RETAIL ENTERTAINMENT DIGITAL SERVICES SPORTS Reliance for E NE RGY EDUCATION MATERIALS EMPOWERMENT Integrated Annual Report 2023-24 Our dreams have to be bigger. Our ambitions higher. Our commitment deeper. And our efforts greater. This is my dream for Reliance and for India. Shri Dhirubhai H. Ambani Founder Chairman The first Indian company to cross ₹20,00,000 Crore In market capitalisation; becomes world’s 48th most valuable company The consolidated revenue crossed ₹10,00,000 Crore Milestone Empowering India’s economy ₹2,99,832 Crore Exports >1.7 Lakh New Hires ₹1,592 Crore CSR Contribution Proud champion of Make In India #86 Fortune Global 500 #49 Forbes Global 2000 Reliance Industries Limited (RIL) is a Fortune Global 500 company and the largest private sector company in India. The growth of Reliance mirrors the relentless spirit of dynamism and hope that defines India. It is this spirit that Reliance is committed to foster, and it is articulated in our timeless expression of intent, ‘Growth is Life’. About this Report The Reliance Integrated Annual Report has been prepared in alignment with the Integrated ReportingFramework. In preparation for the Report, GRI Standards, National Guidelines for Responsible Business Conduct (NGRBC), United Nations Sustainable Development Goals (UN SDGs) and 13 other frameworks were referenced. The Report outlines RIL’s commitment to stakeholder value creation and defines the actions taken and outcomes achieved for it’s stakeholders. Attending the 47th AGM Online RIL invites the participation of all shareholders at its 47th Annual General Meeting (AGM), to be held on August 29, 2024. Click here to join. Among the largest private sector contributors to capital assets formation in India Table of Contents Corporate Overview Reliance at a Glance Stakeholder Value Creation Chairman and Managing Director’s Statement 2 4 6 Now is the time for all of us in business community to work together as a grand coalition and transform India into a fully developed nation by 2047 — a prosperous India in which no Indian and no region will be left behind. Shri Mukesh D. Ambani Chairman and Managing Director Value Creation Model Management Discussion and Analysis Financial Performance and Review Retail Digital Services Media and Entertainment Oil to Chemicals Oil and Gas E&P New Energy Risk and Governance Major Awards and Recognitions 10 13 15 18 21 24 27 29 31 34 Integrated Approach to Sustainable Growth Integrated Approach to ESG Governance Making Significant Strides towards a Net Carbon Zero Future Reliance’s Approach to TCFD Natural Capital Human Capital Manufactured Capital Intellectual Capital Social and Relationship Capital Independent Assurance on Sustainability Disclosures 39 41 43 45 48 51 53 55 58 Governance Corporate Governance Report Board’s Report Financial Statements Standalone Consolidated 62 95 118 204 Reporting Suite 2023-24 RIL’s Annual Reporting suite brings together the financial, non-financial, risk, and sustainability performance for the year. RETAIL ENTERTAINM ENT DIGITAL SERVICES SPORTS Reliance for ENERGY EDUCATION MATER IALS EMPOWERMENT Integrated Annual Report 2023-24 Online Integrated Annual Report Click here Reliance for Reliance for Business Responsibility & Sustainability Report 2023-24 Corporate Social Responsibility Report 2023-24 Business Responsibility & Sustainability Report (BRSR) Corporate Social Responsibility Report (CSR) Member’s Feedback Form Click here Click here Click here Reliance at a Glance Empowering Every Indian, Every Day Financial Metrics Profit & Loss REVENUE (C crore) ₹10,00,122 Crore US$ 119.9 Billion 2.6% PROFIT AFTER TAX (C crore) ₹79,020 Crore US$ 9.5 Billion 7.3% EARNINGS PER SHARE (C) ₹102.9 FY 2023-24 FY 2022-23 FY 2021-22 10,00,122 9,74,864 7,88,743 FY 2023-24 FY 2022-23 FY 2021-22 79,020 73,670 66,184 FY 2023-24 FY 2022-23 FY 2021-22 5.0% 102.9 98.0 89.5 Strong revenue growth, supported by continued growth momentum in consumer businesses and upstream business. Record net profit, led by strong operational performance across all businesses. Strong operating performance, with all businesses contributing to earnings growth. Balance Sheet NET WORTH (C crore) ₹7,42,922 Crore US$ 89.1 Billion 11.1% DEBT EQUITY RATIO (times) 0.41 CURRENT RATIO (times) 1.18 Retail India’s foremost retailer with industry-leading reach, revenue, and profitability operating an integrated network of stores and digital commerce platforms. Consumption Baskets Consumer Electronics, Grocery, Fashion and Lifestyle and Connectivity Digital Services India’s premier digital services provider, catering to over 480 million subscribers with the most extensive fixed-mobile converged platform, and digital solutions. Ecosystem Platforms Connectivity and Cloud, Digital Commerce, Media/Gaming, Education, Agriculture, eGovernance, and Healthcare Media and Entertainment A media powerhouse, captivating millions nationwide daily through its omni-channel presence. News, Entertainment, Sports, Content Production Television, OTT, Digital platforms, Cinemas, and On-ground Events FY 2023-24 FY 2022-23 FY 2021-22 7,42,922 6,68,880 6,45,127 FY 2023-24 FY 2022-23 FY 2021-22 0.41 0.44 0.34 FY 2023-24 FY 2022-23 FY 2021-22 1.18 1.07 1.34 Oil to Chemicals Higher retained earnings led to Y-o-Y increase in net worth. Decrease in debt to equity ratio due to lower debt and growth in retained earnings. Current ratio rose due to decreased short-term borrowings and increased cash, signalling improved liquidity. A global leader in Oil to Chemicals operations, delivering high-spec fuels and materials, focused on enhancing integration and producing premium chemicals and green materials. Valuation Metric BOOK VALUE PER SHARE (C) ₹1,173 10.9% MARKET CAPITALISATION (C crore) ₹20,14,011 Crore US$ 241.5 Billion 27.7% CONTRIBUTION TO NATIONAL EXCHEQUER (C crore) ₹1,86,440 Crore US$ 22.4 Billion FY 2023-24 FY 2022-23 FY 2021-22 1,173 1,058 1,152 FY 2023-24 FY 2022-23 FY 2021-22 20,14,011 15,77,093 17,81,841 FY 2023-24 FY 2022-23 FY 2021-22 1,86,440 1,77,173 1,88,012 Book value per share increased year on year due to increase in reserves and surplus. RIL becomes the first Indian listed company to cross the C 20,00,000 crore milestone. RIL retained its position as one of India’s largest corporate tax-payer, and also the leading contributor of indirect taxes in the private sector. 2 Products Transportation Fuels and Downstream Chemicals Oil and Gas E&P A major player in India’s Exploration and Production sector, with an upstream portfolio that includes deep and ultra deepwater oil and gas fields, and coal bed methane blocks. Capabilities Exploration, Field Development, Field Management and Operations New Energy Building the world’s most modular, large-scale, affordable, and modern Green Energy business – crucial to RIL’s Net Carbon Zero goal by 2035. Note: All Revenue and EBITDA figures are for the year ended March 31, 2024 REVENUE ₹3,06,848 Crore US$ 36.8 Billion EBITDA ₹23,082 Crore US$ 2.8 Billion REVENUE ₹1,32,938 Crore US$ 15.9 Billion EBITDA ₹56,697 Crore US$ 6.8 Billion REVENUE ₹10,826 Crore US$ 1.3 Billion EBITDA ₹33 Crore US$ 4 Million REVENUE ₹5,64,749 Crore US$ 67.7 Billion EBITDA ₹62,393 Crore US$ 7.5 Billion REVENUE ₹24,439 Crore US$ 2.9 Billion EBITDA ₹20,191 Crore US$ 2.4 Billion Page 15 17.8% 28.4% Page 18 11.0% 12.7% Page 21 49.0% 86.0% Page 24 5.0% 0.5% Page 27 48.0% 48.6% Page 29 3 Reliance Industries LimitedIntegrated Annual Report 2023-24 Stakeholder Value Creation Driving Sustainable Growth Value Added Statement (Consolidated) Value added is defined as the value created by the activities of a business and its employees. Total Value Added CONTRIBUTION TO NATIONAL EXCHEQUER ₹1,86,440 Crore FY 2023-24 FY 2022-23 FY 2021-22 1,86,440 1,77,173 1,88,012 REINVESTED IN THE GROUP TO MAINTAIN AND DEVELOP OPERATIONS ₹1,35,880 Crore FY 2023-24 FY 2022-23 FY 2021-22 1,35,880 1,20,868 1,04,802 CONTRIBUTION TO SOCIETY ₹1,592 Crore FY 2023-24 FY 2022-23 FY 2021-22 PROVIDERS OF EQUITY CAPITAL ₹6,089 Crore FY 2023-24 FY 2022-23 FY 2021-22 Reinvested in the Group to maintain and develop operations PROVIDERS OF DEBT ₹38,340 Crore 1,592 1,271 1,186 Providers of Debt Employee Benefits FY 2023-24 FY 2022-23 FY 2021-22 38,340 28,401 19,457 Providers of Equity Capital Contribution to Society Contribution to National Exchequer EMPLOYEE BENEFITS ₹25,679 Crore 6,089 5,083 4,297 Total Value Added in FY 2023-24 ₹3,94,020 crore FY 2023-24 FY 2022-23 FY 2021-22 25,679 24,872 18,758 Note: All Revenue and EBITDA figures are for the year ended March 31, 2024 (Total Value Added in FY 2022-23 J3,57,668 Crore) A Purpose-driven Ecosystem Led by Our Values: Our Mission: Be the most admired, innovative and value generating organisation for all our stakeholders Growth is Life Operating Through Growth Engines Retail Digital Services Media and Entertainment Oil to Chemicals Oil and Gas E&P New Energy Strategic and Commercial Safety and Operations Compliance and Control Financial Cognisant of Risks Focused on Material Topics Environment Social Governance Enabled by Capitals N H M I S F Natural Human Manufactured Intellectual Social and Relationship Financial Sustainable Growth Enablers Benefitting Stakeholders 1 2 3 4 Employees Investors Customers Suppliers Technology and consumer-centric platforms Strong project management capability Competitive access to capital Diversification, integration, and cost leadership NGOs Communities Government and Regulatory Authorities 4 5 Reliance Industries LimitedIntegrated Annual Report 2023-24 Chairman and Managing Director’s Statement Leading India’s Inclusive Growth Story Shri. Mukesh D. Ambani Chairman and Managing Director, Reliance Industries Limited Dear esteemed shareholders, India’s significance in the global economic landscape has enhanced mani-fold over the past decade. In this world of volatility and uncertainty, India is shining as a beacon of stability and prosperity. Robust growth across all sectors, fuelled by the collective ‘can do’ spirit of 1.4 billion Indians and bolstered by our rich heritage, is steadily driving the nation’s economic progress. It is this spirit of India and Indians that inspires Reliance to innovate relentlessly and excel in every venture. It is a matter of immense pride for the Reliance Family to be a part of India’s growth story and contribute to its meteoric rise. With the launch of Jio 4G in 2016, we set out on a journey to make digital inclusion in India a reality. Jio turned a Data Dark India into a Data Rich nation, supplying every Indian home with affordable, high-speed 4G data. And this year, Jio has further enhanced the country’s digital infrastructure by rolling out its True5G network across India in world-record time. The launch of JioBharat phone was another revolutionary step towards bridging the country’s digital divide. A smartphone at the price of a feature phone, the JioBharat phone will go a long way in the realisation of a 2G-mukt Bharat. We are also making concerted efforts in building capabilities in evolving technologies such as AI/ML, AR/VR, robotics, natural language recognition and processing. The world is increasingly recognising India as an innovation hub, and Jio will continue to play a stellar role in building the nation’s digital infrastructure and capabilities. The changing demography of India too is scripting our growth story. The working population has soared to ~450 million, and household incomes are on an upward trajectory. There is visible improvement in the quality of life of common people. With increase in disposable income, the demand for goods and services is expanding rapidly. As India’s largest retailer, Reliance Retail is perfectly positioned to serve the consumption needs of our fast-growing economy. With our all-encompassing range of products, we have become an integral part of the lives of our consumers across the nation. Our New Commerce initiative is also playing an important role in supporting small indigenous merchants and kirana shop owners – the very backbone of the retail supply chain of our nation. This year we introduced our first ‘Swadesh’ store, promoting traditional art forms, as well as artisans. We have always believed that the demand for India’s age-old crafts is at par with prominent global brands, and our belief has been vindicated by the overwhelming response to our Swadesh stores. The world is now realising the enormous potential of India. ‘Invest in India’ is being advocated globally. Reliance Retail’s vision of inclusive development for millions of consumers and merchants, coupled with unprecedented growth of the Indian marketplace, has resulted in marquee names investing in RRVL at a US$ 100 billion valuation milestone. The Media and Entertainment business also made impressive progress this year. We believe in the potential of talented artistes and storytellers of our country and continue to promote their projects. To cater to the evolving tastes of Indian audiences, we bring together a blend of premium global and home- grown content through multiple consumption platforms. As Indians, we nurture a passion for sports and work towards making exciting sports content available to our viewers. Teaming up with global media powerhouses, we are pooling together spectacular content for the Indian diaspora. With a package replete with quality media productions, sports events, and news platforms, we continue to work towards providing the best of news coverage, infotainment, and entertainment to millions of Indians. Over the past couple of years, volatility in trade flows and supply chain disruptions have affected the energy sufficiency of multiple economies. With visionary and prudent leadership, the resilience and stability of the Indian economy amid such a global crisis is truly unparalleled. The Oil and Gas division of Reliance has performed an outstanding job in strengthening India’s energy security. With the commissioning of MJ Field, KG-D6 block now accounts for ~30% of India’s domestic gas production. As the world’s largest single-site refinery operator, we continue to diligently work towards ensuring a steady supply of fuel to both India and offshore markets. Our fuel-retailing JV, Jio-bp, focuses on innovation and customisable indigenous solutions to improve fuel efficiency at affordable prices. Our fast-growing network of EV charging stations enable the development of a robust infrastructure to support the growing fleet of EVs in India. Moreover, it underscores Reliance’s commitment towards decarbonisation. 6 7 Reliance Industries LimitedIntegrated Annual Report 2023-24 Chairman and Managing Director’s Statement With such a comprehensive approach towards decarbonisation, our new energy and new materials business is poised to become one of the largest providers of green energy globally, as well as a prime contributor towards India’s 2070 net zero target. Accelerating Towards Net Carbon Zero Reliance has defined a comprehensive roadmap leading to our ambitious Net Carbon Zero target. We are focused on investing in right talent to ensure superior execution of our decarbonisation plans. Our ESG Committee is doing an exemplary job in reviewing and evaluating the Company’s progress. Our think-tank, the New Energy Council, is providing critical insights about utility and adoption of nascent, unconventional technologies. Our R&D teams are working round- the-clock, devising solutions that can leverage novel techniques in the carbon recycling process. We have a strong background of successfully introducing pioneering transformations and gaining leadership status across market segments. I am confident that Reliance’s arrival on the global renewable energy landscape too will be truly disruptive. Enhancing Investor Wealth Global optimism on the Indian economic and business outlook helped Indian equity indices to soar to record high levels. In February 2024, Reliance became the first Indian company to cross the C 20 lakh crore threshold in market capitalisation. The demerger of Jio Financial Services has unlocked significant value for shareholders. Enhancing investors’ wealth and contributing to India’s economic expansion inspire us to aim higher. Summary of Financial Performance I am happy to highlight the remarkable financial performance of our businesses. The global economic scenario remained volatile causing considerable headwinds. But strategic depth of our businesses, talented business teams, and resilient domestic markets helped Reliance navigate the obstacles. The consolidated EBITDA grew 16.1% Y-o-Y to C 1,78,677, whereas consolidated net profit stood at C 79,020 with 7.3% Y-o-Y growth. Importantly, all our business segments contributed to the growth in earnings. Our strong balance sheet is a testament to our prudent business and financial management strategies which help us maximise cash profits. CONSOLIDATED EBITDA ₹1,78,677 Crore CONSOLIDATED NET PROFIT ₹79,020 Crore The Industrial and Infrastructure sectors in India exhibit an exceptional growth trajectory. Today’s India employs futuristic techniques to build robust, reliable, and lasting solutions. Reliance’s petrochemical products continue to contribute heavily to the fast-paced growth of new India. The concept of circularity has always been an inherent component of our chemical business. With immense pride I say that Reliance has become the first Indian company to chemically recycle plastic waste-based pyrolysis oil into circular polymers. This, along with other pioneering initiatives such as recycled polyester, recycled polyolefins, and waste-to-road solutions, is testimony to Reliance’s relentless drive for greener products and solutions. As we work towards our goal of attaining Net Carbon Zero by the year 2035, the development of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is progressing rapidly. This giga complex will be one of the largest end-to-end integrated renewable energy manufacturing facilities globally. We are also exploring multiple technologies for capture and recycling of carbon. We are confident that our New Energy business will play a pivotal role in the global movement for adoption of cleaner fuels. Our target is not just to make clean energy available, but also to make it accessible and affordable, thereby ensuring energy self‑sufficiency for India. 8 Highlights of Operational Performance Digital Services Jio’s subscriber base has shot up to 481.8 million. The pan-India rollout of True5G network was completed during the year in world-record time with over 108 million subscribers already having migrated to Jio’s True5G network. The launch of JioAirFiber has been well received by consumers. The introduction of JioBharat phone offers people who are on 2G networks an enriching data experience at affordable prices. In fact, JioBharat phone has already acquired 50% market share in the sub- C 1,000 segment. Media and Entertainment Media segment consolidated its market share with leadership across important segments. Record viewership of the Indian Premier League on JioCinema underscored our ability to scale-up audience on our digital platform in a short time. During the year, we entered into a landmark agreement with The Walt Disney Company, world’s leading media company, for creating a joint venture which combines the businesses of Viacom 18 and Star India. The resultant JV will be one of the leading television and digital streaming platforms in India, bringing best-in-class entertainment for our audience across the country. Retail The retail business significantly benefited from operating leverage, efficiency gains, and investments in technology and people. We continued to consolidate our leadership position through acquisitions and partnerships. We launched Tira, our omni-channel beauty retail platform and undertook rapid expansion of the platform’s digital and physical footprint. Our retail store network expanded to 18,836 stores, taking the overall retail space to 79.1 million sq.ft., an increase of 20.6% Y-o-Y. Addition of newer features and channels on online platforms resulted in growing share of digital and new commerce segments in revenue. Oil to Chemicals Product cracks for transportation fuels remained strong albeit lower than the previous year. Demand for downstream chemicals was muted globally but domestic demand remained healthy. Despite the headwinds, the O2C business registered a resilient performance. Jio-bp launched the ‘You Deserve More’ campaign and continued to expand its network of fuel retailing and EV charging outlets. Oil and Gas Exploration and Production Overall domestic production grew 53.2% Y-o-Y to 268.6 BCFe. With increased production from the KG-D6 block, the business witnessed a robust EBITDA growth of 48.6% Y-o-Y. Exploration activities in the KG UDW1 block and multi-lateral well campaign in the CBM block are underway. Conclusion Reliance has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth. Our constant endeavor to find solutions for India and Indians has helped us spot multiple growth opportunities that have expanded our business portfolio. This portfolio now enables us to touch the lives of millions of Indians through multiple products and offerings. Two things have throughout been paramount for us in dealing with our stakeholders – relationship and trust. Our people are our biggest strength. I sincerely appreciate our Board of Directors for their guidance and oversight, as well as all our employees for their dedicated efforts to help the Company achieve new standards of excellence. I would like to thank our business partners for their consistent support in delivering quality solutions. Allow me to convey my gratitude to our customers for keeping faith in Brand Reliance over the years. Finally, I thank our shareholders for their continued support. Their faith spurs us to continually grow and create value. With best wishes, Mukesh D. Ambani Chairman and Managing Director August 5, 2024 9 Reliance Industries LimitedIntegrated Annual Report 2023-24 Value Creation Model Driving Superior Outcomes for All Inputs FINANCIAL CAPITAL • Reinvested D1,35,880 Crore in the Group to maintain and develop operations • Strong balance sheet with D7,42,922 Crore net worth NATURAL CAPITAL • Establish and enable 100 GW renewable energy by 2030 • 506.18 Million GJ energy consumed* • 227.58 Million kilo liter total water withdrawal* HUMAN CAPITAL • 1,71,116 new recruits onboarded • 21.4% women employees across the group • Over 28.80 Million person hours of training completed • K 981 Crore HSE expenditure • 2,726 new ideas submitted under Mission Kurukshetra MANUFACTURED CAPITAL • 26,768 MHz - Jio’s Spectrum Footprint • 18,836 Retail stores, 79.1 Million sq. ft. Retail area • 1.4 MMBPD Crude Refining Capacity • Investment in Five Giga factories to offer integrated, end-to-end RE ecosystem INTELLECTUAL CAPITAL • Invested D3,643 Crore on R&D expenditure • 1,000+ team of Researchers and Scientists • 1,301 patent applications filed by RIL and Jio this year SOCIAL AND RELATIONSHIP CAPITAL • With 481.8 Million subscribers, Jio’s services span geographies, economic and social classes enabling digital inclusion • D1,592 Crore CSR contribution • Sustainable procurement framework at O2C to foster sustainability across the value chain • Regular surveys for all products/services as part of a well-established Quality Management System. *The data is for RIL Standalone and other O2C entities 10 Mission Be the most admired, innovative and value generating organisation for all our stakeholders. Values Our motto Growth is Life Business Divisions Retail Digital Services Media and Entertainment Oil to Chemicals Oil and Gas E&P New Energy External Environment Embedding Good Governance Governance approach promotes strategic decision making that combines short- term and long-term outcomes to reconcile the interests of the Group and society in pursuit of sustainable value. Managing Risk and Opportunities Risk appetite is aligned to change with the operating environment, integrating a risk-aware culture that proactively enhances the risk management capabilities. Page 39 - 40 Page 31 - 33 Measuring Our Performance The progress in executing the strategic pillars is tracked according to the outcomes and metrics associated with value drivers. Future Outlook It is RIL’s consistent endeavour to offer customised solutions to win customers for life. Page 41 - 57 Page 12 - 30 Value Creation Approach 01 Digital Technology Platforms Unmatched connectivity platforms to create disruptive digital solutions across customer cohorts and devices Outputs FINANCIAL CAPITAL › D3,94,020 Crore Total value added in FY 2023-24 › EBITDA of D1,78,677 Crore, up 16.1% Y-o-Y › Net profit at D79,020 Crore, up 7.3% Y-o-Y NATURAL CAPITAL Outcomes and SDG Alignment − Strong financial performance with all business segments contributing to the growth despite an uncertain and volatile global environment › RIL commissioned its first commercial scale CBG plant in a record-breaking span of just 10 months − Leveraging hyper-integration, robust business model, and scale to make New Energy a truly global business Page 18 › ‘A’ CDP Rating for RJIL − Transform to sustainable, circular and Net Carbon Zero material business › Energy savings of 5.28 Million GJ due to energy conservation initiatives* › Renewable energy consumption increased to 6.85 Million GJ* HUMAN CAPITAL 02 Decarbonisation Three pillars of our Net Carbon Zero Strategy: • Making CO2 a recyclable resource • Developing low- carbon alternatives • Leading the clean energy transition Page 41 03 Omni Channel Retail Catering to diverse consumer needs through an integrated network of stores and digital platforms Page 15 04 New Energy Business Pivoting to low-carbon growth with the 3S Strategy: Scale, Speed, Sustainability Page 29 › One of the largest employers, with employee strength of 3,47,362 › 1,723 differently-abled workforce − Enriched People Capital, encompassing a strong pipeline of young and exceptionally competent leaders › Reliance O2C and E&P, Reliance Retail and Reliance Jio were certified as a Great Place to Work® › Reduction in LTIFR Y-o-Y MANUFACTURED CAPITAL › Reliance Retail witnessed record − Reliance is India’s largest retailer and only footfalls of over 1 billion › ~60% Jio’s share of data traffic in India › 67.8 MMT production meant for sale for O2C, with total throughput at 78.2 MMT INTELLECTUAL CAPITAL Indian retailer to feature among the top 100 global retailers − Contributing to India’s energy security - produced 30% of India’s domestic gas › 236 patents granted to RIL and Jio − Democratising digital services and during FY 2023-24 accelerating innovative sustainable solutions › RIL became the first Indian company to chemically recycle pyrolysis oil into ISCC Plus certified circular polymers SOCIAL AND RELATIONSHIP CAPITAL › Reliance Foundation has touched lives of ~76 Million people cumulatively in 55,500+ villages and urban locations across India › Trends’ Net Promoter Score (NPS) up by 7 points − The JioBharat Phone is helping over 10 million users upgrade to digital networks at extremely affordable costs › All suppliers follow the Company’s Supplier Code of Conduct Note: For more details on Capitals, please refer Page 38. 11 Reliance Industries LimitedIntegrated Annual Report 2023-24 Management Discussion and Analysis Financial Performance and Review Page 13 Risk and Governance Page 31 Business Overview Major Awards and Recognition Page 15 Page 34 Integrated Approach to Sustainable Growth Page 38 (Read more about Natural, Human, Manufacturing, Intellectual, and Social and Relationship capitals) 15 Retail 15 Industry Overview 16 Business Performance 17 SCOT Analysis 17 Outlook 18 Digital Services 18 Industry Overview 19 Business Performance 20 SCOT Analysis 20 Outlook 24 Oil to Chemicals Industry Overview 24 25 Business Performance 26 SCOT Analysis 26 Outlook 27 Oil and Gas E&P Industry Overview 27 27 Business Performance 28 SCOT Analysis 28 Outlook 21 Media and Entertainment Industry Overview 21 22 Business Performance 23 SCOT Analysis 23 Outlook 29 New Energy Industry Overview 29 30 Business Updates 30 SCOT Analysis 30 Outlook Forward-looking Statement The report contains forward- looking statements, identified by words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ and so on. All statements that address expectations or projections about the future, but not limited to the Company’s strategy for growth, product development, market position, expenditures, and 12 financial results, are forward-looking statements. