RIL Becomes India’s First Company to Surpass Rs 10 Lakh Crore in Annual Revenue [Current Affairs]
Reliance Industries Limited (RIL) has made history as the first Indian company to exceed ₹10 lakh crore in annual revenue. This milestone was revealed during RIL’s Annual General Meeting (AGM) by Chairman Mukesh Ambani. For the financial year 2023-24, Reliance achieved a record consolidated turnover of ₹10,00,122 crore (USD 119.9 billion), with a net profit of ₹79,020 crore (USD 9.5 billion).
Export and Tax Contributions
RIL’s exports reached ₹2,99,832 crore (USD 35.9 billion), representing 8.2% of India’s total merchandise exports. The company also contributed ₹1,86,440 crore (USD 22.4 billion) to the national exchequer through various taxes and duties during FY 2023-24. Over the past three years, RIL’s total contribution to the exchequer has exceeded ₹5.5 lakh crore (USD 68.7 billion), the highest by any Indian corporation.
Investment and CSR Spending
Reliance has invested over ₹5.28 lakh crore (USD 66.0 billion) in the last three years, underscoring its commitment to expansion. In terms of Corporate Social Responsibility (CSR), RIL increased its spending by 25% to ₹1,592 crore (USD 191 million) in the past year. The company’s total CSR expenditure over the last three years has surpassed ₹4,000 crore (USD 502 million), making it the largest CSR contributor among Indian corporates.
Employment Growth and Future Plans
The company added over 1.7 lakh new jobs last year, increasing its total workforce to nearly 6.5 lakh employees. Additionally, Reliance is considering issuing 1:1 bonus shares, which would double the holding of its investors, with a decision expected during the board meeting on September 5, 2024.
Source: currentaffairs by adda247
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