Reliance Industries' AGM on August 29, company picks August 19 as record date for dividend

Reliance Industries (RIL) will be holding its 47th Annual General Meeting (AGM) on August 29. The meeting, scheduled for 2 pm, will address key issues, including the consideration of a dividend for the financial year 2023-24. 

This announcement was made in the company’s recent filing to the exchanges.

Should the dividend be declared at the AGM, RIL plans to distribute it within a week of the meeting’s conclusion. The company has set August 19 as the record date to determine the eligibility of investors for this potential dividend. Additionally, August 22, 2024, will be the cut-off date for determining members eligible to vote on the AGM resolutions.

RIL, helmed by Mukesh Ambani, recently reported a 5% decline in its consolidated net profit for the first quarter ending June 2024, amounting to Rs 15,138 crore compared to Rs 16,011 crore in the same period last year. 

Despite a 12% year-on-year increase in revenue from operations to Rs 2.36 lakh crore, the profit fell short of market expectations, which were pegged at around Rs 16,341 crore. However, revenue met the expected figures.

The company's consolidated EBITDA rose by 2% year-on-year to Rs 42,748 crore, though EBITDA margins saw a decline of 150 basis points, settling at 16.6%. The surge in revenues was driven by the Oil to Chemicals (O2C) segment, buoyed by higher oil and product prices, and robust volume growth in the oil and gas segment. The consumer businesses also showed steady growth, contributing significantly to the overall financial performance.

Reliance Industries Ltd has maintained its position as the highest-ranked Indian firm on the Fortune Global 500 list, advancing to No. 86 in the 2024 rankings. This marks a two-place improvement from its No. 88 position last year, and a significant leap of 69 places over the past three years from No. 155 in 2021.

Fortune, releasing the 2024 list, noted that Reliance has been featured on the 500 list for 21 consecutive years. The company reported revenues of $108.8 billion and a profit of $8.4 billion last year.

On the NSE, Reliance’s stock was last recorded at ₹2,894.65, a decline of ₹104.00 or 3.47% as of August 5, 2024, with the day's range between ₹2,866.50 and ₹2,967.80. Over the past year, the stock fluctuated between a low of ₹2,220.30 and a high of ₹3,217.90.

The 2024 Fortune Global 500 list features nine Indian firms, with five from the public sector. Life Insurance Corporation of India (LIC) moved up 12 places to No. 95, while Indian Oil Corporation (IOC) dropped 22 places to No. 116. The State Bank of India (SBI) climbed 57 spots to No. 178.

Other notable Indian companies on the list include Oil and Natural Gas Corporation (ONGC) at No. 180, Bharat Petroleum Corporation Ltd (BPCL) at No. 258, Tata Motors at No. 271, HDFC Bank at No. 306, and Rajesh Exports at No. 463.

Globally, US retailer Walmart retained the top spot for the 11th consecutive year, with Amazon rising to No. 2 from No. 4 last year. Saudi Aramco fell to No. 4 but remained the most profitable company with $121 billion in profits. Chinese state-owned State Grid ranked No. 3, followed by Sinopec Group at No. 5 and China National Petroleum at No. 6. Apple held the No. 7 position.

Fortune's Global 500 list ranks the largest corporations worldwide by total revenue for their respective fiscal years ending on or before March 31, 2024. The combined revenue of these 500 companies reached a record-breaking $41 trillion in 2023, with a slight year-over-year increase of 0.1%.