Growing Stronger
to Care Better

Shri Mukesh D. Ambani
Chairman and Managing Director, Reliance Industries

Dear and esteemed
fellow shareholders,

We, at Reliance, have a deep-rooted belief that sustainability is an integral part of enterprise growth. The tremendous stress that mankind has exerted on natural resources, since the advent of the Industrial Revolution, has brought us to a stage where we need to collectively ramp up our efforts to combat climate change.

The Paris Agreement of 2015 entered into at the 21st Conference of Parties (COP 21) brought the world together in this pursuit. Our company’s ESG ambitions are aligned with this global quest. On a personal note, it is a privilege for me to serve on the Advisory Committee of COP 28 UAE, and contribute to this ongoing effort.

Our goal is to become Net Carbon Zero by 2035. Accordingly, the development of giga factories at the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar is progressing rapidly. Considering the collective potential of our five giga factories, we are well on track for establishing a world class, self-sufficient green energy ecosystem. The transition from traditional fossil fuels to renewable energy sources is going to be a crucial milestone in our history. We, as a company, have a proven record of creating value through transformational changes, be it the digital revolution through Jio, transforming consumer experience and the retail landscape in India or the integration of our refining and petrochemicals businesses into the oil to chemicals value chain.

Adoption of concepts like circularity in our chemical products also brings us closer to a low carbon economy. We have partnered with accomplished innovator entities globally, with whom we share the common goal of establishing a sustainable world economy. We are leveraging their expertise to derive maximum value for our new energy initiatives. We recognise the urgency of addressing the issues emanating from climate change. We believe our new energy initiatives will contribute to the global effort of limiting the rise in average temperatures.

It is important for us to ensure the wellbeing of our employees and communities. We lay great emphasis on the health, safety and development of all our employees, customers, business partners and local communities. Human rights considerations have been at the core of Reliance’s DNA since inception. The principles of human rights are enshrined in our internal codes of conduct as well as our business partner codes of conduct. Our Reliance Foundation works round the clock driving initiatives in education, healthcare and social development that have impacted millions of lives over the years. Abiding by our principle of inclusive growth, our teams across businesses work at a grass root level to identify the needs of every stakeholder involved and commit to securing their interests and maintaining their satisfaction.

Managing large and diverse businesses is not possible without a robust governance structure. We, as a company, have always strived to maintain the highest levels of governance in our management. We emphasise the importance of Board oversight, given the fact that the company’s diverse and evolving operations impact essential sectors of the Indian economy. The Board Committees at Reliance have clearly defined roles and mandates. We are committed to adhering to the best practices and to adapting to emerging standards of governance.

Pursuing the path of good governance, we constituted the ESG committee to ensure our continued alignment to best ESG practices and compliance with applicable ESG frameworks. The committee will advise the board and other committees on environmental, social and governance aspects involved in the conduct of business activities.

We have entered an era of transformation – transformation to a greener and a more inclusive economy. Our businesses, our people and our practices are evolving and adapting to the new age with a renewed zest. Our newest growth engine, our new energy business is poised to become a pioneer and lead the way towards just global energy transition.

Creation of an Independent Financial Services Business

My dear friends, as you are aware that this year we have demerged our financial services arm into a separate listed entity named “Jio Financial Services Limited” (JFS). I thank you for your wholehearted support to this initiative.

Today’s India is young and entrepreneurial, adopting digital finance at an unprecedented pace. The digital revolution has penetrated every corner of the nation through Jandhan Accounts, digital payments, usage of smart phones and low cost data. The growth opportunities presented by financial services are remarkable and provide a strong directional support to the economy.


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As various financial services are governed by different regulatory frameworks, we believe, an independent financial services entity will allow us to access the opportunities available in the Indian market.

Jio Financial Services Limited along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens. Jio Financial Services aims to provide simple, affordable and innovative digital first solutions.

Jio Financial Services Limited is positioned uniquely to capture the growth opportunities in financial services sector and play a crucial role in transforming the landscape of digital finance in India.

