Forward-looking Statement
The report contains forwardlooking statements, identified by words like plans, expects, will, anticipates, believes, intends, projects, estimates and so on. All statements that address expectations or projections about the future, but not limited to the Companys strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realised. The Companys actual results, performance or achievements could thus differ from those projected in any forward-looking statements. The Company assumes no responsibility to publicly amend, modify, or revise any such statements on the basis of subsequent developments, information or events. The Company disclaims any obligation to update these forward-looking statements, except as may be required by law.
Financial Performance and Review
Global Economy
Global economic growth remained steady with above-trend growth in the US and a bounce-back in Chinese economy.
| CY22 | CY23 | CY24 (IMF forecasts) | |
| US | 1.9% | 2.5% | 2.1% |
| Euro-area | 3.4% | 0.5% | 0.9% |
| China | 3.0% | 5.2% | 4.6% |
| Global | 3.5% | 3.1% | 3.1% |
Indian Economy
India registered a GDP growth of 8.2% for FY24 (7.2% in FY 2022-23). Indias macro-economic outlook remains robust amid strong domestic consumption and a pick-up in investment. Government capex registered 25%+ Y-o-Y growth. Inflation moderated to 4.9% Y-o-Y by Mar-24 from an average of 6.7% in FY 2022-23. Core CPI inflation fell to 3.2% (all time low).
Current account deficit (CAD) remained below 1.5% of GDP and FX reserves above US$ 600 billion. Indias net services exports grew at 15%. Indias share in worlds services exports now stands at ~10%. Direct tax to GDP is at record high of 6.7% (vs pre-COVID at 5.5-6%). Indias oil demand stood at 233.3 MMT for FY24 (up 4.6% Y-o-Y). Demand for natural gas was at 66.6 BCM (up 11.1% Y-o-Y).
India continues to attract robust foreign inflows. FY24 inflows were resilient at US$ 44 billion. India is well positioned to continue being the fastest growing major economy with growth expected at 6.5% for the coming two years as per IMF.
Performance Overview
Reliance delivered robust annual performance on both operating and financial parameters. Notably, all segments contributed positively to earnings growth during the year.
The Company achieved a consolidated revenue of C 10,00,122 crore (US$ 119.9 billion), up 2.6%, as compared to C 9,74,864 crore in the previous year. Revenue was boosted by robust growth in retail and digital services business, with an increase of 17.8% and 11.0%, respectively.
Profit
Consolidated EBITDA for the year increased by 16.1% to C 1,78,677 crore (US$ 21.4 billion) as compared to C 1,53,920 crore in FY 2022-23. EBITDA growth was led by 28.4% increase in Retail segment, benefitting from improved operating leverage, higher footfalls and growth in digital channels. Digital Services segment EBITDA also grew by 12.7% on account of higher revenue with increased subscriber base and higher customer engagement. O2C EBITDA grew marginally Y-o-Y, supported by strength in cracks for transportation fuels. Weakness in global downstream chemical margins and impact of major planned turnaround at the Jamnagar complex was offset by moderation in SAED. Oil & Gas segment EBITDA increased by 48.6%, supported by 56.8% higher gas production in KG-D6 block. Cash Profit increased by 12.7% to C 1,41,969 crore as compared to C 1,25,951 crore in the previous year. Profit After Tax was higher by 7.3% at C 79,020 crore despite higher finance cost, depreciations and taxes.
Gross Debt
Reliances Gross Debt was at C 3,24,622 crore (US$ 38.9 billion). Standalone gross debt was at C 2,11,790 crore with balance in key subsidiaries including Reliance Retail (C 41,317 crore), Reliance Jio (C 54,350 crore), Independent Media Trust Group (C 7,317 crore) and Reliance Sibur Elastomers (C 1,612 crore).
Capex
Capital expenditure for the year was C 1,31,769 crore (US$ 15.8 billion) as against C 1,41,809 crore in the previous year, with investments into network expansion in the digital services segment, scaling-up of the retail business, augmented production capacities in the Oil and Gas segment and projects in the O2C vertical. Capex was well covered by internal cash generation during the year.
Standalone
RILs Standalone revenue for FY 2023-24 was C 5,74,956 crore (US$ 68.9 billion), a marginal decrease of 0.5% as compared to C 5,78,088 crore in the previous year. Standalone EBITDA stood at C 86,393 crore (US$ 10.4 billion) as against C 77,918 crore in the previous year. Strong contribution from Oil & Gas business was partially offset by weak O2C. Profit After Tax was at C 42,042 crore (US$ 5.0 billion), a marginal decline of 2.2% against C 43,002 crore in the previous year. Basic EPS on Standalone basis for the year was C 62.14 as against C 63.56 in the previous year.
Movement in Key Financial Ratios
1. The net capital turnover ratio improved from 16.97 in FY 2022-23 to 25.43 in FY 2023-24, due to lower working capital.
2. Return on investment increased from 6.7% in the previous year to 8.5% in FY 2023-24 due to higher yields on the investments portfolio.
3. The inventory turnover ratio decreased to 7.31 in FY 2023-24 as against 10.49 in the previous year primarily due to higher inventories.
4. The return on net worth* fell to 10.3% in FY 2023-24 as against 10.9% in previous year due to marginally lower profits on weak O2C earnings and higher taxation.
Liquidity and Capital Resources
Macro Environment
In FY 2023-24, global financial markets experienced significant volatility, marked by unpredictable shifts in sentiments, from growth concerns to inflation worries. In the US, it was a year of two halves. The first half experienced heightened financial market volatility stemming from fears of potential banking crisis followed by improvement in risk sentiment due to decisive fiscal interventions and decline in the US headline CPI inflation to 3-3.5%. The second half was marked by resurgence of inflationary and growth pressures, leaving markets uncertain about future inflationary conditions, growth prospects, and quantum of policy rate cuts.
In India inflation declined steadily, with headline inflation reaching 5.1% in 4Q FY 2023-24, and core inflation falling below 4%. The inclusion of Indian sovereign bonds into JP Morgans GBI-EM global index in 2Q FY 2023-24 is expected to attract an estimated US$ 25 billion in foreign inflow. Additionally, the Government of India announced a steady fiscal consolidation path which helped in easing G-sec yields despite global challenges.
Indias growth advantage coupled with expectations of sub-1.5% GDP Current Account Deficit, and low USDINR volatility should bolster the Indian Rupee in the short to medium term.
RIL successfully navigated this environment while maintaining adequate liquidity, managing financial market risks, and delivering consistent returns on its investment portfolio.
Fund Raising
Despite challenging market conditions, RIL and its subsidiaries successfully raised financing across various markets, currencies, and financial products at competitive cost to finance capital expenditure, support business expansion, and refinance maturing debt.
Offshore Facilities Syndicated Term Loan Facilities (US$ 4.45 billion equivalent)
1. US$ 2 billion equivalent facilities were secured by the Company and its subsidiary, Reliance Jio Infocom Limited (RJIL), to finance capital expenditure.
2. US$ 2.45 billion equivalent facilities were arranged to refinance maturing debt. This transaction was well-subscribed in the primary syndication market from global lenders across geographies.
ECA Supported Facilities (US$ 2.83 billion equivalent)
1. RJIL secured US$ 2.2 billion equivalent facilities to finance equipment and services for its pan-India 5G rollout comprising first ever Finnish Export Credit Agency (Finnvera) supported facilities of US$ 1.6 billion equivalent and US$ 0.6 billion equivalent facilities from Canadian Export Credit Agency (EDC).
2. The Company tied-up Korean Export Credit Agency (K-EXIM) supported facilities aggregating a US$ 625 million equivalent to finance the purchase of Floating, Production, Storage and Offloading (FPSO) vessel in the Oil & Gas business.
Onshore Facilities
RIL issued C 20,000 crore 10-year nonconvertible debentures (NCD), marking the largest single-tranche NCD issuance by a non-financial entity in Indian capital markets and the second largest issuance ever in terms of size. The NCDs were issued at rates which were RILs lowest coupon ever and at the tightest spread over sovereign credit.
Liquidity Management
RIL places a strong emphasis on liquidity management, to ensure that the Group always has an adequate cushion to effectively mitigate market disruptions and meet its short-term obligations. The Company effectively optimises borrowing costs and fi nances worki ng capital by extending payables, accelerating receivables, and utilising various debt instruments. RILs investment strategy safeguards its financial resilience while optimising growth opportunities. The portfolio is continuously calibrated to balance the objectives of capital preservation, stable returns, and ready access to liquidity.
Credit Rating
RIL continues to be rated two notches above sovereign by S&P and one notch above sovereign by Moodys.
| Instrument | Rating Agency Ratings | Remarks | |
| International Debt | S&P | BBB + | Two notches above Indias sovereign rating |
| International Debt | Moodys | Baa2 | One notch above Indias sovereign rating |
| Long-Term Debt | CRISIL | AAA (Stable) | Highest rating by CRISIL |
| Long-Term Debt | CARE | AAA (Stable) | Highest rating by CARE |
| Long-Term Debt | ICRA | AAA (Stable) | Highest rating by ICRA |
| Long-Term Debt | India Ratini | gs AAA (Stable) | Highest rating by India Ratings |
Way Forward
RIL remains resolute in its commitment to foster sustainable value for its stakeholders through disciplined capital allocation, maintain appropriate leverage and optimally utilise its resources. The Companys focus will be geared towards enhancing resilience and agility in its response to evolving market conditions. RIL will continue to monitor financial markets to seize suitable opportunities for capital-raising to support its growth plans, while maintaining a sharp focus on financial discipline and risk management.
Retail
Reliance Retail, Indias largest retailer, operates an integrated network of stores and digital commerce platforms, catering to diverse consumer needs across electronics, fashion, grocery and connectivity consumption baskets.
Reliance Retails operating model builds on the aspirational energy of the new, resurgent India. Its guiding philosophy rests on the tenets of enabling inclusion, growth, and building sustainable societal value for millions of Indians.
Strategic Objective
Transform the retail landscape in India through a win-win partnership model with all stakeholders in the retail value chain
18,836
Retail stores
79.1 Million sq. ft.
Retail area
>300 Million
Registered customer base
Industry Overview
The Indian retail market is among the top five retail markets in the world and is estimated at US$ 951 billion in 2023. It remains one of the worlds fastest-growing markets and is poised to become the third-largest market by 2030.
