Key takeaways from the 46th AGM of Reliance Industries:
Reliance Industries reported consolidated revenues of ₹9,74,864 crore in FY23, with an EBITDA of ₹1,53,920 crore, and a net profit of ₹73,670 crore. Notably, Reliance also achieved a significant milestone in job creation by adding 2.6 lakh jobs in FY23.
In a significant development, the company’s board of directors recommended the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Non-Executive Directors, pending approval by the shareholders. Their appointment will be effective upon assuming office post-shareholder approval. Additionally, Nita Ambani resigned from the board. Mukesh Ambani is set to continue as the CMD for an additional 5 years.
Key highlights from the Reliance AGM 2023 include:
1)Reliance Jio is on track to provide 5G coverage nationwide by December, with approximately 85% of India’s operational 5G cells already on the Jio network. User data consumption has witnessed a substantial increase.
2)The launch of Jio AirFibre is scheduled for Ganesh Chaturthi on September 19.
3)Reliance unveiled Jio Smart Home services, acknowledging that over 80% of data consumption in India occurs indoors.
4)Reliance Retail achieved significant milestones, surpassing 100 crore transactions and attracting over 78 crore footfalls in FY23.
5)The company’s top priority is to establish a battery Giga factory by 2026, focusing on the production of battery chemicals, cells, packs, and energy storage solutions, including a battery recycling facility.
6)Reliance Jio Platforms is taking the lead in developing India-specific AI models and AI-powered solutions.
On the stock market front, RIL’s shares closed at Rs. 2,436.95 on Monday, reflecting a 1.27% decrease on the NSE.