Reliance Industries (RELIANCE) AGM 2024 summary

Opening remarks and agenda

• The meeting commenced at 2:00 P.M. via video conferencing, ensuring shareholder participation and voting, with all directors and key executives present.

• Registers of directors, key managerial personnel, and contracts were made available for electronic inspection.

Financial performance review

• Achieved record consolidated turnover of INR 10,00,122 crore, becoming the first Indian company to cross the ten lakh crore mark in annual revenues.

• EBITDA reached INR 1,78,677 crore and net profit was INR 79,000 crore; exports accounted for 8.2% of India's total merchandise export.

• Crossed US$250 billion in market cap, doubling since July 2018; ranks among world's Top 50 most valuable corporations.

• Contributed INR 1,86,440 crore to the national exchequer in FY 2023-24, with a three-year total exceeding INR 5.5 lakh crore.

• Prudent financial framework and robust balance sheet support superior returns and value creation.

Board and executive committee updates

• All board members and key executives, including statutory and secretarial auditors, attended the meeting.

• Akash, Isha, and Anant Ambani completed one year as board members, taking on greater responsibilities.

• Significant value unlocking through demerger of Jio Financial Services.