Reliance AGM 2021: 'RIL Consolidated Revenue Of Rs 5,40,000 Cr, Continues To Be India's Largest Exporter,' Says Mukesh Ambani

Reliance Industries Limited (RIL) shares opened in red ahead of its 44th annual general meeting on Thursday. Shares of India's most valued firm were trading down 0.7% or Rs 15 at Rs 2190 in a firm Mumbai market. 

Billionaire Mukesh Ambani on Thursday address the shareholders at the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), India's most valued firm by market capitalization.

Mumbai: Reliance's billionaire chairperson Mukesh Ambani on Thursday revealed that the consolidated revenue of RIL was nearly Rs 5,40,000 crore. The consolidated EBITDA was nearly Rs 98,000 crore, and almost 50 percent of the EBITDA was contributed by consumer businesses.

Even in a challenging environment, RIL’s performance continued to be outstanding, he said.

"We are amongst the highest payers of GST and VAT at Rs 85360 crore. We are also among the highest payers of income tax. Reliance successfully carried out the largest ever capital by any company globally in a year withstanding the common challenges," the Billionaire added.

"Our net profit for the year was Rs 53,739 crore, higher by 34.8 percent compared to the previous year. Despite the pandemic, we increased our dividends this year," Mukesh Ambani said.

The RIL Chairperson also stressed that being India's largest business enterprise, Reliance's made an immense contribution to the Indian economy.

"At Rs 1,45,143 crore (US$ 19.9 billion), we continue to be India's largest exporter accounting for 6.8 percent of India's total merchandise exports across 107 countries. Even in this challenging environment, Reliance added nearly 75,000 new jobs in the past year," Mukesh Ambani said.

"We continue to be India's highest payer of customs and excise duty in the private sector with payments of Rs 21,044 crore. We are amongst the highest payers of GST and VAT at Rs 85,306 crore. We are amongst the highest payers of Income Tax in the private sector paying Rs 3,213 crore," he added.

Ambani has credited Reliance with successfully carrying out the largest ever capital raised by any company globally in a year in FY 2021. The capital raises exceeded Rs 324,432 crore (USD 44.4 billion) through equity in Jio Platforms and Retail, Rights Issue and asset monetization.

The billionaire termed this capital raise as a strong vote of confidence by global investors in India's growth potential. "It reflects their faith in the ability of your company's management to execute ambitious projects and long-term value creation plans," he said.

Talking about the shareholders, he said that RIL also rewarded them "with the largest and the most successful Rights Issue ever by an Indian company.. Our retail shareholders have made 4x returns in just one year on their rights shares".

Mukesh Ambani also highlights Reliance achieving its commitment of producing a net debt-free balance sheet much ahead of March 2021, a promise he had made two years ago.
Meanwhile, Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, has joined the Board of Reliance Industries Limited as an Independent Director in a move to strengthen the relationship between Saudi Aramco and Reliance.

Ahead of the AGM 2021, Reliance Industries Limited (RIL) shares opened in red ahead of its 44th annual general meeting on Thursday. Shares of India's most valued firm were trading down 0.7 percent or Rs 15 at Rs 2190 in a firm Mumbai market. 

In the last 10 years, RIL shares closed down six times after the AGM and closed up four times post-AGM. RIL shares surged almost 10 percent after the 2019 AGM and closed down 3.71 percent after the 2020 AGM.