The growth of Indias retail sector is propelled by several factors, including increasing urbanisation, rising income levels, the expanding female workforce, and an aspirational young population. This growth extends across various town classes, benefiting numerous local, regional and international brands and manufacturers. They are being connected with consumers across diverse markets, thereby actively participating in Indias ongoing growth narrative. Grocery, fashion and lifestyle and consumer electronics constitutes over 90% of the market.
Business Performance
- Reliance Retail delivered resilient performance with another year of steady growth in revenue and profit. The business recorded Gross Revenue of C 3,06,848 crore, a growth of 17.8% over last year.
- The business continued its strong track record of profit growth, registering an EBITDA of C 23,082 crore for the year, up 28.4% Y-o-Y.
- At 8.5%, EBITDA Margin continued to show improvements and grew 70 bps Y-o-Y.
- The business opened 1,840 new stores. The total store count stands at 18,836 stores with an area of 79.1 Million sq ft.
- Reliance Retail undertook equity fund raise of C 17,814 crore during the year.
- Stores witnessed over a billion footfalls, a significant milestone for the business.
- The registered customer base crossed a milestone of 300 million, making Reliance Retail one of the most preferred retailers in the country.
- During the year, the business made several strategic partnerships and acquisitions to strengthen capabilities and bolster its product offerings. Acquisition of Sephora India franchise; IP rights for Superdry for India, Sri Lanka and Bangladesh; India business of Kiko Milano; majority stake in Ed-a-Mama were amongst the notable ones.
Consumer Electronics
Reliance Retail is a leading player in consumer electronics retailing in India. It operates Reliance Digital and MyJio Stores, each designed to offer a differentiated value proposition, strong in-store experience, and extensive product assortment.
Strategic Progress
- Retail stores maintained their growth momentum, led by a comprehensive selection of products with a strong value proposition.
financial performance
| (In L crore) | FY 2023-24 | FY 2022-23 | Y-o-Y Change |
| Value of sales and services | 3,06,848 | 2,60,394 | 17.8% |
| Revenue from operations | 2,73,131 | 2,30,951 | 18.3% |
| EBITDA | 23,082 | 17,974 | 28.4% |
| EBITDA margin* | 8.5% | 7.8% | 70 bps |
* EBITDA margin is calculated on Revenue from Operations
- resQ experienced strong growth in the past year, driven by expansion of service plans, categories and expansion of new service centres.
- The own brands business witnessed introduction of new products across various categories and an extended distribution reach.
- New Commerce business through JioMart Digital (JMD) continued its growth journey and expanded its merchant partner base.
Fashion and Lifestyle
Reliance Retail is the largest fashion and lifestyle retailer in India. Its fashion and lifestyle consumption basket operates a variety of store formats, tailored to meet diverse customer segments.
Strategic Progress
- The business continued to drive growth through an assortment tailored for target customer segments and expanded in the right catchment areas through new store openings.
- AJIO strengthened its proposition in F&L e-commerce space by enhancing its product catalogue and drawing in millions of customers with comprehensive brand catalogue across price points; Ajio Luxe delivered steady performance with a portfolio of over 600 brands.
- New Swadesh store format launched, focusing on Indias traditions and creative expressions through development of artisans and their art and craft forms.
- New format Yousta launched, a youth-focused fashion retail store offering fast fashion at affordable prices.
- Premium brands business continued to lead the premium and luxury segment with the widest portfolio of brands.
- Jewels business delivered another year of steady revenue growth through its focus on differentiated product offering, including collections inspired by Indias rich heritage.
Grocery
Reliance Retail is the largest grocery retailer in the country, operating a wide portfolio of formats, each offering distinct value proposition. These formats cater to daily and monthly shopping needs, providing essentials, fresh produce, and general merchandise, within a modern and welcoming shopping environment.
Strategic Progress
- The grocery consumption basket delivered steady performance led by growth in footfalls and bill values.
- Focus on range expansion across non-food categories remained a key priority. Stores witnessed continued growth in non-food category led by General Merchandise and Home & Personal Care categories.
- The business collaborated with over 125 leading brands for the SMART Bazaar Chaliye marketing campaign, an industry-first initiative.
- During the year, the business completed the acquisition of Metro India. The business successfully integrated Metro Indias operations with grocery new commerce business to provide omni-channel experience and wider assortment to our B2B customers and merchant partners.
Consumer Brands
Reliance Retail is building a consumer brands business focused on enriching lives of people through indigenous products that are accessible and affordable.
Strategic Progress
- The business has been expanding reach through a multi-channel distribution model, leveraging a network of Reliance Retails stores as well as digital and new commerce platforms.
- Brands Campa and Independence have received good traction from trade channels and consumers.
- The business continued to strengthen its portfolio of brands through new launches (Necto, Brew House and Campa Runner Energy) and acquisitions and partnerships (Ravalgaon and Elephant House), during the year.
>1.2 Billion
Customer Transactions
JioMart and Milkbasket
JioMart, a leading horizontal digital : commerce platform, strives to simplify, expedite and enhance the shopping experience of millions of customers.
Milkbasket is a subscription-oriented service that makes it convenient for I households to subscribe to the delivery of essential products daily.
Strategic Progress
- JioMart delivered steady performance led by wider catalogue and higher average order value as customers shopped across categories on the platform
- The focus on upgrading customer experience continued with several platform enhancements such as improved product search, return doorstep quality check for fashion, and others.
Connectivity
Reliance Retail serves as a master distributor for Jios connectivity services, offering a wide array of products and solutions to consumers across India. This includes mobile connectivity services, broadband internet, digital content, and related devices such as smartphones and routers.
Strengths
?€? Largest omni-channel retailer with integrated stores, digital and new commerce platforms
?€? Proven product design capabilities to develop innovative and high- quality products
?€? Robust sourcing ecosystem involving MSMEs national and international suppliers
?€? Large supply chain operations with ability to deliver products across the country
?€? Leveraging customer insights, analytics and technology to build strong brands and deliver exceptional customer experience
?€? Widest portfolio of brands making Reliance Retail a partner of choice
Challenges
?€? Supply of quality real estate due to limited availability of quality malls and high streets
?€? Access to trained manpower to support growth
Outlook
The Indian retail market is one of the fastest growing markets in the world and is expected to cross US$ 1.4 trillion by 2027. Rising demand for premium and luxury products further fuels this growth trajectory, reflecting the evolving preferences with rising disposable incomes.
Reliance Retails commitment to the Indian retail sector is evident through the substantial investments made across the retail value chain over the years. Reliance Retail remains steadfast to innovation across formats and products to improve customer experience and serve evolving consumer needs.
SCOT Analysis
Opportunities
?€? Strengthen end-to-end value chain to serve the fast fashion opportunity
?€? Growing demand for premium and luxury products in India
?€? Scale up own brands and formats
Threats
?€? Macro-economic impact on consumer sentiments
Digital Services
Jio has completed its planned True5G rollout across India.
It is also accelerating the transformation of fixed broadband infrastructure in the country with its JioFiber and JioAirFiber solutions. The ability to offer connectivity services across , customer cohorts and device form factors will enable Jio to address the digital needs of every Indian citizen.
Strategic Objective
Leverage technology to create market-leading products and solutions that add value to our customers, across and beyond India
481.8
Subscribers EOP
148.5 Billion GB
Data traffic
108 Million
Users migrated to 5G network
5.5 Trillion minutes
Voice on network
Industry Overview
Rollout and Adoption of 5G
Jio has led the rollout of the pan-India 5G network and India has over 4,35,000 5G BTS deployed across the country. According to the Ericsson Mobility Report, 5G subscribers in India are estimated to grow to more than 800 million by 2029. The rapid upgrade of network infrastructure has also led to over 70% of new smartphones being 5G enabled. Launch of more affordable 5G smartphones would further accelerate n towards 5G.
Fixed Wireless Solutions to Accelerate Fixed Broadband
Overall fixed broadband connections in India have increased by 20% Y-o-Y to ~40 million by March 2024. The rollout of the next generation fixed wireless networks on the back of 5G and point- to-multi-point UBR would catalyze demand for high-speed fixed broadband. Rural areas are expected to see a higher uptake of these services due to limited last-mile infrastructure currently.
Digital Adoption Seeing Significant Traction
Digital services are becoming increasingly integral to the 900+ million broadband users in India. Increasing per capita income, further strengthening of India Stack, and the need for convenience will continue to drive the adoption of digital platforms. Google, Temasek, and Bain & Company, in their report - e-Conomy India 2023-have estimated Indias internet economy to grow 6x and reach US$ 1 trillion by 2030.
Key Regulatory Developments
- During the year, the Government of India enacted the Indian Telecommunication Act 2023, which replaces, consolidates, and modernises the laws governing telecom services in the country.
- The Digital Personal Data Protection Act, 2023, has been enacted to protect the digital personal data of Indian citizens. The underlying implementation guidelines and rules are yet to be notified by the Government.
- Government of India conducted spectrum auctions in June 2024 for all the existing 4G and 5G spectrum bands. Jio acquired rights for additional spectrum in the 1800MHz band in Bihar and West Bengal increasing its spectrum footprint to 26,801 MHz (uplink + downlink).
- TRAI has also started a consultation process for the assignment of spectrum for space-based communication services.
#1
Connectivity and digital services provider in India
~60%
Share of Indias data traffic
~12 Million
Jio Fiber/AirFiber subscribers across India
Business Performance
financial performance
| (In Rs. crore} | FY 2023-24 | FY 2022-23 | Y-o-Y Change |
| Value of sales and services | 1,32,938 | 1,19,791 | 11.0% |
| Revenue from operations | 1,13,176 | 1,01,961 | 11.0% |
| EBITDA | 56,697 | 50,286 | 12.7% |
| EBITDA margin* | 50.1% | 49.3% | 80 bps |
* EBITDA margin is calculated on Revenue from Operations
Digital services revenue and EBITDA growth in FY 2023-24 were 11% and 12.7% Y-o-Y, led by a higher subscriber base and scale-up of digital platforms. Customer engagement on the Jio network increased sharply, with average per capita data and voice usage at 28.7 GB and 1,008 minutes per month across overall subscriber base of 481.8 million for the quarter ending March 2024.
Jio True5G Powering Multiple Moats
Jio has rolled out its True5G network across India, with over 108 million subscribers migrated to Jios 5G network. The Jio True5G network now carries almost 30% of Jios mobility data traffic, and the entire 5G data is now carried on Jios own 5G+4G combo core. Jio is the only operator in India rolling out 5G on StandAlone architecture and has multiple technology advantages - ability to offer tailor- made network slices for different customer cohorts and use cases, Voice over New Radio (VoNR), and cloud-native 5G core with cutting- edge security (Quantum Safe).
