At the 47th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), held on August 29, 2024, Chairman Mukesh Ambani welcomed shareholders with optimism and a reflection on India’s recent political developments. He congratulated Prime Minister Narendra Modi on his third consecutive electoral victory, a win that has fortified India’s reputation globally and promises strong growth prospects for the economy.
Global Economic Outlook: Challenges and Opportunities
Ambani addressed the global economic landscape, acknowledging both its potential and pitfalls. He highlighted the revolutionary advancements in technology, particularly in Artificial Intelligence (AI), Computing, Robotics, and Life Sciences. These breakthroughs, he noted, hold the promise of unparalleled prosperity and well-being for humanity. However, he also expressed concern over geopolitical conflicts and developmental disparities, particularly in the Global South.
Amidst these global uncertainties, Ambani reaffirmed his confidence in India’s trajectory. He emphasized that India, with its favorable demographics and growing economic power, is poised to become the world’s third-largest economy by 2027, surpassing Japan and Germany.
Reliance Industries: Driving India’s Growth
Ambani underscored Reliance’s role as a key driver of India’s economy. He stressed that the company’s success is rooted in its purpose-driven approach, focused on creating wealth for India and improving the quality of life for every Indian. Reliance, he said, is committed to providing high-quality products and services, ensuring energy security for the nation, and contributing to a cleaner, greener future.
The Chairman paid tribute to Reliance’s founder, Dhirubhai Ambani, whose philosophy of doing business with a broader purpose continues to guide the company. He also reassured shareholders of Reliance’s robust performance and bright future, hinting at significant developments announced later in the day.
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Business and Financial Performance: A Record-Breaking Year
Ambani shared the financial highlights of FY 2023-24, marking a historic year for Reliance Industries. The company achieved a record consolidated turnover of ₹10,00,122 crore ($119.9 billion), becoming the first Indian company to cross the ₹10 lakh crore milestone in annual revenues. Reliance’s EBITDA stood at ₹1,78,677 crore ($21.4 billion), with a net profit of ₹79,020 crore ($9.5 billion).
Reliance also made a significant contribution to India’s economy through exports worth ₹2,99,832 crore ($35.9 billion) and taxes amounting to ₹1,86,440 crore ($22.4 billion). Over the last three years, the company’s cumulative investment reached ₹5.28 lakh crore ($66.0 billion), and its contributions to the national exchequer crossed ₹5.5 lakh crore ($68.7 billion).
Social Impact and Employment Creation
In addition to its financial achievements, Reliance expanded its social impact, increasing its annual CSR spending by 25% to ₹1,592 crore ($191 million). Over the last three years, the company’s total CSR expenditure exceeded ₹4,000 crore ($502 million), making it the largest contributor among Indian corporates.
Ambani also discussed Reliance’s role as one of India’s largest employers. While traditional direct employment figures showed a slight dip due to technological advancements and flexible business models, the overall employment created by the company increased. Reliance added over 1.7 lakh new jobs last year, with a total headcount reaching nearly 6.5 lakh, underscoring its commitment to creating employment opportunities for India’s youth.
Unlocking Value with Jio Financial Services
The Chairman highlighted the successful floatation of Reliance’s Financial Services business as a separate entity, Jio Financial Services (JFS). Since its listing, JFS has achieved a market capitalization of nearly ₹2.2 lakh crore ($26.4 billion), unlocking significant value for investors. Ambani expressed confidence that JFS would continue to generate great value for society, the nation, and shareholders.
Conclusion: A Bright Future for Reliance and India
As the AGM concluded, Ambani’s message was one of optimism and confidence. With a strong financial performance, a commitment to social responsibility, and a vision aligned with India’s growth, Reliance Industries is poised to play a pivotal role in shaping a prosperous and sustainable future for India and the world.
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