 31st March, 2023, and the other information is materially inconsistent with the
the Consolidated Statement of Profit and Loss (including consolidated financial statements or our knowledge
Other Comprehensive Income), the Consolidated Cash obtained during the course of our audit or otherwise
Flow Statement and the Consolidated Statement of appears to be materially misstated.
Changes in Equity for the year then ended, and a summary
of significant accounting policies and other explanatory
• If, based on the work we have performed on the other
information that we obtained prior to the date of
information (together referred to as “consolidated financial auditor’s report, we conclude that there is a material
statements”). misstatement of this other information, we are required
In our opinion and to the best of our information and to report that fact. We have nothing to report in
according to the explanations given to us and based on this regard.
the consideration of review reports of other auditors on
separate financial statements and on the other financial Management’s Responsibility for the
information of the subsidiaries and joint ventures, the Consolidated Financial Statements
aforesaid consolidated financial statements give the
information required by the Companies Act, 2013 (“Act”) The Parent Company’s management and Board of
in the manner so required and give a true and fair view Directors are responsible for the preparation and
in conformity with the accounting principles generally presentation of these consolidated financial statements
accepted in India, of the consolidated state of affairs of in term of the requirements of the Act that give a
the Group and joint ventures as at 31st March, 2023, of its true and fair view of the consolidated balance sheet,
consolidated profits including other comprehensive income, consolidated profit/ loss and other comprehensive income/
consolidated changes in equity and consolidated cash loss, consolidated statement of changes in equity and
flows for the year then ended. consolidated cash flows of the Group including its joint
ventures in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Basis for Opinion Standards (Ind AS) specified under section 133 of the
We conducted our audit of the consolidated financial Act. The respective Board of Directors of the Companies
statements in accordance with the Standards on Auditing included in the Group and joint ventures are responsible for
(SAs) specified under section 143(10) of the Act. Our maintenance of adequate accounting records in accordance
responsibilities under those Standards are further described with the provisions of the Act for safeguarding the assets of
in the Auditor’s Responsibility for the Audit of the the respective companies and for preventing and detecting
Consolidated Financial Statements section of our report. frauds and other irregularities; the selection and application
We are independent of the Group and its joint ventures in of appropriate accounting policies; making judgments
accordance with the Code of Ethics issued by the Institute and estimates that are reasonable and prudent; and the
of Chartered Accountants of India (ICAI) together with the design, implementation and maintenance of adequate
ethical requirements that are relevant to our audit of the internal financial controls, that were operating effectively
consolidated financial statements under the provisions for ensuring accuracy and completeness of the accounting
of the Act and the Rules made thereunder, and we have records, relevant to the preparation and presentation of the
fulfilled our other ethical responsibilities in accordance consolidated financial statements that give a true and fair
with these requirements and the ICAI’s Code of Ethics. We view and are free from material misstatement, whether due
believe that the audit evidence obtained by us is sufficient to fraud or error, which have been used for the purpose of
and appropriate to provide a basis for our audit opinion on preparation of the consolidated financial statements by the
the consolidated financial statements. Directors of the Parent Company, as aforesaid.
In preparing the consolidated financial statements, the
Information Other than the Financial respective management and Board of Directors of the
Statements and Auditor’s Report Thereon companies included in the Group and joint ventures are
• he Parent Company’s Board of Directors is responsible
T responsible for assessing the ability of the Group and of
for the other information. The other information its associates and joint ventures to continue as a going
comprises the information included in the Annual concern disclosing, as applicable, matters related to going
report, but does not include the consolidated financial concern and using the going concern basis of accounting

Consolidated
unless management either intends to liquidate the Parent modify our opinion. Our conclusions are based on the
Company or to cease operations, or has no realistic audit evidence obtained up to the date of our auditor’s
alternative but to do so. report. However, future events or conditions may
cause the Parent Company to cease to continue as a
The respective Board of Directors of the companies
going concern.
included in the Group and of its joint ventures are
responsible for overseeing the financial reporting process of • Evaluate the overall presentation, structure and content
each company. of the consolidated financial statements, including
the disclosures and whether the consolidated financial
Auditor’s Responsibility for the Audit of statements represent the underlying transactions and
events in a manner that achieves fair presentation.
the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about • Obtain sufficient appropriate audit evidence regarding
whether the consolidated financial statements as a whole the financial information of such entities or business
are free from material misstatement, whether due to fraud activities within the Group and its joint ventures to
or error, and to issue an auditor’s report that includes express an opinion on the consolidated financial
our opinion. Reasonable assurance is a high level of statements, of which we are the independent auditors.
assurance, but is not a guarantee that an audit conducted We are responsible for the direction, supervision and
in accordance with SAs will always detect a material performance of the audit of financial information
misstatement when it exists. Misstatements can arise from of such entities. For the other entities included in
fraud or error and are considered material if, individually the consolidated financial statements, which have
or in the aggregate, they could reasonably be expected to been audited by other auditors, such other auditors
influence the economic decisions of users taken on the remain responsible for the direction, supervision and
basis of these consolidated financial statements. performance of the audits carried out by them. We
remain solely responsible for our audit opinion. Our
As part of an audit in accordance with SAs, we exercise responsibilities in this regard are further described in
professional judgment and maintain professional section titled ‘Other Matters’ in this audit report.
skepticism throughout the audit. We also:
We communicate with those charged with governance of
• Identify and assess the risks of material misstatement the Parent Company regarding, among other matters, the
of the consolidated financial statements, whether due planned scope and timing of the audit and significant audit
to fraud or error, design and perform audit procedures findings, including any significant deficiencies in internal
responsive to those risks, and obtain audit evidence control that we identify during our audit.
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material We also provide those charged with governance with
misstatement resulting from fraud is higher than for a statement that we have complied with relevant
one resulting from error, as fraud may involve collusion, ethical requirements regarding independence, and to
forgery, intentional omissions, misrepresentations, or the communicate with them all relationships and other
override of internal control. matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
• 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
Other Matters
143(3)(i) of the Act, we are also responsible for expressing The Parent Company as on 30th June, 2022 disposed
our opinion on whether the Parent Company has all its investment in subsidiaries and joint ventures and
adequate internal financial controls system in place and accordingly the consolidated Statement of Profit and
the operating effectiveness of such controls. Loss includes the figures of revenue and expenses of
those subsidiaries and joint ventures upto the date of
• Evaluate the appropriateness of accounting policies used disposal i.e. 30th June, 2022. The figures pertaining to
and the reasonableness of accounting estimates and those subsidiaries and joint ventures upto 30th June, 2022
related disclosures made by the management. were either reviewed by their auditors / certified by the
• Conclude on the appropriateness of management’s use management, which are included in the Consolidated
of the going concern basis of accounting and, based Statement of Profit and Loss for the year ended 31st March,
on the audit evidence obtained, whether a material 2023. The detail of which is as under:
uncertainty exists related to events or conditions that a. The interim financial information of three subsidiaries
may cast significant doubt on the Group and joint included in the consolidated statement of profit
venture ability to continue as a going concern. If we and loss reflect total revenues of C 176 crore for the
conclude that a material uncertainty exists, we are period upto 30th June, 2022 as considered in the
required to draw attention in our auditor’s report to Consolidated Statement of Profit and Loss for the
the related disclosures in the consolidated financial year ended 31st March, 2023. These interim financial
statements or, if such disclosures are inadequate, to

information were reviewed by their auditors for the b) In our opinion, proper books of account as
period upto 30th June, 2022 whose reports have been required by law relating to preparation of the
furnished to us by the Management and our opinion aforesaid consolidated financial statements
on the consolidated financial statements, in so far as have been kept so far as it appears from our
it relates to the amounts and disclosures included in examination of those books.
respect of these subsidiaries, and our report in terms
c) The consolidated balance sheet, the consolidated
of sub- section (3) of section 143 of the Act, in so far
statement of profit and loss (including other
as it relates to the aforesaid subsidiaries is based solely
comprehensive income), the consolidated
on the review reports of the such other auditors.
statement of changes in equity and the
b. The Consolidated Statement of Profit and Loss consolidated statement of cash flows dealt
includes the Group’s share of profit /(loss) after tax with by this Report are in agreement with the
of C (1) crore for the period upto 30th June, 2022 in relevant books of account maintained for the
respect of two joint ventures. These interim financial purpose of preparation of the consolidated
statements have been reviewed by the other auditors financial statements.
whose reports were furnished to us and our opinion
d) In our opinion, the aforesaid consolidated
on the consolidated financial statements, in so far
financial statements comply with the Ind AS
relates to the amounts and disclosures included
specified under Section 133 of the Act.
in respect of the aforesaid joint ventures, and our
report in terms of sub-section (3) of section 143 of e) On the basis of the written representations
the Act, in so far as it relates to the aforesaid joint received from the directors of the Parent
ventures is based solely on the review reports of the Company as on 31st March, 2023 taken on record
other auditors. by the Board of Directors of the Parent Company
none of the directors of the Parent Company is
c. The Consolidated Statement of Profit and Loss
disqualified as on 31st March, 2023 from being
includes the Group’s share of Profit after tax of
appointed as a director in terms of Section 164(2)
C 14 crore for the period upto 30th June, 2022 as
of the Act.
considered in the consolidated financial statements
in respect of one joint venture is based on the interim f) With respect to the adequacy of the internal
financial information which was not reviewed by the financial controls over financial reporting of the
auditor. The unaudited financial information have Company with reference to consolidated financial
been furnished to us by the management and our statements of the Parent Company and the
opinion in so far as it relates to the amounts and operating effectiveness of such controls, refer to
disclosures included in respect of this joint venture, is our separate Report in “Annexure A”.
based solely on such unaudited financial information.
g) With respect to the matter to be included in the
In our opinion and according to the information and Auditor’s Report under section 197(16) of the Act,
explanations given to us by the Management, these in our opinion and according to the information
financial statements are not material to the Group. and explanations given to us, the remuneration
paid during the current year by the Parent
Our opinion on the consolidated financial statements, and
Company to its directors is in accordance with
our report on Other Legal and Regulatory Requirements
the provisions of Section 197 read with schedule
below, is not modified in respect of the above matters
V of the Act.
with respect to our reliance on the work done and the
review reports of the other auditors and the financial h) With respect to the other matters to be included
information and other financial information certified by in the Auditor’s Report in accordance with Rule
the Management. 11 of the Companies (Audit and Auditor’s) Rules,
2014, in our opinion and to the best of our
Report on Other Legal and Regulatory information and according to the explanations
given to us:
Requirements
1. As required by Section 143(3) of the Act, based on our i. The consolidated financial statements
audit and as noted in the ‘Other Matters’ paragraph, disclose the impact of pending litigations
we report, to the extent applicable, that: as at 31st March, 2023 on the consolidated
financial position of the Parent Company.
a) We / the other auditors have relied upon have Refer Note 31 of the consolidated
sought and obtained all the information and financial statements.
explanations which to the best of our knowledge
and belief were necessary for the purposes
of our audit of the aforesaid consolidated

Consolidated
ii. The Parent Company did not have any lend or invest in other persons or
material foreseeable losses on long-term entities identified in any manner
contracts including derivative contracts; whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”)
iii. There are no amounts which are required to
or provide any guarantee, security
be transferred to the Investor Education and
or the like on behalf of the Ultimate
Protection Fund by the Parent Company
Beneficiaries; and
during the year ended 31st March, 2023;
(c) Based on our audit procedures that
iv. (a) The management of the Parent
have been considered reasonable
Company have represented to us
and appropriate in the circumstances
that, to the best of its knowledge and
performed by us, nothing has come
belief no funds have been advanced
to our notice that has caused us to
or loaned or invested (either from
believe that the representations under
borrowed funds or share premium or
sub-clause (a) and (b) contain any
any other sources or kind of funds)
material misstatement.
by the Parent Company to or in any
other person or entity, including v. The Parent Company has not declared or
foreign entities (“Intermediaries”), paid any dividend during the year.
with the understanding, whether
vi. Proviso to Rule 3(1) of the Companies
recorded in writing or otherwise,
(Accounts) Rules, 2014 for maintaining
that the Intermediary shall, whether,
books of account using accounting software
directly or indirectly lend or invest in
which has a feature of recording audit trail
other persons or entities identified
(edit log) facility is applicable to the Parent
in any manner whatsoever by or
Company with effect from 1st April, 2023,
on behalf of the Parent Company
and accordingly, reporting under Rule 11(g)
(“Ultimate Beneficiaries”) or provide any
of Companies (Audit and Auditors) Rules,
guarantee, security or the like on behalf
2014 is not applicable for the financial year
of the Ultimate Beneficiaries;
ended 31st March, 2023.
(b) The management of the Parent
Company have represented to us For D T S & Associates LLP
that, to the best of its knowledge and Chartered Accountants
belief no funds have been received Firm’s Registration No. 142412W/W100595
by the Parent Company from any
person or entity, including foreign Vishal D. Shah
entities (“Funding Parties”), with the Partner
understanding, whether recorded in Date: April 20, 2023 Membership No. 119303
writing or otherwise, that the Parent Place: Mumbai UDIN: 23119303BGVAIM6937
Company whether, directly or indirectly,

ANNEXURE A
To The Independent Auditor’s Report
To the Independent Auditors’ Report on the exists, and testing and evaluating the design and operating
consolidated financial statements of Reliance Retail effectiveness of internal control based on the assessed
Limited for the year ended 31st March, 2023 risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of
Report on the internal financial controls over financial
material misstatement of the consolidated financial
reporting with reference to consolidated financial
statements, whether due to fraud or error.
statements under clause (i) of sub-section 3 of Section
143 of the Companies Act, 2013 (“the Act”) We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
In conjunction with our audit of the consolidated financial
our audit opinion on internal financial controls over
statements of the Reliance Retail Limited as of and for the
financial reporting with reference to consolidated
year ended 31st March, 2023, we have audited the internal
financial controls with reference to consolidated financial
statements of Reliance Retail Limited (hereinafter referred
to as “the Company”). Meaning of internal financial controls
over financial reporting with reference to
Management’s responsibility for internal these consolidated financial statements
financial controls A company’s internal financial control over financial
The Company’s Management and Board of Directors reporting with reference to these consolidated financial
of the Company are responsible for establishing and statements is a process designed to provide reasonable
maintaining internal financial controls based on the assurance regarding the reliability of financial reporting
internal financial controls with reference to consolidated and the preparation of financial statements for external
financial statements criteria established by the Company purposes in accordance with generally accepted accounting
considering the essential components of internal control principles. A company’s internal financial control over
stated in the Guidance Note. These responsibilities include financial reporting with reference to these consolidated
the design, implementation and maintenance of adequate financial statements includes those policies and procedures
internal financial controls that were operating effectively for that (1) pertain to the maintenance of records that,
ensuring the orderly and efficient conduct of its business, in reasonable detail, accurately and fairly reflect the
including adherence to respective company’s policies, the transactions and dispositions of the assets of the company;
safeguarding of its assets, the prevention and detection of (2) provide reasonable assurance that transactions are
frauds and errors, the accuracy and completeness of the recorded as necessary to permit preparation of financial
accounting records, and the timely preparation of reliable statements in accordance with generally accepted
financial information, as required under the Act. accounting principles, and that receipts and expenditures
of the company are being made only in accordance
with authorisations of management and directors of the
Auditor’s responsibility company; and (3) provide reasonable assurance regarding
Our responsibility is to express an opinion on the Company’s prevention or timely detection of unauthorised acquisition,
internal financial controls over financial reporting with use, or disposition of the company’s assets that could have
reference to these consolidated financial statements based a material effect on the financial statements.
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
Inherent limitations of internal financial
to an audit of internal financial controls with reference to controls over financial reporting with
consolidated financial statements. Those Standards and reference to these consolidated financial
the Guidance Note require that we comply with ethical statements
requirements and plan and perform the audit to obtain
Because of the inherent limitations of internal financial
reasonable assurance about whether adequate internal
controls over financial reporting with reference to these
financial controls with reference to consolidated financial
consolidated financial statements, including the possibility
statements were established and maintained and whether
of collusion or improper management override of controls,
such controls operated effectively in all material respects.
material misstatements due to error or fraud may occur
Our audit involves performing procedures to obtain audit and not be detected. Also, projections of any evaluation
evidence about the adequacy of the internal financial of the internal financial controls over financial reporting
controls system over financial reporting with reference with reference to these consolidated financial statements
to these consolidated financial statements and their to future periods are subject to the risk that the internal
operating effectiveness. Our audit of internal financial financial control over financial reporting with reference
controls over financial reporting included obtaining an to these consolidated financial statements may become
understanding of internal financial controls over financial inadequate because of changes in conditions, or that the
reporting with reference to these consolidated financial degree of compliance with the policies or procedures
statements, assessing the risk that a material weakness may deteriorate.