JioAirFiber Expands Addressable Market in Fixed Broadband
Jio continues to lead on fixed broadband connections, with ~12 million premises connected with JioFiber/JioAirFiber as of March 2024. In addition to JioFiber presence, JioAirFiber has been rolled out in ~5,900 towns with encouraging early signs of demand. JioAirFiber has been positioned as an entertainment-first product, and content bundling is driving ~30% higher per capita usage compared to JioFiber. Jio aims to reach 100 million premises through a combination of fiber and fixed wireless solutions.
Jio Network Shows Significant Jump in Data Traffic
Increasing mix of 5G and fixed broadband, and higher customer engagement have led to a 31% Y-o-Y increase in overall data traffic to ~149 exabytes during FY 2023-24. With best-in-class network infrastructure, Jio has built enough data capacity to serve over a billion Indians for their digital needs at homes, offices, and on-the-go. Jios share of data traffic in India has increased to ~60%, making it the most preferred broadband network.
Presence in Enterprise Connectivity Scaling Up
Jio has consistently gained market share in enterprise connectivity, with an increasing presence across key industry verticals like BFSI, Government, and Manufacturing. Jio has signed marquee deals for digital services like Cloud, CPaaS, and IoT over the past year.
Small and Medium Businesses (SMB) remain a large addressable market where Jio benefits from a deeper network presence with JioFiber and JioAirFiber. Education institutes, retail stores, and professional services are key SMB cohorts where Jio has significant traction.
Leading Technology innovations in the country
In pursuit of developing innovative product and services at affordable prices, Jio Platforms and its subsidiaries have filed for 1,255 patents and were granted 144 patents in FY2023-24. The Cumulative count of patents granted has increased to 331 as of March 2024. These patents span across 6G, 5G, Al, LLM, Deep Learning, Big Data, Devices, loT and NB-loT.
Some of the new product launches by Jio are JioBharat, JioSpaceFiber, JioCloudXP, JioGamesCLoud, JioCloudPC, JioMotive, JioSafe, and JioTranslate.
Strengths
?€? Jio has built one of the most advanced and integrated connectivity networks and completed the worlds fastest Standalone 5G rollout in India.
?€? Jios connectivity network in India covers over 99% of the population with presence further deepened by vast network of physical stores, recharge outlets, and
Jio Associates.
?€? Jio has a full stack of digital platforms addressing consumer needs across Entertainment, Commerce, Gaming, Agriculture, Education, and Healthcare.
?€? Jio has a proven track record of rolling out large scale next-gen connectivity networks, compute and digital infrastructure, well ahead of the competition.
Challenges
?€? Unforeseen circumstances across the global technology supply chain could have an impact on Jios ability to rollout network and digital services.
?€? The futuristic vision on digital services necessitates and puts the responsibility of creating the device ecosystem on Jio.
?€? Jio has to invest considerable time and effort in developing use cases and increasing engagement across its digital platforms.
Outlook
Jio has accomplished the fastest rollout of a 5G network witnessed anywhere in the world and is now available across India. JioAirFiber has seen strong demand and customer engagement, especially in underserved segments. Jios indigenously developed technologies are being deployed at scale in India and will subsequently be taken to the rest of the world. Jios ahead-of-the- curve investments in next- generation network and digital technologies would sustain a competitive edge and market share gains. This will ensure strong and consistent shareholder return over the coming years.
SCOT Analysis
Opportunities
?€? Jios pan India True5G network is strongly positioned to lead the progress towards 5G in India.
?€? JioBharat device platform is accelerating the transition of feature phone users to digital networks.
?€? Jios deep fiber presence and revolutionary rollout of fixed wireless access services are primed to connect 100 million premises with digital solutions.
?€? Jios connectivity and compute infrastructure would drive market share gains.
Threats
?€? Disruptive technological changes could make current technologies obsolete.
?€? Potentially large natural disasters or pandemics could have an impact on future growth and continuity of business.
?€? The entry of a new disruptive player or price competition could impact long-term returns.
Media and Entertainment
Reliance has taken big strides in scaling-up the media and entertainment vertical in the last year. From initiating the merger of TV18 and E18 (Moneycontrol) with Network18, to on boarding a strategic investor in Viacom18, to announcing partnership with Disney, all these initiatives will not only help to capture the growth opportunities presented by Indias rapidly growing media landscape but also to shape its evolution.
Strategic Objective
Aim to be a provider of top- drawer content across genres, regions and languages, reaching out to audiences on platforms of their choice
12.7%
TV network viewership share (Includes Associate ETV)
227 Million 1
Monthly reach of the digital news portfolio
225 Million 2
JioCinema average monthly reach
#1
News channels in key genres
Viacom18 becomes the home of cricket
Record digital reach for IPL on JioCinema
Key Highlights
Joint Venture with Disney
Announced
- The JV with Disney will combine the businesses of Viacom18 and Star India to form one of the largest Indian M&E companies.
- RIL to invest C 11,500 crore into the JV for its growth plan.
Scheme of Merger for
News Businesses
- Merger of TV18 and E18 (Moneycontrol) with Network18 initiated, to consolidate TV and Digital news assets in one company.
- It will simplify holding structure and create Indias leading integrated news media conglomerate.
Industry Overview
As per the FICCI EY Report, Indian Media and Entertainment sector grew 8% Y-o-Y in 2023 to reach US$ 27.9 billion, driven by the continued growth momentum in digital segment. Video continued to lead growth in content consumption as consumers increasingly become comfortable with cross-platform viewing, aided by increasing smart device penetration and growth in internet connectivity.
Digital will Continue to Lead the Growth of M&E Sector
Digital segment is expected to grow at a CAGR of 13.5% over 2023-26 to C 955 billion, representing nearly 50% of big media (TV, Digital, Print). With 900+ million broadband subscribers, led by mobile, and around 75% of time-spent on small-screens going towards content consumption, online video is expected to drive long-term growth of the media segment.
Connected TVs to Lead Growth in Television Segment
India is expected to have 100 million Connected TVs by 2030. With the engagement levels on big screens higher than small screens, CTVs offer the best features of traditional and digital eco-system, providing an opportunity for brands to reach premium audiences in an intelligent fashion on the big screens. As per GroupM, 16% of advertising spends on TVs will be contributed by CTVs by 2026.
Sports to be the Key Catalyst for Digital Adoption
Live sports has always been one of the most important genres for consumers across the world. Its broad demographic appeal and unique ability to reach millions of audiences concurrently with high engagement levels, ensures a consistent flow of traffic. Sports streaming on digital platforms scaled new heights last year as viewership records were broken repeatedly. With platforms innovating to bring in more audiences and adding new features to increase engagement, Sports will be a key driver for growth of digital segment.
Business Performance
| FY 2023-24 | FY 2022-23 | Y-o-Y Change | |
| Value of Services (C crore) | 10,826 | 7,266 | 49.0% |
| Revenue from Operations (C crore) | 9,297 | 6,223 | 49.4% |
| EBITDA (C crore) | 33 | 236 | (86.0%) |
| EBITDA Margin* | 0.4% | 3.8% | (340 bps) |
*EBITDA margin is calculated on Revenue from Operations
Operating revenue of the Network18 Group for the year grew by 49.4% Y-o-Y, driven by strong growth across both Entertainment and News segments. The businesses made significant investments during the year in scaling up its new verticals, Sports and Digital, which impacted the profitability.
Our TV Business News portfolio maintained its undisputed leadership with a 360 0 coverage of everything related to business, finance, and economy. The National channels fortified their positions as the channels of choice for the audiences across the country. Our Regional portfolio of 14 channels covers the entire breadth of the country with 1,200+ reporters stationed in virtually every corner of the nation
Networks18s Digital news portfolio continued to be Indias #2 online news publisher with leadership in vernacular genre. It closed the gap with the leader to ~15% (from 40% at the beginning of the year) in terms of reach. Moneycontrol retained its status as Indias premier platform for financial news and also launched transaction-based products on the platform including lending and fixed deposits. Moneycontrol Pro was Indias #1 paid digital news platform. Firstposts pivot as a digital-first, video- focussed brand got great traction with consumers, helping it cross 4 million subscribers on YouTube.
Entertainment Business Digital
JioCinema
JioCinema, was amongst the fastest growing OTT in the country, outpacing all competitors in terms of expansion and user acquisition. Powered by its expansive sports coverage and entertainment content, the platform established itself as the most popular OTT in the country. Starting the year on a strong footing with IPL, the platform set new benchmarks in terms of reach and engagement. JioCinema delivered record digital advertising revenue for the 16 th season of IPL. It complemented its sports off eri ng with a mix of digital exclusive shows like Bigg Boss OTT and other popular network shows. The platform also boasts of a strong English catalogue with content from global studios like HBO, NBCU and Paramount.
TV Network
Our flagship channel, Colors, delivered a phenomenal performance, reaching its highest ever share in last 12 years and consistently closed the gap with the leader. Colors Cineplex improved its share and ranking during the year while Colors Kannada continued to be a strong #2 player. Our Kids, English and Youth portfolios continued to be #1 in their respective segments.
®S1IIDK
Jio Studios, the media and content arm, had an action-packed year with 11 theatrical films, 35 direct-to-digital releases and 8 original web series across languages and genres, the largest by any film studio in the year. This slate was released across theatres, OTT and broadcast platforms such as Jio Cinema, Netflix, Amazon prime video, Disney+ Hotstar, Colors and Star Network.
With eight consecutive hits, Jio Studios films garnered a whopping K 700 crore at the box office - with every second film in Q4 FY2024 being a Jio Studios film. Our relentless pursuit of excellence earned us 80+ awards. Jio Studios has developed an extensive pipeline of theatrical spectacles showcasing A-list and upcoming talent in thought provoking narratives. With a keen eye for originality, emphasis on franchise development and a steadfast commitment to showcasing narratives that authentically represent Indias rich cultural heritage to global audiences, Jio Studios remains resolute in its mission of Make in India and Show the World.
