Reliance Industries’ 47th Annual General Meeting (AGM) showcased the company’s impressive financial performance and its ambitious plans for the future. Chairman Mukesh Ambani outlined key developments across various sectors, highlighting the company’s commitment to digital transformation, sustainable energy solutions, and expansion into new markets.

Reliance Jio: Pioneering the Digital Future

Reliance Jio, launched in 2016, has played a pivotal role in making India a leading digital society. Within eight years, Jio has become the world’s largest mobile data company, driving technological advancements and promoting digital inclusion. Ambani highlighted the company’s commitment to innovation, citing the development of a fully homegrown 5G stack by its engineers. This end-to-end solution caters specifically to India’s unique requirements and has proven its efficacy nationwide.

Jio Brain: AI-Powered Innovations

Ambani unveiled “Jio Brain,” a comprehensive suite of AI tools and platforms designed to transform various sectors. Jio Brain aims to leverage the power of Artificial Intelligence to enhance services in healthcare, entertainment, agriculture, and education. By integrating AI capabilities across its services, Jio seeks to create a smarter and more efficient ecosystem for its users.

Jio AI-Cloud Welcome Offer

To bolster its “AI Everywhere for Everyone” vision, Reliance Jio introduced the Jio AI-Cloud Welcome Offer. This offer emphasizes the company’s commitment to democratizing access to AI technology and fostering the development of AI-driven applications.

A Bountiful Bonus: Shareholder Rewards

Reliance Industries’ board of directors is scheduled to meet on September 5, 2024, to consider the issuance of bonus shares in a 1:1 ratio to its equity shareholders. This move reflects the company’s strong financial performance and its commitment to rewarding shareholders. The announcement propelled Reliance Industries’ share price to a new high on Thursday, solidifying its position as a leader in the Indian stock market.

Reliance Industries: Delivering Stellar Financial Performance

Reliance Industries has exhibited remarkable financial growth in the past year. The company achieved a record consolidated turnover of ₹10,00,122 crore ($119.9 billion) in FY24, marking the first time any Indian company crossed the ₹10 lakh crore mark in annual revenue. This achievement is a testament to the company’s diverse and robust business model.

A Look at Key Financial Highlights:

• EBITDA: ₹1,78,677 crore ($21.4 billion)
• Net Profit: ₹79,020 crore ($9.5 billion)
• Exports: ₹2,99,832 crore ($35.9 billion) – Accounting for 8.2 per cent of India’s total merchandise exports.
• Tax Contributions: ₹1,86,440 crore ($22.4 billion) – Reliance remained the largest contributor to the Indian exchequer through taxes and duties.

These figures showcase the company’s robust financial performance and its dominant position in the Indian economy.

Reliance Retail: Fueling Growth with a Strong Performance

Reliance Retail has been a key driver of the company’s success. The retail segment recorded a gross revenue of ₹3,06,848 crore ($36.8 billion), demonstrating a year-on-year growth of 17.8 per cent. The company’s continued focus on profitability led to an EBITDA of ₹23,082 crore ($2.8 billion), representing a 28.4 per cent increase YoY. The net profit also witnessed significant growth, reaching ₹11,101 crore ($1.3 billion), a 21 per cent YoY increase.

Resilience and Growth: Success in Oil & Gas, Oil-To-Chemical Businesses

Despite global challenges, including geopolitical tensions and a weak economic outlook in Western countries, Reliance has achieved industry-leading performance in its oil and gas, and oil-to-chemicals (O2C) businesses. This remarkable feat underscores the company’s ability to adapt to dynamic market conditions and its resilience in the face of adversity.

New Energy: Powering a Sustainable Future

Reliance Industries’ foray into the new energy sector reflects its commitment to environmental sustainability and creating a greener future. The company is playing a significant role in driving India’s transition to renewable energy sources.

A Vision for Sustainable Growth

• Solar Production: Reliance will start production of its own solar photovoltaic (PV) modules by the end of this year. The company is building an integrated solar production facility that includes modules, cells, glass, wafer, ingot, and polysilicon. The initial annual capacity is set at 10 GW.
• Electrolyser Giga-factory: Reliance has begun work on a fully automated, multi-GW electrolyser manufacturing facility on the west coast of India. Scheduled to be ready by 2026, this giga-factory will support various technologies, including Alkaline, PEM, and AEM.
• Dhirubhai Ambani Green Energy Giga Manufacturing Complex: Ambani announced that the Dhirubhai Ambani Green Energy Giga Manufacturing Complex, situated in Jamnagar, will be the world’s largest, most modern, modular, and integrated ecosystem for new energy at a single location. By 2025, Jamnagar will become a global hub for green energy, a testament to Reliance’s commitment to building a sustainable future.

Takeaway Points

• Reliance Industries has achieved record-breaking financial results, demonstrating its robust and diversified business model.
• The company is at the forefront of India’s digital transformation, driven by its innovative Jio platform and its commitment to AI technologies.
• Reliance Industries is committed to sustainability, with significant investments in the new energy sector.
• The company’s ambitious plans for expansion and growth in key sectors point to a bright future, solidifying its position as a leading player in the global market.