As of right now, Reliance Industries Limited (RIL) is the first company in India to generate revenue exceeding Rs 10 lakh crore annually. RIL Chairman Mukesh Ambani made the announcement of this noteworthy milestone on Thursday at the company's Annual General Meeting (AGM).
Reliance recorded a record consolidated turnover of Rs 10,122 crore (USD 119.9 billion) for the fiscal year 2023–24, Ambani disclosed during the AGM.
RIL reported a net profit of Rs 79,020 crore (USD 9.5 billion) and an EBITDA of Rs 1,78,677 crore (USD 21.4 billion) for the same period. Additionally, the company reported exports of Rs 2,99,832 crore (USD 35.9 billion), or 8.2% of all merchandise exports from India.
Reliance Industries has shown its dedication to growing its operations by investing over Rs 5.28 lakh crore (USD 66.0 billion) in the last three years.
Furthermore, through various taxes and duties paid in FY 2023–2024, the company continued to be the largest contributor to the national exchequer, bringing in Rs 1,86,440 crore (USD 22.4 billion). RIL has made the largest contribution to the exchequer of any Indian corporate over the last three years, surpassing Rs 5.5 lakh crore (USD 68.7 billion).
In terms of social responsibility, RIL raised its yearly CSR spending by 25%, amounting to Rs 1,592 crore (USD 191 million) in the previous year. The company is the biggest corporate in India, having spent more than Rs 4,000 crore (USD 502 million) on CSR over the last three years. When taking into account both traditional and newer models of employment, the company added over 1.7 lakh new jobs last year, bringing its total workforce to nearly 6.5 lakh employees.
Reliance Industries has declared that, in light of its impressive financial results, it will explore the issuance of 1:1 bonus shares at its September 5, 2024, board meeting. This implies that an investor would acquire an extra share for each share they currently own, thereby doubling their holding.
