RIL AGM 2024: RIL single-largest contributor to national exchequer, contributed ₹1.86 lakh crore in FY24: Mukesh Ambani

Reliance Industries (RIL) Chairman Mukesh Ambani said on Thursday, August 29, the oil-to-telecom conglomerate is not in the business of making short-term profit and hoarding wealth and instead focused on wealth creation for the nation.

Speaking at the 47th annual general meeting (AGM) of Reliance Industries Ltd, Ambani said the company was working for the energy security of the country.

The birth of AI has opened up opportunities to address complex problems facing humans, said Ambani, chairman and managing director of RIL.

Painting a rosy picture of the country's economy, Ambani said India is one of the biggest growth engines in the world and no longer just a carriage.

Reliance, Ambani said, has now become a net producer of technology and is transforming into a deep-tech company with advanced manufacturing capabilities in three seminal ways: embedding innovative technologies in every single business, incubating several critical technological innovations in-house to enhance product and service offerings, and building an AI-native digital infrastructure for all Reliance businesses.

Reliance spent over ₹3,643 crore in FY24 towards R&D, taking its spend on research to over ₹11,000 crore in the last four years alone.

"Advance manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future," the chairman said.

Ambani added that AI has opened up opportunities to address several complex problems facing mankind. Multiple geopolitical conflicts threaten global peace, stability, and even economies; in these uncertain times, there is one absolute certainty, which is the rise of a new India. 

"Irrespective of the volatile times globally, India remains the brightest beacon of hope for the world. With its rich cultural heritage, empowered population, surging economic power, and age-old advocacy of peace, our nation will play a pivotal role in changing the world for the better," Ambani said.

RIL posted a record consolidated turnover of ₹10 lakh crore in FY24. The EBITDA in FY24 was ₹1.78 lakh crore and net profit was ₹79,020 crore. 

Exports in FY24 were ₹2.99 lakh crore, which was 8.2% of India's total merchandise exports. 

RIL was the single-largest contributor to the national exchequer, as the company contributed ₹1.86 lakh crore in FY24.