Jio 5G, RIL Board Changes, JFS’ Insurance Foray: Key Takeaways From RIL AGM 2023 Today – News18

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RIL AGM 2023: Reliance Industries Chairman Mukesh Ambani on Monday made a slew of announcements during the company’s 46th AGM, including Jio Financial Services‘ (JFS) foray into the insurance segment, Jio’s full-country 5G rollout by December, and the entry of Isha, Akash and Anant into RIL’s board. He also mentioned RIL’s stellar financial numbers for the financial year 2022-23. Key takeaways:

RIL AGM 2023: Reliance Jio

Jio’s overall customer base has now crossed the milestone of 450 million subscribers, reflecting a year-on-year revenue growth of over 20 per cent, said Mukesh Ambani while addressing Reliance Industries’s 46th annual general meeting (AGM).

He said the company used its own 5G stack to become the first operator in the world to launch commercial services on millimetre-wave spectrum, using standalone 5G. Jio’s 5G rollout is powered by its own 100 per cent in-house developed 5G stack.

Ambani announced that JioAirFiber will be launched on the auspicious occasion of Ganesh Chaturthi on September 19, to boost customer value and revenue growth in the untapped Indian home segment.

RIL AGM 2023: Reliance FY23 Performance

RIL has cumulatively invested more than $150 billion in the last 10 years, higher than any corporate in India. The company posted a net profit of Rs 73,670 crore for the financial year 2022-23.

Its consolidated revenues stood at Rs 9,74,864 crore, its Ebitda in FY23 was Rs 1,53,920 crore and net profit was Rs 73,670 crore. Reliance’s exports for the year jumped 33.4 per cent to Rs 3.4 lakh crore. The company accounted for over 9.3 per cent of India’s merchandise exports, up from 8.4 per cent last year.

In FY23, Reliance’s contribution to the National Exchequer stood at Rs 1,77,173 crore.

RIL AGM 2023: Reliance Retail

Reliance Retail posted an annual revenue of Rs 2,60,364 crore in FY23, registering a 30 per cent y-o-y growth. The company has delivered an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore.

FY23 was a landmark year for retail. Reliance Retail stores received more than 78 crore footfalls and registered customers crossed 25 crore. Digital sales accounted for 5th of our revenues at more than Rs 50,000 crore.

Ambani said, “I am confident that as India grows from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest-growing business in revenues and EBITDA.”

RIL AGM 2023: Jio Financial Services

Jio Financial Services (JFS) will enter the insurance segment to offer life, general, and health insurance products through a seamless digital interface, potentially partnering with global players.

Every shareholder of RIL has received shares in Jio Financial Services (JFS) on a 1:1 basis following the recent demerger of the financial services business. This is equivalent to a mini bonus for our long-term investors.

JFS has announced a JV with global leading asset management company BlackRock to set up an asset management business that will provide simple and trustworthy investment solutions in our country.

RIL Board Changes

RIL’s board has recommended the appointment of Isha Ambani, Akash Ambani and Anant Ambani on the board of directors, while Nita Ambani will step down from the board. Nita will continue as chairperson of Reliance Foundation.

RIL AGM 2023: Oil & Gas, Oil-To-Chemical Businesses

Reliance is well on its way to enhance gas production to 30 million standard cubic meters per day, which will be 30 per cent of India’s gas production, and 15 per cent of its current gas demand.

The company is accelerating its journey to achieve net carbon zero by 2035 through use of Renewables and Bioenergy for a sustainable and green business, said RIL Chairman Mukesh Ambani.

With RIL’s valued partner BP, the company has revived gas production from the KG-D6 block from near zero a few years back to about 20 million cubic meters per day in the financial year 2022-23.

RIL AGM 2023: New Energy Business

The next few years is going to be transformational for your company as, leading from the front, it positions India to be a world leader and trendsetter in Energy Transition, said RIL Chairman Mukesh Ambani.

The company’s first priority is to deliver a fully-integrated, end-to-end solar PV manufacturing ecosystem. Ambani said this will be one of the largest, most technologically advanced, flexible, and most cost-competitive solar giga factory globally.

Reliance will also pursue wind power generation. The company will leverage its engineering and construction capabilities, along with its giga-scale manufacturing ecosystem, to accelerate and enable installation of at least 100 GW of renewable energy generation by 2030.

RIL’s concurrent priority is also to set up its battery giga factory by 2026, including a battery recycling facility.

On green hydrogen, Mukesh Ambani said the company will set up a fully-integrated, automated, giga-scale electrolyser manufacturing facility.

Within a short span of one year, Reliance have become India’s largest bio-energy producer based on our indigenously developed technology.

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