RIL Becomes First Indian Company to Surpass Rs 10 Lakh Crore in Annual Revenue

Tags: Economics/Business

Reliance Industries Limited (RIL) became the first Indian company to achieve an annual revenue exceeding Rs 10 lakh crore.

An Overview of the News

• For the fiscal year 2023–24, RIL recorded a consolidated turnover of Rs 10,122 crore (USD 119.9 billion).

• The company reported a net profit of Rs 79,020 crore (USD 9.5 billion) and an EBITDA of Rs 1,78,677 crore (USD 21.4 billion).

• RIL's exports amounted to Rs 2,99,832 crore (USD 35.9 billion), representing 8.2% of India's total merchandise exports.

Significant Investments and Contributions

• Over the past three years, RIL has invested more than Rs 5.28 lakh crore (USD 66.0 billion) to expand its operations.

• In FY 2023–24, the company paid Rs 1,86,440 crore (USD 22.4 billion) in taxes and duties, continuing to be the largest contributor to India's national exchequer.

• RIL has contributed over Rs 5.5 lakh crore (USD 68.7 billion) to the exchequer over the last three years, the highest among Indian corporates.

Commitment to Social Responsibility

• RIL increased its Corporate Social Responsibility (CSR) spending by 25%, reaching Rs 1,592 crore (USD 191 million) in the previous year.

• The company has spent more than Rs 4,000 crore (USD 502 million) on CSR activities over the last three years, making it the largest corporate contributor in India.

• RIL created over 1.7 lakh new jobs last year, bringing its total workforce to nearly 6.5 lakh employees.

Future Financial Moves

• Reliance Industries announced plans to explore the issuance of 1:1 bonus shares at its board meeting on September 5, 2024.

• This means that investors would receive an additional share for each share they currently own, effectively doubling their holdings.