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realised. The Company’s actual results, performance or achievements could thus differ from those projected in any forward-looking statements. The Company assumes no responsibility to publicly amend, modify, or revise any such statements on the basis of subsequent developments, information or events. The Company disclaims any obligation to update these forward-looking statements, except as may be required by law. Financial Performance and Review Srikanth Venkatachari Soumyo Dutta Anshuman Thakur Dinesh Taluja Saurabh Sancheti C. S. Borar Raj Mullick Sumit Mantri Despite global headwinds, India’s economic performance was surprisingly robust, catalysed by strong domestic consumption and a pick-up in investment. Global Economy Global economic growth remained steady with above-trend growth in the US and a bounce-back in Chinese economy. CY22 CY23 US Euro-area China Global 1.9% 3.4% 3.0% 3.5% 2.5% 0.5% 5.2% 3.1% CY24 (IMF forecasts) 2.1% 0.9% 4.6% 3.1% Indian Economy India registered a GDP growth of 8.2% for FY24 (7.2% in FY 2022-23). India’s macro-economic outlook remains robust amid strong domestic consumption and a pick-up in investment. Government capex registered 25%+ Y-o-Y growth. Inflation moderated to 4.9% Y-o-Y by Mar-24 from an average of 6.7% in FY 2022-23. Core CPI inflation fell to 3.2% (all time low). Current account deficit (CAD) remained below 1.5% of GDP and FX reserves above US$ 600 billion. India’s net services exports grew at 15%. India’s share in world’s services exports now stands at ~10%. Direct tax to GDP is at record high of 6.7% (vs pre-COVID at 5.5-6%). India’s oil demand stood at 233.3 MMT for FY24 (up 4.6% Y-o-Y). Demand for natural gas was at 66.6 BCM (up 11.1% Y-o-Y). India continues to attract robust foreign inflows. FY24 inflows were resilient at US$ 44 billion. India is well positioned to continue being the fastest growing major economy with growth expected at 6.5% for the coming two years as per IMF. Performance Overview Reliance delivered robust annual performance on both operating and financial parameters. Notably, all segments contributed positively to earnings growth during the year. The Company achieved a consolidated revenue of C 10,00,122 crore (US$ 119.9 billion), up 2.6%, as compared to C 9,74,864 crore in the previous year. Revenue was boosted by robust growth in retail and digital services business, with an increase of 17.8% and 11.0%, respectively. Profit Consolidated EBITDA for the year increased by 16.1% to C 1,78,677 crore (US$ 21.4 billion) as compared to C 1,53,920 crore in FY 2022-23. EBITDA growth was led by 28.4% increase in Retail segment, benefitting from improved operating leverage, higher footfalls and growth in digital channels. Digital Services segment EBITDA also grew by 12.7% on account of higher revenue with increased subscriber base and higher customer engagement. O2C EBITDA grew marginally Y-o-Y, supported by strength in cracks for transportation fuels. Weakness in global downstream chemical margins and impact of major planned turnaround at the Jamnagar complex was offset by moderation in SAED. Oil & Gas segment EBITDA increased by 48.6%, supported by 56.8% higher gas production in KG-D6 block. Cash Profit increased by 12.7% to C 1,41,969 crore as compared to C 1,25,951 crore in the previous year. Profit After Tax was higher by 7.3% at C 79,020 crore despite higher finance cost, depreciations and taxes. Gross Debt Reliance’s Gross Debt was at C 3,24,622 crore (US$ 38.9 billion). Standalone gross debt was at C 2,11,790 crore with balance in key subsidiaries including Reliance Retail (C 41,317 crore), Reliance Jio (C 54,350 crore), Independent Media Trust Group (C 7,317 crore) and Reliance Sibur Elastomers (C 1,612 crore). Capex Capital expenditure for the year was C 1,31,769 crore (US$ 15.8 billion) as against C 1,41,809 crore in the previous year, with investments into network expansion in the digital services segment, scaling-up of the retail business, augmented production capacities in the Oil and Gas segment and projects in the O2C vertical. Capex was well covered by internal cash generation during the year. Standalone RIL’s Standalone revenue for FY 2023-24 was C 5,74,956 crore (US$ 68.9 billion), a marginal decrease of 0.5% as compared to C 5,78,088 crore in the previous year. Standalone EBITDA stood at C 86,393 crore (US$ 10.4 billion) as against C 77,918 crore in the previous year. Strong contribution from Oil & Gas business was partially offset by weak O2C. Profit After Tax was at C 42,042 crore (US$ 5.0 billion), a marginal decline of 2.2% against C 43,002 crore in the previous year. Basic EPS on Standalone basis for the year was C 62.14 as against C 63.56 in the previous year. Movement in Key Financial Ratios 1. The net capital turnover ratio improved from 16.97 in FY 2022-23 to 25.43 in FY 2023-24, due to lower working capital. 2. Return on investment increased from 6.7% in the previous year to 8.5% in FY 2023-24 due to higher yields on the investments portfolio. 13 Reliance Industries LimitedIntegrated Annual Report 2023-24 Management Discussion and Analysis — Financial Performance and Review 3. 4. The inventory turnover ratio decreased to 7.31 in FY 2023-24 as against 10.49 in the previous year primarily due to higher inventories. The return on net worth* fell to 10.3% in FY 2023-24 as against 10.9% in previous year due to marginally lower profits on weak O2C earnings and higher taxation. Liquidity and Capital Resources Macro Environment In FY 2023-24, global financial markets experienced significant volatility, marked by unpredictable shifts in sentiments, from growth concerns to inflation worries. In the US, it was a year of two halves. The first half experienced heightened financial market volatility stemming from fears of potential banking crisis followed by improvement in risk sentiment due to decisive fiscal interventions and decline in the US headline CPI inflation to 3-3.5%. The second half was marked by resurgence of inflationary and growth pressures, leaving markets uncertain about future inflationary conditions, growth prospects, and quantum of policy rate cuts. In India inflation declined steadily, with headline inflation reaching 5.1% in 4Q FY 2023-24, and core inflation falling below 4%. The inclusion of Indian sovereign bonds into JP Morgan’s GBI-EM global index in 2Q FY 2023-24 is expected to attract an estimated US$ 25 billion in foreign inflow. Additionally, the Government of India announced a steady fiscal consolidation path which helped in easing G-sec yields despite global challenges. India’s growth advantage coupled with expectations of sub-1.5% GDP Current Account Deficit, and low USDINR volatility should bolster the Indian Rupee in the short to medium term. RIL successfully navigated this environment while maintaining adequate liquidity, managing financial market risks, and delivering consistent returns on its investment portfolio. * Adjusted for CWIP and revaluation 14 Fund Raising Despite challenging market conditions, RIL and its subsidiaries successfully raised financing across various markets, currencies, and financial products at competitive cost to finance capital expenditure, support business expansion, and refinance maturing debt. Offshore Facilities Syndicated Term Loan Facilities (US$ 4.45 billion equivalent) 1. US$ 2 billion equivalent facilities were secured by the Company and its subsidiary, Reliance Jio Infocom Limited (RJIL), to finance capital expenditure. 2. US$ 2.45 billion equivalent facilities were arranged to refinance maturing debt. This transaction was well-subscribed in the primary syndication market from global lenders across geographies. ECA Supported Facilities (US$ 2.83 billion equivalent) RJIL secured US$ 2.2 billion 1. equivalent facilities to finance equipment and services for its pan-India 5G rollout comprising first ever Finnish Export Credit Agency (Finnvera) supported facilities of US$ 1.6 billion equivalent and US$ 0.6 billion equivalent facilities from Canadian Export Credit Agency (EDC). 2. The Company tied-up Korean Export Credit Agency (K-EXIM) supported facilities aggregating a US$ 625 million equivalent to finance the purchase of Floating, Production, Storage and Offloading (FPSO) vessel in the Oil & Gas business. Onshore Facilities RIL issued C 20,000 crore 10-year non- convertible debentures (NCD), marking the largest single-tranche NCD issuance by a non-financial entity in Indian capital markets and the second largest issuance ever in terms of size. The NCDs were issued at rates which were RIL’s lowest coupon ever and at the tightest spread over sovereign credit. Liquidity Management RIL places a strong emphasis on liquidity management, to ensure that the Group always has an adequate cushion to effectively mitigate market disruptions and meet its short-term obligations. The Company effectively optimises borrowing costs and finances working capital by extending payables, accelerating receivables, and utilising various debt instruments. RIL’s investment strategy safeguards its financial resilience while optimising growth opportunities. The portfolio is continuously calibrated to balance the objectives of capital preservation, stable returns, and ready access to liquidity. Credit Rating RIL continues to be rated two notches above sovereign by S&P and one notch above sovereign by Moody’s. Rating Agency Ratings Instrument International Debt S&P International Debt Moody’s Long-Term Debt Long-Term Debt Long-Term Debt Long-Term Debt BBB+ Baa2 AAA (Stable) Highest rating by CRISIL AAA (Stable) Highest rating by CARE AAA (Stable) Highest rating by ICRA CRISIL CARE ICRA India Ratings AAA (Stable) Highest rating by India Ratings Remarks Two notches above India’s sovereign rating One notch above India’s sovereign rating Way Forward RIL remains resolute in its commitment to foster sustainable value for its stakeholders through disciplined capital allocation, maintain appropriate leverage and optimally utilise its resources. The Company’s focus will be geared towards enhancing resilience and agility in its response to evolving market conditions. RIL will continue to monitor financial markets to seize suitable opportunities for capital-raising to support its growth plans, while maintaining a sharp focus on financial discipline and risk management. Retail Strategic Objective Transform the retail landscape in India through a win-win partnership model with all stakeholders in the retail value chain 18,836 Retail stores 79.1 Million sq. ft. Retail area >300 Million Registered customer base Industry Overview The Indian retail market is among the top five retail markets in the world and is estimated at US$ 951 billion in 2023. It remains one of the world’s fastest-growing markets and is poised to become the third-largest market by 2030. The growth of India’s retail sector is propelled by several factors, including increasing urbanisation, rising income levels, the expanding female workforce, and an aspirational Source: Deloitte - Future of Retail Reliance Retail, India’s largest retailer, operates an integrated network of stores and digital commerce platforms, catering to diverse consumer needs across electronics, fashion, grocery and connectivity consumption baskets. Reliance Retail’s operating model builds on the aspirational energy of the new, resurgent India. Its guiding philosophy rests on the tenets of enabling inclusion, growth, and building sustainable societal value for millions of Indians. Subramaniam V. Isha Ambani Akash Ambani Anant Ambani Bhakti Modi Ashwin Khasgiwala Dinesh Taluja Akhilesh Prasad Darshan Mehta Vineeth Nair Damodar Mall Brian Bade Kaushal Nevrekar Badal Bagri Sandeep Varaganti Sunil Nayak Bijay Sahoo Gulur Venkatesh young population. This growth extends across various town classes, benefiting numerous local, regional and international brands and manufacturers. They are being connected with consumers across diverse markets, thereby actively participating in India’s ongoing growth narrative. Grocery, fashion and lifestyle and consumer electronics constitutes over 90% of the market. 15 Reliance Industries LimitedIntegrated Annual Report 2023-24 Retail Business Performance − Reliance Retail delivered resilient performance with another year of steady growth in revenue and profit. The business recorded Gross Revenue of C 3,06,848 crore, a growth of 17.8% over last year. − The business continued its strong track record of profit growth, registering an EBITDA of C 23,082 crore for the year, up 28.4% Y-o-Y. − At 8.5%, EBITDA Margin continued to show improvements and grew 70 bps Y-o-Y. − The business opened 1,840 new stores. The total store count stands at 18,836 stores with an area of 79.1 Million sq ft. − Reliance Retail undertook equity fund raise of C 17,814 crore during the year. − Stores witnessed over a billion footfalls, a significant milestone for the business. − The registered customer base crossed a milestone of 300 million, making Reliance Retail one of the most preferred retailers in the country. − During the year, the business made several strategic partnerships and acquisitions to strengthen capabilities and bolster its product offerings. Acquisition of Sephora India franchise; IP rights for Superdry for India, Sri Lanka and Bangladesh; India business of Kiko Milano; majority stake in Ed-a-Mama were amongst the notable ones. Consumer Electronics Reliance Retail is a leading player in consumer electronics retailing in India. It operates Reliance Digital and MyJio Stores, each designed to offer a differentiated value proposition, strong in-store experience, and extensive product assortment. Strategic Progress − Retail stores maintained their growth momentum, led by a comprehensive selection of products with a strong value proposition. 16 FINANCIAL PERFORMANCE (In L crore) Value of sales and services Revenue from operations EBITDA EBITDA margin* FY 2023-24 FY 2022-23 Y-o-Y Change 3,06,848 2,73,131 23,082 8.5% 2,60,394 2,30,951 17,974 7.8% 17.8% 18.3% 28.4% 70 bps * EBITDA margin is calculated on Revenue from Operations − resQ experienced strong growth in the past year, driven by expansion of service plans, categories and expansion of new service centres. − Premium brands business continued to lead the premium and luxury segment with the widest portfolio of brands. − The own brands business witnessed introduction of new products across various categories and an extended distribution reach. − New Commerce business through JioMart Digital (JMD) continued its growth journey and expanded its merchant partner base. Fashion and Lifestyle Reliance Retail is the largest fashion and lifestyle retailer in India. Its fashion and lifestyle consumption basket operates a variety of store formats, tailored to meet diverse customer segments. Strategic Progress − The business continued to drive growth through an assortment tailored for target customer segments and expanded in the right catchment areas through new store openings. − AJIO strengthened its proposition in F&L e-commerce space by enhancing its product catalogue and drawing in millions of customers with comprehensive brand catalogue across price points; Ajio Luxe delivered steady performance with a portfolio of over 600 brands. − New ‘Swadesh’ store format launched, focusing on India’s traditions and creative expressions through development of artisans and their art and craft forms. − New format ‘Yousta’ launched, a youth-focused fashion retail store offering fast fashion at affordable prices. − Jewels business delivered another year of steady revenue growth through its focus on differentiated product offering, including collections inspired by India’s rich heritage. Grocery Reliance Retail is the largest grocery retailer in the country, operating a wide portfolio of formats, each offering distinct value proposition. These formats cater to daily and monthly shopping needs, providing essentials, fresh produce, and general merchandise, within a modern and welcoming shopping environment. Strategic Progress − The grocery consumption basket delivered steady performance led by growth in footfalls and bill values. − Focus on range expansion across non-food categories remained a key priority. Stores witnessed continued growth in non-food category led by General Merchandise and Home & Personal Care categories. − The business collaborated with over 125 leading brands for the ‘SMART Bazaar Chaliye’ marketing campaign, an industry-first initiative. − During the year, the business completed the acquisition of Metro India. The business successfully integrated Metro India’s operations with grocery new commerce business to provide omni-channel experience and wider assortment to our B2B customers and merchant partners. Consumer Brands Reliance Retail is building a consumer brands business focused on enriching lives of people through indigenous products that are accessible and affordable. Strategic Progress − The business has been expanding reach through a multi-channel distribution model, leveraging a network of Reliance Retail’s stores as well as digital and new commerce platforms. Strengths › Largest omni-channel retailer with integrated stores, digital and new commerce platforms › Proven product design capabilities to develop innovative and high- quality products › Robust sourcing ecosystem involving MSMEs national and international suppliers › Large supply chain operations with ability to deliver products across the country › Leveraging customer insights, analytics and technology to build strong brands and deliver exceptional customer experience › Widest portfolio of brands making Reliance Retail a partner of choice − Brands ‘Campa’ and ‘Independence’ have received good traction from trade channels and consumers. − The business continued to strengthen its portfolio of brands through new launches (Necto, Brew House and Campa Runner Energy) and acquisitions and partnerships (Ravalgaon and Elephant House), during the year. >1.2 Billion Customer Transactions JioMart and Milkbasket JioMart, a leading horizontal digital commerce platform, strives to simplify, expedite and enhance the shopping experience of millions of customers. Milkbasket is a subscription-oriented service that makes it convenient for households to subscribe to the delivery of essential products daily. Strategic Progress − JioMart delivered steady performance led by wider catalogue and higher average order value as customers shopped across categories on the platform − The focus on upgrading customer experience continued with several platform enhancements such as improved product search, return doorstep quality check for fashion, and others. Connectivity Reliance Retail serves as a master distributor for Jio’s connectivity services, offering a wide array of products and solutions to consumers across India. This includes mobile connectivity services, broadband internet, digital content, and related devices such as smartphones and routers. Challenges Outlook › Supply of quality real estate due to limited availability of quality malls and high streets › Access to trained manpower to support growth The Indian retail market is one of the fastest growing markets in the world and is expected to cross US$ 1.4 trillion by 2027. Rising demand for premium and luxury products further fuels this growth trajectory, reflecting the evolving preferences with rising disposable incomes. Reliance Retail’s commitment to the Indian retail sector is evident through the substantial investments made across the retail value chain over the years. Reliance Retail remains steadfast to innovation across formats and products to improve customer experience and serve evolving consumer needs. Source: Technopak, IBEF 17 SCOT Analysis Opportunities Threats › Strengthen end-to-end value chain to serve the fast fashion opportunity › Growing demand for premium and luxury products in India › Scale up own brands and formats › Macro-economic impact on consumer sentiments Reliance Industries LimitedIntegrated Annual Report 2023-24Management Discussion and Analysis — Business Overview Digital Services Strategic Objective Leverage technology to create market-leading products and solutions that add value to our customers, across and beyond India 481.8 Million Subscribers EOP 148.5 Billion GB Data traffic 108 Million Users migrated to 5G network 5.5 Trillion minutes Voice on network Industry Overview Rollout and Adoption of 5G Jio has led the rollout of the pan-India 5G network and India has over 4,35,000 5G BTS deployed across the country. According to the Ericsson Mobility Report, 5G subscribers in India are estimated to grow to more than 800 million by 2029. The rapid upgrade of network infrastructure has also led to over 70% of new smartphones being 5G enabled. Launch of more affordable 5G smartphones would further accelerate the transition towards 5G. 18 Jio has completed its planned True5G rollout across India. It is also accelerating the transformation of fixed broadband infrastructure in the country with its JioFiber and JioAirFiber solutions. The ability to offer connectivity services across customer cohorts and device form factors will enable Jio to address the digital needs of every Indian citizen. Akash Ambani Isha Ambani Anant Ambani Sanjay Mashruwala Pankaj Pawar Mathew Oommen Kiran Thomas Harish Shah Jyotindra Thacker Anish Shah Anshuman Thakur Rajneesh Jain V. Sridhar Ashish Lodha Shyam Mardikar Dhruv Kumar Tayal Aayush Bhatnagar Saurabh Sancheti R. Srinivasan Sanjay Jog Rahul Mukherjee Fixed Wireless Solutions to Accelerate Fixed Broadband Overall fixed broadband connections in India have increased by 20% Y-o-Y to ~40 million by March 2024. The rollout of the next generation fixed wireless networks on the back of 5G and point- to-multi-point UBR would catalyze demand for high-speed fixed broadband. Rural areas are expected to see a higher uptake of these services due to limited last-mile infrastructure currently. Digital Adoption Seeing Significant Traction Digital services are becoming increasingly integral to the 900+ million broadband users in India. Increasing per capita income, further strengthening of India Stack, and the need for convenience will continue to drive the adoption of digital platforms. Google, Temasek, and Bain & Company, in their report – e-Conomy India 2023–have estimated India’s internet economy to grow 6x and reach US$ 1 trillion by 2030. Key Regulatory Developments − During the year, the Government of India enacted the Indian Telecommunication Act 2023, which replaces, consolidates, and modernises the laws governing telecom services in the country. − The Digital Personal Data Protection Act, 2023, has been enacted to protect the digital personal data of Indian citizens. The underlying implementation guidelines and rules are yet to be notified by the Government. − Government of India conducted spectrum auctions in June 2024 for all the existing 4G and 5G spectrum bands. Jio acquired rights for additional spectrum in the 1800MHz band in Bihar and West Bengal increasing its spectrum footprint to 26,801 MHz (uplink + downlink). − TRAI has also started a consultation process for the assignment of spectrum for space-based communication services. #1 Connectivity and digital services provider in India ~60% Share of India’s data traffic ~12 Million Jio Fiber/AirFiber subscribers across India Business Performance FINANCIAL PERFORMANCE (In L crore) Value of sales and services Revenue from operations EBITDA EBITDA margin* FY 2023-24 FY 2022-23 Y-o-Y Change 1,32,938 1,13,176 56,697 50.1% 1,19,791 1,01,961 50,286 49.3% 11.0% 11.0% 12.7% 80 bps * EBITDA margin is calculated on Revenue from Operations Digital services revenue and EBITDA growth in FY 2023-24 were 11% and 12.7% Y-o-Y, led by a higher subscriber base and scale-up of digital platforms. Customer engagement on the Jio network increased sharply, with average per capita data and voice usage at 28.7 GB and 1,008 minutes per month across overall subscriber base of 481.8 million for the quarter ending March 2024. Jio True5G Powering Multiple Moats Jio has rolled out its True5G network across India, with over 108 million subscribers migrated to Jio’s 5G network. The Jio True5G network now carries almost 30% of Jio’s mobility data traffic, and the entire 5G data is now carried on Jio’s own 5G+4G combo core. Jio is the only operator in India rolling out 5G on StandAlone architecture and has multiple technology advantages – ability to offer tailor- made network slices for different customer cohorts and use cases, Voice over New Radio (VoNR), and cloud-native 5G core with cutting- edge security (Quantum Safe). JioAirFiber Expands Addressable Market in Fixed Broadband Jio continues to lead on fixed broadband connections, with ~12 million premises connected with JioFiber/JioAirFiber as of March 2024. In addition to JioFiber presence, JioAirFiber has been rolled out in ~5,900 towns with encouraging early signs of demand. JioAirFiber has been positioned as an entertainment-first product, and content bundling is driving ~30% higher per capita usage compared to JioFiber. Jio aims to reach 100 million premises through a combination of fiber and fixed wireless solutions. Jio Network Shows Significant Jump in Data Traffic Increasing mix of 5G and fixed broadband, and higher customer engagement have led to a 31% Y-o-Y increase in overall data traffic to ~149 exabytes during FY 2023-24. With best-in-class network infrastructure, Jio has built enough data capacity to serve over a billion Indians for their digital needs at homes, offices, and on-the-go. Jio’s share of data traffic in India has increased to ~60%, making it the most preferred broadband network. Presence in Enterprise Connectivity Scaling Up Jio has consistently gained market share in enterprise connectivity, with an increasing presence across key industry verticals like BFSI, Government, and Manufacturing. Jio has signed marquee deals for digital services like Cloud, CPaaS, and IoT over the past year. Small and Medium Businesses (SMB) remain a large addressable market where Jio benefits from a deeper network presence with JioFiber and JioAirFiber. Education institutes, retail stores, and professional services are key SMB cohorts where Jio has significant traction. 19 Reliance Industries LimitedIntegrated Annual Report 2023-24 Digital Services Leading Technology innovations in the country In pursuit of developing innovative product and services at affordable prices, Jio Platforms and its subsidiaries have filed for 1,255 patents and were granted 144 patents in FY2023-24. The Cumulative count of patents granted has increased to 331 as of March 2024. These patents span across 6G, 5G, AI, LLM, Deep Learning, Big Data, Devices, IoT and NB-IoT. Some of the new product launches by Jio are JioBharat, JioSpaceFiber, JioCloudXP, JioGamesCLoud, JioCloudPC, JioMotive, JioSafe, and JioTranslate. Strengths › Jio has built one of the most advanced and integrated connectivity networks and completed the world’s fastest Standalone 5G rollout in India. › Jio’s connectivity network in India covers over 99% of the population with presence further deepened by vast network of physical stores, recharge outlets, and Jio Associates. › Jio has a full stack of digital platforms addressing consumer needs across Entertainment, Commerce, Gaming, Agriculture, Education, and Healthcare. › Jio has a proven track record of rolling out large scale next-gen connectivity networks, compute and digital infrastructure, well ahead of the competition. Challenges Outlook › Unforeseen circumstances across the global technology supply chain could have an impact on Jio’s ability to rollout network and digital services. › The futuristic vision on digital services necessitates and puts the responsibility of creating the device ecosystem on Jio. › Jio has to invest considerable time and effort in developing use cases and increasing engagement across its digital platforms. Jio has accomplished the fastest rollout of a 5G network witnessed anywhere in the world and is now available across India. JioAirFiber has seen strong demand and customer engagement, especially in underserved segments. Jio’s indigenously developed technologies are being deployed at scale in India and will subsequently be taken to the rest of the world. Jio’s ahead-of-the- curve investments in next- generation network and digital technologies would sustain a competitive edge and market share gains. This will ensure strong and consistent shareholder return over the coming years. SCOT Analysis Opportunities Threats › Jio’s pan India True5G network is strongly positioned to lead the progress towards 5G in India. › Disruptive technological changes could make current technologies obsolete. › Potentially large natural disasters or pandemics could have an impact on future growth and continuity of business. › The entry of a new disruptive player or price competition could impact long-term returns. › JioBharat device platform is accelerating the transition of feature phone users to digital networks. › Jio’s deep fiber presence and revolutionary rollout of fixed wireless access services are primed to connect 100 million premises with digital solutions. › Jio’s connectivity and compute infrastructure would drive market share gains. 20 Media and Entertainment Strategic Objective Aim to be a provider of top- drawer content across genres, regions and languages, reaching out to audiences on platforms of their choice 12.7% TV network viewership share (Includes Associate ETV) 227 Million1 Monthly reach of the digital news portfolio 225 Million2 JioCinema average monthly reach #1 News channels in key genres Viacom18 becomes the home of cricket Record digital reach for IPL on JioCinema 1 Source: Comscore MMX report, Mar’24 data 2 Source: Data.ai Reliance has taken big strides in scaling-up the media and entertainment vertical in the last year. From initiating the merger of TV18 and E18 (Moneycontrol) with Network18, to onboarding a strategic investor in Viacom18, to announcing partnership with Disney, all these initiatives will not only help to capture the growth opportunities presented by India’s rapidly growing media landscape but also to shape its evolution. Rahul Joshi Jyoti Deshpande Ramesh Damani Priyanka Chaudhary Kevin Vaz Kiran Mani Key Highlights Industry Overview Joint Venture with Disney Announced − The JV with Disney will combine the businesses of Viacom18 and Star India to form one of the largest Indian M&E companies. − RIL to invest C 11,500 crore into the JV for its growth plan. Scheme of Merger for News Businesses − Merger of TV18 and E18 (Moneycontrol) with Network18 initiated, to consolidate TV and Digital news assets in one company. − It will simplify holding structure and create India’s leading integrated news media conglomerate. As per the FICCI EY Report, Indian Media and Entertainment sector grew 8% Y-o-Y in 2023 to reach US$ 27.9 billion, driven by the continued growth momentum in digital segment. Video continued to lead growth in content consumption as consumers increasingly become comfortable with cross-platform viewing, aided by increasing smart device penetration and growth in internet connectivity. Digital will Continue to Lead the Growth of M&E Sector Digital segment is expected to grow at a CAGR of 13.5% over 2023-26 to C 955 billion, representing nearly 50% of ‘big media’ (TV, Digital, Print). With 900+ million broadband subscribers, led by mobile, and around 75% of time-spent on small-screens going towards content consumption, online video is expected to drive long-term growth of the media segment. 