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Reliance Industries net profit jumped 10,000-fold in 40 years: Mukesh Ambani

Mumbai:21/7/17:Charting out the long journey by Reliance Industries (RIL) since it was founded by his father Dhirubhai Ambani in 1977, Chairman Mukesh Ambani said on Friday its net profit index had jumped 10,000 times during the period.

Describing how from its beginnings as a textiles start-up, RIL has now created “multiple growth engines”, Ambani told shareholders at the 40th annual general meeting (AGM) here that company’s “net profit went from Rs 3 crore to Rs 30,000 crore” during the period.

“RIL’s market capitalisation has grown from Rs 10 crore in 1977, to over Rs 5 lakh crore now, at a compound annual growth rate (CAGR) of 32 per cent,” he said.

It has accordingly been good going for shareholders of RIL, for which the major business after textiles turned out to be oil and gas exploration.

“Every Rs 1,000 invested in Reliance Industries’ shares in 1977 is now worth Rs 16.5 lakh,” Ambani said.

“In simple terms, shareholders’ money has doubled every two and a half years over the last 40 years,” he added.

RIL, which launched the successful Jio mobile phone network over a year back, has seen its turnover zoom from a modest Rs 70 crore in 1977 to Rs 3.3 lakh crore currently, which represents a 4,700-time growth in revenue, the chairman told shareholders, who responded with thunderous applause to every statistic being rolled out.

From 3,500 employees in 1997, RIL now has a total staff strength of 250,000 worldwide, Ambani added.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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