RIL AGM: Mukesh Ambani says revenues to more than double by 2025

RIL AGM: Mukesh Ambani says revenues to more than double by 2025

Mumbai, Jul 5: Reliance Industries will more than double its revenues by 2025 as contributions from the retail and telecom arms match that of the bellwether hydrocarbon business, Mukesh Ambani, the Chairman and Managing Director of India’s largest private sector company, said on Thursday. He was addressing the company’s shareholders at its 41st Annual General Meeting.
The oil-to-telecom conglomerate posted consolidated revenues of Rs 430,731 crore in 2017-18 and a profit after tax of Rs 36,075 crore.
“As India starts on its high growth journey to double the size of its economy by 2025, I assure you that the size of Reliance will more than double in the same period. And the creation of societal value by Reliance will be of an even higher order,” Ambani said in his over-an-hour-long speech at the Birla Matoshri Sabhaghar in Mumbai.
The contribution of RIL’s consumer businesses of retail and mobility rose to 13 percent at the EBITDA (earnings before interest, tax, depreciation and amortization) level, up from 2 percent in merely a year.
The company is banking on telecom, retail and the online-to-offline new commerce platform to achieve its target of doubling revenues in 8 years.
Addressing his shareholders, Ambani laid out a vision for the company which he said would transition to become a technology platform company.
He said the company would ride on technology to also spearhead initiatives in agriculture, education and health, the three key sectors that he had also mentioned in his last AGM speech. Ambani said the company would create more such platforms to create societal value.
“Our digital connectivity platform has served as the foundation on which we are building our new commerce platform, our media and entertainment platform, education platform, healthcare platform and agriculture platform. Going forward, we shall build more such platforms,” he said.
Ambani also reaffirmed the group’s commitment to protecting the environment. He said environment regulation is now a global imperative, a fact reflected in the company being the largest recycler of PET in India.