At the recently concluded Reliance Industries Limited (RIL) Annual General Meeting (AGM), Chairman Mukesh Ambani unveiled a series of ambitious plans and impressive achievements, signaling a robust trajectory for the conglomerate. Ambani's remarks underscored his confidence in Reliance's future growth, asserting that the company is on a path to more than double its size by the end of this decade.Â
Ambani highlighted the company's evolution, stating, "Our future is far brighter than our past. For example, Reliance took over two decades to be among the Top 500 companies globally. The following two decades saw us joining the league of the world’s top 50 most valuable companies. With our strategic adoption of Deep-Tech and Advanced Manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future."
While the AGM was expected to shed light on the timelines for the eagerly awaited IPOs of Jio and Reliance Retail, these details were notably absent from the proceedings. Instead, the focus was on showcasing the conglomerate's ongoing and future projects, reflecting its broadening horizons and technological advancements.
Key announcements during the AGM included the rollout of several innovative initiatives. These include the Jio AI-Cloud Welcome offer, advancements in Jio Phonecall AI, Jio Brain, and enhanced Jio Home IoT solutions. Additionally, the company revealed plans to establish gigawatt-scale AI-ready data centers in Jamnagar, marking a significant leap in its technological infrastructure.
In a landmark achievement, Reliance surpassed Rs 10 lakh crore ($119.9 billion) in annual revenue, making it the first Indian company to reach this milestone. For the financial year 2023-24, Reliance reported a record consolidated turnover of Rs 10,00,122 crore. The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at Rs 1,78,677 crore, with a net profit of Rs 79,020 crore.
The company also posted strong export figures, with exports totaling Rs 2,99,832 crore, accounting for 8.2% of India’s total merchandise exports. Over the past three years, Reliance has invested more than Rs 5.28 lakh crore ($66.0 billion) in its diverse operations, reinforcing its commitment to growth and innovation.
Reliance's contribution to the national exchequer was substantial, with the company contributing Rs 1,86,440 crore ($22.4 billion) in taxes and duties for FY 2023-24. This contribution, along with its total of over Rs 5.5 lakh crore ($68.7 billion) over the past three years, represents the highest contribution by any Indian corporate entity.
In terms of social impact, Reliance has significantly increased its Corporate Social Responsibility (CSR) spending, with a 25% rise to Rs 1,592 crore ($191 million) in the last financial year. Over the past three years, the company has invested more than Rs 4,000 crore ($502 million) in CSR activities, maintaining its position as the largest CSR spender among Indian corporates.
The company has also been a major job creator, adding over 1.7 lakh new jobs in the past year, bringing its total headcount to nearly 6.5 lakh employees. This growth in employment underscores Reliance's role as a key player in India's economic landscape.
In a significant move to reward its shareholders amidst strong financial performance and business expansion, Reliance announced that it would consider a 1:1 bonus share issuance at its upcoming board meeting scheduled for September 5, 2024. This decision is seen as a reflection of the company's continued commitment to delivering value to its investors while pursuing its expansive growth strategy.
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