21 Reliance Industries LimitedIntegrated Annual Report 2023-24Management Discussion and Analysis — Business Overview Media and Entertainment Connected TVs to Lead Growth in Television Segment India is expected to have 100 million Connected TVs by 2030. With the engagement levels on big screens higher than small screens, CTVs offer the best features of traditional and digital eco-system, providing an opportunity for brands to reach premium audiences in an intelligent Business Performance fashion on the big screens. As per GroupM, 16% of advertising spends on TVs will be contributed by CTVs by 2026. Sports to be the Key Catalyst for Digital Adoption Live sports has always been one of the most important genres for consumers across the world. Its broad demographic appeal and unique ability to reach millions of audiences concurrently with high engagement levels, ensures a consistent flow of traffic. Sports streaming on digital platforms scaled new heights last year as viewership records were broken repeatedly. With platforms innovating to bring in more audiences and adding new features to increase engagement, Sports will be a key driver for growth of digital segment. TV Network Our flagship channel, Colors, delivered a phenomenal performance, reaching its highest ever share in last 12 years and consistently closed the gap with the leader. Colors Cineplex improved its share and ranking during the year while Colors Kannada continued to be a strong #2 player. Our Kids, English and Youth portfolios continued to be #1 in their respective segments. Source: BARC Value of Services (C crore) Revenue from Operations (C crore) EBITDA (C crore) EBITDA Margin* FY 2023-24 FY 2022-23 Y-o-Y Change 10,826 9,297 33 0.4% 7,266 6,223 236 3.8% 49.0% 49.4% (86.0%) (340 bps) *EBITDA margin is calculated on Revenue from Operations Operating revenue of the Network18 Group for the year grew by 49.4% Y-o-Y, driven by strong growth across both Entertainment and News segments. The businesses made significant investments during the year in scaling up its new verticals, Sports and Digital, which impacted the profitability. News Business Our TV Business News portfolio maintained its undisputed leadership with a 3600 coverage of everything related to business, finance, and economy. The National channels fortified their positions as the channels of choice for the audiences across the country. Our Regional portfolio of 14 channels covers the entire breadth of the country with 1,200+ reporters stationed in virtually every corner of the nation Networks18’s Digital news portfolio continued to be India’s #2 online news publisher with leadership in vernacular genre. It closed the gap with the leader to ~15% (from 40% at the beginning of the year) in terms Source: Comscore MMX report, Mar’24 data 22 of reach. Moneycontrol retained its status as India’s premier platform for financial news and also launched transaction-based products on the platform including lending and fixed deposits. Moneycontrol Pro was India’s #1 paid digital news platform. Firstpost’s pivot as a digital-first, video- focussed brand got great traction with consumers, helping it cross 4 million subscribers on YouTube. Entertainment Business Digital JioCinema, was amongst the fastest growing OTT in the country, outpacing all competitors in terms of expansion and user acquisition. Powered by its expansive sports coverage and entertainment content, the platform established itself as the most popular OTT in the country. Starting the year on a strong footing with IPL, the platform set new benchmarks in terms of reach and engagement. JioCinema delivered record digital advertising revenue for the 16th season of IPL. It complemented its sports offering with a mix of digital exclusive shows like Bigg Boss OTT and other popular network shows. The platform also boasts of a strong English catalogue with content from global studios like HBO, NBCU and Paramount. Jio Studios, the media and content arm, had an action-packed year with 11 theatrical films, 35 direct-to-digital releases and 8 original web series across languages and genres, the largest by any film studio in the year. This slate was released across theatres, OTT and broadcast platforms such as Jio Cinema, Netflix, Amazon prime video, Disney+ Hotstar, Colors and Star Network. With eight consecutive hits, Jio Studios’ films garnered a whopping K 700 crore at the box office – with every second film in Q4 FY2024 being a Jio Studios film. Our relentless pursuit of excellence earned us 80+ awards. Jio Studios has developed an extensive pipeline of theatrical spectacles showcasing A-list and upcoming talent in thought provoking narratives. With a keen eye for originality, emphasis on franchise development and a steadfast commitment to showcasing narratives that authentically represent India’s rich cultural heritage to global audiences, Jio Studios remains resolute in its mission of ‘Make in India and Show the World’. In an industry often compartmentalised by linguistic boundaries, Jio Studios has strategically expanded its presence beyond the Hindi market, making significant inroads in regional language markets, through meticulous craftsmanship and a deep understanding of diverse cultural nuances. With released film like Baipan Bhari Deva – one of Marathi cinema’s highest-grossing films, upcoming films Raja Shivaji, a larger- than-life period biopic starring Riteish Deshmukh, and Khashaba, a real-life sports drama, to be directed by the national award-winning Nagaraj Manjule and music by the maestro AR Rahman for the very first time for a Marathi film, Jio Studios has brought Marathi cinema to centre stage. Additionally, our foray into Tamil, with projects such as Thangalaan starring Vikram, and into Bengali with releases such as Dawshom Awbotaar and Kabuliwala, underscores our commitment to explore and embrace the vast potential of non-Hindi language markets. Jio Studios is dedicated to delivering world class content that is commercially successful, resonates with global audiences and earns widespread acclaim. As we continue to expand our reach and solidify our position in this thriving segment of the entertainment industry, we remain steadfast in our pursuit of diversity, innovation, and unparalleled excellence in storytelling. Strengths Challenges India’s Biggest Media Conglomerate: Reliance is India’s largest media conglomerate comprising Network18, TV18, Viacom18, Jio Studios, and other investments, with strong positions in key segments. Diverse Media Reach: With a portfolio of 63 TV channels, OTT platforms, digital news and information platforms, Reliance connects with consumers across platforms with tailored content spanning entertainment, news, sports, movies, and live events. Global Alliances and Strong Brand Equity: Collaborations with global giants like Disney, Paramount, and Warner Bros. Discovery, along with genre-defining brands such as CNBC TV18 and Colors, have fortified Reliance’s leadership. Rising Costs and Fragmented Viewership: Intense competition has not only led to escalation in content costs, especially for sports and movie rights, it has also led to viewership fragmentation. Macro-economic linkages: India’s ad market is inherently linked to macro- economic growth, necessitating creation of a robust business model insulated from fluctuations in the economy. Piracy: Despite content piracy seeing a significant decline, it remains a critical challenge in generating commensurate return on investments. SCOT Analysis Opportunities Threats Digital Expansion: India’s projected one billion connected screens by 2030 indicate substantial growth potential, fuelled by increasing smartphone and CTV penetration. Ad market Growth: Rising disposable incomes are expected to drive ad spends, particularly on digital medium, which have democratized advertising for SMBs. Experiential Viewing: Digital platforms are revolutionising viewing experience with interactive features, boosting engagement and reshaping media consumption. Technology transition: Rapid technological advancements may lead to the obsolescence of current content production infrastructure and viewing platforms. Competition: Indian M&E sector’s growth potential means that it is expected to remain intensely competitive, featuring both local and global players. Force Majeure: Any large natural disaster, pandemic like COVD-19, war etc. could disrupt regular business operations. Outlook As a Group that connects with Indian consumers across multiple facets of their lives, we believe media will continue to gain in terms of consumer’s time and wallet share, as India powers through its journey of becoming an upper middle-income economy. The ubiquitous penetration of digital platforms has created an unprecedented opportunity to connect with mass and niche audiences through differentiated content. We are investing across our businesses to not only position them as the preferred platforms for consumers seeking diverse, high-quality content, but we are also committed to playing the role of innovator and thought leader for the industry. 23 Reliance Industries LimitedIntegrated Annual Report 2023-24Management Discussion and Analysis — Business Overview Oil to Chemicals The Oil to Chemicals (O2C) business portfolio spans transportation fuels, polymers and elastomers, intermediates, and polyesters. The O2C business includes world-class assets comprising refineries and petrochemical units that are deeply and uniquely integrated across sites along with logistics and supply chain infrastructure. The RIL O2C business includes a 51% equity interest in a fuel-retailing JV with bp – Reliance BP Mobility Limited (RBML) – operating under the brand name Jio-bp, and a 74.9% equity interest in Reliance Sibur Elastomers Private Limited (RSEPL). Strategic Objective Build Reliance as one of the world’s leading O2C, New Energy and New Materials company with a sustainable and circular business model The integrated O2C business structure enables an integrated decision-making approach that helps to optimise the entire value chain from crude to refining to petrochemicals to the B2B/B2C model. The O2C business will further leverage technology and its existing assets and streams to maximise conversion of crude to chemicals and materials, with an aim to create a sustainable, holistic, circular materials business. 67.8 MMT Production meant for sale 78.2 MMT Total throughput Industry Overview Transportation Fuels In FY 2023-24, the transportation fuel sector faced challenges related to geopolitics, shifts towards energy transition, environmental issues and economic concerns. Global oil demand rose by 2.2 mb/d to 102.4 mb/d, while supply increased by 1.6 mb/d to 102.1 mb/d. OPEC effectively managed oil prices through quota 24 Nikhil R. Meswani Hital R. Meswani Akash Ambani Isha Ambani Anant Ambani P. K. Kapil Sanjiv Singh Srinivas Tuttagunta J. Rajaraman Harish Mehta Amit Chaturvedi Puneet Madan Sanjeev D Sharma Hemant D Sharma Piyush Bhatt C. S. Borar Ashwani Prashara Seema Nair restrictions. The Brent crude oil price averaged US$ 83/bbl amidst volatility. In FY 2023-24, global refinery crude throughput increased by 1.5 mb/d to reach 82.3 mb/d, despite volatility stemming from geopolitical tensions. Moreover, tanker markets rose due to longer ton-miles resulting from changes in trade patterns. During FY 2023-24, positive trends were observed in global demand, with gasoline demand increasing by 813 kb/d, diesel demand growing by 272 kb/d and jet fuel demand surging by 1 mb/d. Future demand and market dynamics may be impacted by geopolitical tensions. Source: IEA, IHS, WoodMac The domestic Electric Vehicle (EV) industry emerged strongly, boasting over 13,000 charging stations and a 4 million EV parc, signaling significant growth potential. Aviation, propelled by the UDAN scheme, expanded with 149 civil airports. Polymers and Elastomers Global ethylene demand increased by 2% Y-o-Y to 181 MMT in CY23, while capacity addition of 9 MMTA resulted in a lower operating rate by 2%. Global Polymer demand touched 246 MMT in CY23, compared to 245 MMT in CY22. PE and PP demand grew by 0.5% and 1% respectively, while PVC demand dropped by 0.6%. Global demand for SBR decreased by 6.6% in CY23, while PBR demand decreased by 2.5% due to subdued vehicle sales and inventory destocking. Domestic PP, PE and PVC demand grew by 9%, 20% and 9% respectively driven by infrastructure, automotive, e-commerce, FMCG and agriculture sector demand. Indian SBR and PBR markets expanded by 4% and 10% Y-o-Y, respectively, driven by robust OEM demand. Intermediates and Polyesters In CY23, global intermediaries demand rose 2% to 162 MMT amid crude price volatility and sluggish Chinese recovery. Global PX demand remained flat at 50 MMT in CY23, while supply grew by 6%, led by new capacity additions. PTA and MEG witnessed 3% growth due to higher downstream polyester operating rates. Global polyester demand grew by 4% to 88 MMT in CY23, primarily driven by recovery in Chinese downstream operations. Domestic polyester demand grew by 4%. PET witnessed strong growth of 13%, followed by PFY at 2%, while PSF demand was marginally down by 2%. PET demand saw an uptick due to strategic purchasing by major brands in view of ICC World Cup and state elections. Slowdown in exports of polyester and downstream products impacted growth of staple filament. Business Performance FINANCIAL PERFORMANCE Revenue (C Crore) EBITDA (C Crore) EBITDA Margin FY 2023-24 5,64,749 62,393 11.0% FY 2022-23 Y-o-Y Change 5,94,650 62,075 10.4% (5.0%) 0.5% 60 bps O2C revenue for FY 2023-24 witnessed a 5.0% Y-o-Y decline to C 564,749 crore, primarily on account of lower product price realisation following a 13.5% Y-o-Y decline in average Brent crude oil prices. This was partially offset by higher volumes. O2C EBITDA for FY 2023-24 was marginally higher at C 62,393 crore with optimised feedstock sourcing, advantageous ethane cracking, and lower SAED impact, although the margin environment across transportation fuel and downstream chemicals remained weak throughout the year. PRODUCTION MEANT FOR SALE (In MMT) Particulars Products Transportation Gas Oil Fuels Gasoline / Alkylate Polymers ATF PP PE PVC Elastomers and Feedstock Intermediates PX and By-products and Polyesters Benzene and Derivatives PTA MEG and By-products Filament Staple PET Others TOTAL Fuels, Solids and Others Transportation Fuels RIL’s transportation fuel segment’s overall production meant for sale was up due to higher throughput and healthy domestic demand. Despite a challenging margin environment due to heightened refinery supply and global dynamics, RIL effectively navigated the business environment. Cracks in key fuel categories declined: Singapore gasoline 92 RON cracks averaged US$ 11.6/bbl (vs US$ 14.7/bbl in FY 2022-23), gasoil 10-ppm cracks at US$ 23.0/bbl (vs US$ 40.7/bbl), and jet/kerosene cracks at US$ 21.2/ bbl (vs US$ 32.9/bbl). RIL’s strategic positioning and efficient operations ensured stability, exemplifying FY 2023-24 FY 2022-23 24.9 13.5 5.3 2.8 2.1 0.7 0.4 1.4 0.5 2.4 0.9 1.3 0.8 1.1 9.7 25.2 12.2 4.7 2.7 2.2 0.8 0.4 1.9 0.4 2.2 1.0 1.2 0.8 1.2 9.5 67.8 66.4 resilience and adaptability amidst market complexities. Jio-bp, the joint venture of RIL and bp, expanded its mobility station network to 1,729, offering pioneering benefits, including up to 4.3% extra HSD mileage per liter, trucker loyalty and on-demand doorstep HSD. Backed by world standard operations, Jio-bp achieved 63% increase in ATF sales. With over 4,500 charge points at EV- friendly locations backed by innovative solutions and foray into CBG retailing, Jio-bp has also strengthened its low carbon fuel portfolio. 25 Reliance Industries LimitedIntegrated Annual Report 2023-24 Oil to Chemicals Polymers and Elastomers Polymer prices weakened during FY 2023-24 due to global capacity additions and slowdown in consumption amidst recessionary concerns in developed markets. Polymer margins contracted during the year with PP-Naphtha, HDPE- Naphtha and PVC margins down by 13%, 8% and 21%, respectively. US Ethane prices decreased by 48% and Asian Naphtha prices dropped by 11% Y-o-Y. RIL Cracker feed-mix was optimised based on Naphtha Vs Ethane economics and lower Ethane prices supported chemical margins. Intermediates and Polyesters In FY 2023-24, PX-Naphtha margins increased by 10%, surpassing the five-year average of US$ 303/ MT. Integrated producers like RIL continued to optimise production based on PX vs. gasoline economics. PTA-PX margins decreased by 14% due to tight PX supply and significant capacity expansions of PTA in China. MEG-Naphtha margin surged 53% to US$ 67/MT, driven by increased downstream operations and weaker naphtha prices. However, margins continue to remain weak due to capacity overhang and higher inventory. PET margins weakened due to a substantial capacity increase in China and sluggish demand growth in Western countries attributed to high inflation. Filament and Staple margins were constrained by significant capacity expansions in China and subdued global market demand. Challenges Outlook Strengths › Diversified feedstock sourcing ensures cost-effectiveness and resilience to market fluctuations › Flexibility in product mix optimisation enhances product netbacks › Efficient logistics management reduces freight costs and boosts operational efficiency › Leveraging technology for digitised experiences and customer value propositions, sustaining market leadership › Exploiting emerging trends like EV charging networks and low carbon fuel segments › Efficient time charter vessel management controls logistic costs, enhancing competitiveness › Increased freight exposure threatens margin stability, especially in European and US markets › Limited presence in end- user markets may impede market penetration › Meeting sustainability mandates for fuel products while ensuring profitability › Global overcapacity in certain products may impact margins › Energy market volatility and recessionary trends pose risks to demand and profitability SCOT Analysis Opportunities Threats › Capacity rationalisation in developed › Tightening heavy crude supply, geopolitical uncertainties, and supply chain disruptions threaten operations › Increased exports from China and imports from countries with trade agreements pressure margins › EV transition, carbon taxes, and sustainability regulations challenge traditional fuel products › Potential challenges in adhering to market-determined pricing regime by Indian Oil Marketing Companies economies enhances efficiency › Growing domestic GDP and disposable income create market expansion opportunities › Potential Chinese consumer demand revival could impact global dynamics positively › Placing products strategically based on netback across regions boosts market penetration › Transitioning to renewable fuel production expands revenue streams and aligns with sustainability goals › Developing capabilities in renewable energy caters to future trends 26 Global oil demand is expected to grow steadily, supported by Asian markets, particularly China and India. Middle East and Africa’s new refining capacities are likely to stabilise supply, balancing the market. Firm oil prices and product cracks are anticipated as global trade flows stabilise post disruption caused by Russian-Ukraine conflict. Geopolitical tensions in the Middle East, Russia-Ukraine conflicts and Election cycles in major economies may alter oil market dynamics. India demand is expected to remain robust in line with heavy economic activity. Polymer demand in India is expected to rise by 6-8% in FY 2024-25, driven by construction, automotive, packaging, and consumer goods sectors. Polyester growth remains strong, supported by domestic demand resilience. Exports from India are expected to increase with global demand recovery, boosting capacity utilisation. Oil and Gas E&P Strategic Objective Maximise stakeholders’ value by finding, producing, and marketing hydrocarbons and to provide sustainable growth while catering to the needs of customers, partners, employees, and the local communities Key focus of the E&P business has been safe and reliable operations and project delivery while maximising production from its deepwater and Coal Bed Methane (CBM) fields. With commissioning of the MJ field, KG-D6 production has been ramped up to 30 MMSCMD, thereby contributing approximately 30% of India’s gas production. This will significantly reduce the dependence on costly imported gas and bridge the gap in India’s energy requirements, especially in times of geopolitical uncertainty and constrained supply. Naresh Narang Sanjay B. Roy Ravikumar Prekki Amit Mehta R. Ravichandran Avinash Pathak > ₹20,000 Crore Highest annual EBITDA 242 BCF* Gas Production (RIL’s share) 4.43 MMBBLs Oil & Condensate Production (RIL’s share) *Production figures include KG-D6 and CBM Industry Overview 2023 continued to be a volatile year for the oil and gas industry, balancing the energy transition aspirations and energy security against a backdrop of heightened tensions in the Middle East and concerns about a global economic slowdown. With China’s reopening in the first half of 2023, the global oil markets were expected to support oil demand during the year. However, robust US shale supply growth, warm winter weather, increased renewables, and fast interest rate hikes forced OPEC+ to pare back oil production for 18 months to firm up crude markets, even as geopolitics became more complex. The Brent crude oil price averaged ~US$ 83/bbl. Gas availability remained tight in 2023 as incremental global LNG production fell short of expectations. Business Performance Revenue and EBITDA were up 48.0% and 48.6%, respectively. This was mainly due to higher gas and condensate production and partly offset by lower price realisation. FINANCIAL PERFORMANCE Revenue (C crore) EBITDA (C crore) EBITDA Margin FY 2023-24 FY 2022-23 Y-o-Y Change 24,439 20,191 82.6% 16,508 13,589 82.3% 48.0% 48.6% 30 bps Price Realisation FY 2023-24 FY 2022-23 Y-o-Y Change KG-D6 Gas (US$/mmbtu) CBM Gas (US$/mmbtu) Condensate (US$/bbl) 10.1 14.4 81.2 10.6 21.6 NA (4.7%) (33.3%) NA AVERAGE GAS PRODUCTION* (MMSCMD) i o n 27.8 i n p r o d u c t i n c r e a s e ~ 4 x 20.2 18.2 6.5 FY21 FY22 FY23 FY24 * Production figures include KG-D6 and CBM 27 Reliance Industries LimitedIntegrated Annual Report 2023-24Management Discussion and Analysis — Business Overview Oil and Gas E&P KG Basin KG-D6 Deepwater Production Update Since the commencement of production, Block KG-D6 established several global benchmarks in terms of operational performance, including 99.9% uptime and more than 13 years of incident-free operations. The next wave of projects – R Cluster, Satellite Cluster, and MJ – have been commissioned and are currently under production. These projects have leveraged the hub infrastructure in place, thereby reducing cost. Average production for FY 2023-24 from the three fields together is ~27 MMSCMD gas and ~18,000 bbls per day of oil and condensate. Production is in line with expectations. Based on the comprehensive assessment undertaken with more than two years of production data, three additional wells in R Cluster and one additional well in Satellite Cluster are being proposed to be drilled. This is expected to provide incremental recovery of ~240 BCF of gas from these fields. In line with the increasing gas production, three rounds of e-auction were successfully completed. Overall, 15 MMSCMD gas contracts were signed with buyers across Fertiliser, CGD, Refineries, and Aggregators. Condensate production commenced from the MJ Field in KG-D6 Block in April 2023, after which first auction process was launched in May 2023. Five rounds of auction were conducted and 12 cargo offtakes were successfully completed by the end of March 2024. ~27 MMSCMD Average gas production in FY 2023-24 Exploration Strategy RIL’s exploration strategy is focused on finding additional gas accumulations that can be tied back to the existing world-class infrastructure, using an infrastructure-led exploration (ILX) approach. Block KGUDWHP-2018/1 (KG-UDW1) was awarded to RIL-BP JV under the OALP II licensing round, and the Petroleum Exploration License (PEL) was issued in August 2019. Post completion of 3D Seismic Acquisition and Processing campaign, the first exploration well was drilled in the Block, and the drilled well data are under analysis. During the year, RIL acquired Block KG-UDWHP-2022/1 (KG-UDW2) under the OALP VIII licensing round. The contract for the Block was signed in January 2024. Coal Bed Methane RIL is currently producing Coal Bed Methane (CBM) from its block SP (West)–CBM–2001/1. More than 300 wells are in production, with an average output of 0.64 MMSCMD gas during the year. To augment and sustain production, a 40 multi-lateral horizontal well programme is being executed in SP (West). This is the first time in India that such horizontal wells are being drilled for CBM. Reliance has already drilled 13 horizontal wells, out of which 10 wells are put on production. Preliminary results are encouraging. Reliance Gas Pipeline Limited, a subsidiary of RIL, operates the 302 km Shahdol-Phulpur Pipeline from Shahdol (MP) to Phulpur (UP) connecting the CBM Gas fields with the National Gas Grid. This provides access to consumers across the country. Strengths Challenges Outlook › World-class hub infrastructure › Tight supply chain › Volatile commodity prices both at KG-D6 and CBM › Deepwater project execution experience › Partnership with strong global partners › Natural gas heavy portfolio which is a transition fuel of choice SCOT Analysis Threats › LNG supply glut adversely impacting price realisation › Accelerated transition to Renewables will impact oil and gas demand Opportunities › Leverage infrastructure to monetise resources in catchment areas › Contribute to India’s growing gas economy › Leverage the role of natural gas as a ‘transition fuel’ in the shift towards green energy 28 Gas is expected to play a key role as a transition fuel, with its share in the energy mix expected to increase from 6% to 15% by CY 2030. Reliance’s current portfolio mix is ideally placed to help meet this increased demand. RIL currently produces nearly 30% of India’s domestic gas. Further development efforts are ongoing to augment gas production in deepwater and CBM by utilising its existing infrastructure in the area. New Energy Reliance has set out on an ambitious journey to become Net Carbon Zero by 2035. Our New Energy business is far more ambitious, far more transformational, and far more global in scope than anything we have ever done before. We firmly believe that as one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape. Strategic Objective Industry Overview Scale up New Energy and New Materials businesses, providing affordable clean energy alternatives Reliance New Energy: Converting Photons to Green Electrons and further to Green Molecules leading to reduction of carbon footprint. Our aim is to maximise RE generation at an optimal cost so as to increase Netbacks for RE. − We target to set up integrated RE Plant with optimal configuration. − Green H2 (GH2), Green Chemicals and Energy Storage to maximise value addition and hence Netbacks for RE. − Cost competitive manufacturing is critical for above, which we aim to achieve by global partnerships, technological innovations, and supply chain optimisation and local value addition. − Modular approach for development of RE and GH2/ its derivatives through standardisation and repeatable/ scalable configuration. Indian renewable energy sector is the third-most attractive renewable energy market in the world (according to EY Renewable Energy Country Attractiveness Index). India targets to commit 50% of cumulative generation capacity from non-fossil-based energy sources by 2030 and reduce its emission intensity of GDP by 45% by 2030 vs the 2005 baseline. The principal driver and enabler for India’s Net Zero emissions goal is reducing dependence on imports and building supply chain resilience, while minimising carbon footprint. The government has put policies and various fiscal incentives in place to encourage the demand and supply of green energy transition technologies in various sectors. Global Energy Demand Global energy demand is likely to increase to ~204,000 TWh in 2050. Renewables are expected to have significant share of incremental energy demand requiring multifold increase in current installed capacity. Global installed renewable capacity is around 3,300 GW, expected to reach ~11,000 GW by 2030. Solar and Wind energy generation are expected to account for nearly 96% of new capacity additions, in the foreseeable future. Most of manufacturing giga- factory would be at Jamnagar while RE development, production of GH2 and its derivatives would be at location based availability of suitable land, evacuation infrastructure and requisite demand. Source: BP Energy Outlook, Bloomberg, CEA, McKinsey, PIB, IEA, Ammonia Technology Roadmap, Broker Research Battery Energy Storage System (BESS) capacity is expected to reach 945 GW by 2050 compared to 52 GW in 2022 Hydrogen demand is expected to increase from current 90 MMTPA to 530 MMTPA by 2050. Ammonia is on the path to become a 550 MMTPA market by 2050 compared to 183 MMTPA today. India Energy Demand India’s energy requirement is expected to grow to 15,000 TWh by 2030 and 26,000 TWh by 2050. India targets to achieve 500 GW of RE capacity by 2030, of which 280 GW would be from Solar. Government’s PM-Surya Ghar Muft Bijli Yojana (~C 75,000 crore outlay): for rooftop solar with free electricity up to 300 units/month for one crore households. PM Kusum Yojana for farmers: Target 10 GW RE, to replace off-grid diesel pumps and solarisation of grid- connected pumps. India’s Energy storage requirement is estimated at ~ 74 GW (47 GW BESS and 27 GW PSP) with storage of ~411 GWh (BESS ~236 GWh and PSP ~175 GWh) by 2031-32 Uptake of EVs is projected to create battery demand of ~100 GWh / year by 2030. Residential, C&I, Telecom towers and DG set replacements to drive Stationery Battery Pack demand ~30 GWh/year by 2030. India targets 5 MMT GH2 by 2030 with a mission to become a global hub of GH2 and its derivatives. 