Reliance becomes first Indian firm to hit ₹10L crore revenue
What's the story
Reliance Industries Limited (RIL) has set a new record, by becoming the first Indian company to surpass ₹10 lakh crore in annual revenues.
The announcement was made by RIL Chairman Mukesh Ambani during the company's 47th annual general meeting (AGM).
Ambani also disclosed RIL's earnings before interest, tax, depreciation, and amortization (EBITDA) for FY24, which stood at ₹1.78 lakh crore. The company's net profit was reported to be ₹79,020 crore.
Export earnings
Contribution to India's total merchandise exports
In FY24, RIL's exports amounted to ₹2.99 lakh crore, accounting for 8.2% of India's total merchandise exports. Over the past three years, the company has invested over ₹5.28 lakh crore. These figures highlight RIL's significant role in India's export sector and its commitment to continual investment.
Social responsibility
Tax contributions and CSR initiatives
RIL has made significant contributions to the national exchequer, with a total of ₹1.86 lakh crore paid in various taxes and duties in FY24.
Over the past three years, this figure has exceeded ₹5.5 lakh crore.
The company also increased its annual CSR spending by 25% to ₹1,592 crore, bringing its total CSR expenditure over the last three years to over ₹4,000 crore.
R&D focus
Investment in research and development
Ambani highlighted RIL's commitment to research and development (R&D), with an investment of over ₹3,643 crore in FY24. This brings the company's total R&D expenditure to over ₹11,000 crore in the past four years alone.
Business growth
Media business and retail sector achievements
RIL's media business generated over ₹10,000 crore in revenue, marking an industry-leading growth of 49%.
Viacom18, the entertainment division of the firm, saw a remarkable growth of 62% driven by its sports segment.
Meanwhile, Reliance Retail recorded a gross revenue of ₹3.06 lakh crore, up by 17.8% from last year.