In an industry often compartmentalised by linguistic boundaries, Jio Studios has strategically expanded its presence beyond the Hindi market, making significant inroads in regional language markets, through meticulous craftsmanship and a deep understanding of diverse cultural nuances. With released film like Baipan Bhari Deva - one of Marathi cinemas highest-grossing films, upcoming films Raja Shivaji, a larger- than-life period biopic starring Riteish Deshmukh, and Khashaba, a real-life sports drama, to be directed by the national award-winning Nagaraj Manjule and music by the maestro AR Rahman for the very first time for a Marathi film, Jio Studios has brought Marathi cinema to centre stage. Additionally, our foray into Tamil, with projects such as Thangalaan starring Vikram, and into Bengali with releases such as Dawshom Awbotaar and Kabuliwala, underscores our commitment to explore and embrace the vast potential of non-Hindi language markets.
Jio Studios is dedicated to delivering world class content that is commercially successful, resonates with global audiences and earns widespread acclaim. As we continue to expand our reach and solidify our position in this thriving segment of the entertainment industry, we remain steadfast in our pursuit of diversity, innovation, and unparalleled excellence in storytelling.
Strengths
Indias Biggest Media Conglomerate:
Reliance is Indias largest media conglomerate comprising Network18, TV18, Viacom18, Jio Studios, and other investments, with strong positions in key segments.
Diverse Media Reach: With a portfolio of 63 TV channels, OTT platforms, digital news and information platforms, Reliance connects with consumers across platforms with tailored content spanning entertainment, news, sports, movies, and live events.
Global Alliances and Strong Brand Equity: Collaborations with global giants like Disney, Paramount, and Warner Bros. Discovery, along with genre-defining brands such as CNBC TV18 and Colors, have fortified Reliances leadership.
Challenges
Rising Costs and Fragmented Viewership: Intense competition has not only led to escalation in content costs, especially for sports and movie rights, it has also led to viewership fragmentation.
Macro-economic linkages: I ndias ad market is inherently linked to macroeconomic growth, necessitating creation of a robust business model insulated from fluctuations in the economy.
Piracy: Despite content piracy seeing a significant decline, it remains a critical challenge in generating commensurate return on investments.
SCOT Analysis
Opportunities
Digital Expansion: Indias projected one billion connected screens by 2030 indicate substantial growth potential, fuelled by increasing smartphone and CTV penetration.
Ad market Growth: Rising disposable incomes are expected to drive ad spends, particularly on digital medium, which have democratized advertising for SMBs.
Experiential Viewing: Digital platforms are revolutionising viewing experience with interactive features, boosting engagement and reshaping media consumption.
Threats
Technology transition: Rapid technological advancements may lead to the obsolescence of current content production infrastructure and viewing platforms.
Competition: Indian M&E sectors growth potential means that it is expected to remain intensely competitive, featuring both local and global players.
Force Majeure: Any large natural disaster, pandemic like COVD-19, war etc. could disrupt regular business operations.
Outlook
As a Group that connects with Indian consumers across multiple facets of their lives, we believe media will continue to gain in terms of consumers time and wallet share, as India powers through its journey of becoming an upper middle-income economy. The ubiquitous penetration of digital platforms has created an unprecedented opportunity to connect with mass and niche audiences through differentiated content. We are investing across our businesses to not only position them as the preferred platforms for consumers seeking diverse, high-quality content, but we are also committed to playing the role of innovator and thought leader for the industry.
Oil to Chemicals
Strategic Objective
Build Reliance as one of the worlds leading O2C, New Energy and New Materials company with a sustainable and circular business model
67.8 MMT
Production meant for sale
78.2 MMT
Total throughput
The Oil to Chemicals (O2C) business portfolio spans transportation fuels, polymers and elastomers, intermediates, and polyesters. The O2C business includes world-class assets comprising refineries and petrochemical units that are deeply and uniquely integrated across sites along with logistics and supply chain infrastructure.
The RIL O2C business includes a 51% equity interest in a fuel-retailing JV with bp - Reliance BP Mobility Limited (RBML) - operating under the brand name Jio-bp, and a 74.9% equity interest in Reliance Sibur Elastomers Private Limited (RSEPL).
The integrated O2C business structure enables an integrated decision-making approach that helps to optimise the entire value chain from crude to refining to petrochemicals to the B2B/B2C model. The O2C business will further leverage technology and its existing assets and streams to maximise conversion of crude to chemicals and materials, with an aim to create a sustainable, holistic, circular materials business.
Industry Overview
Transportation Fuels
In FY 2023-24, the transportation fuel sector faced challenges related to geopolitics, shifts towards energy transition, environmental issues and economic concerns. Global oil demand rose by 2.2 mb/d to 102.4 mb/d, while supply increased by 1.6 mb/d to 102.1 mb/d. OPEC effectively il prices through quota restrictions. The Brent crude oil price averaged US$ 83/bbl amidst volatility. In FY 2023-24, global refinery crude throughput increased by 1.5 mb/d to reach 82.3 mb/d, despite volatility stemming from geopolitical tensions. Moreover, tanker markets rose due to longer ton-miles resulting from changes in trade patterns.
During FY 2023-24, positive trends were observed in global demand, with gasoline demand increasing by 813 kb/d, diesel demand growing by 272 kb/d and jet fuel demand surging by 1 mb/d. Future demand and market dynamics may be impacted by geopolitical tensions.
The domestic Electric Vehicle (EV) industry emerged strongly, boasting over 13,000 charging stations and a 4 million EV parc, signaling significant growth potential. Aviation, propelled by the UDAN scheme, expanded with 149 civil airports.
Polymers and Elastomers
Global ethylene demand increased by 2% Y-o-Y to 181 MMT in CY23, while capacity addition of 9 MMTA resulted in a lower operating rate by 2%.
Global Polymer demand touched 246 MMT in CY23, compared to 245 MMT in CY22. PE and PP demand grew by 0.5% and 1% respectively, while PVC demand dropped by 0.6%. Global demand for SBR decreased by 6.6% in CY23, while PBR demand decreased by 2.5% due to subdued vehicle sales and inventory destocking.
Domestic PP, PE and PVC demand grew by 9%, 20% and 9% respectively driven by infrastructure, automotive, e-commerce, FMCG and agriculture sector demand. Indian SBR and PBR markets expanded by 4% and 10% Y-o-Y, respectively, driven by robust OEM demand.
Intermediates and Polyesters
In CY23, global intermediaries demand rose 2% to 162 MMT amid crude price volatility and sluggish Chinese recovery. Global PX demand remained flat at 50 MMT in CY23, while supply grew by 6%, led by new capacity additions. PTA and MEG witnessed 3% growth due to higher downstream polyester operating rates. Global polyester demand grew by 4% to 88 MMT in CY23, primarily driven by recovery in Chinese downstream operations.
Domestic polyester demand grew by 4%. PET witnessed strong growth of 13%, followed by PFY at 2%, while PSF demand was marginally down by 2%. PET demand saw an uptick due to strategic purchasing by major brands in view of ICC World Cup and state elections. Slowdown in exports of polyester and downstream products impacted growth of staple filament.
Business Performance financial performance
| FY 2023-24 | FY 2022-23 | Y-o-Y Change | |
| Revenue (C Crore) | 5,64,749 | 5,94,650 | (5.0%) |
| EBITDA (C Crore) | 62,393 | 62,075 | 0.5% |
| EBITDA Margin | 11.0% | 10.4% | 60 bps |
O2C revenue for FY 2023-24 witnessed a 5.0% Y-o-Y decline to C 564,749 crore, primarily on account of lower product price realisation following a 13.5% Y-o-Y decline in average Brent crude oil prices. This was partially offset by higher volumes.
O2C EBITDA for FY 2023-24 was marginally higher at C 62,393 crore with optimised feedstock sourcing, advantageous ethane cracking, and lower SAED impact, although the margin environment across transportation fuel and downstream chemicals remained weak throughout the year.
production meant for sale
(In MMT)
| Particulars | Products | FY 2023-24 | FY 2022-23 |
| Transportation | Gas Oil | 24.9 | 25.2 |
| Fuels | Gasoline / Alkylate | 13.5 | 12.2 |
| ATF | 5.3 | 4.7 | |
| Polymers | PP | 2.8 | 2.7 |
| PE | 2.1 | 2.2 | |
| PVC | 0.7 | 0.8 | |
| Elastomers and Feedstock | 0.4 | 0.4 | |
| Intermediates and Polyesters | PX and By-products | 1.4 | 1.9 |
| Benzene and Derivatives | 0.5 | 0.4 | |
| PTA | 2.4 | 2.2 | |
| MEG and By-products | 0.9 | 1.0 | |
| Filament | 1.3 | 1.2 | |
| Staple | 0.8 | 0.8 | |
| PET | 1.1 | 1.2 | |
| Others | Fuels, Solids and Others | 9.7 | 9.5 |
| TOTAL | 67.8 | 66.4 |
Transportation Fuels
RILs transportation fuel segments overall production meant for sale was up due to higher throughput and healthy domestic demand. Despite a challenging margin environment due to heightened refinery supply and global dynamics, RIL effectively navigated the business environment. Cracks in key fuel categories declined: Singapore gasoline 92 RON cracks averaged US$ 11.6/bbl (vs US$ 14.7/bbl in FY 2022-23), gasoil 10-ppm cracks at US$ 23.0/bbl (vs US$ 40.7/bbl), and jet/kerosene cracks at US$ 21.2/ bbl (vs US$ 32.9/bbl). RILs strategic positioning and efficient operations ensured stability, exemplifying resilience and adaptability amidst market complexities.
Jio-bp, the joint venture of RIL and bp, expanded its mobility station network to 1,729, offering pioneering benefits, including up to 4.3% extra HSD mileage per liter, trucker loyalty and on-demand doorstep HSD. Backed by world standard operations, Jio-bp achieved 63% increase in ATF sales.
With over 4,500 charge points at EV- friendly locations backed by innovative solutions and foray into CBG retailing, Jio-bp has also strengthened its low carbon fuel portfolio.
Polymers and Elastomers
Polymer prices weakened during FY 2023-24 due to global capacity additions and slowdown in consumption amidst recessionary concerns in developed markets. Polymer margins contracted during the year with PP-Naphtha, HDPE- Naphtha and PVC margins down by 13%, 8% and 21%, respectively. US Ethane prices decreased by 48% and Asian Naphtha prices dropped by 11% Y-o-Y.
RIL Cracker feed-mix was optimised based on Naphtha Vs Ethane economics and lower Ethane prices supported chemical margins.
