Reliance Slashes 38,000 Retail Jobs In FY24, Annual Report Shows

One of the country’s largest business conglomerates, Reliance Group, significantly cut its workforce in FY2024. Additionally, in an effort to streamline its operations, the company reduced hiring compared to FY2023.

By the end of FY2024, the Mumbai-based conglomerate had decreased its total employee count to 347,362 from 389,414 at the end of FY2023, marking a reduction of 42,052 employees. In FY2024, 53.9% of Reliance Group’s workforce was under the age of 30, and 21.4% were women.

According to its annual report, 74.9% of voluntary separations in FY2024 were individuals under the age of 30, and 22.7% were female. Overall, voluntary separations were lower in FY2024 compared to FY2023. The report noted, “The retail sector often experiences high employee turnover, especially in store operations. For Jio, 43% of reported attrition involved non-regular employees, including those on fixed-term contracts, part-time, apprentices, and interns. The shift towards commission-based roles in the Jio workforce has also reduced the need for new hires in field jobs.”

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The data indicates that Reliance’s hiring pace slowed in FY2024 compared to the previous fiscal year. The group added approximately 171,000 new employees across its various businesses in FY2024. In FY2023, Reliance had recruited 262,558 new employees, increasing its total workforce to 389,414. Of the new hires in FY2023, 81.8% were under the age of 30, and 24.0% were female.

The reduction in the overall number of employees was most significant in the retail division. Reliance Retail, which employs the largest number of people within the group, saw its workforce decrease to 207,552 employees by the end of FY24, down from 245,000—a reduction of nearly 38,000 individuals.

Despite this cutback, Reliance Retail, India’s largest retail chain, reported an 18.3% increase in operating revenue, reaching Rs 273,131 crore, up from Rs 230,951 crore in FY23. Its EBITDA (earnings before interest, tax, depreciation, and amortization) grew by 28.4% to Rs 23,082 crore, and its EBITDA margin expanded by 70 basis points to 8.5%. Additionally, profit after tax surged by 21% to exceed Rs 10,000 crore for the first time.

While store foot traffic and the registered customer base continued to expand, transaction growth has slowed in recent quarters. In the first and second quarters of 2025, Reliance Retail Limited (RRL) saw transaction growth rates of 5.9% and 6.4%, respectively. This occurred despite a significant increase in store footfalls—up 24.2% in January-March and 18.9% in April-June—indicating a trend where, despite a higher number of customers visiting stores, the conversion rate has been relatively lower.

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