Consolidated
Opinion
In our opinion, to the best of our information and
according to the explanations given to us and as referred
to in Other Matter Paragraph below, the Company, has
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 31st March, 2023, 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.
Other Matter
The Company on 30th June, 2022 disposed all its
investment in subsidiaries and joint ventures and
accordingly the consolidated Statement of Profit and Loss
includes the figures of revenue and expenses of those
subsidiaries and joint ventures upto the date of disposal
i.e. 30th June, 2022 and accordingly there are no audit
reports of the auditors of the disposed of subsidiaries
and joint ventures as at 31st March, 2023 to be considered
for consolidated audit report. The figures pertaining to
those subsidiaries and joint ventures upto 30th June, 2022
were either reviewed by their auditors / certified by the
management, which are included in the Consolidated
Statement of Profit and Loss for the year ended 31st
March, 2023.
Our opinion is not modified in respect of the above matter.

Vishal D. Shah
Partner
Date: 20th April, 2023 Membership No. 119303
Place: Mumbai UDIN: 23119303BGVAIM6937

CONSOLIDATED BALANCE SHEET
(C in crore)
As at As at
Notes
Assets
Non-Current Assets
Property, Plant and Equipment 1 39,311.81 14,104.86
Other Intangible Assets 1 14,277.52 2,775.99
Capital Work-in-Progress 1 24,442.22 11,888.04
Goodwill 2.90 90.03
Intangible Assets Under Development 1 1,322.94 11,839.66
Financial Assets
Other Financial Assets 3 - 1.48
Other Non-Current Assets 4 4,664.60 6,547.68
Total Non-Current Assets 84,023.08 47,730.32
Current Assets
Inventories 5 24,969.10 20,072.07
Financial Assets
Trade Receivables 7 5,520.17 8,833.93
Cash and Cash Equivalent 8 401.38 466.42
Other Financial Assets 9 3,195.61 2,693.30
Other Current Assets 10 10,088.45 8,452.92
Total Current Assets 44,436.76 41,000.53
Total Assets 1,28,459.84 88,730.85
Equity and Liabilities
Equity
Equity Share Capital 11 4,990.42 4,990.42
Other Equity 12 32,232.41 25,421.62
Total Equity 37,222.83 30,412.04
Liabilities
Non-Current Liabilities
Borrowings 13 44,569.04 12,135.91
Lease Liabilities - 8.55
Deferred Tax Liabilities (Net) 15 2,381.34 1,458.82
Total Non-Current Liabilities 47,037.23 13,671.77
Current Liabilities
Borrowings 16 26,368.68 28,735.44
Lease Liabilities - 1.50
Trade Payables 17 15,488.76 12,990.01
Other Financial Liabilities 18 971.90 1,417.44
Other Current Liabilities 19 1,362.73 1,497.57
Total Current Liabilities 44,199.78 44,647.04
Total Liabilities 91,237.01 58,318.81
Total Equity and Liabilities 1,28,459.84 88,730.85
See accompanying notes to the financial statements 1 to 39

K. Sridhar (DIN: 03341926) (DIN: 03540028)

CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(C in crore)
Notes 2022-23 2021-22
Income
Value of Sales 2,39,997.84 1,85,616.51
Value of Sales & Services (Revenue) 2,52,161.38 1,94,249.36
Less: GST Recovered 28,335.10 24,116.04
Revenue from Operations 21 2,23,826.28 1,70,133.32
Other Income 22 59.96 21.78
Total Income 2,23,886.24 1,70,155.10
Expenses
Cost of Materials Consumed 0.01 0.04
Purchases of Stock-in-Trade 1,97,728.78 1,55,092.28
Changes in Inventories of Finished Goods and Stock-in-Trade 23 (4,577.33) (7,607.12)
Employee Benefits Expense 24 2,083.94 1,522.51
Finance Costs 25 3,925.72 1,985.88
Depreciation and Amortisation Expenses 1 2,992.16 1,794.24
Other Expenses 26 12,398.60 10,791.69
Total Expenses 2,14,551.88 1,63,579.52
Profit Before Share of Profit / (Loss) of Joint Ventures and Tax 9,334.36 6,575.58
Share of Profit / (Loss) of Joint Ventures 13.42 9.48
Profit Before Tax 9,347.78 6,585.06
Tax Expenses:
Current Tax 27 1,410.24 1,118.29
Deferred Tax 27 928.72 529.14
Profit for the year 7,008.82 4,937.63
Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to Statement of Profit or Loss 22.1 (71.10) (2.90)
(ii) Income tax relating to items that will not be reclassified to Statement of Profit and loss (2.71) 0.73
(iii) Items that will be reclassified to Statement of Profit or Loss 22.2 (21.66) 16.69
(iv) Income tax relating to items that will be reclassified to Statement of Profit and loss 1.39 (4.20)
Total Other Comprehensive Income / (loss) for the Year [Net of Tax] (94.08) 10.32
Total Comprehensive Income for the Year 6,914.74 4,947.95
Net Profit Attributable to:
(a) Owners of the Company 7,008.82 4,937.63
(b) Non Controlling Interest - -
Other Comprehensive Income attributable to:
(a) Owners of the Company (94.08) 10.32
Total Comprehensive Income attributable to:
(a) Owners of the Company 6,914.74 4,947.95
Earnings per equity share of face value of K 10 each
Basic (in C) 30 13.17 9.28
Diluted (in C) 30 7.52 5.30
See accompanying notes to the financial statements 1 to 39

K. Sridhar (DIN: 03341926) (DIN: 03540028)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A. Equity Share Capital

(C in crore)
Changes Changes
Balance as at Balance as at Balance as at
during the year during the year
1st April, 2021 31st March, 2022 31st March, 2023
2021-22 2022-23
4,990.42 - 4,990.42 - 4,990.42
B. Equity Share Capital
Instruments Classified as Equity Reserves & Surplus
Compulsory
8.5% Non Cumulative
Convertible
Particulars Optionally Convertible Other Balance as at
Debentures of Capital Securities Retained
Preference Shares Comprehensive 31st March,
K 10,00,000 Reserve Premium Earnings
(OCPS) of K 10 each, Income 2022
each, fully
fully paid up
paid up
Balance as at 800.00 330.00 0.06 3,200.00 21,084.92 6.64 25,421.62

1st April, 2022
Total comprehensive income - - - - 7,008.82 (94.08) 6,914.74
for the year
Premium on Share - - (0.06) - (103.89) - (103.95)
redemption
Others - - - - 0.48 (0.48) -
Balance as at 800.00 330.00 - 3,200.00 27,990.33 (87.92) 32,232.41
31st March, 2023
Balance as at 800.00 330.00 0.06 3,200.00 16,147.77 (3.68) 20,474.15
1st April, 2021
Total comprehensive income - - - - 4,937.63 10.32 4,947.95
for the year
Others - - - - (0.48) - (0.48)
Balance as at 800.00 330.00 0.06 3,200.00 21,084.92 6.64 25,421.62
31st March, 2022

K. Sridhar (DIN: 03341926) (DIN: 03540028)

CONSOLIDATED STATEMENT OF CASH FLOW
(C in crore)
2022-23 2021-22
A: Cash Flow From Operating Activities

Net Profit before Tax as per Statement of Profit and Loss 9,347.78 6,585.06
Adjusted for:
Loss on sale/ discarding of Property, Plant and Equipment (net) (7.76) 8.45
Depreciation and Amortisation Expense 2,992.16 1,794.24
Effect of Exchange Rate Change 6.11 2.93
Net Gain on Financial Assets 16.51 (5.94)
Share of (Profit)/Loss of Joint Venture (13.42) (9.48)
Interest Income (20.48) (6.81)
Finance Costs 3,925.72 1,985.87
Subtotal 6,898.84 3,769.26
Operating Profit before Working Capital Changes 16,246.62 10,354.32
Adjusted for:
Trade and Other Receivables (1,610.19) (6,297.16)
Inventories (4,897.03) (7,717.28)
Trade and Other Payables 2,067.17 6,497.16
Subtotal (4,440.05) (7,517.28)
Cash Generated from Operations 11,806.57 2,837.04
Taxes Paid (Net) (2,031.25) (1,162.61)
Net Cash generated from Operating Activities* 9,775.32 1,674.43
B: Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment and Other Intangible Assets (36,320.92) (20,354.30)
Proceeds from disposal of Property, Plant and Equipment and Other Intangible Assets 34.72 7.46
Purchase of Financial Assets (107.45) (389.08)
Proceeds from Sale of Financial Assets 597.31 250.00
Movement in Loans & Advances and other assets (Net) 399.62 (5,223.46)
Interest Income 14.66 4.92
Net Cash Flow used in Investing Activities (35,382.06) (25,704.46)
C: Cash Flow From Financing Activities
Proceeds from Borrowings - Non Current 32,433.13 12,041.04
Borrowings Current (Net) (2,366.76) 13,989.56
Payment of Lease Liabilities - (1.33)
Interest Paid (4,521.40) (1,892.37)
Net Cash generated from Financing Activities 25,544.97 24,136.90
Net (Decrease)/ Increase in Cash and Cash Equivalents (61.77) 106.87
Opening Balance of Cash and Cash Equivalents 466.42 359.55
Less: Upon de-subsidisation of Subsidaries (3.27) -
Closing Balance of Cash and Cash Equivalents (Refer note 8) 401.38 466.42
* Includes amount spent in Cash towards Corporate Social Responsibility is C 135.10 crore (Previous Year C 126.22 crore).

K. Sridhar (DIN: 03341926) (DIN: 03540028)

NOTES
to the Consolidated Financial Statements for the year ended 31st March, 2023
A. Corporate Information (c) The audited / unaudited financial statements of

joint ventures / associates have been prepared in
The Consolidated Financial Statements comprise
accordance with the Ind AS.
of Financial Statements of “Reliance Retail Limited”
(“The Holding Company or The Company”) and its (d) The Consolidated Financial Statements have
subsidiaries (collectively referred to as “the Group”) for been prepared using uniform accounting
the year ended 31st March, 2023. policies for like transactions and other events in
similar circumstances.
The Group and its Joint Ventures are mainly engaged
in ‘Organised Retail’ primarily catering to consumers (e) The carrying amount of the Holding Company’s
in India under various consumption baskets. All investment in each subsidiary is offset
the activities of the group revolve around this main (eliminated) against the parent’s portion of equity
business. Accordingly, the group has only one in each subsidiary.
identifiable segment reportable under Ind AS 108
(f) The difference between the proceeds from
–“Operating Segments”. Further details about the
disposal of investment in subsidiaries and the
business operations of the Group are provided in Note
carrying amount of its assets less liabilities as
– 35 Segment Information.
on the date of disposal is recognised in the
Consolidated Statement of Profit and Loss being
B. Significant Accounting Policies the profit or loss on disposal of investment
B.1 Basis of Preparation and Presentation in subsidiary.
The Consolidated Financial Statements have been (g) Investment in Joint Ventures has been accounted
prepared on the historical cost basis except for under the Equity Method as per Ind AS 28 –
following assets and liabilities which have been Investments in Associates and Joint Ventures.
measured at fair value:
(h) The Group accounts for its share of post-
i) Certain Financial Assets and Liabilities (including acquisition changes in net assets of joint
derivative instruments), ventures, after eliminating unrealised profits and
ii) Defined Benefit Plans - Plan Assets and losses resulting from transactions between the
Group and its joint ventures.
iii) Equity settled Share Based Payments
(i) Non-Controlling Interest’s share of profit / loss of
The Consolidated Financial Statements of the consolidated subsidiaries for the year is identified
Group have been prepared to comply with the and adjusted against the income of the Group in
Indian Accounting Standards (‘Ind AS’), including the order to arrive at the net income attributable to
Rules notified under the relevant provisions of the shareholders of the Holding Company.
Companies Act, 2013 as amended from time to time.
(j) Non-Controlling Interest’s share of net assets
The Consolidated Financial Statements comprises of consolidated subsidiaries is identified and
of Reliance Retail Limited and its subsidiaries, being presented in the Consolidated Balance Sheet.
the entities that it controls. Control is assessed in
accordance with the requirement of Ind AS 110- B.3 Summary of Significant Accounting
Consolidated Financial Statements. Policies
The Consolidated Financial Statements are presented (a) Current and Non-Current Classification
in Indian Rupees (C) and all values are rounded The Group presents assets and liabilities in
to the nearest crore (C 00,00,000), except when the Balance Sheet based on Current/ Non-
otherwise indicated. Current classification.
B.2 Principles of Consolidation An asset is treated as Current when it is -

(a) The financial statements of the Holding - Expected to be realised or intended to be
Company and its subsidiaries are combined on sold or consumed in normal operating cycle;
a line by line basis by adding together like items
- Held primarily for the purpose of trading;
of assets, liabilities, equity, incomes, expenses
and cash flows, after fully eliminating intra-group - Expected to be realised within twelve
balances and intra-group transactions. months after the reporting period, or
(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.