Intermediates and Polyesters
In FY 2023-24, PX-Naphtha margins increased by 10%, surpassing the five-year average of US$ 303/MT. Integrated producers like RIL continued to optimise production based on PX vs. gasoline economics. PTA-PX margins decreased by 14% due to tight PX supply and significant capacity expansions of PTA in China. MEG-Naphtha margin surged 53% to US$ 67/MT, driven by increased downstream operations and weaker naphtha prices. However, margins continue to remain weak due to capacity overhang and higher inventory.
PET margins weakened due to a substantial capacity increase in China and sluggish demand growth in Western countries attributed to high inflation. Filament and Staple margins were constrained by significant capacity expansions in China and subdued global market demand.
Strengths
?€? Diversified feedstock sourcing ensures cost-effectiveness and resilience to market fluctuations
?€? Flexibility in product mix optimisation enhances product netbacks
?€? Efficient logistics management reduces freight costs and boosts operational efficiency
?€? Leveraging technology for digitised experiences and customer value propositions, sustaining market leadership
?€? Exploiting emerging trends like EV charging networks and low carbon fuel segments
?€? Efficient time charter vessel management controls logistic costs, enhancing competitiveness
Challenges
?€? Increased freight exposure threatens margin stability, especially in European and US markets
?€? Limited presence in end- user markets may impede market penetration
?€? Meeting sustainability mandates for fuel products while ensuring profitability
?€? Global overcapacity in certain products may impact margins
?€? Energy market volatility and recessionary trends pose risks to demand and profitability
SCOT Analysis
Opportunities
?€? Capacity rationalisation in developec economies enhances efficiency
?€? Growing domestic GDP and disposable income create market expansion opportunities
?€? Potential Chinese consumer demand revival could impact global dynamics positively
?€? Placing products strategically based on netback across regions boosts market penetration
?€? Transitioning to renewable fuel production expands revenue streams and aligns with sustainability goals
?€? Developing capabilities in renewable energy caters to future trends
Threats
?€? Tightening heavy crude supply, geopolitical uncertainties, and supply chain disruptions threaten operations
?€? Increased exports from China and imports from countries with trade agreements pressure margins
?€? EV transition, carbon taxes, and sustainability regulations challenge traditional fuel products
?€? Potential challenges in adhering to market-determined pricing regime by Indian Oil Marketing Companies
Outlook
Global oil demand is expected to grow steadily, supported by Asian markets, particularly China and India. Middle East and Africas new refining capacities are likely to stabilise supply, balancing the market. Firm oil prices and product cracks are anticipated as global trade flows stabilise post disruption caused by Russian-Ukraine conflict. Geopolitical tensions in the Middle East, Russia-Ukraine conflicts and Election cycles in major economies may alter oil market dynamics. India demand is expected to remain robust in line with heavy economic activity.
Polymer demand in India is expected to rise by 6-8% in FY 2024-25, driven by construction, automotive, packaging, and consumer goods sectors. Polyester growth remains strong, supported by domestic demand resilience. Exports from India are expected to increase with global demand recovery, boosting capacity utilisation.
Oil and Gas E&P
Key focus of the E&P business has been safe and reliable operations and project delivery while maximising production from its deepwater and Coal Bed Methane (CBM) fields. With commissioning of the MJ field, KG-D6 production has been ramped up to 30 MMSCMD, thereby contributing approximately 30% of Indias gas production. This will significantly reduce the dependence on costly imported gas and bridge the gap in Indias energy requirements, especially in times of geopolitical uncertainty and constrained supply.
Strategic Objective
Maximise stakeholders value by finding, producing, and marketing hydrocarbons and to provide sustainable growth while catering to the needs of customers, partners, employees, and the local communities
20,000 Crore
Highest annual EBITDA
242 BCF*
Gas Production (RILs share)
*Production figures include KG-D6 and CBM
4.43 MMBBLs
Oil & Condensate Production (RILs share)
Industry Overview
2023 continued to be a volatile year for the oil and gas industry, balancing the energy transition aspirations and energy security against a backdrop of heightened tensions in the Middle East and concerns about a global economic slowdown. With Chinas reopening in the first half of 2023, the global oil markets were expected to support oil demand during the year. However, robust US shale supply growth, warm winter weather, increased renewables, and fast interest rate hikes forced OPEC+ to pare back oil production for 18 months to firm up crude markets, even as geopolitics became more complex. The Brent crude oil price averaged ~US$ 83/bbl. Gas availability remained tight in 2023 as incremental global LNG production fell short of expectations.
Business Performance
Revenue and EBITDA were up 48.0% and 48.6%, respectively. This was mainly due to higher gas and condensate production and partly offset by lower price realisation.
financial performance
| FY 2023-24 | FY 2022-23 | Y-o-Y Change | |
| Revenue (C crore) | 24,439 | 16,508 | 48.0% |
| EBITDA (C crore) | 20,191 | 13,589 | 48.6% |
| EBITDA Margin | 82.6% | 82.3% | 30 bps |
| Price Realisation | FY 2023-24 | FY 2022-23 | Y-o-Y Change |
| KG-D6 Gas (US$/mmbtu) | 10.1 | 10.6 | (4.7%) |
| CBM Gas (US$/mmbtu) | 14.4 | 21.6 | (33.3%) |
| Condensate (US$/bbl) | 81.2 | NA | NA |
Oil and Gas E&P
KG Basin
KG-D6 Deepwater Production Update
Since the commencement of production, Block KG-D6 established several global benchmarks in terms of operational performance, including 99.9% uptime and more than 13 years of incident-free operations.
The next wave of projects - R Cluster, Satellite Cluster, and MJ - have been commissioned and are currently under production. These projects have leveraged the hub infrastructure in place, thereby reducing cost.
Average production for FY 2023-24 from the three fields together is ~27 MMSCMD gas and ~18,000 bbls per day of oil and condensate. Production is in line with expectations.
Based on the comprehensive assessment undertaken with more than two years of production data, three additional wells in R Cluster and one additional well in Satellite Cluster are being proposed to be drilled. This is expected to provide incremental recovery of ~240 BCF of gas from these fields.
In line with the increasing gas production, three rounds of e-auction were successfully completed. Overall, 15 MMSCMD gas contracts were signed with buyers across Fertiliser, CGD, Refineries, and Aggregators.
Condensate production commenced from the MJ Field in KG-D6 Block in April 2023, after which first auction process was launched in May 2023. Five rounds of auction were conducted and 12 cargo offtakes were successfully completed by the end of March 2024.
~27 MMSCMD
Average gas production in FY 2023-24
Exploration Strategy
RI Ls exploration strategy is focused on finding additional gas accumulations that can be tied back to the existing world-class infrastructure, using an infrastructure-led exploration (ILX) approach.
Block KGUDWHP-2018/1 (KG-UDW1) was awarded to RIL-BP JV under the OALP II licensing round, and the Petroleum Exploration License (PEL) was issued in August 2019.
Post completion of 3D Seismic Acquisition and Processing campaign, the first exploration well was drilled in the Block, and the drilled well data are under analysis.
During the year, RIL acquired Block KG-UDWHP-2022/1 (KG-UDW2) under the OALP VIII licensing round. The contract for the Block was signed in January 2024.
Coal Bed Methane
RIL is currently producing Coal Bed Methane (CBM) from its block SP (West)-CBM-2001/1. More than 300 wells are in production, with an average output of 0.64 MMSCMD gas during the year.
To augment and sustain production, a 40 multi-lateral horizontal well programme is being executed in SP (West). This is the first time in India that such horizontal wells are being drilled for CBM. Reliance has already drilled 13 horizontal wells, out of which 10 wells are put on production. Preliminary results are encouraging.
Reliance Gas Pipeline Limited, a subsidiary of RIL, operates the 302 km Shahdol-Phulpur Pipeline from Shahdol (MP) to Phulpur (UP) connecting the CBM Gas fields with the National Gas Grid. This provides access to consumers across the country.
Strengths
?€? World-class hub infrastructure both at KG-D6 and CBM
?€? Deepwater project execution experience
?€? Partnership with strong global partners
?€? Natural gas heavy portfolio which is a transition fuel of choice
Challenges
?€? Tight supply chain
?€? Volatile commodity prices
Outlook
Gas is expected to play a key role as a transition fuel, with its share in the energy mix expected to increase from 6% to 15% by CY 2030. Reliances current portfolio mix is ideally placed to help meet this increased demand.
RIL currently produces nearly 30% of Indias domestic gas. Further development efforts are ongoing to augment gas production in deepwater and CBM by utilising its existing infrastructure in the area.
SCOT Analysis
Opportunities
?€? Leverage infrastructure to monetise resources in catchment areas
?€? Contribute to Indias growing gas economy
?€? Leverage the role of natural gas as a transition fuel in the shift towards green energy
Threats
?€? LNG supply glut adversely impacting price realisation
?€? Accelerated transition to Renewables will impact oil and gas demand
New Energy
Reliance has set out on an ambitious journey to become Net Carbon Zero by 2035. Our New Energy business is far more ambitious, far more transformational, and far more global in scope than anything we have ever done before. We firmly believe that as one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape.
Strategic Objective
Scale up New Energy and New Materials businesses, providing affordable clean energy alternatives
Reliance New Energy: Converting Photons to Green Electrons and further to Green Molecules leading to reduction of carbon footprint.
Our aim is to maximise RE generation at an optimal cost so as to increase Netbacks for RE.
- We target to set up integrated RE Plant with optimal configuration.
- Green H2 (GH2), Green Chemicals and Energy Storage to maximise value addition and hence Netbacks for RE.
- Cost competitive manufacturing is critical for above, which we aim to achieve by global partnerships, technological innovations, and supply chain optimisation and local value addition.
- Modular approach for development of RE and GH2/ its derivatives through standardisation and repeatable/ scalable configuration.
Most of manufacturing giga- factory would be at Jamnagar while RE development, production of GH2 and its derivatives would be at location based availability of suitable land, evacuation infrastructure and requisite demand.
Industry Overview
Indian renewable energy sector is the third-most attractive renewable energy market in the world (according to EY Renewable Energy Country Attractiveness Index).
India targets to commit 50% of cumulative generation capacity from non-fossil-based energy sources by 2030 and reduce its emission intensity of GDP by 45% by 2030 vs the 2005 baseline.
The principal driver and enabler for Indias Net Zero emissions goal is reducing dependence on imports and building supply chain resilience, while minimising carbon footprint.
