RIL spreads wings, sees 20-fold surge in profits

- Revenues grew at 15.4% from Rs45,411 cr to Rs792,756 cr

- Net profit grew at 16.3% from Rs3,280 cr to Rs67,845 cr

- Exports grew at 16.9% from Rs11,200 cr to Rs254,970 cr

- Total assets grew at 18.7% from Rs48,987 cr to Rs14,99,665 cr

- Net worth grew at 17% from Rs27,977 cr to Rs645,127 cr

Reliance Jio started operations in 2016, Reliance Retail started operations in 2006, Reliance's E&P business made the first hydrocarbon discovery in late 2002 and production started in 2009. Its traditional businesses of refining and petrochemicals too flourished and expanded many-fold in last two decades. After the launch of Jio, India became the data capital of the world and the cost of data/GB fell from Rs500 to Rs12

New Delhi: Mukesh Ambani took over as the Chairman and Managing Director of Reliance Industries Limited (RIL) after the demise of his father and Reliance founder, Dhirubhai Ambani on July 6, 2002. During his 20 years at the helm, the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.

In 2022, he completes two decades at the helm of Reliance Industries. In these 20 years, the company has achieved a consistent strong double-digit growth across revenues, profits, net worth, assets as well as market capitalization (mcap).

While the elder brother took over as CMD, Anil was named vice-chairman and joint MD. The brothers, however, feuded over control, leading to a split with Mukesh assuming control of the gas, oil, and petrochemicals units as RIL, while Anil got telecommunications, power generation, and financial services units through a demerger.

In 20 years that Stanford University-drop out Mukesh, 65, has been at the helm of RIL, the company has re-entered the telecom business, diversified in retail and new energy, and raised a record Rs 2.5 lakh crore selling minority interests during the Covid lockdown.

Reliance's traditional businesses of refining and petrochemicals too flourished and expanded many-fold in last two decades.

In 2002, Reliance had a single refinery at Jamnagar. A second 100 per cent EoU refinery was set up by 2009 nearly doubling RIL's refining capacity with unique capability to convert the worst of crudes into the best of exportable fuels. With this, Jamnagar became world's largest single location refining complex.

The J3 expansion over 2012 to 2016 added some of world's largest and most unique downstream units. For example, Reliance set up world's largest Refinery Off-Gas Cracker at Jamnagar. It also added world's largest petcoke gasification unit. It also set up world's first-ever virtual pipeline across the world to import ethane from the US to diversify feedstock.

Reliance Foundation, backed by Reliance Industries, came up in 2010 to spearhead the company's philanthropic initiatives under the leadership of Nita Ambani. Reliance Foundation has touched the lives of more than 6.3 crore people in India through its various initiatives like rural empowerment, nutrition security, ecological conservation, education, and sports until 2022.

Reliance Foundation is India's biggest corporate social responsibility initiative by reach, as well as by spend.

After the launch of Jio, India became the data capital of the world and the cost of data/GB fell from Rs.500 to Rs 12. India's ranking in Broadband data consumption moved from 150 in 2016 to No.1 in 2018 thanks to Jio. Thanks to Reliance Retail, today residents of Tier II and III towns in India have access to similar shopping experience that is enjoyed by those living in the metro cities.

Indians had to travel to Dubai or Singapore to shop global brands like Armani, Gas, Diesel etc. Now Reliance Retail has brought them all to India through partnerships.

India now has a world-class convention centre in Mumbai, with the world's best infrastructure for international exhibits, conventions and meetings. The Jio World Centre will host the International Olympic Committee's next session in 2023.

Reliance Industries set the foundation for New Energy Business committing over Rs 75,000 crore investment in three years to set up five uniquely integrated Giga Factories at Jamnagar with the world's latest technology. This will have first-of-its-kind 'quartz-to-module' solar panel facility. The ultimate aim is to emerge world's lowest cost producer of solar energy and green hydrogen.

The diversified conglomerate has set a target to become Net Carbon Neutral by 2035, contributing to India's net carbon zero mission. Reliance will start 10GW of solar PV cell and module factory by 2024, to be scaled up to 20GW by 2026. By 2025, RIL plans to generate its entire round-the-clock (RTC) power and intermittent energy for Green Hydrogen from captive solar power plants.