From taxes to GST and Retail to Jio, here are 5 must know things from Ambani's address at Reliance's 41st AGM

Last Updated: Thu, Jul 05, 2018 14:47 hrs
Jio Ambani Mukesh

A number of highlights have been made at the 41st AGM of Reliance Industries, chaired and addressed by Mukesh Ambani, the richest Indian in the world.

The meeting has revealed some staggering numbers, and tectonic product announcements.

The 39th speech from Mukesh Ambani at the AGM, exposed the profits of companies such as Jio, Reliance Retail, and also that of RIL for the fiscal year ending 2017-18.

Reliance has interests in the areas of Petrochemicals, Crude refining, Retail, Telecom, Textiles, and Digital Services.

Here are the key take-aways from the AGM that we believe you shouldn't miss:

RIL: A tale of whopping numbers & mind-boggling tax figures Ambani said that RIL, one among India's biggest refiners has turned to a fresh record. It clocked Profit Before Depreciation, Interest and Taxes of close to $10 billion.

RIL's profits stands at a staggering Rs 8046 crores, while revenues were up by 39% at Rs 1,29,210 crores.

Mukesh Ambani also revealed that his company emerged as the largest tax payer in the country with Rs 42,553 crores paid as Goods and Services Taxes for the fiscal year ending 2017-18.

Reliance Industries accounts for about 8.9% of the total exports to about 113 countries.

Jio's rising might in the Telecom sector:

Jio, which was once touted as Ambani's startup has so far added 124 million subscribers to close the fiscal at 210 million for Jio services. He also claimed that there were more than 25 million users of the Jio Phone in India.

Reliance Jio has logged a growth of 100% in the revenues to Rs 69,000 crore.

"Jio is truly India's mobile video network. Our customers are engaged with us for more than 219 minutes a day on an average," said Ambani.

When Jio entered the markets, incumbent players such as Airtel, Vodafone, Idea had almost acted in a market that saw feeble competition. Its entry resulted in a large-scale disruption. It seems the Indian telecom sector which has seen consolidation, thanks to Jio will have to brace up, considering Mukesh Ambani's announcement of a new goal.

"With the added functionalities and strong retail presence across India, the goal that I have now set for our Jio team is to enable 100 million users on this JioPhone platform in the shortest possible time and create another world record," he was quoted as saying in another report.

Jio Giga Fiber:

"We will extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1100 cities to offer the most advanced fiber-based broadband connectivity solutions," said Isha Ambani, daughter of Mukesh Ambani, while addressing shareholders at the annual general meeting.

The new product on the cards for large enterprises could be a blend of fixed-line broadband, with "the ability to compete in the global marketplace using digital tools and techniques that are powering the fourth industrial revolution."

For Homes, it would percolate into a "ultra high definition entertainment, multi-party video conferencing from your living room, voice-activated virtual assistants, virtual reality gaming, digital shopping."

The Jio Giga TV Set-top box is expected to feature a voice enabled command to switch channels and enable customers to do a lot in comparison with standard TV sets and remote units.

"Your home will have wall-to-wall Wi-Fi coverage, every appliance, plug point, switch will become smart. You can have cameras giving you 24×7 security monitoring, alerts," said Akash Ambani, Director, Reliance Jio at Reliance 41st AGM.

Full details about Jio's latest Giga Fiber here:

The new Jio device:

The sequel to the Jio Phone is expected to hit markets during Independence Day 2018, priced at Rs 2999. Old users can exchange their hadsets by paying Rs 501. Looking into the specifications, the phone comes with a 2.40-inch display with a resolution of 240 pixels by 320 pixels and it comes with 512MB of RAM. The phone packs 4GB of internal storage that can be expanded up to 128GB via a SD card card.

For full specifications, and the buzz around the launch, join us on this link.

Digital Services

On digital platforms Mukesh Ambani believes that these platforms have become the new-age factories and service providers.

During the AGM, he said data usage increased to 125 crore GB to 240 crore GB and voice usage increased from 250 crore minutes per day to 530 crore minutes per day.

"The video consumption increased from 165 crore hours per month to 340 crore hours per month," he added.

We see our biggest growth in creating a hybrid, online-to-offline new commerce platform of 35 crore customer footfalls at Reliance Retail, 21.5 crore Jio customers, 5 crore customers at Jio giga-home and 3 crore small merchants and shop-keepers, said Mukesh Ambani at Reliance AGM.

Ambani concluded his address saying, "As we kick off our Golden Decade with a flourish, we remind ourselves of Reliance’s unwavering commitment towards India’s rise. May the God Almighty bless us in our endeavour."

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