The government has put policies and various fiscal incentives in place to encourage the demand and supply of green energy transition technologies in various sectors.
Global Energy Demand
Global energy demand is likely to increase to ~204,000 TWh in 2050.
Renewables are expected to have significant share of incremental energy demand requiring multifold increase in current installed capacity.
Global installed renewable capacity is around 3,300 GW, expected to reach ~11,000 GW by 2030.
Solar and Wind energy generation are expected to account for nearly 96% of new capacity additions, in the foreseeable future.
Battery Energy Storage System (BESS) capacity is expected to reach 945 GW by 2050 compared to 52 GW in 2022
Hydrogen demand is expected to increase from current 90 MMTPA to 530 MMTPA by 2050.
Ammonia is on the path to become a 550 MMTPA market by 2050 compared to 183 MMTPA today.
India Energy Demand
Indias energy requirement is expected to grow to 15,000 TWh by 2030 and 26,000 TWh by 2050.
India targets to achieve 500 GW of RE capacity by 2030, of which 280 GW would be from Solar.
Governments PM-Surya Ghar Muft Bijli Yojana (~C 75,000 crore outlay): for rooftop solar with free electricity up to 300 units/month for one crore households.
PM Kusum Yojana for farmers: Target 10 GW RE, to replace off-grid diesel pumps and solarisation of grid- connected pumps.
Indias Energy storage requirement is estimated at ~ 74 GW (47 GW BESS and 27 GW PSP) with storage of ~411 GWh (BESS ~236 GWh and PSP ~175 GWh) by 2031-32
Uptake of EVs is projected to create battery demand of ~100 GWh / year by 2030.
Residential, C&I, Telecom towers and DG set replacements to drive Stationery Battery Pack demand ~30 GWh/year by 2030.
India targets 5 MMT GH2 by 2030 with a mission to become a global hub of GH2 and its derivatives.
Business Updates
We have made significant progress in establishing factories that will be part of our Integrated Solar PV Manufacturing. New Energy will be commissioning its first train of Module and Cell Manufacturing in FY25. Solar panels manufactured in Jamnagar have obtained BIS certification.
Parallelly, work on RE Development has commenced and Reliance has been allotted land in Gujrat. We aim to become largest RE Developer in India.
We initiated participation in RE PPA with the first PPA signed with MSEDCL for 128 MW for 25 years.
50 MWh per year capacity pilot line has been setup for manufacturing Li Battery cells, through Lithium Werks, and can be scaled up for commercial scale production.
Reliance has qualified for the governments Performance Linked Incentive (PLI) scheme for Manufacturing Electrolysers of 300 MWe annually and Green Hydrogen Production for 90 kTPA. This is in addition to PLI awards for Solar PV (Polysilicon to Module) and Advanced Chemistry Cells (ACC) received in the previous year.
Reliance signed MOU with the Government of Maharashtra for 100 kTPA GH2 production, with total projected investment of ~C 15,000 crore and employment generation of ~4,000 (direct and indirect).
Reliance signed an MOU with Brookfield for onshore renewable power and decarbonisation equipment manufacturing in Australia.
Strengths
?€? Full integration across the New Energy value chain (Photon ^ Electrons ^ Molecules)
?€? Optimum large-scale facilities that maximise automation supported by Artificial Intelligence, Machine Learning and Robotics
?€? Collective knowledge gained from various strategic partnerships across different verticals
?€? Leveraging Internal project execution capabilities and partner skills to set-up new energy projects at record pace
?€? Significant captive demand for Green Energy across different businesses of Reliance
Challenges
?€? Our vision necessitates and puts the responsibility of developing the new energy ecosystem in India
?€? We need to take measured steps in investing in various routes to prove sustained business viability before scaling up
?€? Unforeseen circumstances including geopolitical issues across the global capital goods and revenue supply chain could have an impact on our ability to commission projects
SCOT Analysis
Opportunities
?€? Investment in New Energy manufacturing system and developing local supply chain puts Reliance to lead the progress towards cleaner and greener energy for all in India
?€? Our focus on end solutions to meet various use cases would accelerate the adoption of clean and green energy in India
?€? We would bring in best-in-class technologies in the new energy space through partnership with key global players
Threats
?€? Disruptive technological changes could make current technologies obsolete
?€? Disruptive pricing from existing global players could impact longterm returns
?€? Potentially large natural disasters or pandemics could have an impact on future growth and continuity of business
Outlook
Fossil fuels have historically fed Indias power requirements. Structural inefficiencies combined with rising costs of fossil fuel has resulted in expensive power for commercial and residential customers - average tariff of ~ C 10/ kWh (US$ 12c/ kWh). Therefore, it is not feasible for India to keep relying on fossil fuels for its growth. The use of fossil fuels-based energy increases dependence on imports and results in drain of foreign exchange.
Stable and round-the-clock cost-efficient green power is the need of the hour. India needs to solve this problem to maintain its growth trajectory and reach US$ 32 trillion GDP by 2047.
Over the next 12 months, our focus is to bring new energy manufacturing facilities on-stream, operate them efficiently and, start developing RE generation projects. Simultaneously, we would develop supply chain locally for self-sufficiency and reduce the reliance on imports.
We aim to be the partner of choice for leading global climate technology and product companies and develop business model which is flexible and adaptable to different technologies and future proofed to be always lowest life cycle cost and best in class.
Risk and Governance
Reliance Risk Management Framework provides a consistent, clear and robust framework for managing risks across the group and thus is fundamental to our performance and progress. The integrated risk framework helps the Group to ensure that activities to manage risk are designed, implemented and operating effectively.
Enterprise Risk Management (ERM) at Reliance
The Companys Risk Management Framework follows the below mentioned risk assessment process and thus enables the management to:
- Identify specific risks and assess overall potential exposure
- Decide how best to deal with those risks to manage overall exposure
- Allocate resources and actively manage those risks
- Obtain assurance over effectiveness of the management of risks and reporting
Governance Framework
Reliances Risk Management Framework is designed to be an end-to-end framework for managing and reporting risks from the Groups operations to the Board.
Executive Committees provide oversight and governance through Group Operational Risk Committee, Group Financial Risk Committee, Group Audit and Disclosure Committee, Group Compliance Committee, and Group People Committee.
Business Risk and Assurance Committees are headed by the Business, Function and Group leadership who integrate multidisciplinary views on key organisational risks, prioritise the most relevant risks and align risk management, internal control and assurance activities across the Three Lines of Defense.
Business and Functional Leaders
Ensure safe and reliable incident- free daily operations through identification, mitigation and monitoring of existing and new risks on day-to-day basis.
Risks and Response
Strategic and Commercial Risks
Climate Change and Energy Transition
Impact on: n , All businesses
Risk Description
Businesses are increasingly facing physical and transition risks associated with climate change. Growing vulnerability to unpredictable weather events (acute) and changes in long-term climate patterns (chronic) could affect RILs assets, operations and supply chains. Furthermore, transition risks arising from changes in regulations, evolving stakeholder expectations and technology advancements could also impact RIL.
Risk Response
Reliance implements strong business continuity management strategies. Each business conducts risk assessments and tailored plans for risk management. Facilities are designed to withstand climate- related challenges. Additionally, the Company implements prevention programmes to ensure workforce well-being from climate impacts and maintains diversified supply chains for operational continuity.
RIL integrates climate-related considerations into its strategic planning, investment evaluations, risk management protocols and long-term supply and demand projections. We have a 15-year vision towards fostering sustainable energy solutions and innovative materials. Reliance also leverages insights from its New Energy Council to mitigate risks in novel areas. Furthermore, the Company tracks the advancement towards its Net Carbon Zero goal, supported by a robust governance framework.
Commodity Prices and Markets
Impact on: fa ,02Cand Retail
Risk Description
Global crude oil prices fluctuated between US$ 70/bbl & US$ 96/bbl on concerns of high inflation & interest rates affecting demand and risk of supply due to conflicts between Israel-Hamas, Russia-Ukraine, and attacks in the Red Sea on ships.
New refining capacities in Nigeria, Middle East and China capped product prices.
Non-availability of commodity goods at the right price, quality and quantity can adversely affect our retail business.
Risk Response
RIL navigated the volatility through sourcing from diverse regions like Middle East, African & Latin America. Also, increased use of Time Chartered fleet & RILs global presence helped.
Its RILs constant endeavour to ensure operational stability and profitability for commodity goods. Diversifying and tracking suppliers performance, ensuring compliances, investing in market intelligence to monitor markets / price trends and maintaining inventory levels to mitigate the risk of supply shortages/ disruptions are periodically monitored.
Customer Experience and Retention
Impact on: s , All businesses
Risk Description
Sub-optimal customer experience may result in customer dissatisfaction and churn.
Changing customer preferences could weaken our value proposition leading to low loyalty/ repeat purchases.
Risk Response
For sustained customer experience, various measures are adopted such as superior usage & billing experience, network access and competitive tariff pricing, best-in-class customer service backed by latest technologies.
Taking cue of consumer preferences to purchase online, Reliance Retail has strategised to be an omnichannel retailer. The company has taken measures for online and offline channels to retain and attract new consumers. On the customer complaints front, the business has a dedicated Customer Service team that ensures faster resolutions.
Oversight over Investee Companies/Alliances
Impact on: F M, All businesses
Risk Description
Strategic alliances with other businesses could have an adverse impact on our financial performance and competitive position.
Risk Response
We focus on strong governance processes and internal controls including integrating the financial systems and operational processes for our strategic alliances. The companies are brought under the Reliance Risk Management Framework, providing a holistic view to formulate Annual Operating Plans across its various businesses and functions.
Talent to Support Scaling Business
Impact on: H , All businesses
Risk Description
The ability to attract, nurture and retain talent is necessary to enable smooth operations and future needs.
Risk Response
Reliance nurtures its human resources though regular training, skilling initiatives and offers diverse opportunities.
Data Privacy Risk
Impact on: I, All businesses
Risk Description
Reliance businesses collect personal data to create innovative products and services. However, this raises concerns about data privacy, security, and ethical use of data.
Risk Response
Reliance follows the privacy-by-design and privacy-by-default approach to makes sure that personal data is used ethically and legally.
Cybersecurity Risk
Impact on: I, All businesses
Risk Description
Cyber threat has been consistently rising as a key business risk in global rankings. It is of particular significance for Reliance businesses that support critical infrastructure, connectivity, and e-commerce solutions.