Financial Performance Summary for the Year

There was continued volatility in the global markets amidst disruptions in trade flows and economic uncertainties. Despite the headwinds, Reliance was able to deliver another year of remarkable performance both on operating and financial fronts. Consolidated EBITDA was at `1,53,920 crore which is a robust 24.4% growth as compared to last year. Consolidated net profit also grew at 11.3% to `73,670 crore.

The impressive growth was well rounded and supported by all our business segments. Consumer businesses continued their growth trajectory with a rapid expansion of retail store footprint and strong subscriber acquisition in Jio. O2C business delivered a record performance amidst a challenging business environment.

Oil and gas segment also registered a strong performance with sustained gas production from KG D6 block.

Elevated inflation levels led to an aggressive rate hike by central banks through the financial year. Our prudent financial framework helped optimise the returns and minimise the risks while providing adequate liquidity to our businesses. Our strong cash flows from operations have ably supported growth capex requirements. Over the past 2 years, 98% of the company’s capex has been funded by internally generated cash profits. This has helped us maintain a strong and conservative balance sheet and retain superior investment grade ratings.

Robust Operational Performance

Reliance touches the lives of millions of consumers in India and worldwide through its energy and consumer businesses. Our teams across businesses work dedicatedly to achieve operational excellence and deliver quality performance.

Digital Services

Digital services continued its strong performance through the strengthening of existing offerings and introducing newer services in its portfolio. During the year, Jio launched the True 5G services in India. By the end of the financial year, Jio’s 5G coverage expanded to 2,300+ cities and towns, demonstrating an impressive pace of network installation. The rollout of FTTH services also gained momentum during the year.

Millions of viewers enjoyed the live action of the FIFA World Cup, the first ever Women’s Premier League and the 16th edition of the Indian Premier League on Jio Cinema. Jio Platforms powered the technology behind streaming these events. The new home broadband back up plan is the latest addition to the bouquet of broadband services and is expected to grow the broadband market further.

Jio retained its preeminent position in the Indian telecom space with 439.3 million subscribers as on March 2023, with a net addition of 29.2 million subscribers during the year. The strong growth in the digital services business is aptly reflected in its financial performance for the year. With an increase of 24.9% from the previous year, digital services EBITDA for FY 2022-23 stood at `50,286 crore.

Jio commits itself to continually innovate and launch newer technologies and products and expand the market for digital services. Jio True 5G stack is one such feature loaded indigenous technology, offering superior performance. It is secure, cost effective and also easy to install. This technology is fully cloud native, software defined, digitally managed and supports advanced features like Quantum Security. Jio AirFiber is also an innovative solution, offering clutter free and high speed connectivity to users with the capability of supporting multiple devices simultaneously without compromising on the quality of connectivity. JioDive is a technology that helps users to explore the virtual reality universe through a smartphone based headset. JioDive runs on the JioImmerse application which offers users exclusive VR experiences in gaming, learning, entertainment and wellness, all accessible through their smartphone.

I believe Jio’s digital offerings have established it as a strong market leader in India’s digital services ecosystem. The scale of Jio’s operation and advantages of deep penetration help Jio grow stronger with the launch of each new offering. Jio’s vision is to make the highest level of connectivity available to the masses at affordable prices at all times.


Reliance Retail further consolidated its position as the largest retailer in India and the only Indian retailer to feature in the top 100 retailers globally.
FY 2022-23 witnessed Reliance Retail cross the 1 billion transactions mark.

The retail business expanded its store network with over 3,300 new stores added during the financial year, taking the store tally to 18,040 stores Pan-India. Our stores now cover 65.6 million sq ft of store area which is a more than 50% growth of retail space as compared to the previous year. Footfalls increased by 50% from last year to 780 million. The registered customer base also grew to 249 million, establishing Reliance Retail as the preferred shopping venue of Indian citizen across formats.

During the year, Reliance Retail entered into the beauty segment by launching the “Tira” digital platform and opening its flagship store in Mumbai. The business also expanded its product basket through acquisitions and partnerships at both local and global levels like Metro, Campa Cola, GAP, Pret A Manger, Lotus, Sosyo, Maliban, Toffeeman to name a few.