29 Reliance Industries LimitedIntegrated Annual Report 2023-24Management Discussion and Analysis — Business Overview New Energy Business Updates We have made significant progress in establishing factories that will be part of our Integrated Solar PV Manufacturing. New Energy will be commissioning its first train of Module and Cell Manufacturing in FY25. Solar panels manufactured in Jamnagar have obtained BIS certification. Parallelly, work on RE Development has commenced and Reliance has been allotted land in Gujrat. We aim to become largest RE Developer in India. We initiated participation in RE PPA with the first PPA signed with MSEDCL for 128 MW for 25 years. 50 MWh per year capacity pilot line has been setup for manufacturing Li Battery cells, through Lithium Werks, and can be scaled up for commercial scale production. Reliance has qualified for the government’s Performance Linked Incentive (PLI) scheme for Manufacturing Electrolysers of 300 MWe annually and Green Hydrogen Production for 90 kTPA. This is in addition to PLI awards for Solar PV (Polysilicon to Module) and Advanced Chemistry Cells (ACC) received in the previous year. Reliance signed MOU with the Government of Maharashtra for 100 kTPA GH2 production, with total projected investment of ~C 15,000 crore and employment generation of ~4,000 (direct and indirect). Reliance signed an MOU with Brookfield for onshore renewable power and decarbonisation equipment manufacturing in Australia. Strengths Challenges › Full integration across the New Energy value chain (Photon → Electrons → Molecules) › Optimum large-scale facilities that maximise automation supported by Artificial Intelligence, Machine Learning and Robotics › Collective knowledge gained from various strategic partnerships across different verticals › Leveraging Internal project execution capabilities and partner skills to set-up new energy projects at record pace › Significant captive demand for Green Energy across different businesses of Reliance › Our vision necessitates and puts the responsibility of developing the new energy ecosystem in India › We need to take measured steps in investing in various routes to prove sustained business viability before scaling up › Unforeseen circumstances including geopolitical issues across the global capital goods and revenue supply chain could have an impact on our ability to commission projects SCOT Analysis Opportunities Threats › Disruptive technological changes could make current technologies obsolete › Disruptive pricing from existing global players could impact long- term returns › Potentially large natural disasters or pandemics could have an impact on future growth and continuity of business › Investment in New Energy manufacturing system and developing local supply chain puts Reliance to lead the progress towards cleaner and greener energy for all in India › Our focus on end solutions to meet various use cases would accelerate the adoption of clean and green energy in India › We would bring in best-in-class technologies in the new energy space through partnership with key global players 30 Outlook Fossil fuels have historically fed India’s power requirements. Structural inefficiencies combined with rising costs of fossil fuel has resulted in expensive power for commercial and residential customers – average tariff of ~ C 10/ kWh (US$ 12c/ kWh). Therefore, it is not feasible for India to keep relying on fossil fuels for its growth. The use of fossil fuels-based energy increases dependence on imports and results in drain of foreign exchange. Stable and round-the-clock cost-efficient green power is the need of the hour. India needs to solve this problem to maintain its growth trajectory and reach US$ 32 trillion GDP by 2047. Over the next 12 months, our focus is to bring new energy manufacturing facilities on-stream, operate them efficiently and, start developing RE generation projects. Simultaneously, we would develop supply chain locally for self-sufficiency and reduce the reliance on imports. We aim to be the partner of choice for leading global climate technology and product companies and develop business model which is flexible and adaptable to different technologies and future proofed to be always lowest life cycle cost and best in class. Risk and Governance Nikhil R. Meswani Hital R. Meswani Srikanth Venkatachari Laxmidas V. Merchant Harish Shah K. R. Raja Reliance Risk Management Framework provides a consistent, clear and robust framework for managing risks across the group and thus is fundamental to our performance and progress. The integrated risk framework helps the Group to ensure that activities to manage risk are designed, implemented and Enterprise Risk Management (ERM) at Reliance The Company’s Risk Management Framework follows the below mentioned risk assessment process and thus enables the management to: − Identify specific risks and assess overall potential exposure − Decide how best to deal with those risks to manage overall exposure − Allocate resources and actively manage those risks − Obtain assurance over effectiveness of the management of risks and reporting Governance Framework Reliance’s Risk Management Framework is designed to be an end-to-end framework for managing and reporting risks from the Group’s operations to the Board. Executive Committees provide oversight and governance through Group Operational Risk Committee, Group Financial Risk Committee, Group Audit and Disclosure Committee, Group Compliance Committee, and Group People Committee. Business Risk and Assurance Committees are headed by the Business, Function and Group leadership who integrate multidisciplinary views on key organisational risks, prioritise the most relevant risks and align risk management, internal control and assurance activities across the Three Lines of Defense. operating effectively. Business and Functional Leaders ensure safe and reliable incident- free daily operations through identification, mitigation and monitoring of existing and new risks on day-to-day basis. Risks and Response Strategic and Commercial Risks Climate Change and Energy Transition Impact on: N , All businesses Risk Description Businesses are increasingly facing physical and transition risks associated with climate change. Growing vulnerability to unpredictable weather events (acute) and changes in long-term climate patterns (chronic) could affect RIL’s assets, operations and supply chains. Furthermore, transition risks arising from changes in regulations, evolving stakeholder expectations and technology advancements could also impact RIL. Risk Response Reliance implements strong business continuity management strategies. Each business conducts risk assessments and tailored plans for risk management. Facilities are designed to withstand climate- related challenges. Additionally, the Company implements prevention programmes to ensure workforce well-being from climate impacts and maintains diversified supply chains for operational continuity. RIL integrates climate-related considerations into its strategic planning, investment evaluations, risk management protocols and long-term supply and demand projections. We have a 15-year vision towards fostering sustainable energy solutions and innovative materials. Reliance also leverages insights from its New Energy Council to mitigate risks in novel areas. Furthermore, the Company tracks the advancement towards its Net Carbon Zero goal, supported by a robust governance framework. Commodity Prices and Markets Impact on: M ,O2C and Retail Risk Description Global crude oil prices fluctuated between US$ 70/bbl & US$ 96/bbl on concerns of high inflation & interest rates affecting demand and risk of supply due to conflicts between Israel-Hamas, Russia-Ukraine, and attacks in the Red Sea on ships. New refining capacities in Nigeria, Middle East and China capped product prices. Non-availability of commodity goods at the right price, quality and quantity can adversely affect our retail business. Risk Response RIL navigated the volatility through sourcing from diverse regions like Middle East, African & Latin America. Also, increased use of Time Chartered fleet & RIL’s global presence helped. 31 Reliance Industries LimitedIntegrated Annual Report 2023-24Management Discussion and Analysis — Business Overview Management Discussion and Analysis — Risk and Governance It’s RIL’s constant endeavour to ensure operational stability and profitability for commodity goods. Diversifying and tracking suppliers’ performance, ensuring compliances, investing in market intelligence to monitor markets / price trends and maintaining inventory levels to mitigate the risk of supply shortages/ disruptions are periodically monitored. Risk Response We focus on strong governance processes and internal controls including integrating the financial systems and operational processes for our strategic alliances. The companies are brought under the Reliance Risk Management Framework, providing a holistic view to formulate Annual Operating Plans across its various businesses and functions. Risk Response Reliance’s cybersecurity strategy is aligned with business and marked to threat. A defence-in-depth approach is followed where multiple technology solutions and controls are deployed to improve resilience against diverse and evolving threats. Safety and Operational Risks Health, Safety, and Environmental (HSE) Risks Customer Experience and Retention Impact on: S , All businesses Risk Description Sub-optimal customer experience may result in customer dissatisfaction and churn. Changing customer preferences could weaken our value proposition leading to low loyalty/ repeat purchases. Risk Response For sustained customer experience, various measures are adopted such as superior usage & billing experience, network access and competitive tariff pricing, best-in-class customer service backed by latest technologies. Taking cue of consumer preferences to purchase online, Reliance Retail has strategised to be an omni- channel retailer. The company has taken measures for online and offline channels to retain and attract new consumers. On the customer complaints front, the business has a dedicated ‘Customer Service’ team that ensures faster resolutions. Oversight over Investee Companies/Alliances Impact on: F M , All businesses Risk Description Strategic alliances with other businesses could have an adverse impact on our financial performance and competitive position. 32 Talent to Support Scaling Business Impact on: H , All businesses Impact on: NMH , All businesses Risk Description The ability to attract, nurture and retain talent is necessary to enable smooth operations and future needs. Risk Response Reliance nurtures its human resources though regular training, skilling initiatives and offers diverse opportunities. Data Privacy Risk Impact on: I , All businesses Risk Description Reliance businesses collect personal data to create innovative products and services. However, this raises concerns about data privacy, security, and ethical use of data. Risk Response Reliance follows the privacy-by-design and privacy-by-default approach to makes sure that personal data is used ethically and legally. Cybersecurity Risk Impact on: I , All businesses Risk Description Cyber threat has been consistently rising as a key business risk in global rankings. It is of particular significance for Reliance businesses that support critical infrastructure, connectivity, and e-commerce solutions. Risk Description HSE risk management is paramount to sustainable growth. RIL has process in place to identify potential risks that may impact our stakeholders & stands committed to control HSE risks. RIL’s business operations involve activities that may possess risks of accidents and injuries. Expanding footprint increases vulnerability to incidents like fires or natural disasters. RIL faces industrial & supply chain risks like process safety, fires, loss of containment of hazardous material, explosion, natural disasters, extreme weather, human error, risk to personnel, etc. Risk Response Our state-of-the-art facilities, operated by skilled professionals, undergo continuous monitoring and mitigation to ensure operational excellence throughout their lifecycle. We have made significant progress in digitalising our risk processes, enabling enhanced visibility and control across all levels. Regular review of risks ensures our risk management practices stay current and effective. Furthermore, our Subject Matter Experts conduct rigorous oversight, verifying design and operating effectiveness of controls, reaffirming our dedication to robust HSE risk management and sustainability. Foreign Exchange Risk: Rupee depreciation impacts the landed cost of the foreign currency liabilities as well as its repayment. Credit Risk on Investment Portfolio: Reliance’s investment portfolio comprises Corporate Bonds and Debt Mutual Funds which has credit risk on issuers. Risk Response RIL successfully raised foreign currency and INR LT borrowings to fund its capex and working capital requirements despite tight liquidity conditions. An appropriate mix of Fixed and Floating rate liabilities was maintained to limit the translation of high interest rates into finance cost. RIL used a combination of natural and market hedges to protect against foreign exchange risk. Credit risk in the portfolio is monitored based on tight Internal Risk Management Framework. Insurance – Risk Mitigation Utilising insurance as a risk management tool, RIL thoroughly assesses risks for appropriate coverage. When procuring relevant insurance coverage, our primary objective is to ensure effective cover that can address any potential adverse financial impacts on our balance sheet. Adopting a proactive & risk based HSE management approach based on ISO 45001:2018 framework retail business aims to create safer workplaces & enhance operational efficiency & have site-specific emergency plans & conduct regular mock drills. RIL has extensive systems meeting or exceeding regulatory requirements ensuring safe operations in its plants & supply chain. Physical Security and Natural Calamity Risks, Impact on: NM , All businesses Risk Description RIL is vulnerable to various threats that may disrupt operations. Geo- political turbulence and natural disasters can pose a downside risk. Risk of riots, vandalism & natural disasters have impact on network assets. Further, risks include asset protection, loss prevention, platform abuse and data theft amid online growth. Risk Response Risk management strategies are adopted to keep our people, assets, information, and reputation secure. Security understands business requirements, identifies priorities, and suggests mitigations measures to support growth. The security posture is continuously reviewed to maintain efficiency. Jio has implemented a disaster recovery response mechanism which includes measures like network outages alerts, patrolling in vulnerable areas, meetings with local leaders and Law Enforcement Agencies, implement Crisis management, BCP / DRP (Business Continuity Planning - Disaster Recovery process), Maintaining stock of critical items & Insurance Coverage. Meticulous risk assessment guides strategy reprioritisation. Focus on physical, technological security, predictive loss-analytics and camera-analytics are yielding results. Proactive data analytics in e-com space has mitigated risks to acceptable levels. Compliance and Control Risks Regulatory Compliance Risks Impact on: M S , All businesses Risk Description Increased regulatory scrutiny and changing businesses with strategic acquisitions require swift alignment with legal & regulatory compliances. Risk Response Reliance has adopted a digitally enabled comprehensive compliance management framework, integrated with its business processes, risks and controls and equipped to align with changes in business & regulatory environment. It enables efficient governance and zero tolerance to non- compliance. Financial Risks Treasury Risks Impact on: F , All businesses Risk Description RIL faces following key financial risks which is actively managed by Treasury. Liquidity Risk: Central banks maintained tight monetary & liquidity conditions globally in FY24. Interest Rate Risk: High interest rates in US and India translates into high finance costs. 33 Reliance Industries LimitedIntegrated Annual Report 2023-24 Management Discussion and Analysis Major Awards and Recognitions Leadership and Innovation Reliance is recognised as one of India’s Best Employers among Nation Builders by Great Place to Work® India. RIL ranked 2nd on the Interbrand list of ‘Best Indian Brands 2023’. RIL recognised as the Top ranked Indian company (Rank 70) in Forbes World’s Best Employers List 2023 RIL has been recognised as a Leadership Factory of India by the Great Manager Institute 2023. Reliance Industries Limited received the prestigious CHEMTECH Leadership & Excellence Awards 2024 – Business Leader of the Year - Refineries & Petrochemicals (Corporate). GMS-Group President Sh. Sanjiv Singh received the award on behalf of RIL on March 4, 2024. RIL achieved the Gold Category (#1 position) in the Business Responsibility and Sustainability Report (BRSR) by the Institute of Chartered Accountants of India (ICAI). MSCI (Morgan Stanley Capital International) upgraded RIL’s ESG rating from BBB to A in its latest report. This corresponds to an increase in our score from 4.9 to 5.7 out of 10. The Jamnagar Manufacturing Division won the ‘Innovative Training Practices Award’ from the Indian Society for Training and Development for JMD’s ‘Dronacharya’ initiative. On World Standards Day, BIS honored Hoshiarpur Manufacturing Division for securing ‘All India First License’ for R3S construction products (IS 16481:2022). HMD – PY was honoured with the ‘IGMC Apex’ and ‘Gold’ award by the India Green Manufacturing Challenge (IGMC) for 2022/23. Quality Circle Bharat of HMD Polyester received the ‘Par Excellence’ and ‘Best Model’ award, and Quality Circle Lakshya received the ‘Excellence’ award at NCQCC Nagpur. The Jamnagar Manufacturing Division was awarded the ‘FICCI Industry 4.0 Award’ and received the Platinum Prize (1st) in the Large Manufacturing Sector at a FICCI conference in New Delhi. LLDPE plant received the Exceptional Presentation Award 2023 at the UIPOL PE Global Technology Conference 2023 for the best product and process in the Senior Licensees category. RIL won prestigious awards for landmark financing transactions: − IFR Asia ‘Issuer of the Year’, awarded for the 4th time. − Finance Asia Awards for ‘Best Issuer – Corporate’ and ‘Best Syndicated Loan’ for the US$ 5 billion syndicated term loan facilities of the Company and RJIL. − The Asset Triple A Awards for ‘Best Issuer’ and ‘Best Syndicated Loan - Conglomerate, South Asia’. − GTR ‘Deal of the Year’ Award. Retail Consumer Electronics IReC Franchise India Award – CDIT & Electronics Retailer of the Year, May 2023 Marksmen Daily – Most Trusted Brands of India 2023, May 2023 Fashion & Lifestyle AJIO The IReC Asia Summit - Fashion Etailer of the Year, April 2023 CNBC TV18-Havas consumer survey - AJIO, one of the top 10 brands in India, May 2023 Azorte Images Retail Awards 2023: Images Most Admired Retail Launch of the Year – Brand Debut; Images Most Admired Retailer of the Year – Innovation in Retail Design/Experience ‘Apparel Brand of the Year’ at The Economic Times Great India Retail Awards 2024 34 Reliance Jewels Retail Jeweller India Awards 2023 – Stylish Trend-Setting Youth Jewellery of the Year, August 2023 BARC Asia Awards 2023, September 2023: Brand of the Decade, Marketing Meister Retail Jeweller Guild Awards 2023 – Excellence in Design – Gold - Bangle- Bracelet, September 2023 ET Great India Retail Awards 2024 – Jewellery Brand of the Year, February 2024 JioMart India Gulf Business Summit 2023 - Best Retail and E-commerce Player Grocery IReC Awards 2023 (Indian Retail & e-retail Congress, 11th edition), Winner – Variety Retailer of the Year, Winner – Large Format Retailer Images Most Admired Retailer of the year - Single Store with highest Y-o-Y Growth - Freshpik, Jio World Drive, Mumbai Retailers Association of India – Best Grocery Retail Small Format of the year – Fresh Signature Others ETHR World has recognised Reliance Retail as one of Economic Times Future Ready Organisations 2023 in the “Large Scale” category Reliance Retail has been recognised amongst the Top Leadership Factories of India 2023-25 by Great Manager Institute for creating leaders at scale Reliance Retail is a 2023 winner of the Association for Talent Development’s (ATD) BEST Award for the second consecutive year Reliance Retail has been certified as a Great Place to Work (Amongst India’s Top 10) by the Great Place to Work Institute (India) for the period January 2024-January 2025 for the third consecutive year Digital Services Jio has been certified as a Great Place to Work by the Great Place to Work Institute for 2024. Jio won the AmbitionBox Employee Choice Award in 2024 in Top Rated Mega Companies to Work. Jio won the Best Sales Training & Performance award at Brandon Hall Technology Excellence Awards 2023. Jio continues to be the strongest Indian brand in the ‘Global-500 2024’ report published by Brand Finance. Jio is placed at the 17th position among the world’s strongest brands. Jio recognised as ‘The Economic Times Future Ready Organisations’ in the Large-scale Industries category Jio Platforms Limited honoured as the Telecom Company of the Year at the Asian Telecom Awards 2024. Jio ranked 5th on the Interbrand list of ‘Best Indian Brands 2023’ Jio, through Haptik Technologies, secured the Best Chat/Conversational Bot/Tool award by Economic Times- Brand Equity-Martequity. Jio Platforms won The RedHat APAC Innovation Award for cloud innovation Media and Entertainment JioFiber recognised for the ‘Best Use of Customer Experience Platform/ Tool’ by Economic Times-Brand Equity-Martequity. Jio’s IPL campaign earned the Digital Marketing Promotions award at the ACEF 12th Edition Global Customer Engagement Forum and Awards 2023. Reliance Jio won the title of Most Admired Customer Engaged Brand at the ACEF 12th Edition Global Customer Engagement Forum and Awards 2023. Jio Relief Packs received the Best Crisis/Disaster Assistance award at the ACEF Asian Leaders Awards. Jio honoured with the Most Admired Brand Marketing Across Asia award for making the internet accessible to millions at the ACEF Asian Leaders Awards. Jio became the most awarded mobile network, bagging all nine Ookla Speed Test Awards in 2023. Reliance Jio secured a position among the Top 10 Digital Brands - Enterprises awarded by the Digital Dragons Awards and Conference 2023. Jio Platforms won The UBS Forum Award for innovation in data and AI The Clarivate South Asia Award for patents in 5G and cloud technology was given to Jio Jio True5G recognised as the Digital Technology of the Year by the Indian Business Council. Jio additionally clinched the Best Digital Services provider in the Telecommunications category. Jio True5G won the award for Best Digital Strategy/Campaign by/ for an IT/ITES/IoT Enterprise at the Digital Dragons Awards and Conference 2023. Jio Platform adjudged as winner in ‘Innovation in Automation’ category at Aegis Graham Bell awards. Jio Platforms (JPL) recognised for Excellence in Commercial Deployment by a Service Provider at the ‘Small Cell Forum Industry Award 2023’ Reliance Jio Infocomm honoured with the Best Corporate Learning University and Excellence in Learning Tech Implementation awards by the Economic Times Future Skills. Jio Studios MIMI - 69th National awards for Best Actress and Best Supporting Actor Baipan Bhari Deva – Filmfare Marathi for Best Film and Best Actress Critics Godavari – 69th National awards for Best Director Zara Hatke Zara Bachke – Filmfare awards for Best Lyrics – Tere Vaaste Kabuliwala – Filmfare Bangla for Best Actor critics, Best Playback Singer – Male and Best Production Design Oil and Gas E&P BSC International Safety Award for demonstrating a strong commitment to good health and safety management. Certificate of Appreciation from the Andhra Pradesh State AIDS Control Society in recognition of work done in the successful implementation of HIV/AIDS Control Programme. Unaad – Filmfare Marathi for Best Debut – Male, Best Background Score and Best Cinematography The Great Wedding of Munnes – Filmfare OTT Awards 2023 - Best Actor in Series (Male) in Comedy Energy and Water Conservation Reliance Jamnagar Manufacturing Division won the Global award – ‘Large Cap Energy Firm of the Year 2023’ at the Gulf Energy Information Excellence Awards 2023 to recognise the energy industry’s leading innovations and thought leaders. 35 Reliance Industries LimitedIntegrated Annual Report 2023-24 Management Discussion and Analysis — Major Awards and Recognitions Sustainability The Dahej Manufacturing Division received the Platinum Award in the Environment Sustainability category under the Petrochemical Sector at the 14th EXCEED Green Future Award & Conference 2023. The Hoshiarpur Manufacturing Division was honoured with the CPO’s Award of Excellence FY 2023-24 for the project titled ‘How an abandoned machine answered an SOS call!’. The Dahej Manufacturing Division achieved the ‘Efficient Utilisation of Flyash’ award at the Flyash Utilisation Conference 2024, by the Mission Energy Foundation and supported by the Ministries of Coal, Power, Steel, Urban Development, Environment & Forest, Road Transport and Highways. HMD-PY won the Gold Award in the India Green Manufacturing Challenge 2022-23 by M/s IRIM. VMD-EG team won the national level Excellence Award for Quality Circles in Nagpur, Maharashtra. The SEZ site was ranked as the Best in the World in Energy, Maintenance, and Personnel Indices as per the global ranking of E&M in 2022 from the Solomon Fuel Study results. The SEZ has sustained its No. 1 position in the Energy Intensity Index for over a decade. Reliance Jio recognised for its outstanding environmental, social and governance (ESG) performance in the Telecom Services sector and for the Best ESG Performance in E-waste Management (Telecom Services Industry) RIL Hazira Manufacturing Division (HMD) and RIL Dahej Manufacturing Division (DMD) recognised as the winner and achiever of the ‘Efficient Utilisation of Fly Ash’ Award at the Fly Ash Utilisation Conference 2024 & Forest, and Road Transport and Highways 36 RIL certified as a Great Place To Work® for the 4th consecutive year RIL Jamnagar site awarded with the prestigious global award for the category – “Large-cap Energy Firm of the year 2023” at the “Gulf Energy Information Excellence Awards 2023” Jio received the DEI Inspire Award at the Global Inclusion Summit 2023 Reliance Retail awarded the 2023 International Safety Award from the British Safety Council Global Awards for Retail Excellence – Retailer of the Year CDIT RIL HMD won International Uptime Award by Reliability Web.com, USA – in the Best Reliability Engineering for Maintenance Program category IPBC’s IP Elite Asia Award, 2023, for the best IP systems and practices among leading Asian companies CII’s 9th Industrial Intellectual Property Awards 2023 (runner-up) Questel’s IP Excellence Award, 2023, for innovative best practices and the creation of a robust IP portfolio Jio won the coveted Golden Peacock Award for Excellence in Corporate Governance 2023 Jio received the DEI Champion Award 2023 from the Bombay Chamber of Commerce & Industry Jio won Leading Practices in Diversity & Inclusion and L&D awards at the PeopleFirst Award 2023 RIL won Gold for Talent Management Platform & Virtual classroom, and Silver for L&D and bronze for talent acquisition at Brandon Hall Technology Excellence Awards 2023 Health, Safety and Environment RIL has been recognised in the COVID-19 Agility and Response as well as Innovation categories at the Duty of Care 2023 Awards Jio-bp received the prestigious Golden Peacock Award for Occupational Health & Safety in Hydrocarbons (Jun 23); for Digital in Innovation Management (Oct 23) and for Fuel Offer in Business Excellence (Mar 24) JMD DTA Complex won the prestigious British Safety Council – International Safety Award 2023 in May 2023 DTA Refinery won the prestigious ‘The EEF Global Environment Award 2023’ in the Platinum Category in August 2023 RIL JMD was accredited with the ISCC Plus certification, allowing the Company to take sustainable credit in products produced from sustainable products Reliance Industries Limited (unit of Reliance Jamnagar SEZ) was selected in the Platinum category for the prestigious ‘The GEEF Global Environment Award 2024’ in the Petroleum Refining Industry BMD site received the ‘Winner’ award for ‘Best EHS practices (2023-24)’ from Greentech International RIL has received the prestigious Platinum Arogya Healthy Workplace Award 2023 Reliance Retail won two awards at the OHSSAI Annual HSE Excellence and ESG Global Award - Health & Wellness Award and Diversity, Equity & Inclusion Award Reliance Retail won the Best Possible ‘Safest Workplace Safe- Tech’ awards 2023, annually organised by Kings Expomedia (Publisher of “Fire & Safety” magazine) Reliance Retail won the “International Safety award 2023 at Merit Level” awarded by British Safety Council Jio won the Best Corporate Wellbeing Technology award at Brandon Hall Technology Excellence Awards 2023 Reliance Foundation 2023 Global Leadership Award for Philanthropy and Corporate Social Responsibility: Smt. Nita Ambani was honoured by the US- India Strategic Partnership Forum (USISPF) with the 2023 Global Leadership Award for Philanthropy and Corporate Social Responsibility. Rotary Award: Smt. Nita Ambani was awarded the ‘Citizen of Mumbai’ Award 2023-24 by the Rotary Club of Bombay for her contributions to healthcare, education, sports, arts and culture. CII Sports: Smt. Nita Ambani was honoured and awarded at the CII Scorecard 2023 event held on December 4, 2023, in New Delhi, with the ‘Sports Leader of the Year – Female’ award for her exemplary leadership in driving India’s sports story. CII Sports: Reliance Foundation was also awarded with the ‘Best Corporate Promoting Sports in India’ award for setting a benchmark for excellence in sports. Golden Peacock Award: Reliance Industries Limited won the ‘Golden Peacock Award for CSR’ for 2023- 24, for Nature-based Solutions for Disaster Risk Reduction. The awards jury was headed by Hon’ble Justice M.N. Venkatachaliah, former Chief Justice of India. International Nutri Cereal Convention: Reliance Foundation received the prestigious distinction of ‘Best NGO, Farmer Impact’ award during the International Nutri Cereal Convention (INCC) 5.0, encompassing work done on the millet value chain. MarCom awards: Reliance Foundation won a Gold Award at the prestigious MarCom Awards 2023, for their Digital Women Leaders film. It was one of two Indian entries to receive the global award. Business Excellence Award: Reliance Foundation was recognised at the Business Excellence Awards 2023 by Hybiz TV at an event in September 2023 for its social interventions. Hybiz TV is a Hyderabad-based media house with a large digital media subscriber base. National Awards for Excellence in CSR & Sustainability: Reliance Foundation bagged an award at the 10th edition of the Original National Awards for Excellence in CSR & Sustainability in the ‘Best Solution for Community Care in COVID-19’ award category. Certificate of Gratitude for Reliance Foundation in Odisha Train Accident Response during the Zilla Mahotsav & Pallishree Mela – 2024, presented in heartfelt gratitude for exceptional bravery and selflessness during the train accident in Bahanaga, by Dattatraya B. Shinde, IAS, Collector, Balasore. 