Consolidated
- Cash or cash equivalent unless restricted are reviewed at each financial year end and
from being exchanged or used to settle a adjusted prospectively, if appropriate.
liability for at least twelve months after the
Gains or losses arising from derecognition of a
reporting period.
Property, Plant and Equipment are measured as
All other assets are classified as non-current. the difference between the net disposal proceeds
and the carrying amount of the asset and are
A liability is current when -
recognized in the Statement of Profit and Loss
- It is expected to be settled in normal when the asset is derecognized.
operating cycle;
(c) Leases
- It is held primarily for the purpose of trading;
The Group, as a lessee, recognizes a right-of-
- It is due to be settled within twelve months use asset and a lease liability for its leasing
after the reporting period, or arrangements, if the contract conveys the right to
- There is no unconditional right to defer the control the use of an identified asset.
settlement of the liability for at least twelve The contract conveys the right to control the
months after the reporting period. use of an identified asset, if it involves the
The Group classifies all other liabilities as non- use of an identified asset and the Group has
current. substantially all of the economic benefits from
use of the asset and has right to direct the use
Deferred tax assets and liabilities are classified as of the identified asset. The cost of the right-of-
non-current assets and liabilities. use asset shall comprise of the amount of the
initial measurement of the lease liability adjusted
(b) Property, Plant and Equipment for any lease payments made at or before the
Property, Plant and Equipment are stated at commencement date plus any initial direct costs
cost, net of recoverable taxes, trade discount incurred. The right-of-use assets is subsequently
and rebates less accumulated depreciation and measured at cost less any accumulated
impairment losses, if any. Such cost includes depreciation, accumulated impairment losses,
purchase price and any cost directly attributable if any and adjusted for any remeasurement
to bringing the assets to its working condition for of the lease liability. The right-of-use assets is
its intended use. depreciated using the straight-line method from
the commencement date over the shorter of
Subsequent costs are included in the asset’s
lease term or useful life of right-of-use asset.
carrying amount or recognised as a separate
asset, as appropriate, only when it is probable The Group measures the lease liability at the
that future economic benefits associated with the present value of the lease payments that are not
item will flow to the entity and the cost can be paid at the commencement date of the lease.
measured reliably. The lease payments are discounted using the
interest rate implicit in the lease, if that rate can
Property, Plant and Equipment which are
be readily determined. If that rate cannot be
significant to the total cost of that item of
readily determined, the Group uses incremental
Property, Plant and Equipment and having
borrowing rate.
different useful life are accounted separately.
For short-term and low value leases, the Group
Other Indirect Expenses incurred relating to
recognizes the lease payments as an operating
project, net of income earned during the project
expense on a straight-line basis over the
development stage prior to its intended use,
lease term.
are considered as pre-operative expenses and
disclosed under Capital Work-in-Progress.
(d) Intangible Assets
Depreciation on Property, Plant and Equipment Intangible Assets are stated at cost of acquisition
is provided on straight line method and based on net of recoverable taxes, trade discount and
useful life of the assets as prescribed in Schedule rebates less accumulated amortisation /
II to the Companies Act, 2013. Leasehold depletion and impairment loss, if any. Such cost
improvements are amortized over the estimated includes purchase price and any cost directly
useful life; on assets acquired under finance lease attributable to bringing preparing the asset to its
depreciation is provided over the lease term. working condition for the intended use.
The residual values, useful lives and methods of Subsequent costs are included in the asset’s
depreciation of Property, Plant and Equipment carrying amount or recognised as a separate
asset, as appropriate, only when it is probable

NOTES
that future economic benefits associated with the (f) Cash and Cash Equivalents
item will flow to the entity and the cost can be Cash and cash equivalents comprise of cash on
measured reliably. hand, cash at banks, short term deposits and
Other Indirect Expenses incurred relating short-term highly liquid investments that are
to project, net of income earned during the readily convertible to known amounts of cash
project development stage prior to its intended and which are subject to an insignificant risk of
use, are considered as project development changes in value.
expenses and disclosed under Intangible Assets
Under Development. (g) Finance Costs
Gains or losses arising from derecognition of an Borrowing costs include exchange differences
Intangible Asset are measured as the difference arising from foreign currency borrowings to the
between the net disposal proceeds and the extent they are regarded as an adjustment to the
carrying amount of the asset and are recognized interest cost. Borrowing costs that are directly
in the Consolidated Statement of Profit and Loss attributable to the acquisition or construction of
when the asset is derecognized. qualifying assets are capitalised as part of the
cost of such assets. A qualifying asset is one that
The group’s intangible assets includes assets necessarily takes substantial period of time to get
with finite and indefinite useful life which are ready for its intended use.
amortised on a straight-line basis over the period
of their expected useful life. The amortisation Interest income earned on the temporary
period and the amortisation method for investment of specific borrowings pending
Intangible Assets with a finite useful life are their expenditure on qualifying assets is
reviewed at each reporting date. Assets with deducted from the borrowing costs eligible
indefinite useful lives are not amortised but for capitalisation.
are tested for impairment annually at the cash All other borrowing costs are charged to the
generating unit level. Consolidated Statement of Profit and Loss for
The Group’s Other Intangible Assets include the period for which they are incurred.
assets with finite and indefinite useful life.
(h) Inventories
Assets with finite useful life are amortised on a Items of inventories are measured at lower of
straight-line basis over their expected useful life cost and net realisable value after providing
and assets with indefinite useful lives are not for obsolescence, if any. Cost of inventories
amortised but are tested for impairment annually comprises of cost of purchase, cost of conversion
at the cash generating unit level. and other costs including overheads net of
A summary of the amortisation policies applied recoverable taxes incurred in bringing them to
to the Group’s Other Intangible having finite their respective present location and condition.
useful life and to the extent of amortisation is Costs of inventories are determined on
as under. weighted average basis except Gold and silver is
Particular Amortisation determined on FIFO basis. Inventories of Gold /
Silver are adjusted with gains / loss on qualifying
Computer Software
fair value hedges.
Brands and Trademark Over a period ranging from
Platform related Product 5 to 25 Years
(i) Impairment of Non-Financial Assets
Developments
- Property, Plant and Equipment and
Intangible Assets
(e) Research and Development Expenditure
The Group assesses at each reporting date
Revenue expenditure pertaining to research is as to whether there is any indication that any
charged to the Consolidated Statement of Profit Property, Plant and Equipment, Goodwill and
and loss. Intangible assets or group of assets, called Cash
Development costs are capitalised as an Generating Units (CGU) may be impaired. If any
intangible asset if it can be demonstrated that such indication exists, the recoverable amount
the project is expected to generate future of an asset or CGU is estimated to determine
economic benefits, it is probable that those the extent of impairment, if any. When it is not
future economic benefits will flow to the entity possible to estimate the recoverable amount
and the costs of the asset can be measured of an individual asset, the Group estimates the
reliably, else it is charged to the Statement of recoverable amount of the CGU to which the
Profit and Loss. asset belongs.

Consolidated
An impairment loss is recognised in the towards Provident Fund, Superannuation Fund
Consolidated Statement of Profit and Loss to and Pension Scheme.
the extent, asset’s carrying amount exceeds its
The Group recognises contribution payable
recoverable amount. The recoverable amount is
to the provident fund scheme as an expense,
higher of an asset’s fair value less cost of disposal
when an employee renders the related service.
and value in use. Value in use is based on the
If the contribution payable to the scheme for
estimated future cash flows, discounted to their
service received before the balance sheet date
present value using pre-tax discount rate that
exceeds the contribution already paid, the deficit
reflects current market assessments of the time
payable to the scheme is recognised as a liability
value of money and risk specific to the assets.
after deducting the contribution already paid.
The impairment loss recognised in prior If the contribution already paid exceeds the
accounting period is reversed if there has been a contribution due for services received before the
change in the estimate of recoverable amount. balance sheet date, then excess is recognised
as an asset to the extent that the pre-payment
(j) Provisions will lead to, for example, a reduction in future
Provisions are recognised when the Group has payment or a cash refund.
a present obligation (legal or constructive) as
a result of a past event, it is probable that an Defined Benefit Plans
outflow of resources embodying economic The Group pays gratuity to the employees who
benefits will be required to settle the obligation have completed five years of service at the time
and a reliable estimate can be made of the of resignation/superannuation. The gratuity is
amount of the obligation. paid @15 days salary for every completed year of
service as per the Payment of Gratuity Act, 1972.
If the effect of the time value of money is
material, provisions are discounted using The gratuity liability amount is contributed to the
a current pre-tax rate that reflects, when approved gratuity fund formed exclusively for
appropriate, the risks specific to the liability. gratuity payment to the employees. The gratuity
When discounting is used, the increase in fund has been approved by respective Income
the provision due to the passage of time is Tax Authorities.
recognised as a finance cost.
The liability in respect of gratuity and other
post-employment benefits is calculated using the
(k) Contingent Liabilities
Projected Unit Credit Method and spread over
Disclosure of contingent liability is made when the period during which the benefit is expected
there is a possible obligation arising from past to be derived from employees’ services.
events, the existence of which will be confirmed
only by the occurrence or non-occurrence of one Remeasurement gains and losses arising
or more uncertain future events not wholly within from adjustments and changes in
the control of the Group or a present obligation actuarial assumptions are recognised in
that arises from past events where it is either not the period in which they occur in Other
probable that an outflow of resources embodying Comprehensive Income.
economic benefits will be required to settle or a
reliable estimate of amount cannot be made. (m) Tax Expenses
The tax expenses for the period comprises of
(l) Employee Benefits Expense current tax and Deferred Tax. Tax is recognised
Short Term Employee Benefits in Consolidated Statement of Profit and Loss,
except to the extent that it relates to items
The undiscounted amount of short term
recognised in the Other Comprehensive Income
employee benefits expected to be paid in
or in Equity. In which case, the tax is also
exchange for the services rendered by employees
recognised in Other Comprehensive Income
are recognised as an expense during the year
or Equity.
when the employees render the services.
i) Current Tax
Post-Employment Benefits
Current tax assets and liabilities are
Defined Contribution Plans
measured at the amount expected to be
A defined contribution plan is a post-employment recovered from or paid to the Income Tax
benefit plan under which the Group pays authorities, based on tax rates and laws that
specified contributions to a separate entity. The are enacted at the Balance sheet date.
Group makes specified monthly contributions

NOTES
ii) Deferred Tax to the extent of exchange differences which are

Deferred tax is recognised on temporary regarded as an adjustment to interest costs on
differences between the carrying amounts foreign currency borrowings that are directly
of assets and liabilities in the Financial attributable to the acquisition or construction of
Statements and the corresponding tax bases qualifying assets which are capitalised as cost
used in the computation of taxable profit. of assets.
Deferred tax assets are recognised to the Non-monetary items that are measured in
extent it is probable that taxable profit will terms of historical cost in a foreign currency are
be available against which the deductible recorded using the exchange rates at the date of
temporary differences, and the carry the transaction. Non-monetary items measured
forward of unused tax losses can be utilised. at fair value in a foreign currency are translated
using the exchange rates at the date when the
Deferred tax liabilities and assets are fair value was measured. The gain or loss arising
measured at the tax rates that are expected on translation of non-monetary items measured
to apply in the period in which the liability at fair value is treated in line with the recognition
is settled or the asset realised, based on of the gain or loss on the change in fair value
tax rates (and tax laws) that have been of the item (i.e., translation differences on items
enacted or substantively enacted by the whose fair value gain or loss is recognised in
end of the reporting period. The carrying Other Comprehensive Income or Statement
amount of deferred tax liabilities and of Profit and Loss are also recognised in Other
assets are reviewed at the end of each Comprehensive Income or Statement of Profit
reporting period. and Loss, respectively).
(n) Share Based Payments (p) Revenue Recognition

Equity-settled share-based payments to Revenue from contracts with customers is
employees and others providing similar services recognised when control of the goods or
are measured at the fair value of the equity services are transferred to the customer at an
instruments at the grant date. amount that reflects the consideration entitled in
The fair value determined at the grant date exchange for those goods or services. The Group
of the equity-settled share based payments has generally concluded that it is the principal in
is expensed on a straight line basis over the its revenue arrangement, as it typically controls
vesting period, based on the Group’s estimate the goods or services before transferring them to
of equity instruments that will eventually vest, the customer.
with a corresponding increase in equity. At the Generally, control is transfer upon shipment
end of each reporting period, the Group revises of goods to the customer or when the goods
its estimate of the number of equity instruments is made available to the customer, provided
expected to vest. The impact of the revision of transfer of title to the customer occurs and the
the original estimates, if any, is recognised in Group has not retained any significant risks of
Consolidated Statement of Profit and Loss such ownership or future obligations with respect to
that the cumulative expenses reflects the revised the goods shipped.
estimate, with a corresponding adjustment to
Share Based Payments Reserve. Revenue from rendering of services is recognised
over time by measuring the progress towards
The dilutive effect of outstanding options is complete satisfaction of performance obligations
reflected as additional share dilution in the at the reporting period.
computation of diluted earnings per share.
Revenue is measured at the amount of
(o) Foreign Currencies Transactions and consideration which the company expects to be
Translation entitled to in exchange for transferring distinct
goods or services to a customer as specified in
Transactions in foreign currencies are recorded
the contract, excluding amounts collected on
at the exchange rate prevailing on the date
behalf of third parties (for example taxes and
of transaction. Monetary assets and liabilities
duties collected on behalf of the government).
denominated in foreign currencies are translated
Consideration is generally due upon satisfaction
at the functional currency closing rates of
of performance obligations and a receivable
exchange at the reporting date.
is recognized when it becomes unconditional.
Exchange differences arising on settlement or Generally the credit period does not exceed 90
translation of monetary items are recognised in days for sale of goods or services as the case
Consolidated Statement of Profit and Loss except may be.