Reliance Retails runs an integrated network of physical stores, digital commerce and new commerce initiatives. Through digital brands like Ajio and Netmeds, digital commerce is scaling up at a rapid pace and is contributing to the strong growth of retail segment. The launch of JioMart on WhatsApp is a truly novel initiative which combines online shopping experience with the simplicity of instant chat services. Growth in new commerce business has been fast paced with rapid expansion of its merchant partner network.

Currently, more than 3 million merchants have partnered with our new commerce platforms.

Retail segments EBITDA stood at `17,974 crore which reflects a strong 44.7% increase from the previous year. The EBITDA growth was well supported by all verticals right from grocery to fashion and lifestyle.

Reliance Retail is an indispensable part of the Indian household’s shopping experience not only in metro regions but also in tier 2 and tier 3 cities. Reliance Retail envisions to expand its offerings and scale of operations to make best in class products available to the Indian consumers at affordable prices.

Oil to Chemicals

Despite facing major operational challenges given the highly volatile global scenarios, our O2C business posted highest ever earnings excluding the impact of SAED. Revenues increased on account of improved price realisation for transportation fuel, tracking higher average oil prices for the year. O2C business EBITDA stood at `62,075 crore with a healthy 17.7% increase as compared to last year despite considering the SAED levy of `6,648 crore. EBITDA growth was driven by feedstock flexibility, sharp improvements in fuel cracks and advantageous ethane cracking.

During the year, our refinery processed 13 new variants of crude oil, broadening the feedstock sources. Demand for transportation fuels was strong for the year reflecting the opening up of economies post pandemic restrictions. Demand for downstream chemical products remained subdued globally, but was strong in the domestic markets.

During the year our teams across sites worked towards finding sustainable solutions. The first ever green hydrogen production was achieved with firing of torrefied biomass in gasifiers. Biomass firing in Coal Fired Boilers (CFBs) at petrochemical sites increased to >11% of total feed in line with our decarbonisation efforts. Ethanol blending in motor spirit (EBMS) facility was also commissioned. We also successfully commissioned the demo plant for our patented Continuous Catalytic Pyrolysis oil technology.

Our O2C business is transforming. From switch to renewable sources of energy and newer energy technologies to promoting the concept of circular economy especially for our petrochemical products, sustainable business techniques are rapidly gaining momentum.

Oil and Gas Exploration and Production

Performance of the exploration and production segment was noteworthy for the year. The revenue more than doubled and the EBITDA was 2.5x the previous year number at `13,589 crore. The growth in EBITDA was primarily on account of improved gas price realisation and higher gas production in the KG D6 block. Domestic production was, in fact, at a 10-year high. I am proud to share that we have an exceptional record of safety in our upstream business with another year 100% incident free operations.

MJ field at the KG D6 Block commenced production post testing and commissioning activities. At peak production of ~30 MMSCMD, KG D6 block will contribute ~30% of the domestic gas production. Operationalization of the KG D6 MJ gas field is a crucial step towards enhancing India’s energy security.


Dear fellow shareholders, Reliance, as a company has grown multifold by delivering value to the citizens, the country and global community. Our products are ingrained in the lives of the citizens and are an integral part of their daily routines. Our various businesses have always identified the needs of the society and worked towards devising and making available timely and affordable solutions.

The current needs of the society are sustainable solutions which can tackle climate change through affordable green energy and inclusive growth. Our initiatives in New Energy businesses and our consumer businesses are aimed at meeting societal needs and aspirations.

Using the right technology, deploying the right talent and through empowering our young leaders, I am confident that we can make the world a better place to live in for future generations.

I would like to express my sincere appreciation to the Board of Directors for their continued guidance. I would like to thank our teams across businesses, for their dedicated work and commitment to excellence. I would also like to extend my gratitude to all our stakeholders for their support and unwavering faith in Reliance.

With best wishes,

Mukesh D. Ambani
Chairman and Managing Director

August 4, 2023