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Chairman's statement at the 47th Annual General Meeting (AGM) of Reliance Industries Limited:
### 1. **India's Growth and Economic Outlook**:
- The Chairman expressed strong optimism about India's economic future, highlighting the country's unmatched demographics and its potential to become the world's third-largest economy by 2027.
- The company's alignment with national growth priorities and its role in contributing to the broader goal of a "Viksit Bharat" (Developed India) was emphasized.
### 2. **Reliance's Transformation and Innovation**:
- Reliance has positioned itself as a deep-tech and advanced manufacturing company, focusing on integrating innovative technologies across all its businesses.
- The company has significantly increased its R&D investments, with over ₹3,643 crore spent in FY24 alone, contributing to more than 2,555 patents filed, mainly in green energy, bio-energy, and advanced digital technologies.
### 3. **Business and Financial Performance**:
- Reliance reported a record consolidated turnover of ₹10,00,122 crore ($119.9 billion) in FY24, becoming India's first company to cross the ₹10 lakh crore mark.
- The company’s EBITDA stood at ₹1,78,677 crore ($21.4 billion), and net profit at ₹79,020 crore ($9.5 billion).
- Significant contributions were made to the national exchequer, with ₹1,86,440 crore ($22.4 billion) paid in taxes and duties in FY24.
### 4. **Digital Services Growth (Jio)**:
- Jio has grown to become the world’s largest mobile data company, with over 490 million customers and leading in 5G network deployment in India.
- The company completed the pan-India rollout of Jio True 5G, which has the largest 5G network in the world, and aims to capture the lion's share of accelerating 5G adoption.
- The development of a national AI infrastructure is in progress, with the aim to democratize AI across India, making it accessible and affordable.
### 5. **Retail Business Expansion**:
- Reliance Retail continues to scale, now among the top global retailers in terms of store count, market capitalization, and employee numbers.
- The Retail business recorded a gross revenue of ₹3,06,848 crore ($36.8 billion), with a 17.8% YoY growth.
- The company opened 1,840 new stores, expanding its total to 18,836 stores, covering 79 million square feet of retail space.
### 6. **Oil-to-Chemicals (O2C) Business**:
- Despite global challenges, the O2C business achieved revenues of ₹5,64,749 crore ($67.9 billion) and EBITDA of ₹62,393 crore ($7.5 billion).
- Strategic actions such as operational excellence, diversified feedstock sourcing, and leveraging advanced technologies have been crucial in maintaining performance.
### 7. **New Energy Initiatives**:
- The New Energy business is set to drive future growth, with significant investments in green energy technologies including solar, battery storage, and green hydrogen production.
- Reliance plans to establish the Dhirubhai Ambani Green Energy Giga Manufacturing Complex, which will be the world's largest integrated renewable energy complex.
### 8. **Shareholder Value and Rewards**:
- The Chairman reaffirmed the company's commitment to rewarding shareholders. The announcement of a bonus share issue in the ratio of 1:1 was a key highlight, signaling confidence in the company's growth trajectory.
### 9. **Future Outlook**:
- The company aims to double its revenues and EBITDA over the next three to four years, driven by digital services, retail, O2C, and new energy businesses.
- Reliance is positioned to be a global leader in several sectors, leveraging its technological innovations and advanced manufacturing capabilities.
As an investor, these insights highlight the company's strong financial health, commitment to innovation, and strategic positioning for future growth, making Reliance a potentially rewarding investment in the long term.