Risk Response
Reliances cybersecurity strategy is aligned with business and marked to threat. A defence-in-depth approach is followed where multiple technology solutions and controls are deployed to improve resilience against diverse and evolving threats.
Safety and Operational Risks
Health, Safety, and Environmental (HSE) Risks
impact on: H, M . N , All businesses
Risk Description
HSE risk management is paramount to sustainable growth. RIL has process in place to identify potential risks that may impact our stakeholders & stands committed to control HSE risks.
RILs business operations involve activities that may possess risks of accidents and injuries. Expanding footprint increases vulnerability to incidents like fires or natural disasters.
RIL faces industrial & supply chain risks like process safety, fires, loss of containment of hazardous material, explosion, natural disasters, extreme weather, human error, risk to personnel, etc.
Risk Response
Our state-of-the-art facilities, operated by skilled professionals, undergo continuous monitoring and mitigation to ensure operational excellence throughout their lifecycle. We have made significant progress in digitalising our risk processes, enabling enhanced visibility and control across all levels. Regular review of risks ensures our risk management practices stay current and effective. Furthermore, our Subject Matter Experts conduct rigorous oversight, verifying design and operating effectiveness of controls, reaffirming our dedication to robust HSE risk management and sustainability.
Adopting a proactive & risk based HSE management approach based on ISO 45001:2018 framework retail business aims to create safer workplaces & enhance operational efficiency & have site-specific emergency plans & conduct regular mock drills.
RIL has extensive systems meeting or exceeding regulatory requirements ensuring safe operations in its plants & supply chain.
Physical Security and Natural Calamity Risks,
Impact on: M , n , All businesses
Risk Description
RIL is vulnerable to various threats that may disrupt operations. Geopolitical turbulence and natural disasters can pose a downside risk.
Risk of riots, vandalism & natural disasters have impact on network assets. Further, risks include asset protection, loss prevention, platform abuse and data theft amid online growth.
Risk Response
Risk management strategies are adopted to keep our people, assets, information, and reputation secure. Security understands business requirements, identifies priorities, and suggests mitigations measures to support growth. The security posture is continuously reviewed to maintain efficiency.
Jio has implemented a disaster recovery response mechanism which includes measures like network outages alerts, patrolling in vulnerable areas, meetings with local leaders and Law Enforcement Agencies, implement Crisis management, BCP / DRP (Business Continuity Planning - Disaster Recovery process), Maintaining stock of critical items & Insurance Coverage.
Meticulous risk assessment guides strategy reprioritisation.
Focus on physical, technological security, predictive loss-analytics and camera-analytics are yielding results. Proactive data analytics in e-com space has mitigated risks to acceptable levels.
Compliance and Control
Risks
Regulatory Compliance Risks
Impact on: M , s , All businesses
Risk Description
Increased regulatory scrutiny and changing businesses with strategic acquisitions require swift alignment with legal & regulatory compliances.
Risk Response
Reliance has adopted a digitally enabled comprehensive compliance management framework, integrated with its business processes, risks and controls and equipped to align with changes in business & regulatory environment. It enables efficient governance and zero tolerance to noncompliance.
Financial Risks Treasury Risks
Impact on: F , All businesses
Risk Description
RIL faces following key financial risks which is actively managed by Treasury.
Liquidity Risk: Central banks maintained tight monetary & liquidity conditions globally in FY24.
Interest Rate Risk: High interest rates in US and India translates into high finance costs.
Foreign Exchange Risk: Rupee depreciation impacts the landed cost of the foreign currency liabilities as well as its repayment.
Credit Risk on investment Portfolio:
Reliances investment portfolio comprises Corporate Bonds and Debt Mutual Funds which has credit risk on issuers.
Risk Response
RIL successfully raised foreign currency and INR LT borrowings to fund its capex and working capital requirements despite tight liquidity conditions.
An appropriate mix of Fixed and Floating rate liabilities was maintained to limit the translation of high interest rates into finance cost.
RIL used a combination of natural and market hedges to protect against foreign exchange risk.
Credit risk in the portfolio is monitored based on tight Internal Risk Management Framework.
Insurance - Risk Mitigation
Utilising insurance as a risk management tool, RIL thoroughly assesses risks for appropriate coverage. When procuring relevant insurance coverage, our primary objective is to ensure effective cover that can address any potential adverse financial impacts on our balance sheet.
Major Awards and Recognitions
Leadership and Innovation
Reliance is recognised as one of Indias Best Employers among Nation Builders by Great Place to Work® India.
RIL ranked 2 nd on the Interbrand list of Best Indian Brands 2023.
RIL recognised as the Top ranked Indian company (Rank 70) in Forbes Worlds Best Employers List 2023
RIL has been recognised as a Leadership Factory of India by the Great Manager Institute 2023.
Reliance Industries Limited received the prestigious CHEMTECH Leadership & Excellence Awards 2024 - Business Leader of the Year - Refineries & Petrochemicals (Corporate). GMS-Group President Sh. Sanjiv Singh received the award on behalf of RIL on March 4, 2024.
RIL achieved the Gold Category (#1 position) in the Business Responsibility and Sustainability Report (BRSR) by the Institute of Chartered Accountants of India (ICAI).
MSCI (Morgan Stanley Capital International) upgraded RILs ESG rating from BBB to A in its latest report. This corresponds to an increase in our score from 4.9 to 5.7 out of 10.
On World Standards Day, BIS honored Hoshiarpur Manufacturing Division for securing All India First License for R3S construction products (IS 16481:2022).
HMD - PY was honoured with the IGMC Apex and Gold award by the India Green Manufacturing Challenge (IGMC) for 2022/23.
Quality Circle Bharat of HMD Polyester received the Par Excellence and Best Model award, and Quality Circle Lakshya received the Excellence award at NCQCC Nagpur.
The Jamnagar Manufacturing Division was awarded the FICCI Industry 4.0 Award and received the Platinum Prize (1 st ) in the Large Manufacturing Sector at a FICCI conference in New Delhi.
The Jamnagar Manufacturing Division won the Innovative Training Practices Award from the Indian Society for Training and Development for JMDs Dronacharya initiative.
LLDPE plant received the Exceptional Presentation Award 2023 at the UIPOL PE Global Technology Conference 2023 for the best product and process in the Senior Licensees category.
RIL won prestigious awards for landmark financing transactions:
- IFR Asia Issuer of the Year, awarded for the 4 th time.
- Finance Asia Awards for Best Issuer - Corporate and Best Syndicated Loan for the
US$ 5 billion syndicated term loan facilities of the Company and RJIL.
- The Asset Triple A Awards for Best Issuer and Best Syndicated Loan - Conglomerate, South Asia.
- GTR Deal of the Year Award.
^ Retail
Consumer Electronics
IReC Franchise India Award - CDIT & Electronics Retailer of the Year,
May 2023
Marksmen Daily - Most Trusted Brands of India 2023, May 2023
Fashion & Lifestyle
ajio
The IReC Asia Summit - Fashion Etailer of the Year, April 2023
CNBC TV18-Havas consumer survey - AJIO, one of the top 10 brands in India, May 2023
Azorte
Images Retail Awards 2023: Images Most Admired Retail Launch of the Year - Brand Debut; Images Most Admired Retailer of the Year - Innovation in Retail Design/Experience
Apparel Brand of the Year at The Economic Times Great India Retail Awards 2024
Reliance Jewels
Retail Jeweller India Awards 2023 - Stylish Trend-Setting Youth Jewellery of the Year, August 2023
BARC Asia Awards 2023, September 2023: Brand of the Decade,
Marketing Meister
Retail Jeweller Guild Awards 2023
- Excellence in Design - Gold - Bangle- Bracelet, September 2023
ET Great India Retail Awards 2024
- Jewellery Brand of the Year, February 2024
JioMart
India Gulf Business Summit 2023 - Best Retail and E-commerce Player
Grocery
IReC Awards 2023 (Indian Retail & e-retail Congress, 11 th edition), Winner - Variety Retailer of the Year, Winner - Large Format Retailer
Images Most Admired Retailer of the year - Single Store with highest Y-o-Y Growth - Freshpik, Jio World Drive, Mumbai
Retailers Association of India - Best Grocery Retail Small Format of the year - Fresh Signature
Others
ETHR World has recognised Reliance Retail as one of Economic Times Future Ready Organisations 2023 in the "Large Scale" category
Reliance Retail has been recognised amongst the Top Leadership Factories of India 2023-25 by Great Manager Institute for creating leaders at scale
Reliance Retail is a 2023 winner of the Association for Talent Developments (ATD) BEST Award for the second consecutive year
Reliance Retail has been certified as a Great Place to Work (Amongst Indias Top 10) by the Great Place to Work Institute (India) for the period January 2024-January 2025 for the third consecutive year
Digital Services
Jio has been certified as a Great Place to Work by the Great Place to Work Institute for 2024.
Jio won the AmbitionBox Employee Choice Award in 2024 in Top Rated Mega Companies to Work.
Jio won the Best Sales Training & Performance award at Brandon Hall Technology Excellence Awards 2023.
Jio continues to be the strongest Indian brand in the Global-500 2024 report published by Brand Finance.
Jio is placed at the 17 th position among the worlds strongest brands.
Jio recognised as The Economic Times Future Ready Organisations in the Large-scale Industries category
Jio Platforms Limited honoured as the Telecom Company of the Year at the Asian Telecom Awards 2024.
Jio ranked 5 th on the Interbrand list of Best Indian Brands 2023
Jio, through Haptik Technologies, secured the Best Chat/Conversational Bot/Tool award by Economic Times- Brand Equity-Martequity.
Jio Platforms won The RedHat APAC
Innovation Award for cloud innovation
JioFiber recognised for the Best Use of Customer Experience Platform/ Tool by Economic Times-Brand Equity-Martequity.
Jios IPL campaign earned the Digital Marketing Promotions award at the ACEF 12 th Edition Global Customer Engagement Forum and Awards 2023.
Reliance Jio won the title of Most Admired Customer Engaged Brand at the ACEF 12 th Edition Global Customer Engagement Forum and Awards 2023.
Jio Relief Packs received the Best Crisis/Disaster Assistance award at the ACEF Asian Leaders Awards.
Jio honoured with the Most Admired Brand Marketing Across Asia award for making the internet accessible to millions at the ACEF Asian Leaders Awards.
Jio became the most awarded mobile network, bagging all nine Ookla Speed Test Awards in 2023.