Consolidated
Customer acquisition cost comprises of directly order to collect contractual cash

attributable cost incurred towards acquisition flows and the contractual terms
of new customers and it is amortized over the of the Financial Asset give rise
expected customer churn period on specified dates to cash flows
that represents solely payments
In case of discounts, rebates, credits, price
of principal and interest on the
incentives or similar terms, consideration are
principal amount outstanding.
determined based on its expected value, which is
assessed at each reporting period. b)
Financial Assets Measured
at Fair Value Through Other
Contract balances Comprehensive Income
Trade receivables (FVTOCI)
A receivable represents the Group’s right to an
A Financial Asset is measured
amount of consideration that is unconditional. at FVTOCI if it is held within a
business model whose objective
Contract liabilities is achieved by both collecting
A contract liability is the obligation to transfer contractual cash flows and
goods or services to a customer for which the selling Financial Assets and the
Group has received consideration (or an amount contractual terms of the Financial
of consideration is due) from the customer. If a Asset give rise on specified dates
customer pays consideration before the Group to cash flows that represents
transfers goods or services to the customer, a solely payments of principal
contract liability is recognised when the payment and interest on the principal
is made or the payment is due (whichever amount outstanding.
is earlier). Contract liabilities are recognised c)
Financial Assets Measured at
as revenue when the Group performs under Fair Value Through Profit or
the contract. Loss (FVTPL)
Interest Income
Financial Asset which is not
classified in any of the above
Interest Income from a Financial Asset is
categories are measured
recognised using effective interest rate method.
at FVTPL.
Dividend Income
Financial assets are reclassified
Dividend Income is recognised when the Group’s subsequent to their recognition,
right to receive the amount has been established. if the Group changes its business
model for managing those
(q) Financial Instruments financial assets. Changes in
business model are made and
i) Financial Assets
applied prospectively from the
A. Initial Recognition and Measurement reclassification date which is
All Financial Assets are initially the first day of immediately
recognised at fair value. Transaction next reporting period following
costs that are directly attributable to the changes in business model
the acquisition or issue of Financial in accordance with principles
Assets, which are not at Fair Value laid down under Ind AS 109 –
Through Profit or Loss, are adjusted Financial Instruments.
to the fair value on initial recognition.
Purchase and sale of Financial C. Other Equity Investments
Assets are recognised using trade
All other equity investments
date accounting. are measured at fair value, with
value changes recognised in
B. Subsequent Measurement Consolidated Statement of Profit
a)
Financial Assets Measured at and Loss, except for those equity
Amortised Cost (AC) investments for which the Group
has elected to present the value

A Financial Asset is measured
changes in ‘Other Comprehensive
at Amortised Cost if it is held
Income’. However, dividend on
within a business model whose
such equity investments are
objective is to hold the asset in

NOTES
recognised in Statement of Profit in the Consolidated Statement of Profit

and loss when the Group’s right to and Loss as finance cost.
receive payment is established.
B. Subsequent Measurement
D. Impairment of Financial Assets Financial Liabilities are carried at amortised
In accordance with Ind AS 109, cost using the effective interest method.
the Group uses “Expected Credit
For trade and other payables maturing
Loss” (ECL) model, for evaluating
within one year from the balance sheet
impairment of Financial Assets
date, the carrying amounts approximate
other than those measured at Fair
fair value due to the short maturity of
Value Through Profit and Loss
these instruments.
(FVTPL).

Expected credit losses are iii) Derivative Financial Instruments and
measured through a loss Hedge Accounting
allowance at an amount equal to: The Group uses various derivative financial
instruments such as currency forwards and
• The 12 months expected commodity contracts to mitigate the risk of
credit losses (expected credit changes in exchange rates and commodity
losses that result from those prices. At the inception of a hedge
default events on the financial relationship, the Group formally designates
instrument that are possible and documents the hedge relationship to
within 12 months after the which the Group wishes to apply hedge
reporting date); accounting and the risk management
objective and strategy for undertaking the
or hedge. Such derivative financial instruments
are initially recognised at fair value on
• Full lifetime expected credit the date on which a derivative contract
losses (expected credit losses is entered into and are also subsequently
that result from all possible measured at fair value. Derivatives are
default events over the life of carried as Financial Assets when the fair
the financial instrument) value is positive and as Financial Liabilities
when the fair value is negative.

For Trade Receivables the Group
applies ‘simplified approach’ which Any gains or losses arising from changes
requires expected lifetime losses in the fair value of derivatives are taken
to be recognised from initial directly to Consolidated Statement of Profit
recognition of the receivables. and Loss, except in case where the related
The Group uses historical default underlying is held as inventory, in which
rates to determine impairment case, they are adjusted to the carrying cost
loss on the portfolio of trade of inventory.
receivables. At every reporting Hedges that meet the criteria for hedge
date these historical default rates accounting are accounted for as follows:
are reviewed and changes in
the forward looking estimates A. Cash Flow Hedge
are analysed.

The Group designates derivative
For other assets, the Group uses contracts or non-derivative Financial
12 month ECL to provide for Assets / Liabilities as hedging
impairment loss where there is no instruments to mitigate the risk
significant increase in credit risk. of movement in interest rates and
If there is significant increase in foreign exchange rates for foreign
credit risk full lifetime ECL is used. exchange exposure on highly probable
future cash flows attributable to a
ii) Financial Liabilities recognised asset or liability or forecast
A. Initial Recognition and Measurement cash transactions. When a derivative
is designated as a cash flow hedging
All Financial Liabilities are recognised
instrument, the effective portion
at fair value and in case of borrowings,
of changes in the fair value of the
net of directly attributable cost. Fees of
derivative is recognised in the cash
recurring nature are directly recognised

Consolidated
flow hedging reserve being part in the contract is discharged or cancelled

of Other Comprehensive Income. or expires.
Any ineffective portion of changes
in the fair value of the derivative v) Offsetting
is recognised immediately in the Financial Assets and Financial Liabilities are
Consolidated Statement of Profit and offset and the net amount is presented in
Loss. If the hedging relationship no the balance sheet when, and only when,
longer meets the criteria for hedge the Group has a legally enforceable right to
accounting, then hedge accounting set off the amount and it intends, either to
is discontinued prospectively. If the settle them on a net basis or to realise the
hedging instrument expires or is sold, asset and settle the liability simultaneously.
terminated or exercised, the cumulative
gain or loss on the hedging instrument (r) Non-current assets held for sale
recognised in cash flow hedging
Non-current assets are classified as held for
reserve till the period the hedge was
sale if their carrying amount will be recovered
effective remains in cash flow hedging
principally through a sale transaction rather than
reserve until the underlying transaction
through continuing use and sale is considered
occurs. The cumulative gain or loss
highly probable.
previously recognised in the cash
flow hedging reserve is transferred to A sale is considered as highly probable when
the Consolidated statement of profit decision has been made to sell, assets are
and loss upon the occurrence of the available for immediate sale in its present
underlying transaction. If the forecasted condition, assets are being actively marketed
transaction is no longer expected to and sale has been agreed or is expected to
occur, then the amount accumulated in be concluded within 12 months of the date
cash flow hedging reserve is reclassified of classification.
in the Consolidated Statement of Profit
Assets and liabilities classified as held for sale are
and Loss.
measured at the lower of their carrying amount
and fair value less cost of sell and are presented
B. Fair Value Hedge
separately in the Consolidated Balance Sheet.

The Group designates derivative
contracts as hedging instruments to (s) Earnings per share
mitigate the risk of change in fair value
Basic earnings per share is calculated by dividing
of hedged item due to movement
the net profit after tax by the weighted average
in commodity prices and foreign
number of equity shares outstanding during the
exchange rates.
year adjusted for bonus element in equity share.
Changes in the fair value of hedging Diluted earnings per share adjusts the figures
instruments and hedged items that used in determination of basic earnings per share
are designated and qualify as fair to take into account the conversion of all dilutive
value hedges are recorded in the potential equity shares. Dilutive potential equity
Consolidated Statement of Profit and shares are deemed converted as at the beginning
Loss. If the hedging relationship no of the period unless issued at a later date.
longer meets the criteria for hedge
accounting, the adjustment to the C. Critical Accounting Judgements and
carrying amount of a hedged item is
amortised to Consolidated Statement
Key Sources of Estimation Uncertainty
of Profit and Loss over the period The preparation of the Group’s Financial Statements
of maturity. requires management to make judgement, estimates
and assumptions that affect the reported amount
iv) Derecognition of Financial Instruments of revenue, expenses, assets and liabilities and the
accompanying disclosures. Uncertainty about these
The Group derecognises a Financial Asset
assumptions and estimates could result in outcomes
when the contractual rights to the cash
that require a material adjustment to the carrying
flows from the Financial Asset expire or it
amount of assets or liabilities affected in next
transfers the Financial Asset and the transfer
financial years.
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

NOTES
(a) Depreciation / Amortisation and the asset does not generate cash inflows that are
Useful Life of Property, Plant and largely independent of those from other assets or
a group of assets. Where the carrying amount of
Equipment / Intangible Assets an asset or CGU exceeds its recoverable amount,
Estimates are involved in determining the cost the asset is considered impaired and is written
attributable to bringing the assets to the location down to its recoverable amount.
and condition necessary for it to be capable
of operating in the manner intended by the The impairment provisions for Financial
management. Property, Plant and Equipment Assets are based on assumptions about
/ Intangible Assets are depreciated / amortised risk of default and expected cash loss rates.
over their estimated useful life, after taking into The Group uses judgement in making these
account estimated residual value. assumptions and selecting the inputs to the
impairment calculation, based on Group’s past
Management reviews the estimated useful life history, existing market conditions as well as
and residual values of the assets annually in forward-looking estimates at the end of each
order to determine the amount of depreciation / reporting period.
amortisation to be recorded during any reporting
period. The useful life and residual values are In case of non-financial assets Group estimates
based on the Group’s historical experience with asset’s recoverable amount, which is higher of
similar assets and take into account anticipated an asset’s or Cash Generating Units (CGU’s) fair
technological changes. The depreciation / value less costs of disposal and its value in use
amortisation for future periods is revised if there In assessing value in use, the estimated future
are significant changes from previous estimates. cash flows are discounted to their present value
using pre-tax discount rate that reflects current
(b) Recoverability of Trade Receivable market assessments of the time value of money
Judgements are required in assessing the and the risks specific to the asset. In determining
recoverability of overdue trade receivables and fair value less costs of disposal, recent market
determining whether a provision against those transactions are taken into account, if no such
receivables is required. Factors considered include transactions can be identified, an appropriate
the credit rating of the counterparty, the amount valuation model is used.
and timing of anticipated future payments and
any possible actions that can be taken to mitigate (e) Recognition of Deferred Tax Assets
the risk of non- payment. and liabilities
Deferred tax assets and liabilities are recognised
(c) Provisions for deductible temporary differences and unused
Provisions and liabilities are recognised in the tax losses for which there is probability of
period when it becomes probable that there utilisation against the future taxable profit. The
will be a future outflow of funds resulting from Group uses judgement to determine the amount
past operations or events and the amount of of deferred tax that can be recognised, based
cash outflow can be reliably estimated. The upon the likely timing and the level of future
timing of recognition and quantification of the taxable profits and business developments.
liability require the application of judgement
to existing facts and circumstances, which can (f) Fair Value Measurement
be subject to change. The carrying amounts of For estimates relating to fair value of financial
provisions and liabilities are reviewed regularly instruments refer note 33 of consolidated
and revised to take account of changing facts financial statements.
and circumstances.
(g) Leases
(d) Impairment of Financial and Non-
The Group had evaluated if an arrangement
Financial Assets qualifies to be a lease as per requirements of Ind
The Group assesses at each reporting date AS 116. Identification of lease requires significant
whether there is an indication that an asset may judgement. In case of Reliance Retail Limited,
be impaired. If any indication exists, the Group the Holding Company, large portion of the leases
estimates the asset’s recoverable amount. An are cancellable by both lessor and lessee or are
asset’s recoverable amount is the higher of an arrangements which qualify as variable leases
asset’s or Cash Generating Units (CGU’s) fair and hence are not considered for recognition
value less costs of disposal and its value in use.
It is determined for an individual asset, unless

Consolidated
of Right of Use Asset and lease liabilities. Also • Ind AS 103 – Business Combinations
there are few lease arrangements which are
cancellable only at the option of the lessee but
• Ind AS 107 – Financial Instruments Disclosures
have not been considered for recognition of Right • Ind AS 109 – Financial Instruments
of Use Assets and lease liabilities on grounds of
materiality and exercisability
• Ind AS 115 – Revenue from Contracts
with Customers
(h) Standard Issue but not effective • Ind AS 1 – Presentation of

On 31 March, 2023, the Ministry of Corporate
st Financial Statements
Affairs (MCA) has notified Companies (Indian • Ind AS 8 - Accounting Policies, Changes in
Accounting Standards) Amendment Rules, 2023. Accounting Estimates and Errors
This notification has resulted into amendments
in the following existing accounting standards • Ind AS 12 – Income Taxes
which are applicable to company from 1st • Ind AS 34 - Interim Financial Reporting
April, 2023
Application of above standards are not expected to have
• Ind AS 101 – First-time Adoption of Indian any significant impact on the Group’s financial statements
Accounting Standards
• Ind AS 102 – Share-based Payment

NOTES
1 Property, Plant and Equipment, Other Intangible Assets, Capital Work-in-progress and Intangible Assets
under Development
(C in crore)
Gross block Depreciation/ amortisation Net block
Description As at As at As at As at As at
Additions/ Deductions/ As at 1st For the Deductions/
1st April, 31st March, 31st March, 31st March, 31st March,
Adjustments Adjustments April, 2022 year Adjustments
#
2022 2023 2023 2023 2022
Property,
Plant and Equipment
Own Assets:
Freehold Land 17.93 - 3.72 14.21 - - - - 14.21 17.93
Buildings 26.37 - 9.15 17.22 4.95 0.37 2.70 2.62 14.60 21.42
Plant and Machinery 660.30 420.90 215.54 865.66 334.12 99.50 167.94 265.68 599.98 326.18
Electrical Installations 5,250.87 5,058.96 11.94 10,297.89 1,339.47 654.37 144.02 1,849.82 8,448.07 3,911.40
Equipment 5,814.52 6,401.28 34.16 12,181.64 1,597.24 671.94 195.88 2,073.30 10,108.34 4,217.28
Furniture and Fixtures 4,148.41 4,668.97 11.49 8,805.89 883.33 534.49 118.16 1,299.66 7,506.23 3,265.08
Vehicles 0.34 - 0.28 0.06 0.30 0.01 0.27 0.04 0.02 0.04
Leasehold 3,150.58 10,655.08 12.52 13,793.14 834.36 545.28 187.12 1,192.52 12,600.62 2,316.22
Improvements
Sub-Total 19,069.32 27,205.19 298.80 45,975.71 4,993.77 2,505.96 816.09 6,683.64 39,292.07 14,075.55
Right-of-Use Assets
Leasehold Land 25.79 - 0.50 25.29 5.44 0.23 0.12 5.55 19.74 20.35
Premises 15.73 - 15.73 - 6.77 0.43 7.20 - - 8.96
Sub-Total 41.52 - 16.23 25.29 12.21 0.66 7.32 5.55 19.74 29.31
Total (A) 19,110.84 27,205.19 315.03 46,001.00 5,005.98 2,506.62 823.41 6,689.19 39,311.81 14,104.86
Intangible Assets
Franchisee Rights 1.34 - 1.34 - 0.52 - 0.52 - - 0.82
Brands and Trademark 225.29 849.67 - 1,074.96 40.73 16.70 0.01 57.42 1,017.54 184.56
Platform and related 2,639.38 10,887.95 - 13,527.33 494.61 265.13 - 759.74 12,767.59 2,144.77
Product Developments
Software 1,112.17 289.74 0.08 1,401.83 669.17 243.12 0.01 912.28 489.55 443.00
Others 2.84 - - 2.84 - - - - 2.84 2.84
Total (B) 3,981.02 12,027.36 1.42 16,006.96 1,205.03 524.95 0.54 1,729.44 14,277.52 2,775.99
Total (A+B) 23,091.86 39,232.55 316.45 62,007.96 6,211.01 3,031.57 823.95 8,418.63 53,589.33 16,880.85
Previous year 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
Capital Work-in- 24,442.22 11,888.04
Progress
Intangible Assets 1,322.94 11,839.66
Under Development
#
Depreciation / Amortisation for the year includes depreciation of C 39.41 crore (Previous Year C Nil) capitalised during the year. Thus, C 2,992.16 crore
has been considered in the Statement of Profit and Loss.

