The 47th AGM of Reliance Industries Limited was held on 29th August, 2024. RIL share price closed at Rs. 3041.85 today, up by 1.52%. The top highlights of the announcements and updates as addressed by the Chairman and Managing Director, Mukesh Ambani are as under:-
RIL
RIL has announced to consider bonus issue of 1:1 on 5th September, 2024 in its Board Meeting. The last bonus issue was announced on 7th September, 2017.
Chairman and Managing Director of Reliance Industries Limited, Mukesh Ambani visions Reliance earning a spot in the Top-30 companies in the world in the near future owing to its strategic adoption of Deep-Tech and Advance Manufacturing. In its long journey, Reliance took around 2 decades to make a place for itself in the Top 500 companies globally and has now joined the Top 50 most valuable companies club.
Reliance Industries has posted a record consolidated turnover of Rs. 10 lakh crores (USD 119.90 billion) in FY 2023-24 becoming the first company in India to have achieved these numbers in annual revenues, with EBITDA of Rs. 1.78 lakh crores and a Net Profit of Rs. 79,020 crores. RIL has become the single largest contributor to the national exchequer by its contribution of Rs. 1.86 lakh crores through various duties and taxes. The company has enhanced its annual CSR spending by 25% to Rs. 1,592 crores. the company has had a strong quarter ended 30th June, 2024 as well.
RIL has created around 1.7 lakh new jobs in FY 2023-24 including both traditional as well as newer engagement models taking the headcount to 6.5 lakhs.
Reliance has spent over Rs. 3,643 crores in FY 2023-24 in R&D and overall expenditure in R&D exceeding Rs. 11,000 crores in the last 4 years. RIL has over 1,000 scientists and researchers working on critical projects. With this support, RIL has filed over 2,555 patents in the last year
Jio
Jio is developing a comprehensive suite of tools and platforms for the entire AI lifecycle called the Jio Brain which will aid in quicker and better AI adoption across Jio. Jio Brain will be adopted in other Reliance operating companies as well to accelerate the overall AI journey of the group. Thus, Jio has become a true deep-tech innovator become on of India’s largest patent holders with over 350 patents in 5G and 6G technologies alone. The goal is to add a million homes to its 5G fixed broadband service in every 30 days.
In light of Reliance’s focus on AI for everyone and everywhere, Jio will be ruling out JioCloud that will be an AI-cloud platform in Diwali this year with a welcome offer to its users to avail 100GB of free cloud storage. Moreover, Jio has launched a ‘Phone Call AI’ to record and transcribe calls and the data will be stored on the Jio AI cloud. The aim is to democratize AI by making it affordable.
Jio has reached a new milestone in both financial and operating performance with over 43 million new subscribers in the broadband service. The revenue achieved is Rs. 1 lakh crores (USD 12 billion) with EBITDA of 50.1% and net profit of Rs. 20,000 crores. Jio plans to double its revenues and EBITDA in the next 3-4 years.
Reliance Retail
Reliance Retail, owing to its unique operating model, is now in the world’s Top 5 global retailers in terms of the number of stores, Top 10 in market capitalization, Top 20 in terms of number of employees and Top 30 in terms of revenues. Non-Executive Director of Reliance Retail, Isha Ambani announced that Reliance Retail undertook an equity fundraise of Rs. 17,814 crores, thereby achieving a valuation milestone of 100 billion dollars. Reliance Retail focuses on achieving its goal of doubling its business in the next 3-4 years.
Currently, the stores have over a billion footfalls and 1.25 billion transactions across channels. With acquisition of Metro India Cash and Carry, the company has strengthened its capabilities offering a wider assortment of kirana and HoReCa partners.
Media and Entertainment Business
The media business has achieved revenue of over Rs. 10,000 crores, representing an industry-leading growth of 49%, especially Viacom18 that is driven by its sports segment having a remarkable growth of 62%.
O2C Business
The O2C business of Reliance has recorded a turnover of Rs. 5,64,749 crores (USD 67.9 billion) with an EBITDA of Rs. 62,393 crores. The company has relied on its sharp focus on operational excellence, optimized asset capacities for contributing towards its results. The Chairman announced that Reliance is now the largest producer of speciality fibres in India. Diversification efforts are being made by the company in processing 60 grades of crude oil, including 13 new grades.
New Energy Business
The Chairman Mukesh Ambani has announced that the new energy business will be their newest and most ambitious engine for growth and value creation. The company has initiated an energy plantation pilot on 1,000 acres of arid wasteland for integrated CBG plant. The company will be setting up the world’s largest bio-energy deep-tech R7D centre at Jamnagar. The Chairman, Mukesh Ambani stated that Jamnagar is the energy capital of the world and the vision is that by 2025, it will become the cradle of their new energy business as well.
For the first time in India, the company has successfully drilled multi-lateral wells. By the end of the year, the company will commence the production of solar photo-voltaic modules. The in the following quarters, the first phase of the integrated solar production facilities will be completed.
RIL-Disney Merger
It was announced in the Reliance AGM that the partnership of RIL with Disney will result in a new era in India’s entertainment industry with focus on digital first approach, the company aims to provide world class entertainment across the spectrum.
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