Reliance Industries Ltd (RIL) Chairman Mukesh Ambani on Thursday said 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.
Mukesh Ambani was addressing RIL shareholders during the company’s 47th annual general meeting (AGM) on Thursday.
Reliance’s 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. Ebitda stands for earnings before interest, tax, depreciation and amortisation.
“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 invested cumulatively over Rs 5.28 lakh crore ($66.0 billion) in the last three years,” Ambani said.
Reliance remained the single largest contributor to the national exchequer, contributing ₹1,86,440 crore ($22.4 billion) through various taxes and duties in FY 2023-24. In the last three years, Reliance’s contribution to the exchequer crossed ₹5.5 lakh crore ($68.7 billion), the highest by any Indian corporate.
Reliance also expanded its social impact with a 25% increase in its annual CSR spending to ₹1,592 crore ($191 million). With this, Reliance’s total CSR spend for the last three years crossed ₹4,000 crore ($502 million), the largest among all Indian corporates.
“With the success of our Atmanirbhar efforts, we are accelerating India’s transformation into a Deep-Tech Nation. Reliance spent over ₹3,643 crore ($437 million) in FY24 towards R&D, taking our spend on research to over ₹11,000 crore ($1.5 billion) in the last four years alone,” he said.
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.
Viacom18, the entertainment arm, did even better. Driven by the sports segment, it saw a remarkable growth of 62 per cent.
He also mentioned spectacular growth posted by JioCinema and Colors, apart from sharing impressive numbers from news business including News18, CNBC-TV18, CNN-News18, Moneycontrol, and Firstpost.
Reliance Retail
“Reliance Retail continues to build on its position as the leader of the Indian retail sector while achieving scale comparable to top retailers globally,” said Mukesh Ambani.
He said that Reliance Retail is now:
Among the Top-5 global retailers in terms of number of stores,
Among the Top-10 retailers in terms of market capitalisation,
Among the Top-20 retailers in terms of number of employees, and
Among the Top-30 retailers in terms of revenues.
Isha Ambani, who leads the group’s retail business, said “Reliance Retail recorded Gross Revenue of ₹3,06,848 crore ($36.8 billion), a growth of 17.8% over last year.”
She said the company continued its trajectory of strong profit growth, registering an EBITDA of ₹23,082 crore ($2.8 billion), up
28.4% YoYand net profit of ₹11,101 crore ($1.3 billion), up 21% YoY. “At 8.5%, the EBITDAmargin continued to show improvements and grew 70 bps YoY,” Isha added.
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