Consolidated
1.1 Capital Work-in-Progress Includes:

(a) C 42.91 crore (Previous Year C 39.66 crore) on account of Capital Goods Inventory.
1.2 Capital Work in Progress (CWIP):

Ageing as at 31st March, 2023
(C in crore)
Particulars <1 Year 1-2 Years 2-3 Years >3 Years Total

Projects temporarily - - - - -
suspended
Total 21,831.35 2,319.23 291.64 - 24,442.22
1.3 Intangible Assets under Development (IAUD):

(C in crore)
Projects in progress 1,272.62 50.32 - - 1,322.94

suspended
Total 1,272.62 50.32 - - 1,322.94
1.4 Capital Work in Progress (CWIP):

(C in crore)
Projects in progress 10,485.96 1,402.08 - - 11,888.04

suspended
Total 10,485.96 1,402.08 - - 11,888.04
1.5 Intangible Assets under Development (IAUD):

(C in crore)

suspended
Total 8,227.61 3,582.85 29.20 - 11,839.66

NOTES
(C in crore)
Units Amount Units Amount
2 Investments - Non-Current
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 - - 9,51,16,546 184.85
of C 5 each)
Marks and Spencer Reliance India Private Limited (Class A Shares - - 81,42,722 45.09
of C 10 each)
Reliance-Vision Express Private Limited of C 10 each - - 11,10,00,000 38.62
Reliance-GrandVision India Supply Private Limited of C 10 each - - 1,35,00,000 7.70
Total Investments in Joint Ventures - 276.26
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 C 100 each 500 - 500 0.01
The Colaba Central Co-operative Consumer's Wholesale and Retail 25 - 25 -
Stores Limited (Sahakari Bhandar) of C 200 each. (C 5,000 (previous
year C 5,000))
Air Controls and Chemical Engg. Co. Limited of C 1 each (C 1,500 - - 1,000 -
(previous year C 1,500))
Total Investments measured at Fair Value through Profit and - 0.01
Loss
D Investments measured at Fair Value through Other
In Equity Shares - Unquoted, fully paid up
KaiOS Technologies PTE. Limited of USD 0.01 each $ 19,04,781 - 19,04,781 45.54
Yatra Online Limited of C 1 each 95,390 0.80 95,390 0.80
In Preferred Shares - Unquoted, fully paid up
KaiOS Technologies PTE. Limited of USD 0.01 each $ 6,25,000 - 6,25,000 36.33
Investment in Government Securities Quoted * - - 1,25,00,000 123.35
Total Investments measured at Fair Value through Other 0.80 206.02
Total Investments- Non-Current (A+B+C+D) 1.09 482.58
$
Net of Provison for Impairment.

Consolidated
Book Value Book Value
Aggregate value of
Quoted investments - 123.35
Unquoted investments 1.09 359.23
As at As at
31st March, 2023 31st Mar, 2022
2.1 Category-wise Non-Current investment

Financial assets measured at Amortised Cost 0.29 0.29
Financial assets measured at Cost (accounted using Equity Method) - 276.26
Financial assets measured at Fair value through Profit and Loss (FVTPL) - 0.01
Financial assets measured at Fair value through Other Comprehensive Income (OCI) 0.80 206.02
Total Non-Current investment 1.09 482.58
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
3 Others Financial Assets- Non Current

Deposits - 1.48
Total - 1.48
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
4 Other Non- Current Assets

Capital Advances 32.87 27.87
Deposits (i)
3.26 18.96
Advance Income Tax (Net of Provision) 682.75 69.27
Others (ii)
3,945.72 6,431.58
Total 4,664.60 6,547.68
(i) Deposits given to Statutory Authorities.
(ii) Others Include advance for acquisition of Right-of-Use assets of C 260 crore (Previous year C 4,076 crore) (by adjusting receivables for supply of goods
to an unrelated party) relating to new stores under fit-out taken on lease by a related party.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
4.1 Advance Income Tax (Net of Provision)

At start of year 69.27 28.42
Charge for the year (1,410.24) (1118.29)
Others * (7.53) (3.47)
Tax paid during the year (net of refunds) 2,031.25 1162.61
At end of year 682.75 69.27
* Mainly pertains to Provision for Tax on Other Comprehensive Income

NOTES
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
5 Inventories
Stock-in-Trade (i)
24,358.23 19,809.01
Stores and Spares 610.86 263.06
Total 24,969.10 20,072.07
(i) Includes inventory in transit
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
6 Current Investments
Investments Measured at Fair Value Through Other
Comprehensive Income (FVTOCI) *
Investment in Government Securities -Quoted # 262.05 481.89
Total 262.05 481.89
Total Investments-Current 262.05 481.89
Aggregate Value of Quoted Investment 262.05 481.89
* Refer Note 33
# Held as margin money with Financial Institution.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
7 Trade Receivables
Trade receivables 5,520.17 8,833.93
Total 5,520.17 8,833.93

(C in crore)
Outstanding for following periods from due date of payment* Total

Particulars Not Due 6 months -
1 year
considered good
(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 - - - - - - -
risk
credit impaired
Total 5,026.58 338.51 43.09 19.69 8.83 83.47 5,520.17
* Net of Provision

Consolidated

(C in crore)
Outstanding for following periods from due date of payment* Total

Particulars Not Due 6 months -
1 year
considered good
(ii) Undisputed Trade Receivables which - - - - - - -
risk
(iii) Undisputed Trade Receivables credit - - - - - - -
impaired
(iv) Disputed Trade Receivables - - - - - - -
considered good
(v) Disputed Trade Receivables which - - - - - - -
risk
credit impaired
Total 8,305.11 344.53 43.19 16.37 7.62 117.11 8,833.93
* Net of Provision
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
8 Cash and Cash Equivalents

Cash on Hand 109.85 103.82
Balances with banks (i), (ii), (iii) & (iv) 291.53 362.60
Cash and Cash Equivalent as per Balance Sheet 401.38 466.42
Cash and Cash Equivalent as per Consolidated Cash Flow Statement 401.38 466.42
(i) Includes deposits C 1.36 crore (previous year C 25.82 crore) with maturity period of more than 12 months.
(ii) Includes deposits C 2.89 crore (previous year C 7.95 crore) given as collateral securities.
(iii) Includes deposits C 100 crore (previous year C 111.04 crore) liened against Bank Overdraft facilities.
(iv) Includes deposits C 25.00 crore (Previous year C 25.00 crore) held as Deposit reserve Fund.
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.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
9 Other Financial Assets - Current

Interest Accrued on Investment 4.57 2.09
Deposits 3,074.93 2,515.56
Others (i) 116.11 175.65
Total 3,195.61 2,693.30
(i) Includes Fair valuation of Derivatives & Interest receivable.

NOTES
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
10 Other Current Assets

Balance with Customs, Central Excise, GST and State Authorities etc. 6,956.84 3,263.54
Others (i)
3,131.61 5,189.38
Total 10,088.45 8,452.92
(i) Includes advances to vendors and employees
(C in crore)
As at As at
11 Equity Share Capital

Authorised:
13,50,00,00,000 Equity shares of C 10 each 13,500.00 13,500.00
(13,50,00,00,000)
1,50,00,00,000 Preference shares of C 10 each 1,500.00 1,500.00
(1,50,00,00,000)
Total 15,000.00 15,000.00
Issued, Subscribed and Paid-Up:
4,99,04,22,513 Equity shares of C 10 each fully paid up 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 C 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 C 10 each fully paid-up were allotted pursuant to
the Scheme of Arrangement and Amalgamation without payment being received in cash.

Name of the Shareholders
No. of Shares % held No. of Shares % held
11.3 The details of Shareholders holding more

than 5% shares :
Reliance Retail Ventures Limited (Holding 4,98,70,26,060 99.93 4,98,70,26,060 99.93
Company)
11.4 Shareholding of Promoter

1 Fully paid up equity Reliance Retail 4,98,70,26,060 - 4,98,70,26,060 99.93 -

Limited (Holding
Company)
Total 4,98,70,26,060 - 4,98,70,26,060

Consolidated

1 Fully paid up equity Reliance Retail 4,98,70,26,060 - 4,98,70,26,060 99.93 -

Limited (Holding
Company)
Total 4,98,70,26,060 - 4,98,70,26,060
11.5 The Reconciliation of the number of shares outstanding is set out below:
As at As at
Equity Shares outstanding at the beginning of the year 4,99,04,22,513 4,99,04,22,513

Add: Equity Shares issued during the year - -
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. During the year, the company has granted Forty four lakh seventeen
thousand RSUs. Upon vesting, each RSU entitles the grantee to excercise and get one equity share of C 10/- each. The
excercise price of RSU is Fair Market Value at the time of excercise. As on 31st March, 2023, RSUs in force total to Forty four
lakh seventeen thousand (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 C 10 per share. Each holder of equity shares is entitled
to one vote per share.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
12 Other Equity
Instruments Classified as Equity
8.5% Non-Cumulative Optionally Convertible Preference Shares (OCPS) of C 10 each, fully paid up 800.00 800.00
Compulsory Convertible Debentures of C 10,00,000 each, fully paid up 330.00 330.00
1,130.00 1,130.00
Capital Reserve
Less: During the year (0.06) -
- 0.06
Securities Premium
3,200.00 3,200.00
Retained Earnings
Add: Profit for the year 7,008.82 4,937.63
Less: Premium of Share redemption (103.89) -
Others 0.48 (0.48)
27,990.33 21,084.92
Other Comprehensive Income
As per last Balance Sheet 6.64 (3.68)
Add: Movement in OCI (Net) during the year (94.08) 10.32
Others (0.48) -
(87.92) 6.64
Total 32,232.41 25,421.62

NOTES
12.1 E
ach Compulsorily Convertible Debentures (CCD) of face value of C 10,00,000 each shall be converted in to 1,00,000
preference shares of C 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 C 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 79,99,89,606 99.99% 79,99,89,606 99.99%

(Holding Company)
12.3 Terms of 8.5% Non Cumulative Optionally Convertible Preference Shares (OCPS)
The OCPS shall be either redeemed at C 50 per share or converted into 5 (Five) Equity Shares of C 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. 17th February, 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 C 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
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
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
13 Borrowings - Non Current

Unsecured - At amortised cost
Term Loan from Related Party (Refer note 34(i)) 25,325.10 12,135.91
Term Loans from Banks 19,243.94 -
Total 44,569.04 12,135.91

13.2 Interest rate on borrowings are in the range of 7.15% to 8.20%.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
14 Provisions - Non Current

Total 86.85 68.49
(i) The provision for employee benefit includes annual leave and vested long service leave entitlement accrued and compensation claims made by
employees.

Consolidated
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
15 Deferred Tax Liabilities (Net)

The movement on the deferred tax account is as follows:
At the start of the year 1,458.82 929.68
Charge to Statement of Profit and Loss 928.72 529.14
Others (6.20) -
At the end of the year 2,381.34 1,458.82
(C in crore)
Charge/(Credit)
As at As at
Component of Deferred tax Liabilities to Statement of Others
Profit and Loss
Deferred tax liabilities (Net) in relation to:

Property, plant and equipment and Intangible assets 1,472.76 941.34 (6.28) 2407.82
Disallowance (13.94) (12.62) 0.08 (26.48)
Total 1,458.82 928.72 (6.20) 2381.34
Net Deferred Tax Liabilities 1,458.82 928.72 (6.20) 2381.34
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
16 Borrowings - Current
Secured - At amortised Cost
Working Capital Loans
From Banks (i) 1,599.84 -
Loans and Advances from Related party (Refer Note 34(ii)(ii)) 12,608.93 28,733.70
From Banks 11,459.91 1.74
Current Maturities of Long Term Debt 700.00 -
Total 26,368.68 28,735.44
(i) Working Capital Loans from Banks referred above to the extent of:
- C 1599.84 (previous year C NIL) 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 4.60% to 8.85%
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.

NOTES
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
17 Trade payable
Trade Payable 15,488.76 12,990.01
Total 15,488.76 12,990.01
17.1 Ageing Schedule as on 31st March, 2023

(C in crore)

1 year
(i) MSME 971.14 - - - - 971.14

(ii) Others 13,239.81 1,169.25 40.48 14.07 54.01 14,517.62
Total 14,210.95 1,169.25 40.48 14.07 54.01 15,488.76
Ageing Schedule as on 31st March, 2022

(C in crore)

1 year
(i) MSME 633.43 - - - - 633.43

(ii) Others 11,030.29 1,238.60 39.41 22.02 26.26 12,356.58
(iii) Disputed Dues -MSME - - - - - -
(iv) Disputed Dues-Others - - - - - -
Total 11,663.72 1,238.60 39.41 22.02 26.26 12,990.01
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
18 Other Financial Liabilities - Current

Interest Accrued but not due on Borrowings 78.71 195.30
Creditors for Capital Expenditure 10.26 17.39
Others (i)
882.93 1,204.75
Total 971.90 1,417.44
(i) Includes Security Deposits Received & Financial Liability at fair value.
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
19 Other Current Liabilities

Income Received in Advance 409.43 545.92
Other Payables (i)&(ii)
953.30 951.65
Total 1,362.73 1,497.57
(i) Includes statutory dues and advances from customers
(ii) Includes C 300.26 crore (Previous year C 215.03 crore) received towards sale of Jewellery products under various sale initiatives/retail customer programmes.

