RIL Annual Report FY23: Mukesh Ambani On Performance, Net Carbon Zero Goal, Jio Financial
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd., underlined the financial performance of the oil-to-telecom conglomerate in a note to shareholders.
In RIL's annual report released on Sunday, Ambani said that the company managed strong operating and financial show during the fiscal 2023 despite continued volatility in the global markets.
"Consolidated EBITDA was at Rs 1,53,920 crore, which is a robust 24.4% growth as compared to last year. Consolidated net profit also grew at 11.3% to Rs 73,670 crore," he said.
Reliance Industries' consolidated gross debt in FY23 stood at Rs 3.14 lakh crore. Of this standalone gross debt was Rs 2.16 lakh crore. Among key subsidiaries, Reliance Retail had a gross debt at Rs 46,644 crore, and Reliance Jio of Rs 36,801 crore.
Growth during the period was well rounded and supported by all business segments, Ambani said. "Consumer businesses continued their growth trajectory with a rapid expansion of retail store footprint and strong subscriber acquisition in Jio. O2C business delivered a record performance amidst a challenging business environment. Oil and gas segment also registered a strong performance with sustained gas production from KG D6 block."
Reliance was able to optimise returns and minimise risks while providing adequate liquidity to businesses during a rate hike cycle with prudent financial framework, Ambani said.
"Our strong cash flows from operations have ably supported growth capex requirements. Over the past two years, 98% of the company's capex has been funded by internally generated cash profits. This has helped us maintain a strong and conservative balance sheet and retain superior investment grade ratings," he noted.
Reliance will hold its 46th post-IPO annual general meeting on Aug. 28,. Among other proposals, the shareholders will consider and approved the financial results for fiscal ended March 2023.
They will also vote on a proposal to reappoint Mukesh Ambani as the managing director for another five years, up to April 18, 2029. He will complete his present term of office on April 19, 2024. This will take his tenure beyond the age of 70-years in April 2027.
RIL To Be Net Carbon Zero By 2035
Ambani emphasised on the need to address climate change and the steps Reliance is taking towards sustainability and clean energy.
Our goal is to become Net Carbon Zero by 2035.Mukesh Ambani, Chairman and Managing Director, Reliance Industries
"Accordingly, the development of giga factories at the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar is progressing rapidly. Considering the collective potential of our five giga factories, we are well on track for establishing a world class, self-sufficient green energy ecosystem," Ambani said.
The Reliance Chairman said that the company has partnered with accomplished innovator entities globally and is "leveraging their expertise to derive maximum value for our new energy initiatives."
Jio Financial Services To Leverage RIL's Tech Capabilities
Jio Financial Services will allow the oil-to-telecom conglomerate to access opportunities available in the Indian financial market, Ambani said.
Shares of Jio Financial Services will be listed on the exchanges soon, and the entity will be renamed Jio Financial Services, the RIL annual report read.
Jio Financial Services aims to provide simple, affordable and innovative digital first solutions, said Ambani. "Jio Financial Services Ltd. along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens."
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