Reliance Jio secured a position among the Top 10 Digital Brands - Enterprises awarded by the Digital Dragons Awards and Conference 2023.
Jio Platforms won The U BS Forum Award for innovation in data and AI
The Clarivate South Asia Award for patents in 5G and cloud technology was given to Jio
Jio True5G recognised as the Digital Technology of the Year by the Indian Business Council. Jio additionally clinched the Best Digital Services provider in the Telecommunications category.
Jio True5G won the award for Best Digital Strategy/Campaign by/ for an IT/ITES/IoT Enterprise at the Digital Dragons Awards and Conference 2023.
Jio Platform adjudged as winner in Innovation in Automation category at Aegis Graham Bell awards.
Jio Platforms (JPL) recognised for Excellence in Commercial Deployment by a Service Provider at the Small Cell Forum Industry Award 2023
Reliance Jio Infocomm honoured with the Best Corporate Learning University and Excellence in Learning Tech Implementation awards by the Economic Times Future Skills.
Media and Entertainment
Jio Studios
MIMI - 69 th National awards for Best Actress and Best Supporting Actor
Godavari - 69 th National awards for Best Director
Zara Hatke Zara Bachke - Filmfare awards for Best Lyrics - Tere Vaaste
Baipan Bhari Deva - Filmfare Marathi for Best Film and Best Actress Critics
Kabuliwala - Filmfare Bangla for Best Actor critics, Best Playback Singer - Male and Best Production Design
Unaad - Filmfare Marathi for Best Debut - Male, Best Background Score and Best Cinematography
The Great Wedding of Munnes -
Filmfare OTT Awards 2023 - Best Actor in Series (Male) in Comedy
Oil and Gas E&P
BSC International Safety Award for demonstrating a strong commitment to good health and safety management.
Certificate of Appreciation from the Andhra Pradesh State AIDS Control Society in recognition of work done in the successful implementation of HIV/AIDS Control Programme.
Energy and Water Conservation
Reliance Jamnagar Manufacturing Division won the Global award - Large Cap Energy Firm of the Year 2023 at the Gulf Energy Information Excellence Awards 2023 to recognise the energy industrys leading innovations and thought leaders.
Sustainability
The Dahej Manufacturing Division received the Platinum Award in the Environment Sustainability category under the Petrochemical Sector at the 14 th EXCEED Green Future Award & Conference 2023.
The Hoshiarpur Manufacturing Division was honoured with the CPOs Award of Excellence FY 2023-24 for the project titled How an abandoned machine answered an SOS call!.
The Dahej Manufacturing Division achieved the Efficient Utilisation of Flyash award at the Flyash Utilisation Conference 2024, by the Mission Energy Foundation and supported by the Ministries of Coal, Power, Steel, Urban Development, Environment & Forest, Road Transport and Highways.
HMD-PY won the Gold Award in the India Green Manufacturing Challenge 2022-23 by M/s IRIM.
VMD-EG team won the national level Excellence Award for Quality Circles in Nagpur, Maharashtra.
The SEZ site was ranked as the Best in the World in Energy, Maintenance, and Personnel Indices as per the global ranking of E&M in 2022 from the Solomon Fuel Study results. The SEZ has sustained its No. 1 position in the Energy Intensity Index for over a decade.
Reliance Jio recognised for its outstanding environmental, social and governance (ESG) performance in the Telecom Services sector and for the Best ESG Performance in E-waste Management (Telecom Services Industry)
RIL Hazira Manufacturing Division (HMD) and RIL Dahej Manufacturing Division (DMD) recognised as the winner and achiever of the Efficient Utilisation of Fly Ash Award at the Fly Ash Utilisation Conference 2024 & Forest, and Road Transport and Highways
RIL certified as a Great Place To Work® for the 4 th consecutive year
RIL Jamnagar site awarded with the prestigious global award for the category - "Large-cap Energy Firm of the year 2023" at the "Gulf Energy Information Excellence Awards 2023"
Jio received the DEI Inspire Award at the Global Inclusion Summit 2023
Reliance Retail awarded the 2023 International Safety Award from the British Safety Council
Global Awards for Retail Excellence
- Retailer of the Year CDIT
RIL HMD won International Uptime Award by Reliability Web.com, USA
- in the Best Reliability Engineering for Maintenance Program category IPBCs IP Elite Asia Award, 2023, for the best IP systems and practices among leading Asian companies CIIs 9 th Industrial Intellectual Property Awards 2023 (runner-up) Questels IP Excellence Award, 2023, for innovative best practices and the creation of a robust IP portfolio
Jio won the coveted Golden Peacock Award for Excellence in Corporate Governance 2023
Jio received the DEI Champion Award 2023 from the Bombay Chamber of Commerce & Industry
Jio won Leading Practices in Diversity & Inclusion and L&D awards at the PeopleFirst Award 2023
RIL won Gold for Talent Management Platform & Virtual classroom, and Silver for L&D and bronze for talent acquisition at Brandon Hall Technology Excellence Awards 2023
Health, Safety and Environment
RIL has been recognised in the COVID-19 Agility and Response as well as Innovation categories at the Duty of Care 2023 Awards
Jio-bp received the prestigious Golden Peacock Award for Occupational Health & Safety in Hydrocarbons (Jun 23); for Digital in Innovation Management (Oct 23) and for Fuel Offer in Business Excellence (Mar 24)
JMD DTA Complex won the prestigious British Safety Council - International Safety Award 2023 in May 2023
DTA Refinery won the prestigious The EEF Global Environment Award 2023 in the Platinum Category in August 2023
RIL JMD was accredited with the ISCC Plus certification, allowing the Company to take sustainable credit in products produced from sustainable products
Reliance Industries Limited (unit of Reliance Jamnagar SEZ) was selected in the Platinum category for the prestigious The GEEF Global Environment Award 2024 in the Petroleum Refining Industry
BMD site received the Winner award for Best EHS practices (2023-24) from Greentech International
RIL has received the prestigious Platinum Arogya Healthy Workplace Award 2023
Reliance Retail won two awards at the OHSSAI Annual HSE Excellence and ESG Global Award - Health & Wellness Award and Diversity, Equity & Inclusion Award
Reliance Retail won the Best Possible Safest Workplace Safe- Tech awards 2023, annually organised by Kings Expomedia (Publisher of "Fire & Safety" magazine)
Reliance Retail won the "International Safety award 2023 at Merit Level" awarded by British Safety Council
Jio won the Best Corporate Wellbeing Technology award at Brandon Hall Technology Excellence Awards 2023
Reliance Foundation - - -
2023 Global Leadership Award for Philanthropy and Corporate Social Responsibility: Smt. Nita Ambani was honoured by the US- India Strategic Partnership Forum (USISPF) with the 2023 Global Leadership Award for Philanthropy and Corporate Social Responsibility.
Rotary Award: Smt. Nita Ambani was awarded the Citizen of Mumbai Award 2023-24 by the Rotary Club of Bombay for her contributions to healthcare, education, sports, arts and culture.
Cll Sports: Smt. Nita Ambani was honoured and awarded at the CII Scorecard 2023 event held on December 4, 2023, in New Delhi, with the Sports Leader of the Year - Female award for her exemplary leadership in driving Indias sports story.
Cll Sports: Reliance Foundation was also awarded with the Best Corporate Promoting Sports in India award for setting a benchmark for excellence in sports.
Golden Peacock Award: Reliance Industries Limited won the Golden Peacock Award for CSR for 2023- 24, for Nature-based Solutions for Disaster Risk Reduction. The awards jury was headed by Honble Justice M.N. Venkatachaliah, former Chief Justice of India.
International Nutri Cereal Convention: Reliance Foundation received the prestigious distinction of Best NGO, Farmer Impact award during the International Nutri Cereal Convention (INCC) 5.0, encompassing work done on the millet value chain.
MarCom awards: Reliance Foundation won a Gold Award at the prestigious MarCom Awards 2023, for their Digital Women Leaders film. It was one of two Indian entries to receive the global award.
Business Excellence Award: Reliance Foundation was recognised at the Business Excellence Awards 2023 by Hybiz TV at an event in September 2023 for its social interventions.
Hybiz TV is a Hyderabad-based media house with a large digital media subscriber base.
National Awards for Excellence in CSR & Sustainability: Reliance Foundation bagged an award at the 10 th edition of the Original National Awards for Excellence in CSR & Sustainability in the Best Solution for Community Care in COVID-19 award category.
Certificate of Gratitude for Reliance Foundation in Odisha Train Accident Response during the Zilla Mahotsav & Pallishree Mela - 2024, presented in heartfelt gratitude for exceptional bravery and selflessness during the train accident in Bahanaga, by Dattatraya B. Shinde, IAS, Collector, Balasore.
6 th Edition Navbharat Healthcare Summit and Awards: Sir H. N. Reliance Foundation Hospital was recognised as the Best Multi specialty Hospital in India, Healthcare Leader of the Year - Dr. Tarang Gianchandani, Best Hospital for Organ Transplant in India and Best Hospital of the year in Quality & Patient Satisfaction.
Best Social Impact Innovation:
Reliance Foundation, along with Jio, won the Best Social Impact Innovation award at the Brandon Hall HCM Awards 2023.
Best CSR Impact Award: Reliance Foundations Disaster Management programmes Geospatial Hub - Prediction & Mitigation (Impact Based Forecasting & Warning Services) was bestowed with Best CSR Impact Award by UBS Forums.
Reliance MET was honoured with an award under the Best Innovative CSR Project in the Education Sector (Mission Navodaya Program) by UBS Forums.
Andhra Pradesh State AIDS Control Society, Government of Andhra Pradesh, Vijayawada: State-level best CSR award from the Project Director, Andhra Pradesh State AIDS Control Society.
CII Water: Reliance Foundation - Bharat India Jodo Kamareddy cluster (TN) received an appreciation certificate for Noteworthy Project in Water Management in the Beyond the Fence category.
Gujarat State AIDS control Society:
RIL Haziras HIV & TB Control Centre (Reliance ART Centre) was honoured with the Best ART (Anti-Retroviral Therapy) Centre Award by Gujarat State AIDS Control Society (GSACS), Health & Family Welfare Department, Govt. of Gujarat on World AIDS Day, December 1, 2023 in Ahmedabad.
CII FPO Summit: Reliance Foundation mentored farmer collectives - Banas FPC and Chorad FPC from Patan, GJ won at the CII FPO Summit 2023 in the Market Linkages and Membership Engagement categories respectively.
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