We studied RIL's annual report ahead of the much anticipated AGM. A thread🧵on Reliance Industries
#RILAGM
1/n
#RILAGM
1/n
2/n
Key investment focus areas:
⚡️De-carbonization (convert CO2 to chemicals); new energy
📲 Digital commerce
🛒Omni-channel retail
🍥FTTH broadband
Interesting mentions:
♻️Convert organic waste > renewable crude > transportation fuel
🧪High-value proteins and nutraceuticals
Key investment focus areas:
⚡️De-carbonization (convert CO2 to chemicals); new energy
📲 Digital commerce
🛒Omni-channel retail
🍥FTTH broadband
Interesting mentions:
♻️Convert organic waste > renewable crude > transportation fuel
🧪High-value proteins and nutraceuticals
3/n
Capex in the last decade:
👊RIL invested US$133bn (~9.4 Lk cr) equally between retail/digital and energy verticals
💰2/3rd funded via internal cashflows; 1/3rd via debt/ creditor funding and asset monetisation/capital raise
Details:
Capex in the last decade:
👊RIL invested US$133bn (~9.4 Lk cr) equally between retail/digital and energy verticals
💰2/3rd funded via internal cashflows; 1/3rd via debt/ creditor funding and asset monetisation/capital raise
Details:
4/n
Current Balance sheet:
RIL currently is not net debt free
Gross debt: $34 Bn or INR 2.45 TN (avg cost of 8.0%)
Cash & current investments: $22.3 Bn (INR 1.6 TN)
Investments in fiber and tower INVIT units: $5bn
Chart via Morgan Stanley:
Current Balance sheet:
RIL currently is not net debt free
Gross debt: $34 Bn or INR 2.45 TN (avg cost of 8.0%)
Cash & current investments: $22.3 Bn (INR 1.6 TN)
Investments in fiber and tower INVIT units: $5bn
Chart via Morgan Stanley:
5/n
RIL Human Capital:🧑💼
#⃣ RIL employs 2.3 lakh people (up 21% yoy) compared to ~4.5 lakh in Tata Group
🛒Majority in Retail (2 lakh+ employees)
👩💼16% women workforce
💵Remuneration per employee declined 17% YoY
Chart via MS
RIL Human Capital:🧑💼
#⃣ RIL employs 2.3 lakh people (up 21% yoy) compared to ~4.5 lakh in Tata Group
🛒Majority in Retail (2 lakh+ employees)
👩💼16% women workforce
💵Remuneration per employee declined 17% YoY
Chart via MS
6/n
Reliance Jio: Steady subscriber additions with lower churn is the key.
Subscribers: ~43 crores (FY21 net add: 3.9 cr)
Added 1.54 cr in Q4FY21 after blips in first 9m
56% increase in spectrum; new spectrum to support growth
FY21 ARPU: INR 143 (target of 180 in 3-4 years)
Reliance Jio: Steady subscriber additions with lower churn is the key.
Subscribers: ~43 crores (FY21 net add: 3.9 cr)
Added 1.54 cr in Q4FY21 after blips in first 9m
56% increase in spectrum; new spectrum to support growth
FY21 ARPU: INR 143 (target of 180 in 3-4 years)
7/n
FTTH/ JioFiber:
✍️Single affordable plan with bundled high-speed internet, content & fixed line voice
✍️Increased broadband connections to 25 lakh+ homes (target 5 Cr subscribers)
JioBusiness:
✍️Targeting integrated ecosystem servicing via Technology Platforms (image)
FTTH/ JioFiber:
✍️Single affordable plan with bundled high-speed internet, content & fixed line voice
✍️Increased broadband connections to 25 lakh+ homes (target 5 Cr subscribers)
JioBusiness:
✍️Targeting integrated ecosystem servicing via Technology Platforms (image)
8/n
Reliance JioMart:
200+ cities; ~11,000 retail stores
Digital sales: 10% of retail (1000+ stores)
15.6 Cr loyalty customers (up 25% YoY).
Above-industry-average margins (6-6.5% EBITDA)
Focus:
Own brand portfolio in fashion (Trends), footwear, health & productivity devices.
Reliance JioMart:
200+ cities; ~11,000 retail stores
Digital sales: 10% of retail (1000+ stores)
15.6 Cr loyalty customers (up 25% YoY).
Above-industry-average margins (6-6.5% EBITDA)
Focus:
Own brand portfolio in fashion (Trends), footwear, health & productivity devices.
9/n
Petchem:
✍️Focus on downstream integration, cost reduction & sustainable biz
✍️O&G biz is recovering from a cyclical downturn
✍️Petchem margins strong in FY21, despite lower oil
✅Targeting net carbon zero emission
💹Gross refining margin(GRM), a key measure of profitability:
Petchem:
✍️Focus on downstream integration, cost reduction & sustainable biz
✍️O&G biz is recovering from a cyclical downturn
✍️Petchem margins strong in FY21, despite lower oil
✅Targeting net carbon zero emission
💹Gross refining margin(GRM), a key measure of profitability:
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