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    Reliance conquers the odds, demolishing debt and getting future-ready

    business | IST

    Reliance conquers the odds, demolishing debt and getting future-ready

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    It was a year like no other – a once in a century pandemic has changed life. India was down but not out. Despite the odds, Reliance has managed to end the year with 35 percent growth in profits to Rs 54,000 crore with 50 percent of the EBITDA accruing from consumer businesses marking an important milestone in its transformational journey.

    It was a year like no other – a once in a century pandemic has changed life. India was down but not out. When India was gasping for breath due to an oxygen shortage, Reliance stepped up and manufactured a thousand metric tonne of medical grade oxygen every single day, this is equivalent to the daily requirement of more than one lakh patients. All in all, Reliance has supplied more than 55,000 metric tonnes of medical grade oxygen and the number is rising by the day.
    It wasn’t just oxygen, the Reliance Foundation has distributed more than 81 lakh masks across the country reaching more than 50 lakh individuals.
    To ensure police personnel, healthcare staff, daily wagers and migrants don’t go hungry, the Reliance Foundation distributed more than 5.5 crore meals reaching more than 27 lakh beneficiaries.
    For more than 2.3 lakh Reliance employees and their families getting a shot of the vaccine was not only free but also made easy.
    The pandemic didn’t just pose challenges to life but also to business continuity. Yet, with innovation and agility, Reliance didn’t just overcome the odds, it conquered them.
    Fiscal 2021 saw the company keep its promise of having more cash than debt on its books by paying down a big chunk of its USD 34 billion debt at the start of the year including USD 7.8 billion of foreign debt resulting in the highest ever pre-payment of debt by a corporate in India.
    Reliance today is a leaner, more focused business conglomerate with the largest ever capital raise of Rs 2.64 lakh crore or USD 36 billion through rights issue and monetisation. It has gone from a gross debt of USD 34 billion as on FY20 to now achieving a net debt-free balance sheet ahead of the stated timeline of March 2021.
    Despite the odds, Reliance has managed to end the year with 35 percent growth in profits to Rs 54,000 crore with 50 percent of the EBITDA accruing from consumer businesses marking an important milestone in its transformational journey.
    The market capitalisation of Reliance has more than doubled in the last year - from Rs 7 lakh crore in March 2020 to nearly Rs 15 lakh crore. A journey that has newfound partners in Microsoft, Google, Facebook and Qualcomm with the purpose of combining Reliance’s execution strength and its digital ecosystem with their technology expertise to create world-class futuristic solutions at scale.
    Watch the accompanying video of CNBC-TV18’s Shereen Bhan for more details.
    Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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