RIL AGM 2023: Key Announcements and Performance Highlights

Reliance Industries, under the visionary leadership of Chairman Mukesh Ambani, made significant strides during its 46th Annual General Meeting (AGM) with a slew of game-changing announcements across various sectors. From technology to energy, the conglomerate showcased its commitment to innovation, growth, and sustainability.

Reliance Jio: Pioneering 5G and Expanding Customer Base

In an impressive feat, Reliance Jio’s customer base surpassed a staggering 450 million subscribers, reflecting a remarkable year-on-year revenue growth of over 20%. During the AGM, Mukesh Ambani proudly proclaimed that the company harnessed its proprietary 5G stack to become the world’s first operator to launch commercial services on millimeter-wave spectrum, utilizing standalone 5G technology. This achievement underscores Jio’s commitment to technological advancement.

Furthermore, Jio’s 5G rollout is uniquely powered by its entirely in-house developed 5G stack, marking a significant milestone in India’s digital evolution. Ambani unveiled that the eagerly awaited JioAirFiber would be launched on the auspicious occasion of Ganesh Chaturthi on September 19, with the goal of enhancing customer value and driving revenue growth in the untapped Indian home segment.

Reliance’s Stellar FY23 Performance

Reliance Industries demonstrated its unwavering dedication to growth by cumulatively investing over $150 billion in the past decade, cementing its position as one of India’s leading corporate entities. For the financial year 2022-23, the company reported a net profit of Rs 73,670 crore. Impressively, its consolidated revenues amounted to Rs 9,74,864 crore, while the EBITDA for FY23 reached Rs 1,53,920 crore and net profit stood at Rs 73,670 crore.

Notably, Reliance’s exports surged by 33.4% to Rs 3.4 lakh crore, contributing significantly to India’s merchandise exports. The company’s contribution to the National Exchequer in FY23 reached an impressive Rs 1,77,173 crore, highlighting its substantial economic impact.

Reliance Retail: Achieving Unprecedented Growth

Reliance Retail, a powerhouse in India’s retail sector, achieved remarkable milestones in FY23. The company posted an annual revenue of Rs 2,60,364 crore, marking a substantial 30% year-on-year growth. Notably, Reliance Retail’s EBITDA stood at Rs 17,928 crore, and it achieved a net profit of Rs 9,181 crore.

During FY23, Reliance Retail stores welcomed an impressive footfall of over 78 crore customers, with registered customers crossing the 25-crore mark. The digital realm played a pivotal role, with digital sales contributing a significant portion of revenue, exceeding Rs 50,000 crore. Mukesh Ambani expressed his confidence that as India’s economy transitions from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will emerge as a key driver of revenue and EBITDA growth.

Empowering through Jio Financial Services

Jio Financial Services (JFS) made a strategic move by venturing into the insurance sector, offering a seamless digital interface for life, general, and health insurance products. Notably, every RIL shareholder received shares in JFS on a 1:1 basis following the recent demerger of the financial services business—a move Mukesh Ambani described as a “mini bonus” for long-term investors.

Furthermore, JFS joined forces with global asset management giant BlackRock to establish an asset management business, providing accessible and reliable investment solutions in India. These strategic moves underscore JFS’s commitment to transforming the financial landscape.

RIL Board Changes and Forward Progress

The RIL board witnessed notable changes, with the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as directors. Meanwhile, Nita Ambani stepped down from the board, continuing her role as the chairperson of Reliance Foundation. These transitions reflect the company’s focus on grooming the next generation of leaders.

RIL’s dedication to sustainable practices is evident in its oil and gas endeavors. The company aims to elevate gas production to 30 million standard cubic meters per day, constituting 30% of India’s gas production and 15% of its current gas demand. Moreover, RIL is committed to achieving net carbon neutrality by 2035 through the utilization of renewables and bioenergy—a testament to its green and sustainable business approach.

Shaping the Future with New Energy Initiatives

Mukesh Ambani emphasized that the upcoming years will be transformational for Reliance, positioning India as a global leader in energy transition. The company’s foremost priority is the establishment of a comprehensive solar PV manufacturing ecosystem, poised to be one of the world’s largest, technologically advanced, and cost-competitive solar gigafactories.

Reliance’s commitment to renewable energy extends to wind power generation, utilizing its engineering prowess to accelerate the installation of at least 100 GW of renewable energy capacity by 2030. Additionally, the company is set to establish a battery gigafactory by 2026, complete with a battery recycling facility.

Green hydrogen, a vital component of sustainable energy, remains a focal point for Reliance. The company is set to establish a fully-integrated and automated giga-scale electrolyser manufacturing facility. Furthermore, within a short span, Reliance has emerged as India’s largest bio-energy producer, demonstrating its commitment to pioneering green technologies.

In conclusion, RIL’s 46th AGM showcased a conglomerate steadfastly dedicated to innovation, growth, and sustainability across various sectors. As the company continues its transformative journey, its strategic announcements and performance highlights lay the foundation for a promising and sustainable future.

As Mukesh Ambani aptly put it, “The next few years are going to be transformational for your company as, leading from the front, it positions India to be a world leader and trendsetter in Energy Transition.”

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