6th Edition Navbharat Healthcare Summit and Awards: Sir H. N. Reliance Foundation Hospital was recognised as the Best Multi specialty Hospital in India, Healthcare Leader of the Year – Dr. Tarang Gianchandani, Best Hospital for Organ Transplant in India and Best Hospital of the year in Quality & Patient Satisfaction. Best Social Impact Innovation: Reliance Foundation, along with Jio, won the Best Social Impact Innovation award at the Brandon Hall HCM Awards 2023. Best CSR Impact Award: Reliance Foundation’s Disaster Management programme’s Geospatial Hub – Prediction & Mitigation (Impact Based Forecasting & Warning Services) was bestowed with ‘Best CSR Impact Award’ by UBS Forums. Reliance MET was honoured with an award under the ‘Best Innovative CSR Project in the Education Sector (Mission Navodaya Program)’ by UBS Forums. Andhra Pradesh State AIDS Control Society, Government of Andhra Pradesh, Vijayawada: State-level best CSR award from the Project Director, Andhra Pradesh State AIDS Control Society. CII Water: ‘Reliance Foundation – Bharat India Jodo’ Kamareddy cluster (TN) received an appreciation certificate for ‘Noteworthy Project’ in Water Management in the ‘Beyond the Fence’ category. Gujarat State AIDS control Society: RIL Hazira’s HIV & TB Control Centre (Reliance ART Centre) was honoured with the ‘Best ART (Anti-Retroviral Therapy) Centre Award’ by Gujarat State AIDS Control Society (GSACS), Health & Family Welfare Department, Govt. of Gujarat on World AIDS Day, December 1, 2023 in Ahmedabad. CII FPO Summit: Reliance Foundation mentored farmer collectives – Banas FPC and Chorad FPC from Patan, GJ won at the CII FPO Summit 2023 in the Market Linkages and Membership Engagement categories respectively. 37 Reliance Industries LimitedIntegrated Annual Report 2023-24 Integrated Approach to Sustainable Growth Rooted in the conviction “What is good for India is good for Reliance,” a profound ethos of growth, care and access for all flows through every facet of Reliance’s initiatives, woven seamlessly into its organisational tapestry. Central to Reliance’s mission is its commitment to building an entity that exerts a transformative influence on its stakeholders — from employees and their families to customers, shareholders, investors and partners. This dedication extends beyond corporate borders to encompass India as a whole, as well as the broader global community, nurturing both people and the planet. Capturing Reliance’s Story of Value Creation and Sustainable Growth International Integrated Reporting principle, Reliance continues to As one of the world’s largest publicly Council (IIRC), the Greenhouse Gas scale heights of success, ensuring listed companies, Reliance recognises Protocol: A Corporate Accounting and the inclusion of all stakeholders on its duty and commitment to all those Reporting Standard, the IPCC Fifth this journey. The Integrated Report associated with it. The Company, Assessment Report (AR5), and United 2023-24 aptly captures Reliance’s thus, prioritises embracing cutting Nations Sustainable Development Goals story of value creation and sustainable edge technology, fostering robust (UN SDGs). This section encompasses growth through the six capitals – research capabilities, creating mutually ESG disclosures of Reliance Jio Natural Capital, Human Capital, rewarding employee experiences, Infocomm Limited (RJIL), Reliance Manufactured Capital, Intellectual supporting communities, minimising Retail, Reliance Industries Limited Capital, Financial Capital, and Social its environmental impact and staying (Standalone) and other Oil to Chemical and Relationship Capital – of the attuned to evolving customer (O2C) entities. Other O2C entities is International Integrated Reporting preferences. By acknowledging to be read as Recron (Malaysia) Sdn. Framework, now part of the the interdependencies between Bhd, RP Chemicals (Malaysia) Sdn. Bhd, International Financial Reporting various aspects of business and the Reliance BP Mobility Limited (RBML), Standards (IFRS) Foundation. environment, Reliance effectively Reliance Petro Marketing Limited, monitors and mitigates risks while Reliance Syngas Limited and Reliance identifying opportunities to maintain Corporate IT Park Services Limited. a competitive edge. With ‘Growth’, ‘Care’ and ‘Access’ for all at its core and ‘Sustainability’ as its guiding The disclosures made in the Report are guided by universally accepted standards and frameworks such as the Global Reporting Initiative (GRI), Integrated Approach to ESG Governance Reliance’s Approach to TCFD Page 39 Page 43 Making Significant Strides towards a Net Carbon Zero Future Independent Assurance on Sustainability Disclosures Page 41 Page 58 Natural Capital Page 45 Intellectual Capital Page 53 38 Human Capital Page 48 Social and Relationship Capital Page 55 Manufactured Capital Page 51 Financial Capital Page 13 Read Financial Performance and Review for more details Integrated Approach to ESG Governance Reliance stands firm in its commitment to robust governance, fortifying corporate citizenship and addressing environmental and social concerns. Guided by the principles of accountability, integrity and transparency, the Company considers governance as the key to its sustainable growth story. Board Governance Sustainability Governance Structure The top leadership of Reliance comprises a 14-member Board that provides guidance and supervision to the Company. The Board of Directors consists of individuals with diverse backgrounds, specific skills, and experience. For information on the Board composition and diversity, kindly refer page 64 of the report. Board Oversight To maintain a competitive edge and continue leading the way in the industry, Reliance consistently strives to manage its ESG aspects. The Company has established several Board Committees that are charged with overseeing specific ESG aspects of its operations. These committees include the Environmental, Social and Governance (ESG) Committee, Audit Committee, Corporate Social Responsibility and Governance Committee, Stakeholders Relationship Committee, and Risk Management Committee. Sustainability Governance Framework Reliance’s Board of Directors oversees the Company’s governance structure to ensure effective decision-making related to climate-related concerns. The governance framework provides a structured platform to develop and implement a thorough strategy to address climate change. Board of Directors Supervise Report Environmental, Social and Governance Committee ONE INDEPENDENT DIRECTOR AND TWO EXECUTIVE DIRECTORS Collaboration Executive Management Team LEADERSHIP TEAMS ACROSS BUSINESS AND FUNCTIONS Natural Capital Human Capital Manufactured Capital Intellectual Capital Social and Relationship Capital Financial Capital Business Areas and Operating Company Responsibilities Environmental, Social and Governance Committee The status of Reliance’s ESG activities is periodically assessed by the ESG Committee and the Board of Directors. This Committee, consisting of two executive directors and one independent director, is responsible for overseeing the Company’s ESG proposition. For information on the committee’s composition and meetings, please refer page 71 of the report. The ESG Committee in collaboration with the other Board Committees monitors ESG-related risks and implements strategies to mitigate them. In accordance with its Terms of Reference, the ESG Committee focused on the areas that Reliance deemed most strategically and operationally significant in FY 2023-24. This approach allowed the Committee to oversee the Company’s performance and practices concerning safety, the environment (including climate change) and overall sustainability effectively and comprehensively. For further information on the Committee’s Terms of Reference, please refer to this link. Reliance New Energy Council (NEC) The Reliance New Energy Council (NEC) is composed of eight leading global experts in various fields, who convened for the NEC meeting 2023 spanning 4 days from April 2, 2023 to April 5, 2023. During this meeting, the NEC members reaffirmed Reliance’s new energy strategy, roadmap and risk mitigation plans necessary to achieve the ambitious target of Net Carbon Zero. For more information on the profiles of NEC Members, please refer to this link. Policies and Code Reliance’s corporate governance framework relies on its policies and Code to fulfil its commitments to stakeholders. Both employees and directors follow the policies and Code to ensure ethical business practices and legal compliance. The Company’s key values – Customer Value, Ownership Mindset, Respect, Integrity, One Team and Excellence – are reflected in the Code. The Code reflects the Company’s values, and Senior Management and Directors confirm yearly adherence to them. To access RIL ESG policies, please refer https:// www.ril.com/investors/shareholders-information/ policies 39 Reliance Industries LimitedIntegrated Annual Report 2023-24 Anti-Competitive Behaviour Stakeholder Engagement Reliance upholds competition through product and service quality and pricing and its firm commitment to sustainability. The Company encourages fair and ethical transactions among competitors without interference. It acquires competitive information only through legal and ethical means, such as public domain data, published news articles and press releases. Moreover, all employees are expected to understand and comply with competition law principles. No new cases of unfair trade practices or anti-competitive behaviour were detected in FY 2023-24. Reliance has always focused on creating value for stakeholders and maintains transparent engagement to address their concerns. The Company ensures ongoing collaboration with key stakeholders, leading to growth, innovation and exploration of new paths to success. For more details about the Company’s stakeholder engagement, please refer Principle 4 of the BRSR Report. Managing the Material Topics At Reliance, addressing stakeholder concerns and fostering sustainable value is paramount. The Company identifies its material topics by considering the needs and priorities of its stakeholders, along with assessing business risks and opportunities. These material topics then influence its risk management approach and strategy to create value in the short, medium and long term. Approach to Materiality RIL regularly evaluates material topics through stakeholder engagement and materiality assessment. The Company conducted a materiality assessment during FY 2021-22. Each potential material issue was analysed in detail, considering the inputs from both internal and external stakeholder groups. The results of materiality assessment were reviewed and approved by the Executive Board. Further, the Company also adopted a ‘Double Materiality’ lens to recognise the impact of material topics holistically. More detail about the approach and prioritisation of material topics can be found on page 164 of the Integrated Annual Report 2022-23. Our Material Topics Climate Change Page 45 Managing Environmental Impacts Page 45 Energy Efficiency of Operations Page 46 Water and Effluent Management Page 47 Raw Material Security Page 52 Ecosystem and Biodiversity Page 47 Innovation and Technology Page 53 Waste Management and Circular Economy Page 47 Sustainable Supply Chain Management Page 56 1 2 3 4 5 6 7 8 9 40 Disaster Preparedness and Management 10 Page 33 Health, Safety and Employee Well-being Page 48 Diversity and Inclusion Page 49 Customer Satisfaction Page 55 Data Privacy and Cybersecurity Page 54 Security and Asset Management Page 52 Talent Management Page 49 Community Development Page 55 Labour Management Page 50 11 12 13 14 15 16 17 18 Human Rights Page 50 Business Ethics, Integrity and Transparency Page 50 Regulatory Issues and Compliance Page 62 Grievance Redressal Mechanisms Page 50 Risk Management Page 31, 44 Economic Performance Page 13 Code of Conduct 19 20 21 22 23 24 25 Page 63 Natural Capital Human Capital Manufactured Capital Intellectual Capital Financial Capital Social and Relationship Capital Risk Management Governance Making Significant Strides towards a Net Carbon Zero Future In the current global energy landscape, the oil and gas industry is experiencing a profound transformation characterised by a decisive shift towards sustainability. This shift is propelled by the escalating urgency to tackle climate change and the increasing demand for renewable energy sources. Within this context, India emerges as a pivotal player due to its vast energy market and potential for significant impact. Reliance leads this transition in India by innovating and implementing decarbonisation strategies. Net Carbon Zero Strategy Reliance’s ambitious Net Carbon Zero goal elevates both the challenges and opportunities to a globally impactful and transformational level, surpassing any of its past endeavours. Reliance has consistently adhered to its core business principles, and this approach remains unchanged in its journey towards a ‘Net Carbon Zero’ future. Today, these foundational principles continue to guide the Company’s progress, as detailed below: Hyper-integration: By integrating scientific knowledge with continuous technological innovation to build and operate truly integrated systems that deliver hyper-performance. Robust business model: By building a model that captures the irreversible upward trend in the demand for green, clean and renewable energy in India and globally, alongside the decreasing cost of production. Scale: By improving the efficiency, performance and life cycle of its assets and operations to achieve total system optimisation and economics. Strategic Acquisitions / Partnerships Reliance is well on its way to securing self-reliant supply chains through investments and strategic partnerships with leading firms in solar power, batteries and electrolysers. These collaborations grant the Company access to unique technological expertise and talent, positioning it to lead a transformative shift in the global New Energy sector. The Company is actively developing a comprehensive green energy ecosystem, utilising new technologies and pursuing innovative approaches, which contribute to the reduction of carbon emissions and shaping a more sustainable future for the nation. The transition from fossil fuels to green energy, which requires substantial investments in skills, technology and large-scale manufacturing ecosystems, strongly supports Reliance’s New Materials and New Energy businesses. Reliance is determined to position India as a global leader in energy transition. The Company’s focus on developing indigenous technology and manufacturing capabilities aims to transform India from being a net energy importer to an exporter, generating substantial wealth for the country and its shareholders. The Reliance Commitment To achieve its ambitious Net Carbon Zero target by 2035, Reliance announced plans to: Establish and enable 100 GW of renewable energy by 2030. Invest In the value chain, partnerships and future technologies, including upstream and downstream industries. Build Giga factories to create and offer a fully integrated, end-to-end renewable energy ecosystem. Transform Its business to Net Carbon Zero operation. 41 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Reliance has made a strong start on the ambitious journey to become Net Carbon Zero by 2035. The Company envisions becoming one of the world’s leading New Energy and New Materials Company over a period of 15 years through a strategic focus on: Clean energy transition Making CO2 a recyclable resource Replacing transportation fuel 2020 Announced Net Carbon Zero by 2035 target 2024 5.28 Million GJ Energy savings 6.85 Million GJ Renewable energy consumption 2035 Net Carbon Zero 2030 Establish and enable 100 GW Of Renewable Energy 2027 Expansion of cell-to-pack manufacturing facility to 50 GWh Annually 2026 Jamnagar PV factory scaled to 20 GW In a phased manner Establish a comprehensive battery giga factory Others include − Improving energy efficiency − Upgrading syngas to high- value chemicals − Converting transportation fuels to valuable petrochemicals and material building blocks Execution Approach and Progress Reliance’s goal is to reduce its operational GHG footprint as part of its long-term emission reduction strategy, in addition to enhancing resource efficiency and energy conservation. As a part of Reliance’s long-term emission reduction strategy, the Company is committed to reducing its Scope 1 or direct emissions and Scope 2 or indirect emissions from energy purchases. 2025 Establish 20 GW Solar capacity for captive needs of RTC power and intermittent energy for Green Hydrogen Commence transition from Grey Green Hydrogen Industrialise sodium ion cell production at a megawatt level Clean Energy Transition Making CO2 a Recyclable Resource Replacing Transportation Fuel Reliance is making significant strides in the development of the Dhirubhai Ambani Green Energy Giga Complex spanning 5,000 acres in Jamnagar. The phased commencement of operations at the Solar PV Giga Factory is anticipated by the end of 2024. Simultaneously, Reliance has made progress in developing a manufacturing ecosystem essential for cost-efficient wind power generation at a giga scale. A pivotal aspect of this initiative is the largescale manufacturing of carbon fibre, significantly reducing the cost of wind turbine production. In parallel, Reliance is accelerating the commercialisation of its sodium ion battery technology. With plans to industrialise sodium ion cell production at a megawatt level by 2025, the Company intends to rapidly transition to a giga scale. Reliance is also working towards establishing a giga factory dedicated to fuel cells, which are anticipated to progressively replace internal combustion engines. Reliance is investing in a power electronics giga factory, a vital component that connects the entire green energy value chain. Reliance made notable progress in cost-competitive green hydrogen production by reducing the cost of renewable power generation and the installed cost of electrolysers for giga- scale deployment. The Company continues to explore cutting-edge technologies listed below for converting CO2 into valuable products, with investments in carbon capture and utilisation playing a crucial role. − Utilising CO2 from concentrated streams in the gasification complex at Jamnagar − Using photosynthetic biological pathways for converting CO2 emissions into high-value proteins, nutraceuticals, advanced materials, and biofuels − Exploring various Carbon Capture Utilisation and Sequestration (CCUS) pathways, including synthetic fuels, construction materials, algae cultivation and other innovative solutions − Collaboration with Indian Institute of Technology Madras (IITM) to initiate a technology development programme for CO2 utilisation in construction materials − Other significant achievements include developing a stable catalyst for converting methanol and CO2 into Dimethyl Carbonate (DMC) products and patenting a process for concentrating CO2 from dilute flue gases. Building on its commitment to sustainable transportation, Reliance is proactively transitioning from traditional fuels to cleaner alternatives such as hydrogen and electricity, complemented by its New Energy and New Materials businesses. This shift includes moving from traditional transportation fuels to chemical building blocks, integrating these with downstream derivatives and enhancing them with clean energy solutions such as solar, wind, and batteries. In July 2023, Reliance’s collaboration with BharatBenz led to the unveiling of India’s first hydrogen fuel cell-powered luxury coach, equipped with Reliance’s indigenous hydrogen fuel cell, with a promising range of approximately 400 kms. Reliance also introduced swappable EV battery technology, building upon its acquisitions of Faradion and Lithium Werks. The inauguration of Jio-bp’s advanced Compressed Bio-Gas retailing network and the expansion of the Jio-bp pulse EV charging network highlight Reliance’s dedication to promoting green mobility. These efforts, along with partnerships to commercialise proprietary technologies such as Multi-zone Catalytic Cracking (MCC), exemplify the Company’s progress towards an optimal mix of reliable, clean, and affordable energy. Reliance’s Approach to TCFD Guided by the philosophy of ‘We Care’, Reliance embraces the evolving landscape of climate-related disclosures, recognising that it extends beyond mere corporate obligations. The Company has reported in line with the Task Force on Climate- Related Financial Disclosures (TCFD) recommendations, which are now embedded into the broader framework of IFRS S2 Climate-related Disclosures under the ISSB Standards. These disclosures reflect the Company’s commitment to transparency and proactive management of climate-related risks and opportunities as it progresses towards its Net Carbon Zero objective by 2035. Governance Reliance is actively progressing towards better integration of climate change considerations into both strategic and operational decision- making processes. The Company’s Board is responsible for overseeing, reviewing and guiding activities related to its energy transition strategy through regular engagement with the management and external specialists. The Board is supported by the ESG Committee in reviewing and identifying current or emerging climate risks and opportunities; assessing their effects on business and various stakeholders; and proposing 42 43 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 actions or strategies to adapt to the evolving environment, mitigate risks or capitalise opportunities. The Board also oversees the Company’s overall risk management and internal control mechanisms through various committees. Details on the Terms of Reference of the ESG Committee can be accessed on the Company’s website: https://www.ril.com/OurCompany/ Leadership/BoardCommittees.aspx. The ESG Committee convenes quarterly to review the Company’s sustainability initiatives, progress made, advancements towards goals and targets, and upcoming plans. A comprehensive overview of the Committee proceedings is reported back to the Board. Additionally, the New Energy Council (NEC), comprising global advocates and thought leaders in the New Energy sector, regularly provides inputs to the Board about the Indian and global energy transition landscape. It also validates Reliance’s New Energy strategy, roadmap and risk mitigation plans that are essential for achieving the Company’s ambitious Net Carbon Zero target. As the world ushers in the era of low-carbon energy, appropriate skills and capabilities are important for solving the complex problems posed by the associated transition. The Board contributes essential expertise spanning various domains, encompassing operations, risk management, strategic planning and regulatory challenges to address climate-related issues. For more details on the Board’s areas of expertise, refer to our Corporate Governance Report on page 62. Whenever pertinent, the Board organises sessions to augment members’ comprehension of the latest regulatory requirements, best practices and their implications for the Company. Guided by a capable Board, the Company’s management assumes a pivotal role in evaluating and handling climate-related risks and opportunities, as well as tracking the advancement of climate change goals. Specialised teams reporting to the Executive Committee address matters concerning decarbonisation, the New Energy business and associated plans. The Executive Committee exercises oversight over strategic decisions and the portfolio of initiatives, aligning them with the Company’s Net Carbon 44 Zero objectives. The management consistently informs the Board about climate-related metrics, existing and potential risks, opportunities in energy transition, outcomes of related initiatives, partnerships and disclosure practices. Risk Management Reliance recognises the challenges and opportunities arising from energy transition and its potential impacts on its business, strategy and financial planning across short, medium and long-term horizons. The transition to renewables provides the Company with an opportunity for continuous hyper-growth over many decades. The Company adheres to a well- structured methodology encompassing identification, assessment and management of climate-related business risks. This aligns with the recommendations of the TCFD and covers physical risks (both acute and chronic) as well as transition risks, including policy and regulatory, market, technology and reputational issues. Integrated into the Group- wide Enterprise Risk Management (ERM) framework, this systematic approach enables the Company to effectively recognise risks, gauge potential exposure, allocate resources accordingly and assess the efficacy of its responses. Various committees formed by the Board routinely review risk mitigations and governance practices, ensuring seamless operations, minimising disruptions, capitalising on opportunities, and consistently delivering value to stakeholders. Additional information on Reliance’s Risk Governance Framework is available on page 31. Strategy Reliance has developed a robust climate change and energy transition strategy that addresses a multitude of challenges and opportunities inherent in the dynamic energy landscape. The strategy is informed by a thorough analysis of material climate-related risks and opportunities, considering evolving regulations and expectations of investors and stakeholders. Details about the Net Carbon Zero strategy can be found on page 41 of the Report. Just Transition Reliance understands that a ‘just transition’ is essential to navigate the challenges posed by the shift towards cleaner energy sources in line with the broader goals of environmental sustainability, social equity and economic resilience. Emphasising the ‘Made in India’ approach, the Company progresses towards its vision to position India as a world leader in energy transition by investing to promote products and technologies made within the country and to empower its talent resource pool to actively embrace the technologies of the future. Metrics and Targets Reliance assesses and oversees its initiatives concerning climate-related risks, opportunities and strategies by continuously monitoring key metrics and assessing performance against established targets. These metrics play a pivotal role in enabling well-informed decision-making and offer transparent insights into the Company’s advancements towards achieving its objective of becoming Net Carbon Zero by 2035. Renewable energy consumption, overall energy consumption, energy savings due to conservation efforts, and