Consolidated
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
20 Provisions - Current
Total 7.71 5.08
(i) The provision for employee benefit includes gratuity, annual leave and vested long service leave entitlement accrued and compensation claims made
by employees.
(C in crore)
2022-23 2021-22

Value of Sales 2,13,452.11 1,62,949.60
Total * 2,23,826.28 1,70,133.29
* Net of GST
(C in crore)
2022-23 2021-22
22 Other Income
Interest
Bank Deposits 7.02 5.79
Others 13.46 6.81
20.48 12.60
Gain on Sale of Investments in Subsidiaries and Joint Ventures 12.38 -
Gain on Financial Assets
Realised Gain 4.13 5.94
Other Non-Operating Income 22.97 3.24
Total 59.96 21.78
Above Other Income comprises of assets measured at amortised cost C 9.54 crore (Previous Year C 12.60 crore), at cost C 12.38 crore
(previous year C Nil), Fair value through Other Comprehensive Income C 15.07 crore (Previous Year C 5.94 crore) and Other Non-
Operating Income C 22.97 crore (Previous Year C 3.24 crore)
(C in crore)
2022-23 2021-22
22.1 Other Comprehensive Income - Items that will not be reclassified to statement of
Profit and loss
Remeasurement of Defined Benefits Plan 10.77 (2.90)
Equity instruments through OCI (81.87) -
Total (71.10) (2.90)

NOTES
(C in crore)
2022-23 2021-22
22.2 Other Comprehensive Income - Items that will be reclassified to statement of

Profit and loss
Government Securities and Mutual Funds (21.66) 16.69
Total (21.66) 16.69
(C in crore)
2022-23 2021-22
23 Changes in Inventories of Finished Goods and Stock-in-Trade

Inventories (at close)
Finished Goods/ Stock-in-Trade 24,358.24 19,809.01
24,358.24 19,809.01
Inventories (at commencement)
Finished Goods/ Stock-in-Trade 19,809.01 12,201.89
Less: De-subsidisation of subsidiaries during the year (28.10) -
19,780.91 12,201.89
Total (4,577.33) (7,607.12)
(C in crore)
2022-23 2021-22
24 Employee Benefits Expense

Salaries and Wages 1,669.78 1,220.71
Contribution to Provident and Other Funds 150.50 112.27
Staff Welfare Expenses 263.66 189.53
Total 2,083.94 1,522.51
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:
(C in crore)
Employer’s Contribution to Provident Fund 45.07 40.64

Employer's Contribution to Superannuation Fund 0.62 0.37
Employer’s Contribution to Pension Scheme 51.36 37.66

Consolidated
Defined Benefit Plans

I. Reconciliation of Opening and Closing Balances of Defined Benefit Obligation
(C in crore)
Gratuity (funded) Gratuity (unfunded)

Particulars
2022-23 2021-22 2022-23 2021-22
Defined Benefit Obligation at beginning of the year 1 30.54 98.08 0.09 0.08
Current Service Cost 50.14 29.11 - 0.02
Less : Desubsidisation on sale of Subsidiaries (1.22) - (0.09) -
Interest Cost 9.29 6.81 - 0.01
Actuarial (Gain)/ Loss (12.29) 2.42 - (0.02)
Benefits Paid (9.12) (6.48) - -
Transfer In/(Out) 1.87 0.60 - -
Defined Benefit Obligation at the end of year 169.21 1 30.54 - 0.09
II. Reconciliation of Opening and Closing Balances of Fair Value of Plan Assets
(C in crore)
Gratuity (funded)
Particulars
2022-23 2021-22
Fair Value of Plan Assets at beginning of the year 131.63 98.98

Less : Desubsidisation on sale of Subsidiaries (2.31) -
Actuarial Gain/ (Loss) (1.52) (0.52)
Employer Contribution 32.67 25.97
Benefits Paid (0.42) 0.33
Fair Value of Plan Assets at year end of the year 169.21 131.63
III. Reconciliation of Fair Value of Assets and Obligations

(C in crore)

Particulars
2022-23 2021-22 2022-23 2021-22
Fair Value of Plan Assets 169.21 131.63 - -

Present Value of Obligation 169.21 130.54 - 0.09
Amount recognised in Balance Sheet Surplus / (Deficit) - 1.09 - (0.09)
IV. Expenses recognised during the year

(C in crore)
Gratuity (funded) Gratuity (funded)

Particulars
2022-23 2021-22 2022-23 2021-22
In Income Statement
Current Service Cost 50.14 29.11 - 0.02
Interest Cost 9.29 6.81 - 0.01
Return on Plan Assets (9.16) (6.87) - -
Net Cost 50.27 29.05 - 0.03
In Other Comprehensive income
Actuarial (Gain)/ Loss (12.29) 2.42 - (0.02)
Return on Plan Assets 1.52 0.52 - -
Net (Income)/ Expense for the period Recognised (10.77) 2.94 - (0.02)
in OCI

NOTES
V. Investment Details
Particulars
K crore % Invested K crore % Invested
Insurance Policies 169.12 99.95% 131.55 99.94%

Others 0.09 0.05% 0.08 0.06%
169.21 100.00% 1 31.63 100.00%
VI. Actuarial Assumptions

2022-23 2021-22 2022-23 2021-22

Particulars
2012-14 2012-14 2012-14 2012-14
(Ultimate) (Ultimate) (Ultimate) (Ultimate)
Mortality Table (IALM)

Discount Rate (per annum) 7.60% 7.09% 7.60% 7.09%
Expected rate of return on plan assets (per annum) 7.60% 7.09% - -
Rate of Escalation in Salary (per annum) 6.00% 6.00% 6.00% 6.00%
Rate of employee turnover (per annum) 3.00% 2.00% 3.00% 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 2022-23
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.
(C in crore)
2022-23 2021-22
25 Finance Costs
Interest Expenses 3,925.53 1,985.00
Interest on lease liabilities 0.19 0.88
Total 3,925.72 1,985.88
* Net of Interest capitalised of C 479.10 crore (Previous year C Nil)

Consolidated
(C in crore)
2022-23 2021-22
26 Other Expenses
Selling and Distribution Expenses
Sales Promotion and Advertisement Expenses 697.53 342.91
Store Running Expenses 1,710.84 1,325.02
Brokerage, Royalty and Commission 2,391.91 2,482.59
Warehousing and Distribution Expenses 2,266.88 1,362.93
7,067.16 5,513.45
Establishment Expenses
Stores and Packing Materials 339.91 176.61
Machinery Repairs 0.05 0.63
Building Repairs and Maintenance 305.58 169.71
Other Repairs 26.93 28.80
Rent including Lease Rentals 1,176.47 884.72
Operating Lease Rentals 1,495.09 2,738.39
Insurance 308.49 131.97
Rates and Taxes 40.43 27.09
Travelling and Conveyance Expenses 129.39 48.19
Professional Fees 460.19 328.72
Payment to Auditors 1.45 1.44
Loss on Sale/ Discarding of property plant and equipment 14.56 8.45
Exchange Differences (Net) (65.62) 18.75
Electricity Expenses 343.80 252.12
Charity and Donations 135.12 126.24
Hire Charges 238.61 90.86
General Expenses 380.99 245.55
5,331.44 5,278.24
Total 12,398.60 10,791.69
26.1 Payment to Auditors as:

(C in crore)
(a) Statutory Audit Fees 1.34 1.31

(b) Tax Audit Fees 0.01 0.02
(d) Certification and Consultation Fees 0.10 0.11
1.45 1.44

NOTES
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 : C 135.10 crore (previous year C 126.22 crore). Expenditure related to Corporate Social Responsibility is
C 135.10 crore (previous year C 126.22 crore). Details of Amount spent towards CSR given below:
(C in crore)
Healthcare 38.50 93.12

Education 75.65 15.00
Rural Transformation 5.50 -
Disaster Relief - 13.50
Sports For Development 5.00 4.10
Others 10.45 0.50
Total * 135.10 126.22
* Represents amount spent through Reliance Foundation C 135.10 crore (Previous Year C 126.22 crore)
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
27 Taxation
Income Tax recognised in the Statement Profit and Loss
Current Tax 1,410.24 1,118.29
Deferred Tax 928.72 529.14
Total Income Tax Expense 2,338.96 1,647.43
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
(C in crore)
As at As at
Particulars
31st March, 2023 31st Mar, 2022
Profit before Tax 9,347.78 6,585.06

Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 2,352.65 1,657.33
Tax Effect of :
Non taxable Subsidiaries and Joint Ventures - 1.78
Expenses disallowed 1,657.70 1,375.78
Additional Allowances (2,600.11) (1,916.60)
Current Tax Provision (A) 1,410.24 1,118.29
Incremental Deferred Tax Liability on account of Property Plant & Equipment & Intangible 941.34 537.41
Assets
Incremental Deferred Tax Liability on account of Financial Assets & Other items (12.62) (8.27)
Deferred Tax Provision (B) 928.72 529.14
Tax Expenses recognised in Statement of Profit and Loss (A+B) 2,338.96 1,647.43
Effective Tax Rate 25.02% 25.02%

Consolidated
28 Enterprises Consolidated as Subsidiary in accordance with Indian Accounting Standard 110 - Consolidated
Financial Statements:
Name of Subsidiaries
Incorporation Ownership Interest
Reliance Clothing India Limited (Formerly known as Reliance Clothing India Private Limited) India NIL*
Reliance Petro Marketing Limited India NIL*
Reliance-GrandOptical Private Limited India NIL*
* Ceased to be subsidiary w.e.f. 30th June, 2022.
29 Significant Enterprises consolidated as Joint Ventures in accordance with Indian Accounting Standard 28 - Investment in
Associates and Joint Ventures
Name of Joint Ventures
Incorporation Ownership Interest
Marks and Spencer Reliance India Private Limited India NIL**

Reliance-GrandVision India Supply Private Limited India NIL**
Reliance-Vision Express Private Limited India NIL**
** Ceased to be Joint Venture w.e.f. 30th June, 2022.
(C in crore)
2022-23 2021-22
30 Earnings per share (EPS)

Face Value per Equity Share (K) 10.00 10.00
Basic Earnings per Share (K) 13.17 9.28
Net Profit (after adjusting Non Controlling Interest) as per Statement of Profit and Loss 7,008.82 4,937.63
attributable to Equity Shareholders (C crore)
Weighted average number of equity shares used as denominator for calculating EPS 5,32,04,22,513 5,32,04,22,513
Diluted Earnings per Share 7.52 5.30
Net Profit (after adjusting Non Controlling Interest) as per Statement of Profit and Loss 7,008.82 4,937.63
attributable to Equity Shareholders (C crore)
Reconciliation of weighted average number of shares outstanding
Total Weighted Average Potential Equity Shares 4,00,44,17,000 4,00,02,52,010

NOTES
(C in crore)
As at As at
31. Commitments and Contingent Liabilities

(I) Contingent Liabilities
(A) Guarantees
(i) Outstanding guarantees furnished to banks including in respect of letters of
credit
- In respect of Others 3,450.92 1,257.27
(ii) Guarantees to Banks and Financial Institutions against credit facilities
extended to third parties and other Guarantees
- In respect of Others 93.80 37.35
(B) Claim against the Group/ Disputed Liabilities not acknowledged as Debts*
(II) Capital 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 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:
(C in crore)
As at As at
31st March, 2023 31st Mar, 2022
Gross Debt 70,937.72 40,871.35

Cash and Marketable Securities* 663.43 1,071.66
Net Debt (A) 70,274.29 39,799.69
Total Equity (As per Balance Sheet) (B) 37,222.83 30,412.04
Net Gearing Ratio (A/B) 1.89 1.31
* Cash and Marketable Securities include Cash and Cash Equivalents of C 401.38 crore (Previous Year C 466.42 crore), Current Investments and
Marketable securities of C 262.05 crore (Previous Year C 605.24 crore).

Consolidated
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:

(C in crore)
Particulars 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 5,520.17 - - - 8,833.93 - - -
Cash and Bank Balances 401.38 - - - 466.42 - - -
Other Financial Assets 3,183.58 - - - 2,682.57 - - -
At FVTPL
Investments* - - - - 0.01 - - 0.01
Commodity Derivatives 10.43 10.43 - - 3.05 3.05 - -
At FVTOCI
Investments* 262.85 262.05 - 0.80 687.91 605.24 - 82.67
At Amortised Cost
Borrowings 70,937.72 - - - 40,871.35 - - -
Trade Payables 15,488.76 - - - 12,990.01 - - -
Lease Liability - - - - 10.04 - - -
Other Financial Liabilities 927.49 - - - 1,366.41 - - -
At FVTPL
Commodity Derivatives 41.48 - 41.48 - 47.10 0.41 46.69 -
* Excludes Group Company Investment C NIL (Previous Year C 276.26 crore) measured at cost (Refer Note No. 2.1)
Reconciliation of fair value measurement of the investment categorised at level 3:

(C in crore)

Particulars
At FVTPL At FVTOCI At FVTPL At FVTOCI
Opening Balance 0.01 82.67 0.01 81.87

Addition during the year (0.01) - - 0.80
Impaired during the year - (81.87) - -
Total Gain/(Loss) - - - -
Closing Balance - 0.80 0.01 82.67

NOTES
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 and EUR on financial instruments at the end of the
reporting period. The exposure to other foreign currencies are not material.
(i) Foreign Currency Exposure

(C in crore)
USD GBP EUR AED RMB USD GBP EUR AED RMB
Trade Payables 126.42 0.10 3.18 0.72 0.01 84.03 0.80 1.10 - 0.06
Trade Receivables (1.10) - - - - (8.89) - - - -
Derivatives
Forwards & Futures (1,040.40) - - - - (1,613.66) - - - -
Net Exposure (915.09) 0.10 3.18 0.72 0.01 (1,538.52) 0.80 1.10 - 0.06
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:
(C in crore)
As at As at
Borrowings
Non Current # 45,275.10 12,135.91
Current 25,668.68 28,735.44
Total 70,943.78 40,871.35
#
include C 6.06 crore (Previous year Nil) as prepaid finance charge
Sensitivity analysis of 1% change in Interest rate
Interest rate Sensitivity
Particulars As at 31st March, 2023 As at 31st March, 2022
Up Move Down Move Up Move Down Move
Impact on equity (115.00) 115.00 - -

Impact on P&L (132.50) 132.50 - -
(247.50) 247.50 - -
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.

