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What is good for India is good for Reliance, says Mukesh Ambani; read RIL Chairman's full letter to shareholders

Economic TimesEconomic Times ยท 1m ago
What is good for India is good for Reliance, says Mukesh Ambani; read RIL Chairman's full letter to shareholders
Medial

Mukesh Ambani, Chairman of Reliance Industries, highlighted the companyโ€™s evolution into a globally admired enterprise that embodies Indiaโ€™s entrepreneurial spirit in a letter to shareholders. He emphasized Reliance's commitment to integrating next-generation technologies across its diverse portfolio, including energy, retail, and digital services. Ambani lauded Indiaโ€™s economic resilience and emphasized Relianceโ€™s role as a technology-driven enabler of inclusive growth. Despite global challenges, Reliance achieved robust financial performance and expansion, marking its commitment to innovation and national progress.

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%

EntrackrEntrackr ยท 8m ago
Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%
Medial

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88% E-commerce marketplace Snapdeal delivered steady financial results in FY24 as its revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24. The companyโ€™s cost-reduction measures led to its adjusted EBITDA loss dropping by 88% from Rs 144 crore in FY23 to Rs 16 crore in FY24. It also improved its operating cash flows during the last fiscal year. Snapdealโ€™s revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23, according to its consolidated financial statements filed with the RoC. Snapdealโ€™s primary revenue streams include marketing services, e-commerce enablement, and other ancillary sources. Marketing services continued to be the largest contributor, generating Rs 252.55 crore, though it witnessed a dip of 9.6% compared to FY23. Its enablement revenue increased by 14.8% to Rs 103.36 crore, reflecting the platformโ€™s growing traction among value-focused sellers. Additionally, revenue from other sources surged over 8X to Rs 23.85 crore in FY24. Snapdealโ€™s strategic focus on targeted cost-reduction initiatives led to significant expense savings across multiple categories. The companyโ€™s spending on employee benefits reduced by 48.5% to Rs 158.4 crore in FY24 from Rs 307.53 crore in FY23. Promotional costs were also reduced by 23.5% to Rs 70.37 crore during the same period. Overall, the Gurugram-based firmโ€™s total expenditure dropped by 21.4% to Rs 540.76 crore in FY24 from Rs 687.93 crore in FY23. The companyโ€™s improved performance was visible in the 43.2% reduction of loss to Rs 160.38 crore in FY24. Further, most of this loss seems to be on account of non-cash heads, including the revaluation of a put option held by Unicommerce investors to the tune of Rs 110 crore, leading to an adjusted EBITDA loss of Rs 16 crore, which shows that the company is nearing its target of reaching profitability. As per the filings, Snapdeal reduced its stake in Unicommerce, generating Rs 33 crore from a secondary sale of 3.4% stakes in May/June 2024 prior to the IPO and an offer for sale of 9.2% stake for Rs 81 crore in the IPO completed in August 2024.

Reliance launches AI unit with Google and Meta as partners

EntrackrEntrackr ยท 19d ago
Reliance launches AI unit with Google and Meta as partners
Medial

Reliance Industries Limited (RIL) has announced the launch of a new artificial intelligence focused subsidiary Reliance Intelligence with Google and Meta onboard as strategic partners. The new unit will focus on four key areas which include setting up gigawatt scale AI ready data centres in Jamnagar, forging partnerships with global technology companies and open source communities, deploying AI solutions across sectors such as education, healthcare, agriculture and small businesses, and attracting global AI talent to India. Google CEO Sundar Pichai said the company will work with Reliance to bring AI across its businesses covering energy, retail, telecom and financial services. Both companies will also establish a dedicated Jamnagar Cloud region for Reliance. Reliance will also create a joint venture with Meta to build sovereign enterprise ready AI platforms for Indian companies and government entities. The partnership will combine Metaโ€™s open source Llama models with Relianceโ€™s scale in energy, telecom, retail and manufacturing. Meta CEO Mark Zuckerberg said the venture aims to ensure access to AI for everyone in India and eventually to superintelligence. The launch reflects Relianceโ€™s ambition to expand beyond its oil to chemicals operations into technology and new age sectors. Over the past few years, the conglomerate has scaled Jio into Indiaโ€™s largest telecom operator, built Reliance Retail into a global retail powerhouse, and committed billions to clean energy giga factories. Mukesh Ambani said Jio delivered digital everywhere for every Indian and Reliance Intelligence will deliver AI everywhere for every Indian.

Reliance Industries in talks to acquire stake in Karan Joharโ€™s Dharma Productions

LivemintLivemint ยท 11m ago
Reliance Industries in talks to acquire stake in Karan Joharโ€™s Dharma Productions
Medial

Mukesh Ambaniโ€™s Reliance Industries is reportedly in talks to acquire a stake in Karan Joharโ€™s Dharma Productions, driven by the OTT boom and changing dynamics in Bollywood. This strategic move aims to enhance Relianceโ€™s entertainment portfolio, which includes Jio Studios and Viacom18 Studios. Dharma Productions, primarily owned by Johar, is exploring partnerships due to rising production costs and declining theater attendance. Previous attempts to monetize its stake faced valuation challenges. Analysts suggest that a stake sale could help Dharma transition to a professionally managed entity. Relianceโ€™s interest follows its past investments in media companies, indicating a focus on expanding its influence in the entertainment sector.

BillDeskโ€™s growth slows in FY24; PAT drops to Rs 121 Cr

EntrackrEntrackr ยท 4m ago
BillDeskโ€™s growth slows in FY24; PAT drops to Rs 121 Cr
Medial

BillDeskโ€™s revenue from operations decreased to Rs 2,334 crore during the fiscal year ending March 2024 from Rs 2678 crore in FY23, as per the companyโ€™s consolidated financial statements with the Registrar of Companies. BillDesk makes money by charging fees for processing and settling electronic transactions, which contributed over 70% of its total operating revenue of Rs 1,591 crore in FY24. Around 16% of its earnings came from managing loyalty programs for clients, while the remainder was generated through the sale of products such as PINS and e-top-up subscriptions, along with other operating activities. Billdesk earned Rs 112 crore in non-operating income from interest and gains on financial assets. Its total revenue stood at Rs 2,446 crore in FY24, down from Rs 2,765 crore in FY23. For the payment company, bank fees and services had been the largest cost center, accounting for 78.8% of the overall expenditure. In line with the drop in scale, this cost declined by 16% to Rs 1,804 crore in FY24. Despite the reduced scale, employee benefit expenses rose by 22.4% to Rs 300 crore. Spending on data, communication, legal, and information technology pushed the companyโ€™s total expenses to Rs 2,289 crore during the fiscal year. The decline in scale, coupled with higher employee expenses, led BillDesk to report a 14.8% drop in profit to Rs 121 crore in FY24 from Rs 142 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margins also dipped slightly, settling at 5.77% and 9.24%, respectively. On a per-unit basis, the company spent Rs 0.98 to earn every rupee during the year. By the end of FY24, BillDesk's total current assets stood at Rs 2,612 crore, which included Rs 930 crore in cash and bank balances.

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