Reliance Industries Ltd.'s net debt rose more than threefold in the year ended March as its capital expenditure increased on 5G rollout and retail expansion.
Net debt rose by Rs 75,403 crore to Rs 1,10,218 crore in FY23, according to the company's quarterly filings. Working capital changes and translation impact on foreign currency liabilities also contributed to higher net debt. However, it remains significantly below operating income.
Gross debt stood at Rs 3,14,708 crore as of March, up from Rs 2,66,305 crore a year earlier.
The company spent Rs 1,41,809 crore on capex in fiscal 2023. That does not include spectrum acquisition cost.
Over the last two years, cash profit funded 98% of capex, the company said. It generated Rs 1,26,395 crore in cash profit in FY23.
Investments during FY23 were aimed at capturing greater share of consumer wallet, the company said.
Jio deployed over 1,25,000 5G BTS or base transceiver stations in over 2,300 cities and towns. It targets pan-India coverage by December this year.
Reliance Retail Ventures Ltd. increased its footprint by adding 3,300 new stores, adding 25 million sq. ft. area and over 12 million sq. ft. of warehousing space during the last fiscal.
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