Consolidated
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.
(C in crore)
Maturity Profile as at 31st March, 2023

Particulars* Below
3 months
Borrowing
Non Current 73.12 51.88 575.00 13,627.00 30,948.10 - 45,275.10
Current 13,059.75 - 12,608.93 - - - 25,668.68
Total 13,132.87 51.88 13,183.93 13,627.00 30,948.10 - 70,943.78
Lease Liabilities - - - - - - -
Forwards / Futures - 0.18 2.75 - - - 2.93
Total - 0.18 2.75 - - - 2.93
(C in crore)
Maturity Profile as on 31st March, 2022

Liquidity Risks* Below
3 months
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
* Does not include Trade Payable amounting to C 15,488.76 crore (Previous Year C 12,990.01 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.

NOTES
Disclosure of effects of hedge accounting
Fair Value Hedge

Hedging Instrument
(C in crore)
Quantity Carrying amount Changes in Hedge Line Item in

Type of Hedge and Risks Nominal Value
(in Kgs) Assets Liabilities fair value Maturity Date Balance Sheet

Derivative Contracts 2,911.40 6,914.11 10.43 41.48 (31.05) Apr 23 - Other Financial
Sept 23 Asset/Liabilities
Derivative Contracts 2,381.84 6,399.52 3.04 47.09 (44.05) June 22- Other Financial
Sept 22 Asset/Liabilities
Hedged Items:
(C in crore)
Carrying amount Line Item in

Type of Hedge and Risks Changes in FV
Assets Liabilities Balance Sheet

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 Reliance Clothing India Limited (Formerly known as Reliance Clothing India Private
Limited) *
6 7-India Convenience Retail Limited
7 Aaidea Solutions Limited
8 Reliance A&T Fashions Private Limited (Formerly known as Abraham and Thakore
Exports Private Limited) Fellow Subsidiaries
9 Actoserba Active Wholesale Limited
10 Addverb Technologies Limited (Formerly known as Addverb Technologies Private
Limited)
11 Amante India Limited (Formerly known as Amante India Private Limited)
12 C-Square Info-Solutions Limited (Formerly known as C-Square Info-Solutions Private
Limited)
13 Catwalk Worldwide Private Limited *

Consolidated
Sr.
No.
14 Dadha Pharma Distribution Limited (Formerly known as Dadha Pharma Distribution

Private Limited )
15 Den Networks Limited
16 E-Eighteen.Com Limited
17 Genesis Colors Limited
18 Genesis La Mode Private Limited
19 GLF Lifestyle Brands Private Limited
20 GML India Fashion Private Limited
21 Grab A Grub Services Limited (Formerly known as Grab A Grub Services Private
Limited)
22 Hathway Cable and Datacom Limited
23 Hathway Digital Limited
24 Indiavidual Learning Limited
25 Indiacast Media Distribution Private Limited
26 Indiawin Sports Private Limited
27 Intimi India Limited (Formerly known as Intimi India Private Limited)
28 Jaisuryas Retail Ventures Limited (Formerly known as Jaisuryas Retail Ventures Private
Limited)
29 Jio Haptik Technologies Limited
30 Jio Platforms Limited
31 Jio Things Limited
32 Kalaniketan Silks Limited (Formerly known as Kalaniketan Silks Private Limited)
33 Mesindus Ventures Limited Fellow Subsidiaries
34 Amante Lanka (Private) Limited (Formerly known as MAS Brands Lanka (Private)
Limited)
35 Amante Exports (Private) Limited (Formerly known as MAS Brands Exports (Private)
Limited)
36 Model Economic Township Limited
37 Netmeds Marketplace Limited
38 Network18 Media & Investments Limited
39 Radisys India Limited
40 RB Holdings Private Limited
41 RB Media Holdings Private Limited
42 RB Mediasoft Private Limited
43 Reliance Ambit Trade Private Limited
44 Reliance BP Mobility Limited
45 Reliance Brands Limited
46 Reliance Brands Luxury Fashion Private Limited
47 Reliance Commercial Dealers Limited
48 Reliance Corporate IT Park Limited
49 Reliance Digital Health Limited
50 Reliance Eminent Trading & Commercial Private Limited
51 Reliance GAS Lifestyle India Private Limited
52 Reliance Gas Pipelines Limited
53 Reliance Innovative Building Solutions Private Limited

NOTES
Sr.
No.
54 Reliance Jio Infocomm Limited

55 Reliance Jio Media Limited
56 Reliance Jio Messaging Services Limited
57 Reliance Lifestyle Products Private Limited
58 Reliance Payment Solutions Limited
59 Reliance Industrial Investments and Holdings Limited
60 Reliance Progressive Traders Private Limited
61 Reliance Projects & Property Management Services Limited
62 Reliance Prolific Commercial Private Limited
63 Reliance Prolific Traders Private Limited
64 Reliance Retail and Fashion Lifestyle Limited
65 Reliance Retail Finance Limited
66 Reliance Retail Insurance Broking Limited
67 Reliance Sibur Elastomers Private Limited
68 Reliance SMSL Limited
69 Reliance Strategic Investments Limited
70 Reverie Language Technologies Limited
71 RRB Mediasoft Private Limited
72 Saavn Media Limited
73 Shopsense Retail Technologies Limited
74 Shri Kannan Departmental Store Limited
75 The Indian Film Combine Private Limited Fellow Subsidiaries
76 Tresara Health Limited
77 TV18 Broadcast Limited
78 Urban Ladder Home Décor Solutions Limited
79 Viacom 18 Media Private Limited
80 Vitalic Health Limited (Formerly known as Vitalic Health Private Limited)
81 AETN18 Media Private Limited
82 Colosceum Media Private Limited
83 Den Broadband Limited
84 Jio Media Limited
85 Just Dial Limited
86 Kalaniketan Fashions Limited (Formerly known as Kalaniketan Fashions Private
Limited)
87 Mayuri Kumkum Limited*
88 New Emerging World of Journalism Limited
89 Rahul Mishra Fashions Private Limited*
90 Reliance Abu Sandeep Private Limited (Formerly known as ABSA Fashions Private
Limited)*
91 Reliance AK-OK Fashions Limited*
92 Reliance Universal Traders Private Limited
93 SankhyaSutra Labs Limited
94 V-Retail Private Limited*
95 Enercent Technologies Private Limited

Consolidated
Sr.
No.
96 Purple Panda Fashions Limited (Formerly known as Purple Panda Fashions Private
Limited) *
97 RBML Solutions India Limited
98 Reliance Ethane Pipeline Limited
99 Reliance International Limited
100 Reliance Ritu Kumar Private Limited
101 Reliance Syngas Limited
Fellow Subsidiaries
102 RISE Worldwide Limited
103 Rod Retail Private Limited *
104 Tesseract Imaging Limited
105 Cover Story Clothing Limited (Formerly known as Future Style Lab Limited) *
106 Nowfloats Technologies Limited (Formerly known as Nowfloats Technologies Private
Limited)
107 Watermark Infratech Private Limited
108 Reliance-Vision Express Private Limited *
109 Reliance-GrandVision India Supply Private Limited * Joint Venture
110 Marks and Spencer Reliance India Private Limited *
111 Shri V Subramaniam Key Managerial
112 Shri Dinesh Thapar @ Personnel
113 Shri Dinesh Taluja *

114 Shri K Sridhar
115 Reliance Retail Limited Employees Gratuity Fund Post Employment
116 Reliance Retail Limited Employees Provident fund Benefits Plan
* The above entities includes related parties where the relationship existed for part of the year
@ Ceased to be the related party in the previous year
(ii) Transactions during the year with related parties (excluding reimbursements):
C crore
Ultimate Key
Nature of transactions holding Managerial Others Total
company Personnel
1 Net Unsecured loans taken/ - (2,820.67) - - - - (2,820.67)

(Repaid)
- 26,230.74 - - - - 26,230.74
2 Net Deposits given / (repaid) 0.04 - 1,038.12 - - - 1,038.16
- - (315.88) - - - (315.88)
3 Purchase/ (sale) of investments (298.86) (174.44) (103.89) - - - (577.19)
- - - 6.00 - - 6.00
4 Purchase of Property Plant & 0.01 - 15,380.88 - - - 15,380.89
Equipment/ Project Materials
- - 7,248.24 - - - 7,248.24
and Intangible Assets
5 Revenue from Operations 179.47 6.51 8,274.31 0.18 - - 8,460.47
184.77 3.60 4,423.75 1.61 - - 4,613.73
6 Purchases 44.93 80.23 83,768.08 9.06 - - 83,902.30
545.23 65.26 75,047.46 25.05 - - 75,683.00

NOTES
C crore
Ultimate Key
Nature of transactions holding Managerial Others Total
company Personnel
7 Expenditure
a) Store Running Expenses - - 2,001.60 - - - 2,001.60
0.05 - 1,420.89 0.13 - - 1,421.07
b) Professional Fees 2.34 - 1,180.88 - - - 1,183.22
1.12 - 917.58 - - - 918.70
c) Building Repairs and - - 163.66 - - - 163.66
Maintenance
- - 108.78 - - - 108.78
d) Hire Charges - - 4.50 - - - 4.50
- - 1.32 - - - 1.32
e) Rent including Lease Rentals 1.56 - 1,003.16 - - - 1,004.72
5.55 - 687.02 - - - 692.57
f) Electricity Expenses - - 301.37 - - - 301.37
- - 196.57 - - - 196.57
g) Sales Promotion and 0.03 - 90.15 - - - 90.18
Advertisement Expenses
0.10 - 9.34 - - - 9.44
h) Brokerage & Commission 0.07 - 16.23 - - - 16.30
- - 23.06 - - - 23.06
i) Finance Costs - 3,557.41 - - - - 3,557.41
- 1,945.68 - - - - 1,945.68
j) Travelling and Conveyance - - 2.30 - - - 2.30
Expenses
- - 38.69 - - - 38.69
k) Warehousing and Distribution 0.01 5,092.85 34.62 - - - 5,127.48
Expenses
0.05 3,725.28 11.03 - - - 3,736.36
l) Stores and Packing Materials - - 12.91 - - - 12.91
- - 43.67 - - - 43.67
m) General Expenses - - 241.95 - - - 241.95
0.08 - 168.44 - - - 168.52
n) Business Support Services 0.31 - 3.50 - - - 3.81
- - - - - - -
o) Payment to Key Managerial - - - - 8.11 - 8.11
Personnel
- - - - 8.79 - 8.79
p) Employee Benefit expenses - - - - - 301.61 301.61
- - - - - 177.29 177.29

Consolidated
C crore
Ultimate Key
Sr Holding Fellow
Nature of transactions holding Joint Ventures Managerial Others Total
No company subsidiaries
company Personnel
Balance as at 31st March,

2023
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
d) Deposits Given 0.04 - 2,153.03 - - - 2,153.07
- - 1,114.88 - - - 1,114.88
e) Debentures - 330.00 - - - - 330.00
- 330.00 - - - - 330.00
f) Other Current Assets - - 1,605.79 - - - 1,605.79
- - 3,367.90 - - - 3,367.90
g) Other Current Liabilities - - 1.64 - - - 1.64
- - 7.96 4.81 - - 12.77
h) Investments -Non current - - - - - - -
- - - 276.26 - - 276.26
i) Trade and Other 6.12 - 48.20 - - - 54.32
Receivables
16.46 11.56 467.74 0.57 - - 496.33
j) Trade and Other Payables 18.51 10.62 1,723.02 - - - 1,752.15
28.09 46.06 3,918.03 3.46 - - 3,995.64
k) Borrowings - 37,934.03 - - - - 37,934.03
- 40,869.61 - - - - 40,869.61
l) Other Financial Liabilities - - - - - - -
- 195.19 0.22 - - - 195.41
n) Guarantees - - 93.80 - - - 93.80
- - 37.35 - - - 37.35
Figures in italics represents previous year’s amount.
# Includes Securities Premium

NOTES
(iii) Disclosure in respect of major related party transactions during the year:
(C in crore)
Sr
No
1 Net Unsecured Loan Taken/ (Repaid)

Reliance Retail Ventures Limited Holding Company (2,820.67) 26,230.74
2 Net Deposits Given/ (repaid)
Reliance Projects & Property Management Services Fellow Subsidiary 1,038.07 (295.88)
Limited
Dadha Pharma Distribution Limited (Formerly known Fellow Subsidiary - (20.00)
Reliance-GrandOptical Private Limited* Fellow Subsidiary 0.05 -
3 Purchase/ (sale) of investments
Reliance Industries Limited Ultimate Holding Company (298.86) -
Reliance Retail Ventures Limited Holding Company (174.44) -
Reliance Petro Marketing Limited* Fellow Subsidiary (103.89) -
Reliance-Vision Express Private Limited* Joint Ventures - 6.00
4 Purchase of Property Plant & Equipment / Project
Materials and Intangible Assets
Reliance Projects & Property Management Services Fellow Subsidiary 14,565.75 6,884.65
Limited
Shopsense Retail Technologies Limited Fellow Subsidiary 269.90 54.08
Grab A Grub Services Limited (Formerly known as Grab Fellow Subsidiary 18.00 -
Limited
Reliance Petro Marketing Limited* Fellow Subsidiary 0.02 -
Jaisuryas Retail Ventures Limited (Formerly known as Fellow Subsidiary 35.21 35.32

Consolidated
(C in crore)
Sr
No

Reliance Retail Insurance Broking Limited Fellow Subsidiary 12.69 13.59
Limited)
Revenue from Operations
AETN18 Media Private Limited (C 25,996) Fellow Subsidiary 0.00 -
Colosceum Media Private Limited (C 12,998) Fellow Subsidiary 0.00 -
Den Broadband Limited (C 6,499) Fellow Subsidiary 0.00 -
New Emerging World of Journalism Limited (C 19,497) Fellow Subsidiary 0.00 -
Reliance Abu Sandeep Private Limited (Formerly known Fellow Subsidiary 0.00 -
as ABSA Fashions Private Limited)* (C 5,593)
Just Dial Limited (C 7,542) Fellow Subsidiary 0.00 -
Reliance-GrandOptical Private Limited* (C 30,000) Fellow Subsidiary 0.00 -
SankhyaSutra Labs Limited (C 6,499) Fellow Subsidiary 0.00 -
Dadha Pharma Distribution Limited (Formerly known Fellow Subsidiary 0.02 -
as Dadha Pharma Distribution Private Limited )
Hathway Digital Limited Fellow Subsidiary 0.03 -
Kalaniketan Fashions Limited (Formerly known as Fellow Subsidiary 0.04 -
Kalaniketan Fashions Private Limited)
Mayuri Kumkum Limited* Fellow Subsidiary 0.01 -
Rahul Mishra Fashions Private Limited* Fellow Subsidiary 0.02 -
Reliance AK-OK Fashions Limited* Fellow Subsidiary 0.10 -
Shopsense Retail Technologies Limited Fellow Subsidiary 0.02 -
Enercent Technologies Private Limited (C 33,023) Fellow Subsidiary 0.00 -
Future Style Lab Limited)*
Hathway Cable and Datacom Limited Fellow Subsidiary 0.01 -
RISE Worldwide Limited Fellow Subsidiary 0.19 -
Kalaniketan Silks Limited (Formerly known as Fellow Subsidiary 0.05 -
Kalaniketan Silks Private Limited)
Network18 Media & Investments Limited Fellow Subsidiary 0.02 -
Nowfloats Technologies Limited (Formerly known as Fellow Subsidiary 0.04 -
Nowfloats Technologies Private Limited)
Reliance Syngas Limited Fellow Subsidiary 1.55 -
RBML Solutions India Limited Fellow Subsidiary 0.59 -
Reliance Ethane Pipeline Limited Fellow Subsidiary 0.07 -
Reliance International Limited Fellow Subsidiary 1,543.43 -

