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Informist, Thursday, Aug 29, 2024

 

--Mukesh Ambani: RIL group on track to more than double size by 2030

--Mukesh Ambani: Tech transformation to lead to hyper growth for co

--Mukesh Ambani: RIL can earn place in global top 30 most-valuable cos

--Mukesh Ambani: Rapidly increasing talent pool, innovations in AI

 

MUMBAI – Reliance Industries Ltd will join the league of the top 30 most-valued companies in the world in the near future, with its fast-growing telecom and retail businesses poised to double their revenues and operating profit over the next three-four years, Chairman Mukesh Ambani said at the company's annual general meeting today. The Reliance Group is also on track to double its size before the end of the decade, Ambani said. 

 

RIL remains India's largest listed company with a market capitalisation of around $250 bln. "Reliance took over two decades to be amongst the top 500 companies globally. The following two decades saw us joining the league of the world's top 50 most valuable companies. With our strategic adoption of deep-tech and advance manufacturing, I can clearly see Reliance earning a place in the top-30 league," Ambani said. 

 

Terming RIL a "net producer of technology", Ambani highlighted the company's emphasis on innovation, artificial intelligence and embedding of such new technologies in operations and overall business infrastructure. RIL has spent $437 mln in 2023-24 (Apr-Mar) towards research and development, taking the total R&D investment to over $1.5 bln in the last four years, Ambani told shareholders.

 

In the last year, RIL filed over 2,555 patents, spread across the areas of bio-energy innovations, solar and other green energy sources, and high-value chemicals. "Digital is another principal area of our in-house research," Ambani added. The company has filed patents in 6G, 5G, AI-large language models, AI-deep learning, and others. 

 

Ambani is confident that this ongoing tech-driven transformation of RIL will "propel the company into a new orbit of hyper-growth and multiply its value for years to come." The five growth engines of the company, oil-to-chemicals, retail, Reliance Jio Infocomm, media, and green energy and fuels are all likely to witness strong growth momentum, he said.

 

For the financial year ended March, the company's consolidated topline was up nearly 3% on year at 9.14 trln rupees, while bottomline rose 4% to 696.21 bln rupees. Its EBITDA was 1.78 trln rupees, up 16% on year, with operating margin expansion of 210 bps to 17.9%. 

 

Ambani expects the new energy business to be the "new jewel in Reliance's crown" as it is set to become as big and profitable as the bread-and-butter oils-to-chemical operation, over the next five-seven years. "And I am confident that green fuels and AI-based solutions will become long-term growth engines for Reliance," he added. 

 

The company's digital-first approach will deliver unparalleled content at affordable prices, thereby driving the media business, Ambani said. "We will cater to every consumer's tastes. We will provide world-class digital entertainment across the spectrum," he said, alluding to the new partnership between unit Viacom18 and Disney's Star India. 

 

Today, shares of RIL ended off highs at 3,041.85 rupees on the National Stock Exchange with gains of 1.5%. The stock earlier hit a one-month high of 3,074 rupees after the company announced that its board will mull an issue of bonus shares in the ratio of one-for-one.  End

 

US$1 = 83.87 rupees

 

Reported by Apoorva Choubey 

Edited by Akul Nishant Akhoury

 

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