Reliance Industries contributes Rs 1.86 lakh crore to national exchequer in FY24
.Provisional data shows net corporate tax collection in FY24 rose 10.26% to Rs. 9.11 lakh crore from Rs. 8.26 lakh crore the previous year
Reliance Industries’ Mukesh Ambani
Reliance Industries Ltd’s contribution to the national exchequer rose 5 per cent from a year earlier to Rs 1.86 lakh crore in FY24, the conglomerate said in its annual report on August 7.
Reliance’s contribution stood at Rs 1.86 lakh crore for FY24, up from Rs 1.77 lakh crore in the previous fiscal. This is the sixth straight year when RIL’s contribution to the national exchequer has crossed Rs 1 lakh crore, the company said, adding that RIL’s cumulative contribution of the last seven years through FY24 has now crossed Rs 10 lakh crore.
According to official data, the net corporate tax collection (provisional) in FY24 stood at Rs. 9.11 lakh crore, up 10.26% from Rs. 8.26 lakh crore in the previous financial year.
Reliance’s net worth increased 11.1 percent to 7.43 lakh crore in FY24, according to its annual report.
Meanwhile, the RIL Annual Report provided an update on the performance of its various business segments, including Retail, Digital Services, O2C, and E&P, and outlined the company’s ambitions in the Green Energy sector.”
Reliance Industries set for next level of growth: Mukesh Ambani
Ambani presented an optimistic outlook to investors, saying that RIL has enhanced investor wealth and shareholders’ faith in the company will spur it to “continually grow and create value”.
lotterysambadresult.shopIndia’s most valuable company Reliance Industries (RIL) is ready to chart the “next level of growth” after consolidating its balance sheet following a period marked by high capital expenditure, RIL Chairman and Managing Director Mukesh Ambani said in a statement to shareholders in the company’s annual report for 2023-24 (FY24).
“Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth. Our constant endeavor to find solutions for India and Indians has helped us spot multiple growth opportunities that have expanded our business portfolio,” Ambani said.
The refining-to-telecom conglomerate is moving from being predominantly fossil fuel-focussed to diversifying into areas like clean energy, telecom, retail, and media. Ambani presented an optimistic outlook to investors, saying that RIL has enhanced investor wealth and shareholders’ faith in the company will spur it to “continually grow and create value”.
“The global economic scenario remained volatile causing considerable headwinds. But strategic depth of our businesses, talented business teams, and resilient domestic markets helped Reliance navigate the obstacles…Our strong balance sheet is a testament to our prudent business and financial management strategies which help us maximise cash profits,” Ambani said.
Along with RIL’s own growth, Ambani also underscored India’s growing significance in the global economic landscape, which he said “has increased manifold over the past-decade and it is shining as a beacon of stability and prosperity”.
The RIL chairman said that the global optimism on the Indian economic and business outlook helped domestic equity indices to soar to record high levels, adding that in February this year, RIL became the first Indian company to cross the Rs 20-lakh crore threshold in market capitalisation.
“In this world of volatility and uncertainty, India is shining as a beacon of stability and prosperity. Robust growth across all sectors, fuelled by the collective ‘can do’ spirit of 1.4 billion Indians and bolstered by our rich heritage, is steadily driving the nation’s economic progress,” Ambani said.
On decarbonisation and green energy, Ambani said that RIL has defined a comprehensive roadmap leading to its net carbon zero target and is focused on investing in the right talent to ensure superior execution of its decarbonisation plans.
The development of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is progressing rapidly. This giga complex will be one of the largest end-to-end integrated renewable energy manufacturing facilities globally. The group is also exploring multiple technologies for capture and recycling of carbon, he said.
In 2023-24 as well, Ambani had nil remuneration, making it the fourth year in a row when he did not draw a salary.
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