Reliance Industries Ltd (RIL) has once again proven its dominance in the Indian market with a stellar performance in FY24. The conglomerate, led by chairman Mukesh Ambani, reported a consolidated net profit of ₹79,020 crore, marking a 7.3% increase from the previous year. The company’s gross revenue crossed ₹10 lakh crore, showcasing its robust growth across various sectors.
The standout performers in RIL’s portfolio were Reliance Retail Ventures Ltd (RRVL) and Jio Platforms Ltd (JPL), which registered profits of ₹11,101 crore (up 20.9%) and ₹21,423 crore (up 12%), respectively. Despite facing challenges such as a net debt of ₹1.16 lakh crore and significant investments in 5G rollout and retail expansions, RIL managed to maintain a strong financial position with cash and cash equivalents of ₹2.08 lakh crore.
Looking ahead, RIL has outlined plans for further expansion, with a major investment earmarked for the development of five giga factories for solar panels and storage battery manufacturing. Additionally, there is speculation among investors about a potential demerger of Jio and retail businesses through IPOs to unlock better valuations.
Mukesh Ambani expressed his satisfaction with the company’s performance, highlighting RIL’s contribution to the growth of various sectors in the Indian economy. The success of RIL’s digital services business, driven by the rapid expansion of its subscriber base, and the impressive growth of Reliance Retail, with nearly 19,000 stores nationwide, demonstrate the conglomerate’s ability to adapt and thrive in a competitive market.
With a valuation of ₹20 lakh crore in the stock market and a strong focus on innovation and expansion, RIL continues to set new benchmarks for success in the Indian business landscape.