GHG emissions are the key metrics that the Company monitors for measuring progress against its Net Carbon Zero commitment. For details on the performance of Reliance’s assured climate-related parameters, refer to Natural Capital on page 45 of this Report. In line with its commitment to invest D75,000 crore in clean energy to become a Net Carbon Zero company by 2035, Reliance has outlined targets for enhancing solar capacity for meeting its captive requirements, establishing giga factories, transitioning into the New Energy and New Materials business, and enabling 100 GW of renewable energy by 2030 to contribute to India’s Nationally Determined Contributions (NDCs). For more details on targets along with the progress made in the current fiscal, refer to page 43. Natural Capital Championing clean energy solutions for India and the world Integrated and aligned with national and global standards Material Topics Managing Environmental Impact Climate Change Energy Efficiency of Operations Ecosystem and Biodiversity Waste Management and Circular Economy Water and Effluent Management BRSR Principles^ P6 Page 68 BRSR 2023-24 ^For more details on energy, air emissions, GHG emissions, water (including water withdrawal in water stress areas) and waste data, please refer P6 of BRSR 2023-24. UN SDGS 6.85 Million GJ Renewable energy consumption* * The above data is for RIL Standalone and other O2C entities. Management Approach Reliance has established a robust and effective governance structure to monitor its natural capital consumption, focusing on key material topics. At the Board level, the ESG Committee ensures effective oversight, driving progress towards achieving ESG goals. The Company’s Health, Safety and Environment (HSE) policy prioritises continuous improvement of environmental practices and minimisation of adverse impacts on the environment and community. The HSE policy is implemented by the Safety and Operational Risk (S&OR) function, which evaluates business strategies quarterly and performs independent environmental reviews at both the unit and site levels. S&OR is the custodian of the Operating Management System (OMS) that drives safe, sustainable, reliable and compliant operations. Further, continuous monitoring and auditing processes ensure compliance with environmental regulations. Making Judicious Use of Nature’s Wealth Managing Environmental Impacts With its operations spanning various industries, Reliance employs a cross- business environmental management AIR EMISSIONS AT RELIANCE* Parameter TPM SOx NOx VOC Unit ‘000 tonnes ‘000 tonnes ‘000 tonnes ‘000 tonnes framework that focuses on managing energy use; reducing, recycling and reusing water and waste; minimising air pollution; preventing soil contamination and preserving biodiversity. Targeted technological interventions and strategies are employed to reduce energy and water consumption and minimise waste production, including the flaring and venting of gases. Reliance has made significant investments in retrofitting equipment and machinery to reduce environmental impact and energy use. Additionally, a Continuous Emission Monitoring System (CEMS) ensures compliance with local emissions standards for SOx, NOx and TPM. Moreover, employees and contractors are regularly trained on environmental laws, pollution prevention techniques and waste reduction strategies. On World Environment Day, Reliance Foundation launched “Plant4Life,” a community-driven environmental initiative focusing on supporting natural resources, protecting livelihoods, building capacities of communities to engage in climate adaptation and environment conservation. This programme kicked off with a massive plantation campaign, involving 70,000 hours of employee volunteering and resulting in the planting of over 5,09,000 saplings of 40 indigenous species. FY 2023-24 1.36 16.64 34.00 46.88 FY 2022-23 1.88 19.29 35.80 46.27 FY 2021-22 1.81 20.74 37.85 46.66 * The above data is for RIL Standalone and other O2C entities. Air emissions for all parameters are reported using third-party stack analysis reports, except for NOx and VOC parameters at the Jamnagar unit, wherein these are sourced from peers from the same sector. Climate Change In line with its ambition of reaching Net Carbon Zero by 2035, Reliance is placing a strong emphasis on transitioning from fossil fuels to renewable sources, maximising sustainable materials and chemicals as part of its portfolio, and adopting carbon fixation, capture, and utilisation technologies. The Company envisions becoming one of the world’s leading New Energy and New Materials Company over a period of 15 years through a strategic focus on clean energy transition, making CO2 a recyclable resource and replacing transportation fuel. More details related to this are elaborated on page 41. During FY 2023-24, significant progress was made on the construction of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar and the first giga-factory is scheduled to begin production in the second half of CY24. Further, the Company launched its first commercial-scale Compressed Bio Gas (CBG) plant in Barabanki, Uttar Pradesh and plans to expand to 25 CBG plants across India. The goal is to establish 100 CBG plants in the next five years, using 5.5 Million Tonnes of agro-residue and organic waste, thus mitigating nearly 2 Million Tonnes of carbon emissions, 45 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Natural Capital and producing 2.5 Million Tonnes of organic manure annually, significantly reducing LNG imports. The Company in collaboration with Indian Institute of Technology Madras has initiated a technology development programme for CO2 utilisation in construction materials. The Company has also made advancements in two critical aspects for delivering cost-competitive green hydrogen and its derivatives: cost of renewable power generation, and installed cost of electrolyser for giga-scale deployment. Further, the Company has invested in strategic partnerships and acquisitions, the details of which can be found on page 41 of this report. The Company is prioritising the establishment of its battery Giga factory by 2026. Further, it is fast-tracking the commercialisation of its sodium-ion battery technology, with plans to industrialise sodium-ion cell production at a megawatt level by 2025. The O2C AND E&P’S GHG EMISSIONS* Parameter Scope 1 and Scope 2 emissions Company will also invest in enhancing the value chain, partnerships and future technologies, including upstream and downstream projects such as: − Integrated PV manufacturing from quartz to PV modules, including building an ecosystem of ancillary units. − Battery chemicals and components, cells and pack manufacturing and energy storage system. − Building an electrolyser and hydrogen value chain. − Power generation to ensure round-the- clock availability for the production of hydrogen. − Power electronics systems required to support renewable energy, such as inverters, chargers and DC-DC converters. − Renewable energy for mobility. − Compressed biogas for energy generation. Responsible Energy Use across Business Units Oil to Chemical (O2C) and Exploration and Production (E&P) Reliance has actively integrated sustainability practices, harnessing 6.85 Million GJ of renewable energy. The Company has also implemented biomass co-firing at Hazira and Dahej manufacturing units. During FY 2023-24, Dahej and Hazira manufacturing units together consumed 6.3 Million GJ of renewable energy which accounts for about 92% of Reliance’s total green energy consumption for the year. Additionally, the Hoshiarpur manufacturing unit has started using rice husk-based in-house steam generation, aligning with Reliance’s goal of reducing the consumption of fossil fuels. Moreover, Hazira and Barabanki manufacturing divisions have begun intermittently importing green power from the grid as part of ongoing sustainability efforts. Unit FY 2023-24 FY 2022-23 FY 2021-22 Million Tonnes CO2e 45.20 45.24 45.16 * The above data is for RIL Standalone and other O2C entities. Note: In the Jamnagar unit, emission factors except CO2 in Scope 1 are sourced from peers from the same sector. Other units refer to IPCC guidelines for emission factors. Further, grid emission factor for Scope 2 is sourced from the Ministry of Power. Reliance Retail Reliance Retail continues to focus on energy-saving initiatives, including LED fitting across all sites, installation of solar projects at company-owned supply chain sites, use of battery power equipment in material handling, thermal reflective coatings, use of natural lighting and high- volume, low-speed fans. Reliance Jio Under the Science Based Targets initiative (SBTi), Jio has committed to achieve Net Zero target. By FY 2028-29, the Company aims to lower its absolute Scope 1 and Scope 2 emissions by 76% and Scope 3 emissions by 66.5%, using FY 2020-21 as the baseline. A pivotal part of this commitment is to increase the sourcing of renewable electricity from 1.2% in FY 2020-21 to 100% by FY 2029- 30 and maintain this level thereafter. (Note: The financial year is considered as per the global calendar for science based target.) Reliance Jio has installed over 174 MWp of solar power across more than 20,000 sites in India and is now exploring wind power and methanol fuel cells to further decrease its carbon footprint. 46 Jio emphasises on several initiatives to reduce its emissions, including leveraging digital connectivity for meetings, implementing smart sensors and robotics, integrating AI, adopting the waste management principles, and collaborating with customers and suppliers to develop sustainable products and services. In 2023, Jio received an ‘A’ score from CDP in climate change, which is in the Leadership band. RELIANCE JIO’S GHG EMISSIONS AND ENERGY CONSUMPTION Parameter GHG Emissions FY 2023-24 FY 2022-23 Unit FY 2021-22 Scope 1 Scope 2 Million Tonnes CO2e Million Tonnes CO2e 0.46 4.20 0.48 3.39 0.49 3.36 GJ 2,33,95,931 1,90,21,241 1,67,09,767 Energy Total energy consumed (from renewable and non-renewable sources) Energy Efficiency of Operations Reliance continues to adopt state- of-the-art technologies and process improvements to enhance energy efficiency across its businesses. These initiatives have resulted in substantial energy savings of 5.28 Million GJ in FY 2023-24. FY 2023-24 Energy Consumption at Reliance The energy management policy of Reliance drives the Company’s strategy to manage energy based on the five tenets of energy management as detailed on page 115 of this report. For FY 2023-24, total energy consumption for O2C and E&P was 506.18 Million GJ, of which 6.85 Million GJ was from renewable sources. Of the total energy consumed, 500.24 Million GJ was from fuel consumption while 5.94 Million GJ was from electricity consumption. Total energy includes non-renewable energy from fuels like Fuel Oil, Fuel Gas, Syn Gas, Diesel, FCC Coke, Coal and Natural Gas etc., and renewable energy from biogas, biomass and solar energy. Further, major units like refinery and petrochemical complexes determine calorific values of fuel through sample testing in internal NABL-accredited labs. Other units use calorific values from IPCC guidelines. Reliance is striving to reduce its carbon footprint by sourcing biomass as an alternative fuel for its Dahej and Hazira sites. This year, RIL has consumed 8.6% and 4.0% of total energy consumption through green energy sources at these sites, respectively. The Company has implemented a range of initiatives to enhance energy efficiency and promote resource conservation. These measures include energy optimisation projects, waste heat recovery systems and equipment upgrades. This year, the volume of flared and vented hydrocarbons was 0.14 Million MT. Jio’s total energy consumption for the reporting year was 23.40 Million GJ, of which 7,38,039 GJ came from renewable sources. In line with its SBTi commitment, Reliance Jio continues to focus initiatives to optimise energy usage across its facilities. Ecosystem and Biodiversity Reliance is committed to actively preserving biodiversity and aims to have a net positive effect on it. The Company performs impact assessments for applicable projects on biodiversity and regularly monitors ecosystem health. By continually engaging with stakeholders and collaborating with partners, the Company seeks innovative methods to advance its environmental objectives. Across India, the Company has planted over 2.44 crore saplings, contributing to the development of greenbelts spanning over 6,500 hectares. In FY 2023-24 alone, more than 5 lakh saplings were successfully planted. Further, through Reliance Foundation, the Company has taken several initiatives that exemplify its commitment to environmental stewardship like the plantation drive, adoption of the Miyawaki method for afforestation and mangrove restoration in Odisha and West Bengal. Waste Management and Circular Economy Reliance continues to place strong emphasis on waste management and circularity initiatives across its businesses such as PET recycling, chemical recycling (pyrolysis oil), polyolefin recycling, recycling the hazardous waste as alternative fuels and raw materials, zero- waste stores, among others. Further, the Company is making steady progress on its circularity focused projects that includes the innovative ReRoute™ product, sustainable packaging, development and consumer adoption of the R|ELAN™ fabric, commercialisation of the RCAT-HTL technology and development of circular polymers. The Company’s integrated refining and petrochemical complex in Jamnagar, India, has achieved the International Sustainability & Carbon Certification (ISCC) Plus certification for producing circular polymers, branded as CircuRepol™ and CircuRelene™, by chemically recycling plastic waste-based pyrolysis oil. Further, the Company complies with Extended Producer Responsibility (EPR) Guidelines and Plastic Waste Management Rules, ensuring responsible disposal and recycling practices are implemented throughout its operations. WASTE GENERATION AT RELIANCE IN FY 2023-24 Entity O2C and E&P* Reliance Jio Parameter Hazardous waste (disposed) Hazardous waste diverted from disposal (recycled / reused) Non-hazardous waste (disposed) Non-hazardous waste diverted from disposal (recycled / reused) Hazardous waste (disposed) Non-hazardous waste (disposed) Unit ‘000 MT ‘000 MT FY 2023-24 14.80 87.89 FY 2022-23 12.32 80.68 ‘000 MT ‘000 MT ‘000 MT ‘000 MT 4.80 569.27 4.44 521.77 1.93 3.84 3.84 4.47 * The above data is for RIL Standalone and other O2C entities. Water and Effluent Management Reliance implements a comprehensive strategy to reduce freshwater usage through increased water recyclability, reuse of treated water and minimising external discharge. The Company has invested in automation to improve operational efficiency, resulting in reduced water consumption. Further, the Company continues to focus on expanding rainwater harvesting, enhancing water efficiency in manufacturing processes and using treated wastewater. During the year, the Company* withdrew a total of 227.58 Million Kilolitres of water, with 37.81 Million Kilolitres discharged and 104.78 Million Kilolitres recycled. Of the water discharged, 74.3% was released into seawater, 23.5% into surface water and the remainder was discharged as third-party water. Additionally, the E&P Division reported 5.22 Million Kilolitres of produced water. * The above data is for RIL Standalone and other O2C entities. RELIANCE’S WATER CONSUMPTION BY SOURCE* 1.2% 8.9% 43.8% 0.1% 46.0% Seawater/desalinated water Surface water Third party water Groundwater Others (Rainwater storage) Way Forward Reliance is reshaping its operational strategies to reach its ambitious goal of achieving Net Carbon Zero by 2035. The Company continues to make considerable investments, focusing on R&D and actively pursuing strategic partnerships to decarbonise its operations and shift from fossil fuels to more sustainable and cleaner energy sources. These collaborations are pivotal in facilitating the transition to clean energy. 47 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Management Approach Reliance firmly believes in a multifaceted approach to human capital management and has defined the 10 Tenets of Institutional Leadership, which translates this belief into concrete actions. The Company prioritises the health, safety and holistic well-being of employees and champions a diverse and inclusive environment where individuals from all backgrounds feel valued and respected. The Company also makes significant investments in talent acquisition, management and retention through its diverse initiatives. Reliance adheres to the principle of equal opportunity. Furthermore, the Company respects the fundamental rights of its workforce, such as freedom of association, speech and non-discrimination, informed by the Universal Declaration of Human Rights and reinforced by a robust grievance redressal mechanism. The Company’s steadfast dedication to ethical conduct and transparency is evident in its detailed Code of Conduct and open communication channels with its stakeholders. Talent attraction Reliance hired 1.71 Lakh new employees across diverse businesses, expanding its direct workforce to nearly 3.48 Lakh. The impact extends beyond its own employees to numerous indirect livelihood opportunities created within the ecosystem. Parameter Number of employees Number of female employees Number of new hires Number of female new hires Number of voluntary separations Number of female voluntary separations Differently-abled employees Paternity leaves taken by employees Employees back in the same year after paternity leave Maternity leave taken by employees Employees back in the same year after maternity leave O2C and E&P 29,467 2,298 5,110 616 2,679 321 46 762 761 Reliance Jio 90,067 10,749 56,168 6,237 33,612 4,294 49 3,340 3,338 Reliance Retail 2,07,552 56,439 1,05,047 32,850 1,03,832 26,995 1,614 1,875 1,617 Reliance Group* 3,47,362 74,317 1,71,116 41,092 1,43,280 32,583 1,723 6,414 6,153 47 32 203 197 421 196** 811 501 * Consolidated data for the Group includes on-roll employees of O2C, E&P, Jio, Retail, Media and other operations. ** In addition, 98 employees availing maternity leave from the previous year have also joined back in the current financial year. Among the total employees in Reliance Group in the table above, 53.9% are below the age of 30, and 21.4% are female. Of the total new hires, 81.8% are below the age of 30, and 24.0% are female. Of the total voluntary separations, 74.9% are below the age of 30, and 22.7% are female. Overall voluntary separations in FY2023-24 are lower than FY2022- 23. The retail industry typically has a high employee turnover rate, especially in store operations. For Jio, 43% of reported attrition includes non-regular employees (fixed-term contracts, part- time, apprentice and interns). A shift towards commission-based job roles in the Jio workforce reduced overall need for new hiring in field jobs. The average learning hours per employee for O2C and E&P, Jio, and Retail are 34.72, 40.98 and 63.97 respectively. Over 28.80 Million learning hours were imparted across the group, including some trainings for key off-roll employees. During FY 2023-24, Reliance O2C and E&P, Reliance Retail and Jio engaged with 100% of employees through employee surveys. Furthermore, Reliance O2C and E&P, Reliance Retail and Jio were certified as a Great Place to Work®. The organisation continues to use listening mechanisms to improve engagement levels. Health, Safety and Employee Well-being Reliance champions a ‘Safety First’ culture and goes beyond compliance with its robust HSE management system. This encompasses robust safety protocols, comprehensive training programmes and continuous risk assessment, as outlined on page 32 of this report. Continuous improvement is ensured through the Central HSE Audit Programme. The Company’s Human Capital Building excellence and driving success by leveraging an empowered workforce Integrated and aligned with national and global standards Material Topics Health, Safety and Employee Well-being Diversity and Inclusion Talent Management Labour Management Human Rights Business Ethics, Integrity and Transparency Grievance Redressal Mechanism BRSR Principles P1 P3 Page 30 Page 44 P4 P5 Page 56 Page 62 P7 Page 82 BRSR 2023-24 UN SDGs 48 comprehensive Health, Safety, and Environment (HSE) Policy aligns with statutory requirements, covering all employees and contractors and is implemented via a robust Operating Management System (OMS). Reliance goes beyond compliance, fostering a proactive culture of health and safety responsibility through various initiatives across the businesses. Its Change Agents for Safety, Health and Workplace Environment (CASHE) programme empowers employees to take ownership of well-being, demonstrably reducing risk and improving work safety. In FY 2023-24, the Company invested C 981 Crore in HSE initiatives. During the year, a fatality was reported in the manufacturing operations. The Lost Time Injury Frequency Rate (LTIFR) for O2C and E&P (excluding Malaysia) was 0.08 per Million man- hours. In Malaysia, the LTIFR was 1.87 per Million man-hours. The LTIFR for Reliance Retail was 0.023 per Million man-hours and that for Reliance Jio was 0.205 per Million man-hours. R-Swasthya: Focusing on holistic well-being R-Swasthya is a transformative programme encompassing the five petals (physical, mental, social, spiritual and financial) that represent a vital dimension of human well- being, addressed comprehensively to empower every member of RIL. The programme is manifested through several initiatives around the year, such as structured monthly programmes, Diabetes Control Mission, Employee Assistance Programme (EAP), My Thali, Mental Health First-Aider programme, financial literacy workshops and awareness programmes. Diversity and Inclusion The RIL Diversity & Inclusion Charter codifies the Company’s firm commitment to upholding diversity, equity and inclusion (DE&I) as its core values. Reliance’s 5E framework – Educate, Encourage, Enable, Experience and Effectiveness – provides a comprehensive and sustainable approach to the DE&I agenda. The Company upholds the principle of equal rights for all individuals, irrespective of their race, colour, national origin, religion, caste, gender, age, sexual orientation, gender identity or expression, marital status, medical condition, disability or any other legally protected characteristic or status. This is enshrined in the Company’s Code of Conduct. Further, the Company has a well- documented POSH policy and an Equal Opportunity Policy for the Disabled and Transgender that aligns with the Code of Conduct as well as Reliance Core Values and Behaviour. Reliance O2C and E&P employs 128 women in leadership positions, 61 women managers and leaders in revenue- generating functions and 995 women in STEM-related positions. It continued to uphold its DE&I commitment with gender inclusion initiatives such as R-Aadya, that addresses women’s needs and challenges in career advancement. Furthermore, on International Women’s Day this year, Reliance introduced a democratised mentoring programme for female employees, with more than 100 leaders pledging to serve as mentors. Reliance Retail promotes DE&I by organising awareness sessions for LGBTQ+, unconscious bias workshops, employee resource groups for inclusion of People with Disabilities (PwD) and WE Bulletin newsletter to educate employees on DE&I. There is focus on gender diversity through different initiatives including customised women leadership development programmes, reintegrating maternity returners and offering second career opportunities. Jio launched its flagship DE&I event “VIBGYOR: The Festival of DE&I”. It focused on Awareness, Belongingness and Celebration of gender diversity, persons with disabilities, generational diversity, LGBTQ+ pride, digital and social inclusion. Organised over 5 months, it garnered participation from 100% employees spread across 7,500+ locations. Talent Management Reliance is cultivating a strong pipeline of young and exceptionally competent leaders. For the first time, the Company opened applications for the Graduate Engineer Trainee (GET) programme nationwide, which enabled young engineers, especially those from remote regions and regional institutes, to apply online. Over 88,000 registrations and more than 54,000 applications were received on the GET microsite. Additionally, the Company continued with its flagship B-school programme, The Ultimate Pitch, promoting entrepreneurial thinking and innovation. In its eighth season, the programme received 15,300+ registrations as well as 1,300+ ideas from 450+ business schools. The Company’s performance management system prioritises shared purpose and accountability through SMART objectives. Teams define SMART objectives and Annual Operating Plans aligned with organisational goals. Individual performance is then evaluated within the context of team achievements, recognising the value of collaborative effort and interdependence. Reliance focuses on building leaders of tomorrow through programmes such as Career Acceleration Programme (CAP), FLYER (First-Line Young Engineers at Reliance) and STEP UP. Additionally, Annual Talent Review (ATR) and succession planning process is conducted for over 4,500 O2C employees to identify and segment talent cohorts based on future potential and consistent performance. The Company offers a variety of learning platforms to help employees upskill for new-age technologies including 3D Champion 2.0, Tech Frontier and Power Skills. Further, anytime learning has become a way of life at Reliance. Currently, 1,14,948 employees are actively engaged in learning via LinkedIn while 68,035 employees are upskilling themselves and building capabilities via Coursera. RIL also conducted Spectrum 8.0, the eighth edition of RIL’s annual learning and development festival, which witnessed 19,000+ learners across sessions. Reliance Retail is also building a pipeline of future leaders through its Young Leaders Programme (YLP). In FY 2023- 24, the Company onboarded a total of 544 trainees and 115 interns across 49 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24Introspection & Fulfillment Safety & Security Psychological Resilience Connection & BelongingnessFinancial StabilitySpiritual Connect SessionYoga, Meditation SessionsEnabling Work EnvironmentAuthentic LeadershipSupportive ManagersAutonomy & FulfillmentEducation & AwarenessLifestyle DiseasesinitiativesNutritionPMEEducation&Awareness Mental First-Aid Employee Assistance ProgramManager SensitisationVolunteeringPlatforms for connectionCohort Based sessionsFinance Awareness SessionsSPIRITUALSOCIALFINANCIALPHYSICALMENTALHAPPINESS & WELLBEING Human Capital cadres and businesses from more than 100 engineering, management and specialised institutes. Reliance Retail has a Signature Leadership Development Programme called the Talent Accelerator Programme (TAP) to fast-track the professional development and career growth opportunities for high- performing, high-potential young talent. During FY 2023-24, 41 high-potential young professionals were selected to participate in the programme. The Company also offers customised learning journeys for managers at different experience levels through its Manager Development Programmes. Additionally, Reliance Retail launched a Digital Leadership Programme for senior leaders equipping them with a “digital mindset” through industry examples, expert workshops and strategic projects to drive future growth. To further enable managers and leaders to engage in a developmental relationship with their team members, the Company initiated Leader as Coach and Manager as Coach Development programmes. Reliance Retail conducts an annual learning event, Transformance, encouraging employees to upgrade their own capabilities by leveraging different opportunities within the organisation. The Company has established learning academies, including Academy of Future Skills, Data & Analytics Academy, Tech Academy and Metaverse Learning aligned with business needs. Reliance Retail Leadership Academy (RLA) continues to offer structured developmental interventions for high- potential leaders at various levels. Reliance Retail’s Source-Train-Hire model, focused on Tier 2,3 and 4 cities, targeting underprivileged communities. This year, Reliance Retail trained over 12,861 candidates and successfully placed 12,100+ individuals, of which 61% of the candidates were from rural background and 19% were women. The model not only fulfilled the Company’s ambitious hiring targets but also strengthened its commitment to inclusive growth and community empowerment, setting a new standard in workforce development. Jio follows a cohort-based talent management approach comprising 8 talent cohorts: Cadre, Frontline Contributors, Frontline Managers, Business Managers, Product Managers, Functional Managers, Senior Leaders and Women in Business. During FY’23-24, Jio onboarded 1,655 trainees across 50 Tech, Business and Support functions, 3,656 employees were cross-skilled and certified through Jio Certifications. 