RIL AGM 2024: Reliance Industries Chairman Mukesh Ambani on Thursday made a slew of announcements during the company’s 47th AGM, including bonus issue, AI initiatives under ‘Jio Brain’, Jio AI-Cloud welcome offer, and future business plans, especially the new energy segment. He also mentioned RIL’s stellar financial numbers for the financial year 2023-24. Key takeaways:
RIL AGM 2024: Reliance Jio
Reliance Jio, which began its journey in 2016, has transformed India into an inclusive, premier digital society within eight years, said Mukesh Ambani while addressing Reliance Industries’s 47th annual general meeting (AGM). He said Jio has grown to become the world’s largest mobile data company.
He said Jio stands as a true deep-tech innovator. At the core of our success is our fully homegrown 5G stack, developed by Jio’s talented engineers. This end-to-end solution, tailored for India’s unique needs, has proven itself on a national scale.
Ambani introduced ‘Jio Brain’, a comprehensive suite of tools and platforms that span the entire AI lifecycle. It will transform healthcare services, entertainment, agriculture, and education services.
He also announced the Jio AI-Cloud Welcome offer, to support the company’s ‘AI Everywhere For Everyone’ vision using the Connected Intelligence.
RIL AGM 2024: Bonus Issue to Shareholders
Reliance Industries Ltd’s board meeting is scheduled for September 5, 2024. The board will consider the issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalisation of reserves. Previously, prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.
Shares of RIL on Thursday jumped Rs 45.1 or 1.51 per cent to close at Rs 3,040.85 apiece on the BSE.
RIL AGM 2024: Reliance FY24 Performance
Reliance invested cumulatively over Rs 5.28 lakh crore ($66.0 billion) in the last three years.
The company posted a record consolidated turnover of Rs 10,00,122 crore ($119.9 billion) in FY24, becoming India’s first company ever to cross Rs 10 lakh crore ($119.9 billion) mark in the annual revenues.
Its EBITDA stood at Rs 1,78,677 crore ($21.4 billion), while the net profit was Rs 79,020 crore ($9.5 billion), he said. Reliance’s exports were Rs 2,99,832 crore ($35.9 billion), accounting for 8.2 per cent of India’s total merchandise exports.
Reliance remained the single largest contributor to the national exchequer, contributing Rs 1,86,440 crore ($22.4 billion) through various taxes and duties in FY 2023-24.
RIL AGM 2024: Media & Entertainment
RIL Chairman Mukesh Ambani said Reliance’s media business achieved over Rs 10,000 crore ($1.2 billion) of revenue. This represents an industry-leading growth of 49 per cent.
RIL AGM 2024: Reliance Retail
Reliance Retail recorded a gross revenue of Rs 3,06,848 crore ($36.8 billion), a growth of 17.8 per cent over last year. The company continued its trajectory of strong profit growth, registering an EBITDA of Rs 23,082 crore ($2.8 billion), up 28.4 per cent YoY and net profit of ₹11,101 crore ($1.3 billion), up 21% YoY.
“At 8.5 per cent, the EBITDA margin continued to show improvements and grew 70 bps YoY,” Isha Ambani, who leads the group’s retail business, said.
RIL AGM 2024: Oil & Gas, Oil-To-Chemical Businesses
Despite global geopolitical challenges and a weak economic growth in the wester countries, Reliance navigated through the headwinds to deliver industry-leading performance. The oil-to-chemical (O2C) business achieved revenues of Rs 5,64,749 crore ($67.9 billion) and an EBITDA of Rs 62,393 crore ($7.5 billion) last year.
RIL AGM 2024: New Energy Business
On the new energy business, Mukesh Ambani said, “This is a business with a special purpose, driven by our deep commitment to the philosophy of ‘We Care’ for our Mother Earth.”
In 2023, India generated nearly 1,600 billion units of electricity. To meet India’s growth projections, this number needs to double in the next 10 years, he added.
Ambani announced that RIL will begin the production of its own solar photovoltaic (PV) modules by the end of this year. The company’s integrated solar production facilities will include modules, cells, glass, wafer, ingot, and polysilicon, with an initial annual capacity of 10 GW.
“In the following quarters, we will complete the first phase of our integrated solar production facilities,” the RIL chairman said.
Reliance’s giga-factory is designed for modular expansion at minimal cost and in the shortest time possible, he said.
He also announced that RIL has begun work on establishing a fully automated, multi-GW electrolyser manufacturing facility on the west coast of India, which will be ready by 2026. This giga-factory will be fully adaptable, capable of supporting various technologies such as Alkaline, PEM, and AEM.
“Jamnagar is the Energy Capital of the World. I am proud to say that by 2025, Jamnagar will also become the cradle of our New Energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world’s largest, most modern, modular, and integrated ecosystem at a single location,” Ambani said.
“I have full confidence that the growth prospects of all our businesses will become a reality within the timelines outlined by me,” the RIL chairman said.
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