NOTES
(C in crore)
Sr
No

Rod Retail Private Limited* (C 41,466) Fellow Subsidiary 0.00 -
Reliance Payment Solutions Limited Fellow Subsidiary 0.02 -
Tesseract Imaging Limited Fellow Subsidiary 0.02 -
7-India Convenience Retail Limited Fellow Subsidiary 5.14 1.58
Reliance Retail and Fashion Lifestyle Limited Fellow Subsidiary 1.95 0.89
Revenue from Operations
Saavn Media Limited Fellow Subsidiary 0.56 0.77
Model Economic Township Limited Fellow Subsidiary 0.05 0.52
TV18 Broadcast Limited Fellow Subsidiary 0.61 0.23
C-Square Info-Solutions Limited (Formerly known as Fellow Subsidiary 0.08 0.17
C-Square Info-Solutions Private Limited)
Reliance Gas Pipelines Limited Fellow Subsidiary 0.17 0.12
Reliance Sibur Elastomers Private Limited Fellow Subsidiary 0.05 0.11
Mesindus Ventures Limited Fellow Subsidiary 0.90 0.07
Reliance Commercial Dealers Limited Fellow Subsidiary 0.20 0.06
E-Eighteen.Com Limited Fellow Subsidiary 0.07 0.06
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
Amante India Limited (Formerly known as Amante Fellow Subsidiary 0.60 0.04
India Private Limited)
Watermark Infratech Private Limited Fellow Subsidiary - 0.04
Radisys India Limited Fellow Subsidiary 0.02 0.02
Indiacast Media Distribution Private Limited Fellow Subsidiary 0.03 0.01

Consolidated
(C in crore)
Sr
No
Den Networks Limited (Previous Year C 51,000) Fellow Subsidiary 0.02 0.00
Intimi India Limited (Formerly known as Intimi India Fellow Subsidiary 0.05 0.00
Private Limited) (Previous Year C 23,448)
Reliance Digital Health Limited Fellow Subsidiary 0.76 -
Reliance SMSL Limited Fellow Subsidiary 0.74 -
Reliance Eminent Trading & Commercial Private Fellow Subsidiary 0.12 -
Limited
Reliance Jio Media Limited Fellow Subsidiary 0.15 -
Reliance Jio Messaging Services Private Limited Fellow Subsidiary 0.15 -
Reliance Progressive Traders Private Limited Fellow Subsidiary 0.09 -
Reliance Prolific Traders Private Limited Fellow Subsidiary 0.02 -
Reliance Universal Traders Private Limited Fellow Subsidiary 0.05
Jio Haptik Technologies Limited (C 19,497) Fellow Subsidiary 0.00 -
Reliance-Vision Express Private Limited* Joint Ventures 0.17 1.21
Marks and Spencer Reliance India Private Limited* Joint Ventures 0.01 0.40
6 Purchases
Purchases
Reliance BP Mobility Limited (C 26,204) Fellow Subsidiary 0.00 138.62
Dadha Pharma Distribution Limited (Formerly known Fellow Subsidiary 139.93 83.59
as Dadha Pharma Distribution Private Limited )
Reliance Digital Health Limited Fellow Subsidiary 0.04 5.29
Amante India Limited (Formerly known as Amante Fellow Subsidiary 9.27 2.71
Kalaniketan Silks Limited (Formerly known as Fellow Subsidiary 94.75 1.56

NOTES
(C in crore)
Sr
No

Limited
Limited)
Future Style Lab Limited)*
Intimi India Limited (Formerly known as Intimi India Fellow Subsidiary 0.45 -
Private Limited)
Jaisuryas Retail Ventures Limited (Formerly known as Fellow Subsidiary 16.29 -
Mayuri Kumkum Limited Fellow Subsidiary 0.37 -
Reliance International Limited Fellow Subsidiary 199.06 -
Reliance Petro Marketing Limited* Fellow Subsidiary 0.03 -
TV18 Broadcast Limited Fellow Subsidiary 0.01 -
Just Dial Limited Fellow Subsidiary 0.03 -
Mesindus Ventures Limited Fellow Subsidiary 0.02 -
Marks and Spencer Reliance India Private Limited* Joint Ventures 8.92 24.19
Reliance-Vision Express Private Limited* Joint Ventures 0.14 0.82
Reliance-GrandVision India Supply Private Limited* Joint Ventures - 0.04
7 Expenditure
a) Store Running Expenses
Reliance SMSL Limited Fellow Subsidiary 537.90 697.55
Reliance Projects & Property Management Services Fellow Subsidiary 1,058.27 395.66
Limited
Reliance BP Mobility Limited Fellow Subsidiary - 0.07
Reliance Brands Limited Fellow Subsidiary - 0.05
E-Eighteen.com Limited Fellow Subsidiary - 0.01

Consolidated
(C in crore)
Sr
No

Reliance GAS Lifestyle India Private Limited (Previous Fellow Subsidiary - 0.00
Year C 4,204)
Reliance-Vision Express Private Limited* Joint Ventures - 0.13
b) Professional Fees
Jio Platforms Limited Fellow Subsidiary 1,104.40 813.27
Limited
c) Building Repairs and Maintenance
Limited
Aaidea Solutions Limited (C 54,926) Fellow Subsidiary 0.00 -
d) Hire Charges
Reliance-GrandOptical Private Limited* (C 7,122) Fellow Subsidiary 0.00 0.00
(Previous Year C 9,300)
e) Rent including Lease Rentals
Limited
Reliance Innovative Building Solutions Private Limited Fellow Subsidiary - 0.47
Reliance Progressive Traders Private Limited Fellow Subsidiary - 0.05
f) Electricity Charges
Reliance Industries Limited Ultimate Holding Company - -
Limited
Reliance Progressive Traders Private Limited Fellow Subsidiary - 0.20

NOTES
(C in crore)
Sr
No
g) Sales Promotion and Advertisement Expenses
Saavn Media Limited Fellow Subsidiary - 0.20
Reliance Payment Solutions Limited (Previous Year Fellow Subsidiary - 0.00
C 31,962)
Reliance Projects & Property Management Services Fellow Subsidiary 0.40
Limited
Jio Platforms Limited Fellow Subsidiary 0.03 -
Amante India Limited (Formerly known as Amante Fellow Subsidiary 8.00 -
h) Brokerage & Commission
Viacom 18 Media Private Limited (Previous year Fellow Subsidiary 0.24 -
C 23,118)
i) Finance Costs
j) Travelling and Conveyance Expenses
Reliance Commercial Dealers Limited Fellow Subsidiary - 38.69
Actoserba Active Wholesale Limited Fellow Subsidiary 0.61 -
k) Warehousing and Distribution Expenses
Grab A Grub Services Limited (Formerly known as Grab Fellow Subsidiary - 0.70
l) Stores and Packing Materials Consumed
Jio Things Limited Fellow Subsidiary 8.00 12.91
Jio Platforms Limited Fellow Subsidiary - 3.81
Tresara Health Limited Fellow Subsidiary - 2.76
GLF Lifestyle Brands Private Limited Fellow Subsidiary 0.46 -
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 1.01 -

Consolidated
(C in crore)
Sr
No
Genesis La Mode Private Limited Fellow Subsidiary 0.23 -

GML India Fashion Private Limited Fellow Subsidiary 0.72 -
Genesis Colors Limited Fellow Subsidiary 0.14 -
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0.06 -
m) General Expenses
Limited
C-Square Info-Solutions Limited (Formerly known as Fellow Subsidiary 16.59 7.76
C-Square Info-Solutions Private Limited)
Shri Kannan Departmental Store Limited Fellow Subsidiary 0.04 -
Reliance Retail Insurance Broking Limited (C 60,746) Fellow Subsidiary - 0.00
Hathway Cable and Datacom Limited (C 2,247) Fellow Subsidiary - 0.00
(Previous Year C 2,877)
Reverie Language Technologies Limited Fellow Subsidiary 0.23
n) Business Support Services
7-India Convenience Retail Limited Fellow Subsidiary 0.01 -
Reliance Corporate IT Park Limited Fellow Subsidiary 3.11 -
Limited
Tresara Health Limited (C 5,150) Fellow Subsidiary 0.00 -
o) Payment to Key Managerial Personnel
Shri V Subramaniam Key Managerial Personnel 7.14 5.95
Shri Dinesh Thapar @
Key Managerial Personnel - 2.50
Shri Dinesh Taloja* Key Managerial Personnel 0.49 -
Shri K Sridhar Key Managerial Personnel 0.48 0.34
p) Employee Benefit expenses
Reliance Retail Limited Employees Provident Fund Others 268.94 151.32
Reliance Retail Limited Employees Gratuity Fund Others 32.67 25.97
** Represents entities/personnel where related party relationship existed for part of the year
@ Ceased to be related party during the previous year

NOTES
34.1 Compensation of Key Managerial Personnel

(C in crore)
(i) Short Term-Benefits 7.92 8.54

(ii) Post Employment Benefits 0.19 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.
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 The figures of the corresponding year has been regrouped / reclassified wherever necessary, to make them comparable.
38 The Consolidated Financial statements were approved for issue by the Board of Directors on 20th April, 2023

Consolidated
39 Additional Information of Subsidiary/ Joint Ventures as per Schedule III of The Companies Act, 2013.
Net Assets i.e. Total Assets Share in Other Share in Total Comprehensive
Share in Profit or Loss
minus Total Liabilities Comprehensive Income Income
As % of As % of
Name of the Enterprise As % of As % of Consolidated Consolidated
Amount Amount Amount Amount
Consolidated Consolidated Other Total
K in crore K in crore K in crore K in crore
Net Assets Profit or Loss Comprehensive Comprehensive
Income Income
Parent
Reliance Retail Limited 100.00% 37,222.83 100.51% 7,044.72 81.54% (76.71) 100.76% 6,968.01
Subsidiaries ^
1 Reliance Petro 0.00% - 0.09% 5.97 1.32% (1.24) 0.07% 4.73

Marketing Limited
2 Reliance-GrandOptical 0.00% - 0.00% - 0.00% - 0.00% -
Private Limited
3 Reliance Clothing India 0.00% - (0.04%) (3.08) 0.00% - (0.04%) (3.08)
Private Limited
Adjustments Due to 0.00% - (0.74%) (52.21) 17.14% (16.13) (0.99%) (68.35)
Consolidation (Elimination)
Joint Ventures
(Investment as per the
Equity Method) ^
1 Marks and Spencer 0.00% - 0.20% 14.26 0.00% - 0.21% 14.26
Reliance India Private
Limited
2 Reliance-GrandVision 0.00% - 0.00% (0.06) 0.00% - 0.00% (0.06)
India Supply Private
Limited
3 Reliance-Vision Express 0.00% - (0.01%) (0.78) 0.00% - (0.01%) (0.78)
Private Limited
Consolidated 100.00% 37,222.83 100.00% 7,008.82 100.00% (94.08) 100.00% 6,914.74
^ Joint Ventures and subsidiaries were also were for the part of the year.

K. Sridhar (DIN: 03341926) (DIN: 03540028)

NOTES

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RELIANCE RETAIL LIMITED

2 Notice of Annual General Meeting

33 Standalone Financial Statements

34 Independent Auditor’s Report on Financial Statements

44 Statement of Profit and Loss

45 Statement of Changes in Equity

46 Cash Flow Statement

47 Notes to the Financial Statements

93 Consolidated Financial Statements

94 Independent Auditor’s Report on Financial Statements

100 Balance Sheet

101 Statement of Profit and Loss

102 Statement of Changes in Equity

103 Cash Flow Statement

104 Notes to the Financial Statements

Board of Directors Committees Company Secretary and

Compliance Committee Share Transfer Agent

Annual Report 2022-23 1

2 Reliance Retail Limited

Notes: Dispatch of Annual Report through

Annual Report 2022-23 3

4 Reliance Retail Limited

Procedure to login through websites of Depositories

Annual Report 2022-23 5

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

6 Reliance Retail Limited

Annual Report 2022-23 7

8 Reliance Retail Limited

D. Insta Poll: x.  ubject to receipt of requisite number of

By Order of the Board of Directors

Annual Report 2022-23 9

10 Reliance Retail Limited

Annexure to the notice dated September 06, 2023

Details of the Directors retiring by rotation/ seeking appointment at the Meeting:

Age 50 Years 57 Years 61 Years 69 Years

Annual Report 2022-23 11

Date of first appointment 01.10.2010 as an 07.12.2016 as an 01.12.2022 as an 20.10.2022 as an

12 Reliance Retail Limited

Membership/ Reliance Jio Infocomm Just Dial Limited - Reliance Industries

Annual Report 2022-23 13

Larsen & Toubro Limited

By Order of the Board of Directors

14 Reliance Retail Limited

Particulars 2022-23 2021-22

Revenue from operations 251,971.67 193,456.02

Annual Report 2022-23 15

Market Overview product categories, including food, FMCG, general

16 Reliance Retail Limited

Annual Report 2022-23 17

• Continued focus on premiumisation in assortment Pharma

18 Reliance Retail Limited

Annual Report 2022-23 19

20 Reliance Retail Limited

Annual Report 2022-23 21

and other employees of the Company. There has been no Disclosures:

22 Reliance Retail Limited

(VII) Risk Management Committee (XI) Conservation of energy, technology

Annual Report 2022-23 23

x. Solar Power Generation Performance (iii) Information regarding imported

D. Insta Poll: x. ubject to receipt of requisite number of

• Continued focus on premiumisation in assortment Pharma

(VII) Risk Management Committee (XI) Conservation of energy, technology

x. Solar Power Generation Performance (iii) Information regarding imported

9) There is no proceeding pending under the Insolvency

1. Dhirubhai Ambani Scholarship 2. Health Outreach Programme of Sir

A. Corporate Information - It is expected to be settled in normal

(c) Leases Gains or losses arising from derecognition of an