RIL sets milestone as India’s first company to surpass Rs 10 lakh crore in annual revenue

PTC News Desk: Reliance Industries Limited (RIL) has achieved a historic milestone by becoming the first Indian company to exceed Rs 10 lakh crore in annual revenue. The announcement was made by RIL chairman Mukesh Ambani during the company’s Annual General Meeting (AGM) held on Thursday.

At the AGM, Ambani disclosed that Reliance reported a record consolidated turnover of Rs 10,00,122 crore (USD 119.9 billion) for the financial year 2023-24. This achievement marks a significant milestone in the company’s history and underscores its dominance in the Indian corporate sector.

For the same fiscal year, RIL reported an impressive EBITDA of Rs 1,78,677 crore (USD 21.4 billion) and a net profit of Rs 79,020 crore (USD 9.5 billion). The company’s performance was further bolstered by exports totaling Rs 2,99,832 crore (USD 35.9 billion), representing 8.2 per cent of India’s total merchandise exports.

Over the past three years, Reliance Industries has invested more than Rs 5.28 lakh crore ($ 66.0 billion), reflecting its ongoing commitment to expanding its business operations and infrastructure. The company also maintained its position as the largest contributor to the national exchequer, contributing Rs 1,86,440 crore ($ 22.4 billion) through various taxes and duties during FY 2023-24. RIL’s cumulative contribution to the exchequer over the last three years has surpassed Rs 5.5 lakh crore ($ 68.7 billion), setting a record for any Indian corporation.

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On the social front, RIL has significantly increased its Corporate Social Responsibility (CSR) spending by 25%, reaching Rs 1,592 crore (USD 191 million) in the last fiscal year. Over the past three years, the company’s total CSR expenditure has exceeded ₹4,000 crore (USD 502 million), positioning it as the largest CSR contributor among Indian corporates.

In addition, Reliance added over 1.7 lakh new jobs in the last year, bringing its total workforce to nearly 6.5 lakh employees, including both traditional and modern employment models.

Amidst this strong financial performance, Reliance Industries has announced plans to consider issuing 1:1 bonus shares during its board meeting scheduled for September 5, 2024. This move would double the number of shares held by existing investors, reflecting the company’s confidence in its sustained growth and profitability.

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