Reliance AGM 2024: Mukesh Ambani, Reliance Industries Chairman, on Thursday, made several announcements during the company’s 47th Annual General Meeting (AGM), including bonus shares, Jio Welcome Offer of AI-Cloud, and future business plans in the new energy sector. He also denoted the company's outstanding financial results for the 2023-24 fiscal year.
Here are some key takeaways from the Reliance Industries AGM
- Mukesh Ambani announced the launch of Jio AI-Cloud Welcome offers to be available this Diwali. Under the scheme, Geo users will receive up to 100 GB of free cloud storage where they can store information such as photos, videos, and documents. Cloud services will also include data-driven AI services.
- The Board of Reliance Industries Limited will meet on September 5, 2024. The Board will consider the issuance of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves.
- Despite global geopolitical challenges and sluggish economic growth in the West, Reliance sailed through headwinds to deliver industry-leading performance. The oil-to-chemicals (O2C) business reported revenues of Rs 5,64,749 crore ($67.9 billion) and EBITDA of Rs 62,393 crore ($7.5 billion) last year.
- With a record turnover of Rs 10,00,122 crore ($119.9 billion) in FY2024, the company became the first company in India to cross the Rs 10 lakh crore ($119.9 billion) mark in annual revenue.
- Mukesh Ambani shared that Jio Optical Fiber has crossed over 1 million subscriber base in the last 6 months.
- RIL Chairman Mukesh Ambani said Reliance's media business has generated revenue of more than Rs 10,000 crore ($1.2 billion). This represents an industry-leading growth of 49 percent.
- Reliance Retail posted a total revenue of Rs 3,06,848 crore ($36.8 billion), up 17.8 percent from last year. The company continued its strong profit growth trajectory by registering EBITDA of Rs 23,082 crore ($2.8 billion), up 28.4 percent, and net profit of Rs 11,101 crore ($1.3 billion), up 21 percent yoy.
- Ambani announced that RIL will start manufacturing its own solar photovoltaic (PV) modules by the end of this year. The company’s integrated solar manufacturing facilities will include modules, cells, glass, wafers, ingots, and polysilicon, with an initial annual capacity of 10 GW.