Reliance Industries Contributes Significantly to National Exchequer, Showcases Record Growth

Reliance Industries revealed its substantial economic contributions in its latest annual report, paying Rs 186,440 crore in taxes in FY 2023-24. The company's market capitalization hit Rs 20.1 lakh crore, with record profits and substantial R&D investments. Reliance's CSR spending also witnessed a notable increase.

Corporate major Reliance Industries has disclosed in its annual report that it contributed a significant Rs 186,440 crore to the national exchequer in 2023-24 through various taxes and duties. This contribution is impressive, funding 3.86% of the government's budgeted expenditure target of Rs 48.21 lakh crore for 2024-25.

The conglomerate's tax contributions exceed the government's planned spending for agriculture, set at Rs 1.52 lakh crore for 2024-25. This marks the sixth consecutive year that Reliance's contributions have surpassed the Rs 1 lakh crore threshold. Over the past seven years, from FY18 to FY24, the company's total contributions have now surpassed Rs 10 lakh crore.

Reliance remains the first Indian listed company to achieve market capitalization of Rs 20.1 lakh crore as of March 31, 2024. It also became the first Indian company to reach a milestone of Rs 10 lakh crore in consolidated revenues. The company recorded a net profit of Rs 79,020 crore for 2023-24, its highest to date, alongside exports worth Rs 2,99,832 crore (USD 35.9 billion).

Known for its innovation-led approach, Reliance significantly increased its R&D expenditure in FY2024. The company's annual R&D spend rose by 21%, reaching Rs 3,643 crore, up from Rs 3,001 crore in FY23. Over the past two years, its R&D expenditure has increased by more than Rs 1,000 crore.

During FY2023-24, Reliance and its telecommunications arm Jio filed 1,301 patent applications and were granted 236 patents, a notable increase from the 171 applications filed and 141 patents granted in the previous year.

On the social responsibility front, RIL spent Rs 1,592 crore on CSR activities through the Reliance Foundation in 2023-24, marking a 25% year-on-year increase. This brings RIL's three-year social spending to over Rs 4,000 crore, the highest among Indian companies. Chairman and Managing Director Mukesh Ambani lauded the company's contributions to India's growth in his letter to shareholders.

(With inputs from agencies.)