26 high-potential leaders underwent the 6-month “Step Up” leadership development journey. Labour Management and Human Rights Reliance follows the principles of the United Nations Global Compact while adhering to local and national regulations and the Company’s Code of Conduct. The Company recognises employee unions and engages in frequent formal and informal discussions with a forum comprising of management and union representation. Collective bargaining agreements cover majority of the permanent workers across RIL. During the reporting period, there were no known cases of child labour, forced labour, involuntary labour, sexual harassment and discriminatory employment. All genders in the same roles received equal pay at the entry- level. For further details on Human Rights aspects, please refer to Principle 5 of RIL BRSR 2023-24. Business Ethics, Integrity and Transparency Reliance is committed to fostering a culture of integrity, transparency, openness and compliance – as evidenced by its Values and Behaviours, and Code of Conduct. RIL’s Code of Conduct defines the behaviour expected from all the employees and stakeholders, in addition to the corresponding practices. The HR Leadership periodically evaluates people policies to ensure their relevance to evolving regulatory and market demands. The Ethics and Compliance Task Force (ECTF) is responsible for overseeing and monitoring the implementation of ethical business practices within Reliance. All complaints related to ethics, non-compliance and violations of the Company’s Code of Conduct received by the ECTF are thoroughly reviewed and reported to the Audit Committee on a quarterly basis. To further promote ethical behaviour, Reliance has put in place mandatory e-learning courses. The Company has established a robust Anti- Bribery Management System (ABMS) to prevent, detect and respond to bribery risks. The ABMS e-learning module plays a key role in helping recognise Reliance’s expectations from its employees or business associates in the context of its Anti-Bribery and Anti-Corruption (ABAC) Policy. Reliance has also adopted the ISO 37001:2016 standard for its ABMS. Further, the Company offers an e-learning module “Satarkata” to educate its business partners on ethical business practices, promoting a strong business ecosystem. Grievance Redressal Mechanism RIL has established a robust mechanism through a Vigil Mechanism and Whistle- blower Policy for reporting and handling of such violations, termed as ‘Reportable Matters’. Under this policy, the employees are encouraged to report any such violations without fear of retaliation. The Vigil Mechanism and Whistle-blower Policy is hosted on the website of the Company as well internal web portal, and can be accessed via this link. A whistle-blower can make a protected disclosure either to the Ethics and Compliance Task Force (ECTF) or directly to the Audit Committee via e-mail, telephone or through a letter without being afraid of any reprisal. Protected Disclosures are handled carefully, scrutinised promptly and investigated diligently to check the veracity of the allegations and whenever required, appropriate corrective action is initiated. Details of the Protected Disclosures handled by the ECTF are shared periodically with the Audit Committee. Way Forward India’s transformation into a prosperous, strong and self- confident nation serves as a beacon of hope for the world and Reliance’s path forward towards nurturing future leaders. The Company prioritises continuous skill development with a focus on future-proof skillsets such as digital literacy, data analytics and AI, fostering adaptability to emerging technologies. Alongside technical expertise, emphasis will remain on fostering human- centric leadership with empathy, agility and inclusivity. Management Approach Reliance emphasises the development of diverse business segments through continuous investment in various areas, including large assets and environmentally conscious manufacturing practices, as a key strategy for growth. The focus on innovation, robust research and a customer-centric approach enables the Company to lead in technological advancements and offer sustainable, high-quality products and services. Reliance’s management approach is centred on holistic value creation, which involves strategic partnerships and venturing into new growth avenues to expand its operational spectrum. Business Performance New Energy Reliance advances its New Energy business to achieve Net Carbon Zero by 2035. A significant stride in this direction is the Dhirubhai Ambani Green Energy Giga Manufacturing Complex in Jamnagar, covering 5,000 acres. It includes five giga factories for solar PV, energy storage, electrolyser, fuel cell, and power electronics. The Company has made significant progress this year towards establishing an integrated solar PV manufacturing ecosystem. For more updates on the New Energy business, please refer page 29 of this report. O2C In the O2C business, Reliance continues to set industry benchmarks through its exceptional asset utilisation, which has consistently remained amongst the highest in the industry. At the forefront of its O2C operations is the Jamnagar refinery, recognised as the largest and most complex single-site refinery in the world. Further, O2C business encompasses world-class assets such as refineries and petrochemical units that are deeply integrated across sites, along with logistics and supply chain infrastructure. RBML, operating under the brand Jio-bp, continued to focus on conventional business of MS and HSD as well as low carbon fuels including Bio-CNG and EV charging. More details about O2C's business performance and outlook including updates on CleanNGreen and Electric Charging business can be found on page 24 of this report. E&P In a bid to meet India’s growing energy demands, Reliance is making significant advancements in its Exploration & Production (E&P) sector. With enhanced production from the MJ field, KGD6 is contributing approximately 30% of India’s gas production. RIL is producing Coal Bed Methane (CBM) from its SP (West)–CBM–2001/1 block, with over 300 wells operational, yielding an average gas output of 0.64 MMSCMD throughout the year. The primary emphasis of the E&P business has been on ensuring safe and reliable operations, as well as efficient project execution, while maximising production from both deepwater and CBM fields. More details on business performance can be found on page 27 of this report. Manufactured Capital Augmenting manufacturing excellence to deliver sustainable products and services Integrated and aligned with national and global standards Material Topics Raw Material Security Security and Asset Management BRSR Principles P2 Page 36 BRSR 2023-24 UN SDGs 79.1 Million sq. ft. Retail space 18,836 Retail physical stores ~12 Million JioFiber/ AirFiber subscribers across India 78.2 MMT Total throughput 51 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Manufactured Capital Reliance Retail Reliance Retail continued to strengthen its position as a leading player in the retail sector during the year. The Company expanded its extensive network of stores to a remarkable 18,836 stores, covering 79.1 Million sq. ft of retail space. In a year marked by increasing consumer engagement, Reliance Retail witnessed record footfalls of over 1 Billion. The business continued to strengthen its capabilities and product offerings through acquisitions and partnerships. For more details on ‘Reliance Retail’ business updates, please refer page 15 of this report. Digital Services Reliance Jio is redefining India’s digital landscape by building robust infrastructure for affordable connectivity and services. In FY 2023-24, Jio’s subscriber base grew by 42.4 Million, reaching 481.8 Million, maintaining its position as India’s top wireless and wireline provider. Jio completed its True5G network rollout, covering over 1 Million 5G cells and capturing ~85% of the country’s 5G capacity. Over 108 Million subscribers have migrated to True5G, which now handles almost 30% of Jio’s mobility traffic. JioAirFiber, launched to address last- mile connectivity, is available in 5,900 towns. Jio leads fixed broadband with ~12 Million premises connected with JioFiber/JioAirFiber. For more details on Reliance Jio business performance, please refer page 18 of this report. Prioritising Sustainable Operations and Asset Protection Raw Material Security Reliance continues to strengthen its commitment to sustainable operations with a strategic focus on raw material security. The Company has secured long-term contracts and established strategic relationships, ensuring a consistent and reliable supply of raw materials to maintain uninterrupted production processes. In its pursuit of operational excellence, Reliance has initiated zero-loss initiatives, minimising losses in material procurement and handling. Supply chain optimisation remains a key focus for Reliance, with efforts geared towards widening the sourcing scope to guarantee a steady raw material supply. The Company prioritises enhancing relationships with key suppliers to fortify its raw material security. Further, Reliance actively diversifies its source base to mitigate risks associated with raw material procurement and ensure resilience in its supply chain. Security and Asset Management Reliance adopts an integrated risk management approach to safeguard its assets. By implementing advanced technology solutions such as smart manufacturing processes, Reliance can predict and manage operational risks effectively. Reliance prioritises crisis management, implementing robust plans to safeguard its assets, operations and reputation against unforeseen events. Stringent safety measures ensure workforce safety and production integrity. Regular compliance monitoring maintains adherence to safety standards, safeguarding both physical and intellectual assets. Way Forward As Reliance continues its dynamic growth, the Company is dedicated to enhancing millions of lives across India. In the New Energy domain, Reliance is actively advancing its green energy initiatives. In the O2C sector, the focus remains on enhancing operational efficiency and sustainability, with an eye on future energy needs. The Retail division is set to broaden its offerings, particularly in underserved areas, with an emphasis on creating value and expanding its reach. Jio is actively transforming India’s digital landscape with investments in its network and digital technology, which is expected to unlock opportunities across various sectors. 52 Intellectual Capital Advancing sustainable solutions through research and innovation Integrated and aligned with national and global standards Material Topics Innovation and Technology Data Privacy and Cybersecurity BRSR Principles P2 P9 Page 36 Page 92 BRSR 2023-24 UN SDGs `3,643 Crore Investment in R&D 1,000+ Researchers and Scientists 236 Patents granted to RIL and Jio in FY 2023-24 1,301 Patent applications filed by RIL and Jio in FY 2023-24 Management Approach Reliance’s intellectual capital fuels the spirit to innovate and commit towards building of self-reliant India by improving the accessibility of masses to innovative products and services. A team of 1,000+ in-house scientists, engineers and specialists are committed to developing world- class products and services that deliver value responsibly to customers and stakeholders. Innovation and Technology During the year, RIL O2C actively pursued its Intellectual Property (IP) goals, submitting 46 new patent applications and receiving approval for 92 patents. As on March 31, 2024, RIL was granted 1,125 patents. Internally, Reliance has established a robust IP governance framework to expand and manage its patent portfolio effectively, aligning with the organisation’s strategic business objectives. R&D Focus Areas Reliance adopts a holistic strategy to advance its R&D efforts, aligning with the demands of its existing and evolving businesses to improve operations and explore fresh avenues for growth and value. Through key partnerships with both local and global technology leaders, the Company enhances its intellectual capital and advances its innovation goals. Circular Economy R&D Focus Areas Climate Change Bio Innovations Affordable and Clean Energy Digital Services Circular Economy Reliance elevated its commitment to circularity and consumer integration by scaling the chemical recycling technology to create specialised green products. This allows the Company to tap into high-value, high-potential customer segments in new value chains, reinforcing its commitment to sustainable, customer-centric solutions. Some of the key initiatives promoting circular economy include converting waste plastic pyrolysis oil to circular polymer, recycling waste plastic to make value-added products, recycling of waste tyres and polyester recycling. Converting waste plastic pyrolysis oil (Py oil) to circular polymer: Reliance has embarked on an ambitious project to produce circular polymer from waste plastic Py oil at the Jamnagar DTA refinery. A total of 200 T waste plastic Py oil has been processed in FY 2023-24. The Company’s Jamnagar refinery is the first in India to receive the ISCC-Plus certification. Reliance has successfully shipped its inaugural batch of ISCC- Plus-certified circular polymers, named CircuRepol™ (polypropylene) and CircuRelene™ (polyethylene). Bio Innovations Committed to harnessing the power of bio-based technologies, Reliance is integrating biological sciences, synthetic biology and bio- manufacturing expertise to pursue sustainable and transformative solutions for a brighter tomorrow. Some of the key bio-innovations that the Company is focusing on are: Value added product from algal bio-refinery: Reliance’s algal manufacturing expertise has been leveraged to develop a sustainable food alternate which will help in addressing the UN SDG of Zero Hunger. The Company has commissioned a pilot plant with a capacity of 50 TPA to produce alternate algal protein and other value-added products. FSSAI approval has been obtained for algal protein. Other value-added algal products include (i) feed ingredient with unique nutritional properties for improving animal health, (ii) nanocellulose, a novel biomaterial intended for wound care and personal care products and (iii) algal oil for personal care application. Iron enrichment of vegan protein: Reliance is scaling up the process for producing bio-available vegan iron (R BAGI) and preparing to 53 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Intellectual Capital establish regulatory readiness aimed at iron-deficient anaemia, thus promoting health and well-being. High-strength biomaterial spider silk protein: Spider silk, a biopolymer with excellent mechanical properties and biocompatibility, exhibits potential in personal care applications, particularly in preventing hair fall and promoting overall health and well-being. Bioderived biodegradable plastics: Reliance is developing a scalable technology aimed at commercialising 100% bio-based, biodegradable and compostable PHA (polyhydroxyalkanoates) bioplastics. Affordable and Clean Energy Reliance’s pursuit of affordable and clean energy is crucial in addressing the global challenges of climate change. During the year, the R&D team continued to focus on efforts such as Bio-CBM, Reliance Catalytic Hydrothermal Liquefaction and catalytic gasification of Biomass to Hydrogen (B2H). Additionally, Reliance has developed an in-house levelised cost of hydrogen (LCOH) model and is developing a process design package for large-scale green H2 production. The Company is also developing a dynamic simulation model for hydrogen compression and H2 retail stations. Reliance is also developing electrolyser membrane and purification catalysts. Biomass gasifier: Reliance is developing concepts for biomass gasifiers to generate producer gas. This method allows the Company to use biomass at central and remote locations to supply piped producer gas to heaters located at widespread locations instead of conventional fuel. Climate Change Reliance is addressing climate change through innovative technologies and strategic initiatives such as co- gasification of biomass, development of Polybutylene Adipate Terephthalate (PBAT) based bio-compostable bag- on-roll for packaging, development of sulphur-based fertiliser and development of technology for CO2 utilisation in construction materials. 54 for accelerating the development of Generative AI and Large Language Model, along with Open Digital Architecture. Jio, in collaboration with NVIDIA, is planning to build a state- of-the-art cloud-based AI compute infrastructure to accelerate India’s position as a growing force in AI. Data Privacy and Cybersecurity Reliance businesses follow the privacy- by-design and privacy-by-default approaches to ensure that personal data is processed ethically, securely, and legally. Reliance’s cybersecurity strategy is aligned with business and marked to threat. A defence-in-depth approach is followed where multiple technology solutions and controls are deployed to improve resilience against diverse and evolving threats. Our O2C business is ISO 27001 certified, RBML is ISO 27001 as well as PCI DSS certified, and Retail is ISO 27001, ISO 27701 as well as PCI DSS certified. The Digital business’s technology operations are ISO/IEC 27001 and ISO 27701 certified. Way Forward Reliance’s journey towards becoming a leading global conglomerate is propelled by its substantial intellectual capital, enabling continuous innovation and expansion of its business reach and portfolio to meet evolving customer and societal needs. The Company recognises the importance of cutting- edge technology, products and services. Its emphasis on fostering innovation and research continues to promote circular economy, enhance resource efficiency and increase access to affordable and clean energy by leveraging emerging technologies. Digital Services In pursuit of developing innovative product and services at affordable prices, Jio has filed 1,687 patents till date, including 1,255 patents in FY 2023-24 alone. Jio Platforms and its subsidiaries were granted 144 patents in FY 2023-24, taking the cumulative count of patents granted till March 31, 2024 to 331. These patents span across domains including 6G, 5G, AI-LLM, AI- Deep Learning, Big Data, Devices, IoT and NB-IoT. Jio has successfully delivered this by leveraging India’s local talent, forging partnerships with global industry leaders and building the ecosystem to support India’s technological renaissance. Democratising digital services Jio’s vision is to make digital services accessible to all. During the year, Jio launched the ‘JioBharat’ phone, the lowest priced, made-in-India internet- enabled phone with affordable and competitive monthly service plans. In pursuit of its mission to make AI accessible for everyone, everywhere, Jio launched the ‘Jio Brain’ in early 2024. Jio Brain is the world’s first 5G integrated, industry-agnostic, machine learning (ML) platform that lets any enterprise institutionalise ML in day-to- day operations. Co-creating innovative solutions Jio has focused on collaborating with global digital leaders, to bring advanced products and services closer to Indian consumers. During the year, Jio partnered with Plume® to offer market-leading smart home and small business services to subscribers across India. It also partnered with SES, a global satellite content connectivity provider, for cutting-edge medium earth orbit satellite technology. Ecosystem approach to innovation Jio is spearheading India’s digital revolution by creating essential infrastructure that unlocks widespread digital innovation. During the year, Jio and TM Forum inaugurated the first TM Forum Innovation Hub in Mumbai Social and Relationship Capital Building empowered communities by fostering collective prosperity Integrated and aligned with national and global standards Material Topics Community Development Customer Satisfaction Sustainable Supply Chain Management BRSR Principles P4 P8 Page 56 Page 86 BRSR 2023-24 UN SDGs ₹1,592 Crore CSR spending in FY2023-24 ~76 Million People reached cumulatively Management Approach Reliance recognises that strong social and relationship capital, woven from community development, customer satisfaction and responsible supply chain management, is vital for its long-term success. Guided by an overarching Corporate Social Responsibility Policy and Reliance Group Business Partner Code of Conduct, Reliance integrates the social fabric into its value chain. Fostering trust among communities ensures the social license to operate, enhancing brand reputation and customer loyalty. Oil to Chemicals: Continuous Quest for Customer Value and Market Innovation Reliance O2C is actively embracing circularity and consumer integration for customer-centric value creation. Scaling chemical recycling technologies yields application-specific green products, opening doors to high- value, high-potential customers within new value chains. The Company meticulously analyses the specific needs, pain points, affordability levels and supply chain constraints within each business. Community Development During FY 2023-24, Reliance Foundation continued to traverse the remarkable path of impacting millions across India. With a CSR spend of C 1,592 Crore, the Foundation focused on initiatives such as strengthening climate resilience across India’s rural communities, building a world-class sport ecosystem, developing talent at the grassroots, enhancing women’s livelihoods through entrepreneurship and facilitating nature-based solutions for disaster risk reduction. For further details regarding the Company’s CSR initiatives, please refer to the Reliance Corporate Social Responsibility Report 2023-24. Customer Satisfaction Recognised as one of the ‘Five Cardinal Principles of Value Creation’, customer satisfaction plays a crucial role in the Company’s ambitious vision. The Company consistently seeks input through extensive customer satisfaction surveys for continuous improvement. Regular surveys of all products/services are conducted as part of a well-established Quality Management System. Reliance Retail: Delivering Value, Engaging Consumers and Fostering Partnerships The cornerstone of Reliance Retail’s success is its dedication to the “4Cs” guiding principle: Collaboration: Through its digitally enabled supply chain, the Company has partnered with lakhs of merchants, making them self-reliant and competitive. Consumer Engagement: The Company continuously deepens its engagement with its existing customers while expanding its reach. By integrating online and offline channels, the Company serves across the length and breadth of the country. Creativity: It continuously creates and innovates new products, formats and platforms to delight and serve its customers better. Care: Resolving customer issues and shortening the transaction time have been prioritised to ensure the best possible experience for customers and employees alike. 55 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Sustainable Supply Chain Management Reliance’s Business Partner Code of Conduct (BPCOC) outlines the fundamental principles expected of the Company’s partners and emphasises integrity and compliance. The BPCOC also champions fair labour practices, prohibiting child labour, forced labour and discrimination, while promoting safe and healthy work environments. Additionally, the Company actively collaborates with external agencies to conduct third-party evaluations of high-spend suppliers to attain a comprehensive evaluation of their sustainability practices and alignment with RIL standards. Sustainable Procurement Framework at Reliance O2C Reliance has established the Sustainable Procurement Framework to drive environmental and social responsibility across the value chain. The Framework encompasses RIL’s Vision, Guiding Principles, governing mechanism, Supplier Code of Conduct, collaborative approach with suppliers, capability building and sustainability metrics. The Framework is drawn from the following guidance principles: − Compliance with ESG Regulations and Reporting requirements − Adherence to globally recognised standards, including ISO 45001, OSHAS 18001 (Occupational Health and Safety Management System) and other applicable standards − Encouraging suppliers to reduce their environmental impact − Maximising material circularity by exploring avenues toward the use of recycled packaging materials − Provision of equal opportunities to local suppliers to create social impact in the geographies in which the Company operates Reliance has also established a robust management programme to ensure effective implementation and ongoing monitoring of the Sustainable Procurement Programme, comprising a team of Sustainable Procurement Champions led by Programme Managers. The Company ensures the effectiveness of internal processes and Standard Operating Procedures (SOPs) through regular validation. The Company also collaborates with external agencies to provide objective and independent assessments of the Company’s sustainability efforts. Capacity Building and Supplier Collaboration Reliance ensures regular engagement with suppliers through webinars, provides them with tools and Social and Relationship Capital Reliance Fashion and Lifestyle ensures a smooth customer experience with the mantra “Get Your Basics Right” enabled by initiatives such as Trial Room Champs to improve trial room experience, implementing display hygiene as per planogram and driving specialised initiatives focused on revamping customer journey at the billing counter. Periodic and focused training for the store staff and daily monitoring and faster complaint closure through the Reliance One Member Account (ROMA) application reduced the average turnaround time for complaint closure to 4.1 days for FY 2023-24. In addition, a retail National Operations Center (NOC) monitoring channel improved the customer service aspects. As a result of these initiatives, the Net Promoter Score (NPS) for Trends increased by 7 points. The AJIO business also undertook various initiatives – reducing delivery Turnaround Time (TAT) by one day through partner management, enhancing chatbot capabilities to improve coverage of customer queries (expanding coverage to 85%), providing seamless customer care experience with a 99.5% answer rate of all the queries and revamping the customer journey to provide visibility of every step and improve return pickup speed. This led to an improvement of 11 points in NPS. Driving Digital Transformation and Building Customer Loyalty During the year, Reliance Jio was the operator of choice with industry-leading net subscriber additions of 42.4 Million and over 3x net port-ins compared to its nearest competitor. Jio continuously strives to offer next-generation connectivity and digital solutions to all Indians, which is reflected in its ahead-of-the-curve investment in rolling out 5G and fixed wireless solutions. With a vision to drive digital inclusivity in the country, Jio network is present in ~6,20,000 rural villages and covers over 99% of India’s population. 56 Jio’s net zero journey. It is mandatory for suppliers to comply with the requirements of the Code to become preferred business partners. Reliance Jio has also instituted review and oversight mechanisms to monitor compliance with the Code in areas with elevated risks. Reliance Jio has engaged with EcoVadis to assess the ESG performance and GHG emissions of its suppliers. Way Forward Reliance’s skilled workforce, a profound market understanding, in-house research capabilities and a data-driven culture position it at the forefront of innovation. They also serve as a global testament to its unwavering commitment to quality, customer-centricity and adaptability. Further, these qualities enable Reliance to undertake targeted initiatives that empower communities, improve access to education and healthcare, and foster sustainable livelihoods. The Company fulfils its responsibility as a corporate citizen by balancing progress and preservation to champion responsible sourcing and eco-friendly practices throughout the supply chain. Collaborating with partners to reduce environmental footprint, ensuring fair labour conditions and prioritising local suppliers will be integral to the Company’s journey ahead. The Company aims to continue earning customer trust and affection through strategic investments, digital transformation and an unwavering focus on delivering exceptional experiences. 