Reliance Industries Ltd (RIL), the country's largest entity in terms of market capitalisation, will hold its 46th annual general meeting (AGM) virtually on August 28, as per a regulatory filing made by the company on August 4.
The oil-to-telecom conglomerate said it has fixed August 21 as the "record date" for the purpose of determining the members eligible to receive dividend for the financial year 2022-23.
The dividend, if declared at the AGM, will be paid within a week from the conclusion of the meeting, RIL informed the bourses.
August 21 has also been set as the "cut-off date" for the purpose of determining the members eligible to vote on the resolutions set out in the AGM, it added.
The announcement comes days after RIL demerged its financial services unit into a new entity - Jio Financial Services (JFS), and the spin-off was valued at $20 billion, above estimates. The share price of JFS was determined at Rs 261.85 apiece in the special hour-long ”pre-open call auction” trading session held on July 20.
The demerger by billionaire Mukesh Ambani-controlled Reliance is being seen as a way of expanding in the lucrative financial services sector. This assumes significance as it has a non-bank financial company licence.
Also Read | Reliance Retail launches JioBook laptop priced at Rs 16,499
Highlights from RIL's last AGM
- At the 45th annual general meeting held last year, Reliance had made the landmark announcement of Jio's plan to roll out 5G services. The company also unveiled the AirFiber: a wireless plug-and-play 5G hotspot that doesn’t require fibre cables, which offers a personal Wi-Fi hotspot at home or offices.
- Reliance had also announced its partnership with Meta for immersive technology, Google to develop ultra-affordable 5G smartphones and 'Google Cloud'; Microsoft for Azure ecosystem, vibrant ecosystem of cloud-enabled business applications and solutions; Intel for Cloud-scale data centres and 5G edge locations; and Qualcomm to broaden their joint collaborations.
- The company had said it would target to invest Rs 75,000 crore in the petrochemicals and textile business.
- RIL had noted that it would start production of natural gas from MJ field - the third and the last set of discoveries it is developing in the eastern offshore KG-D6 block - by the end of this year to raise the overall output by about two-thirds.
The company will continue to invest in O2C business to expand capacities in existing product lines as well as to add new value chains with the aim to maximise oil-to-chemicals conversion and create integrated streams of value.
- During FY22, RIL had said, it strengthened its own brands' presence by launching several new products across categories of staples, home, personal care and general merchandise, further expanding on the launch of WhatsApp-JioMart partnership.
Highlights from RIL's FY23 growth
- The company had registered a 9.9 percent growth in its consolidated profit at Rs 66,702 crore for financial year ended March 2023.
- The numbers remained robust for the year, with EBITDA growing 23.1 percent to Rs 1.54 lakh crore and revenue increasing by 23.2 percent to Rs 9.76 lakh crore compared to the previous fiscal.
- The digital services segment achieved 19.6 percent growth during the year, while retail business grew by 30.4 percent over the previous year, the company had said.
- The firm further said revenue of the O2C business improved by 18.7 percent, led by higher realisations on the back of 19 percent increase in average Brent crude price, while the oil and gas business revenue increased 120.3 percent due to a sharp increase in gas price realisation and 10.7 percent increase in KG D6 gas production.
In the first quarter of this fiscal (Q1FY24), the net profit had declined by 6 percent on-year to Rs 18,258 crore, as muted performance in the O2C business partly offset the strong growth in consumer-facing businesses. The conglomerate’s consolidated total revenue in the June quarter declined to Rs 2.31 lakh crore from Rs 2.42 lakh crore a year ago.
In the trading session on August 4, the shares of RIL edged higher and settled at Rs 2,510.50 on the BSE, which was 1.42 percent higher as against the previous day's close.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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