57 resources and imparts specialised internal training sessions aimed at fostering a deep understanding of sustainability. Supplier on-site assessments are carried out during the empanelment of new suppliers. During FY 2023-24, 17 suppliers were assessed for empanelment by a cross-functional team of technical experts and 299 vendors were audited for quality inspection for critical high-quality equipment at their site before despatch. The Company also assesses suppliers through qualitative and quantitative surveys. In FY 2023-24, 2,255 suppliers delivering materials and services worth over C 14,000 Crore were assessed. Basis the assessments, corrective actions and improvement plans were recommended to the suppliers. Reliance is committed to supporting local communities and providing equal opportunities to MSMEs. During FY 2023-24, 185 marginalised local suppliers and 1,976 MSME vendors provided materials and services worth C 35 Crore and C 5,529 Crore, respectively. In addition, to support the local economy and sustainable supply chain, the Company sourced C 5,450 Crore worth materials and services (by spend) from the local vicinity of Reliance sites. Several initiatives are being pursued to meet the requirement for training internal stakeholders on sustainable programmes. Furthermore, the Supplier Code of Conduct has been revised to incorporate the key aspects of sustainable procurement and shared with all the suppliers for reconfirmation. As part of its Sustainability Excellence Programme, Reliance is working with an independent third party, EcoVadis, for sustainability performance assessment of supply chain partners covering 21 parameters across four areas: environment, labour and human rights, ethics and sustainable procurement. Fostering Partnerships at Reliance Retail Empowering small businesses is crucial to Reliance Retail’s success. The Company has digitally woven a web of support for lakhs of merchants, granting them access to resources, markets and the autonomy to thrive. The Company further strengthened this commitment by acquiring Metro India. Supply Chain Sustainability at Jio As a part of its commitment to decarbonise along the 1.5oC decarbonisation pathway, Reliance Jio has committed to reducing its Scope 3 emissions. With upstream emissions contributing to the majority of Reliance Jio’s overall GHG footprint, suppliers play a key role in Reliance Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Independent Practitioner’s Assurance Report on Identified Sustainability Information in Reliance Industries Limited’s Integrated Annual Report To the Board of Directors of RELIANCE INDUSTRIES LIMITED We have undertaken to perform assurance engagement, for RELIANCE INDUSTRIES LIMITED (the “Company”) vide our engagement letter dated February 25, 2024, in respect of the agreed Sustainability Information listed below (the “Identified Sustainability Information”) in accordance with the criteria stated in paragraph 3 below. This Sustainability Information is included in the Integrated Annual Report (the “IAR” or the “Report”) of the Company for the year ended March 31, 2024. This engagement was conducted by our multidisciplinary team including assurance practitioners, environment engineers and specialists. Identified Sustainability Information Our scope of reasonable and limited assurance consists of the Sustainability Information listed in Appendix I and Appendix II respectively to our report. The reporting boundary of the Report is disclosed in the ‘Integrated Approach to Sustainable Growth’ section in IAR with exceptions disclosed by way of note under respective disclosures, where applicable. Our assurance engagement was with respect to the year ended March 31, 2024 information only and we have not performed any procedures with respect to earlier periods or any other elements included in the Report and, therefore, do not express any opinion/conclusion thereon. 1. 2. 58 3. Criteria 6. 4. The Criteria used by the Company to prepare the Identified Sustainability Information is with reference to GRI Sustainability Reporting Standards, issued by the Global Reporting Initiative (the “GRI”) referred to as the GRI Standards. Management’s Responsibility The Company’s management is responsible for the selection of operations, locations and its group companies forming part of the reporting boundary of the Sustainability Information included in the Report. Further, the Company’s management is responsible for selecting or establishing suitable criteria for preparing the Sustainability Information, taking into account applicable laws and regulations, if any, related to reporting on the Sustainability Information, identification of key aspects, engagement with stakeholders, content, preparation and presentation of the Identified Sustainability Information in accordance with the Criteria. This responsibility includes design, implementation and maintenance of internal controls relevant to the preparation of the Report and the measurement of Identified Sustainability Information, which is free from material misstatement, whether due to fraud or error. 5. Inherent limitations The absence of a significant body of established practice on which to draw to evaluate and measure non-financial information allows for different, but acceptable, measures and measurement techniques and can affect comparability between companies. Our Independence and Quality Control We have maintained our independence and confirm that we have met the requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India (the “ICAI”) and have the required competencies and experience to conduct this assurance engagement. We apply Standard on Quality Control (“SQC”) 1, “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements”, and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. 7. Our Responsibility Our responsibility is to express a reasonable assurance opinion and limited assurance conclusion on the Identified Sustainability Information listed in Appendix I and Appendix II respectively based on the procedures we have performed and evidence we have obtained. We conducted our engagement in accordance with the Standard on Sustainability Assurance Engagements (SSAE) 3000, “Assurance Engagements on Sustainability Information”, and Standard on Assurance Engagements (SAE) 3410 Assurance Engagements on Greenhouse Gas Statements (together the “Standards”), both issued by the Sustainability Reporting Standards Board (the “SRSB”) of the ICAI. These standards require that we plan and perform our engagement to obtain reasonable assurance about whether the Identified Sustainability Information listed in Appendix I and included in the Report are prepared, in all material respects, in accordance with the Criteria; and obtain limited assurance about whether the Identified Sustainability Information listed in Appendix II and included in the Report is free from material misstatement. As part of both reasonable and limited assurance engagement in accordance with the Standards, we exercise professional judgment and maintain professional skepticism throughout the engagement. 8. Reasonable Assurance A reasonable assurance engagement involves identifying and assessing the risks of material misstatement of the Identified Sustainability Information whether due to fraud or error, responding to the assessed risks as necessary in the circumstances. The procedures we performed were based on our professional judgment and included inquiries, observation of processes performed, inspection of documents, evaluating the appropriateness of quantification methods and reporting policies, analytical procedures and agreeing or reconciling with underlying records. Given the circumstances of the engagement, in performing the procedures listed above, we: − Obtained an understanding of the Identified Sustainability Information and related disclosures; − Obtained an understanding of the assessment criteria and their suitability for the evaluation and/or measurements of the Identified Sustainability Information; − Made inquiries of Company’s management, including the sustainability team, the environment team, the energy team, the compliance team, the human resource team, amongst others and those with the responsibility for preparation of the Report; − Obtained an understanding and performed an evaluation of the design of the key systems, processes and controls for recording, processing and reporting on the Identified Sustainability Information at the corporate office and at other plants/offices on a sample basis. This included evaluating the design of those controls relevant to the engagement and determining whether they have been implemented by performing procedures in addition to inquiry of the personnel responsible for the Identified Sustainability Information; − Based on the above understanding and the risks that the Identified Sustainability Information may be materially misstated, determined the nature, timing and extent of further procedures; − Tested the Company’s process for collating the sustainability information through agreeing or reconciling the Identified Sustainability Information with the underlying records on a sample basis; and − Tested the consolidation for various plants and offices on sample basis under the reporting boundary for ensuring the completeness of data being reported. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our reasonable assurance opinion. 9. Limited Assurance A limited assurance engagement involves assessing the suitability in the circumstances of the Company’s use of the Criteria as the basis for the preparation of the Identified Sustainability Information as listed in Appendix II, assessing the risks of material misstatement of the Identified Sustainability Information whether due to fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the Identified Sustainability Information. A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an understanding of internal controls, and the procedures performed in response to the assessed risks. The procedures we performed were based on our professional judgment and included inquiries, observation of processes performed, inspection of documents and evaluating the appropriateness of reporting policies and agreeing with underlying records. Given the circumstances of the engagement, in performing the procedures listed above, we: − Obtained an understanding of the Identified Sustainability Information and related disclosures; − Obtained an understanding of the assessment criteria and their suitability for the evaluation and/or measurements of the Identified Sustainability Information; − Made inquiries of Company’s management, including the sustainability team, the compliance team, the human resource team, amongst others and those with the responsibility for preparation of the Report; 59 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Independent Practitioner’s Assurance Report on Identified Sustainability Information in Reliance Industries Limited’s Integrated Annual Report 13. Other matter Select indicators within the IAR of the Company for the year ended March 31, 2023 were assured by the previous assurance practitioner who had expressed an unmodified opinion/conclusion on August 4, 2023. Our opinion/conclusion is not modified in respect of this matter. 14. Restriction on use Our Reasonable Assurance report and Limited Assurance report has been prepared and addressed to the Board of Directors of the Company at the request of the Company solely, to assist the Company in reporting on Company’s sustainability performance and activities. Accordingly, we accept no liability to anyone, other than the Company. Our Reasonable Assurance report and Limited Assurance report should not be used for any other purpose or by any person other than the addressees of our report. We neither accept nor assume any duty of care or liability for any other purpose or to any other party to whom our report is shown or into whose hands it may come without our prior consent in writing. For Deloitte Haskins & Sells LLP Chartered Accountants (Firm’s Registration No. 117366W / W-100018) Pratiq Shah Partner Membership No. 111850 UDIN: 24111850BKJLKE7740 Place: Mumbai Date: July 29, 2024 − Obtained an understanding of the key systems and processes for recording, processing and reporting on the Identified Sustainability Information at the corporate office on a sample basis; − Based on the above understanding and the risks that the Identified Sustainability Information may be materially misstated, determined the nature, timing and extent of further procedures; and − Reviewed the Company’s process for collating the sustainability information through agreeing or reconciling the Identified Sustainability Information with the underlying records on a sample basis. Our reasonable assurance opinion on the Identified Sustainability Information does not cover the other information and we do not express any form of assurance thereon. In connection with our assurance engagement of the Identified Sustainability Information, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Identified Sustainability Information or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our limited assurance conclusion. 12. Reasonable Assurance Opinion and Limited Assurance Conclusion Reasonable Assurance Opinion Based on the procedures we have performed and the evidence we have obtained, the Identified Sustainability Information for the year ended March 31, 2024 listed in Appendix I are prepared in all material respects, in accordance with the Criteria as stated in paragraph 3 above. Limited Assurance Conclusion Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Identified Sustainability Information listed in Appendix II and presented in the Report for year ended March 31, 2024 are not prepared, in all material respects, in accordance with the Criteria as stated in paragraph 3 above. 10. Exclusions Our assurance scope excludes the following and therefore we do not express opinion/conclusion on: − Operations of the Company other than the Boundary covered in the Identified Sustainability Information listed in Appendix I and Appendix II; − Aspects of the Report and the data/information (qualitative or quantitative) other than the Identified Sustainability Information; and − The statements that describe expression of opinion, belief, aspiration, expectation, aim, or future intentions provided by the Company. 11. Other information The Company’s management is responsible for the other information. The other information comprises the information included within the IAR, other than Identified Sustainability Information and our independent assurance report dated July 29, 2024 thereon. 60 Appendix I Identified Sustainability Information subject to Reasonable Assurance Sr. No Reporting Standard Reference Indicator Number Boundary GRI Standards Disclosures presented in Integrated Annual Report 1 2 3 4 5 6 7 8 9 Energy consumption within the organization Total energy consumption (total electricity, total fuel) Total energy consumption from renewable sources and non-renewable sources GRI 302-1 Oil to Chemicals (O2C) Entities^, Reliance Jio Infocomm Limited (RJIL) (Subsidiary) Reduction in energy consumption GRI 302-4 Oil to Chemicals (O2C) Entities^ Water withdrawal from all areas, including water stress areas by source: Surface water, Groundwater, Third-Party Water, Seawater/desalinated water, Others Water Discharge by destination: Surface water, Groundwater, Third-Party Water, Seawater/desalinated water, Others Water consumption and water recycled Direct (Scope 1) GHG emissions Energy indirect (Scope 2) GHG emissions Nitrogen oxides (NOx), sulfur oxides (SOx), Total Particulate Matter (TPM), and volatile organic compounds (VOCs) Waste diverted from disposal; total waste recovered through recycling, re-using or other recovery operations/ hazardous and non-hazardous waste diverted from disposal GRI 303-3 (a, b, d) Oil to Chemicals (O2C) Entities^ GRI 303-4 (a, e) Oil to Chemicals (O2C) Entities^ GRI 303-5 GRI 305-1 GRI 305-2 GRI 305-7 Oil to Chemicals (O2C) Entities^ Oil to Chemicals (O2C) Entities^, Reliance Jio Infocomm Limited (RJIL) (Subsidiary) Oil to Chemicals (O2C) Entities^ GRI 306-4 (a, b, c) Oil to Chemicals (O2C) Entities^ 10 Waste directed to disposal – Incineration, landfilling and other disposal operations/ hazardous and non-hazardous waste disposed GRI 306-5 (a, b, c) Oil to Chemicals (O2C) Entities^, Reliance Jio Infocomm Limited (RJIL) (Subsidiary) 11 Quantity of flared and vented hydrocarbons GRI 305-1 Oil to Chemicals (O2C) Entities^ 12 Employees and their breakdown by gender and by region GRI 2-7 (a) 13 New employee hires and employee turnover 14 Parental leave: GRI-401-1 GRI 401-3 (b, c) Number of employees that took parental leave, by gender Total number of employees that returned to work in the reporting period after parental leave ended, by gender 15 Total manhours of training GRI 404-1 (Average hours of training per year per employee) 16 Diversity of governance bodies and employees GRI 405-1 Oil to Chemicals (O2C) Entities^, Reliance Jio Infocomm Limited (RJIL) (Subsidiary), Reliance Retail Limited RRL (Subsidiary), Reliance Projects & Property Management Services Limited (RPPMSL) (Subsidiary) 17 Work related injuries: For all employees and workers – Number and rate of recordable work-related injuries (Lost Time Injury Frequency Rate (LTIFR)) Number of hours worked GRI 403-9 (a-iii,v; b-iii,v) Oil to Chemicals (O2C) Entities^, Reliance Jio Infocomm Limited (RJIL) (Subsidiary), Reliance Retail Limited RRL (Subsidiary), Reliance Projects & Property Management Services Limited (RPPMSL) (Subsidiary) Appendix II Identified Sustainability Information subject to Limited Assurance Sr. No Reporting Standard Reference Indicator Number Boundary GRI Standards Disclosures presented in Integrated Annual Report 1 2 3 4 Markets served Governance structure and Chair of highest governance body Mechanisms for advice and concerns about ethics Material topics GRI 2-6 GRI 2-9 GRI 2-11 GRI 2-26 GRI 3 Oil to Chemicals (O2C) Entities^ - Oil to Chemicals (O2C) Entities^ Reliance Industries Limited (RIL) – Standalone; its manufacturing plants/ refineries (Oil to Chemicals) and Oil and Gas (exploration and production) units in India; and its subsidiaries: Recron (Malaysia) Sdn. Bhd, RP Chemicals (Malaysia) Sdn. Bhd, Reliance BP Mobility Limited (RBML), Reliance Petro Marketing Limited and Reliance Corporate IT Park Services Limited. Identified Sustainability Information for Recron (Malaysia) Sdn. Bhd, RP Chemicals (Malaysia) Sdn. Bhd is for the 12 months ended December 2023. 61 Integrated Approach to Sustainable GrowthReliance Industries LimitedIntegrated Annual Report 2023-24 Between my past, the present and the future, there is one common factor: Relationship and Trust. This is the foundation of our growth. Shri Dhirubhai H. Ambani Founder Chairman K. Sethuraman Savithri Parekh Jyoti Jain Sridhar Kothandaraman Our Corporate Governance practices enable inclusive growth and help build sustainable societal value This report is prepared in accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and the report contains the details of Corporate Governance systems and processes at Reliance Industries Limited (“RIL” or “the Company”). Statement on Company’s Philosophy on Code of Governance Corporate Governance encompasses a set of systems and practices to ensure that the Company’s affairs are managed in a manner which ensures accountability, transparency and fairness in all transactions in the widest sense. The objective is to meet stakeholders’ aspirations and societal expectations. We are committed to meet the aspirations of all our stakeholders. This is demonstrated in shareholder returns, high credit ratings, awards and recognitions, 62 governance processes and an entrepreneurial performance focused work environment. The demands of Corporate Governance require professionals to raise their competence and capability levels to meet the expectations in managing the enterprise and its resources effectively with the highest standards of ethics. We have a defined policy framework for ethical conduct of businesses. We believe that any business conduct can be ethical only when it rests on the six core values viz. Customer Value, Ownership Mindset, Respect, Integrity, One Team and Excellence. We believe, our governance standards must be globally benchmarked. Therefore, we have institutionalised the right building blocks for future growth. It is our endeavour to achieve higher standards and provide oversight and guidance to the management in strategy implementation, risk management and fulfilment of stated goals and objectives. We believe, Corporate Governance is not just a destination, but a journey to constantly improve sustainable value creation. It is an upward-moving target that we collectively strive towards achieving. Our multiple initiatives towards maintaining the highest standards of governance are detailed in this Report. Corporate Governance Structure, Policies and Practices The Company has put in place an internal multi-tier governance structure with defined roles and responsibilities of every constituent of the system. Ethics/Governance Policies At RIL, we strive to conduct our business and strengthen our relationships in a manner that is dignified, distinctive and responsible. We adhere to ethical standards to ensure integrity, transparency, independence and accountability in dealing with all the stakeholders. Therefore, we have adopted various codes and policies to carry out our duties in an ethical manner. Code of Conduct The Company has in place a comprehensive Code of Conduct and Our Code (the “Codes”) applicable to the Directors and employees. The Codes give guidance and reflect the core values of the Company viz. Customer Value, Ownership Mindset, Respect, Integrity, One Team and Excellence. The Codes are available on the website of the Company. The Codes have been circulated to the Directors and Senior Management Personnel and its compliance is affirmed by them annually. A declaration on confirmation of compliance of the Code of Conduct, signed by the Company’s Chairman and Managing Director is attached to this Report. Vigil Mechanism and Whistle-Blower Policy The Company has a Vigil Mechanism and Whistle-Blower policy under which the employees are encouraged to report violations of applicable laws and regulations and the Code of Conduct – without fear of any retaliation. The reportable matters may be disclosed to the Ethics & Compliance Task Force which operates under the supervision of the Audit Committee. Employees may also report violations to the Chairman of the Audit Committee. There was no instance of denial of access to the Audit Committee. The Vigil Mechanism and Whistle-Blower Policy is available on the website of the Company and can be accessed at https://www.ril. com/sites/default/files/2023-01/ Vigil-Mechanism-and-Whistle-Blower- Policy.pdf. Anti-Bribery and Anti-Corruption Policy The Company is committed in doing business with integrity & transparency and has a zero-tolerance approach to non-compliance with the Anti-Bribery & Anti-Corruption Policy. The Company prohibits bribery, corruption and any form of improper payments/dealings in the conduct of business operations. Training/awareness programmes are conducted on periodical basis to sensitise employees. The Anti-Bribery & Anti-Corruption Policy is available on the website of the Company and can be accessed at https://www.ril.com/sites/default/ files/2023-12/RIL-Anti-bribery-and-Anti- corruption-Policy.pdf. Corporate Governance Practices RIL endeavours to continuously improve and adopt the best Corporate Governance codes and practices. Some of the implemented global governance norms and best practices include the following: − Quarterly review by the Stakeholders’ Relationship Committee of securities related filings with Stock Exchanges. − Board committees for oversight on matters relating to risks, corporate social responsibility, business responsibility and sustainability reporting, environmental, social and governance etc. − Executive Committees of senior management for continuous review of operational and financial risk mitigation measures and governance practices. − Independent Internal Audit Function providing risk based assurance across all material areas of Group Risk and Compliance exposures. − Quarterly secretarial compliance certification from an independent Company Secretary in whole- time practice. − Assurance by an independent firm of Chartered Accountants on the functions of Registrar and Transfer Agent. − Independent review of related party transactions by one of the Big4 accounting firms/Independent accounting firms for arm’s length consideration and comparison with the benchmarks available for similar type of transactions. RIL’s Integrated Reporting RIL published its maiden Integrated Annual Report in the FY 2016-17 aligned with the International Integrated Reporting Council’s (IIRC) framework. RIL’s Integrated Reporting is covered in Management Discussion and Analysis Report. Board of Directors The Company has defined guidelines and an established framework for the meetings of the Board and its Committees. These guidelines seek to systematise the decision-making process at the meetings of the Board and Committees in an informed and efficient manner. Core Skills/Expertise/ Competencies available with the Board The Board comprises qualified and experienced members who possess required skills, expertise and competencies that allow them to make effective contributions to the Board and its Committees. The following skills/expertise/ competencies have been identified for the effective functioning of the Company and are currently available with the Board: − Leadership/Operational experience − Strategic Planning − Industry Experience, Research & Development and Innovation − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance 63 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited While all the Board members possess the skills identified, their area of core expertise is given in their respective profiles below: Brief Profile of Directors Brief profile of Directors of the Company including their category, shareholding in the Company, number of other Directorships including name of listed entities where he/she is a director alongwith the category of their directorships, committee positions held by them in other companies as a Member or Chairperson, areas of expertise and other details are given below: Directorship in other equity listed company(ies) and category of directorship* Areas of Expertise Appointed: April 1, 1977 Nil Shareholding*: 80,52,020 equity shares Other Directorship(s)*#: 2 Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil Mukesh D. Ambani** Chairman and Managing Director (DIN: 00001695) − Leadership/ Operational experience − Strategic Planning − Industry Experience, Research & Development and Innovation − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance Appointed: June 18, 2014 − Cipla Limited - − Leadership/ Shareholding*: Nil Other Directorship(s)*#: 9 Committee membership(s)/ chairmanship(s) in other company(ies)*^: 7 – (including 5 as Chairman) Adil Zainulbhai## Independent Director (DIN: 06646490) Independent Director Operational experience − Network18 Media & Investments − Strategic Planning Limited - Independent Director − Industry Experience, Research & − TV18 Broadcast Limited – Development and Innovation Independent Director − Global Business − Larsen and Toubro Limited - Independent Director − Financial, Regulatory/Legal & Risk Management − Corporate Governance Appointed: June 12, 2015 − Adani Green Energy Limited - − Leadership/ Independent Director Operational experience Raminder Singh Gujral Independent Director (DIN: 07175393) Shareholding*: 12,899 equity shares Other Directorship(s)*#: 3 Committee membership(s)/ chairmanship(s) in other company(ies)*^: 2 – (as Chairman) Appointed: July 21, 2017 Nil Shareholding*: 14,400 equity shares Other Directorship(s)*#: 3 Dr. Shumeet Banerji Independent Director (DIN: 02787784) Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil Appointed: October 17, 2018 Nil Shareholding*: 91 equity shares Other Directorship(s)*#: 2 Arundhati Bhattacharya Independent Director (DIN: 02011213) Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil 64 − Strategic Planning − Industry Experience, Research & Development and Innovation − Financial, Regulatory/Legal & Risk Management − Corporate Governance − Leadership/ Operational experience − Strategic Planning − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance − Leadership/ Operational experience − Strategic Planning − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance Directorship in other equity listed company(ies) and category of directorship* Appointed: July 19, 2021 Nil Shareholding*: Nil Other Directorship(s)*#: Nil Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil Areas of Expertise − Leadership/ Operational experience − Strategic Planning − Global Business − Industry Experience, Research & Development and Innovation − Corporate Governance Appointed: October 18, 2019 − CCL Products (India) Limited − Leadership/ Shareholding*: Nil Other Directorship(s)*#: 7 Committee membership(s)/ chairmanship(s) in other company(ies)*^: 5 – (including 1 as Chairman) - Independent Director Operational experience − Divi’s Laboratories Limited − Strategic Planning - Independent Director − Tata Motors Limited - Independent Director − Anant Raj Limited - Independent Director − Financial, Regulatory/Legal & Risk Management − Corporate Governance Appointed: January 20, 2023 − Jio Financial Services Limited − Leadership/ His Excellency Yasir Othman H. Al Rumayyan Independent Director (DIN: 09245977) K. V. Chowdary Independent Director (w.e.f. July 21, 2022) (DIN: 08485334) Shareholding*: 4,849 equity shares Other Directorship(s)*#: 1 K. V. Kamath Independent Director (DIN: 00043501) Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil - Independent Director Operational experience − Strategic Planning − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance Appointed: October 27, 2023 − Jio Financial Services Limited − Leadership/ - Non-Executive Director Operational experience Shareholding*: 80,52,021 equity shares Other Directorship(s)*#: 4 Isha M. Ambani@ Non-Executive Director (DIN: 06984175) Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil Appointed: October 27, 2023 Nil Shareholding*: 80,52,021 equity shares Other Directorship(s)*#: 3 Akash M. Ambani@ Non-Executive Director (DIN: 06984194) Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil Appointed: October 27, 2023 Nil Shareholding*: 80,52,021 equity shares Other Directorship(s)*#: 5 Anant M. Ambani@ Non-Executive Director (DIN: 07945702) Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil − Strategic Planning − Industry Experience, Research & Development and Innovation − Corporate Governance − Leadership/ Operational experience − Strategic Planning − Industry Experience, Research & Development and Innovation − Corporate Governance − Leadership/ Operational experience − Strategic Planning − Corporate Governance 65 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Directorship in other equity listed company(ies) and category of directorship* Areas of Expertise Appointed: June 26, 1986 Nil Shareholding*: 35,80,529 equity shares Other Directorship(s)*#: 1 Committee membership(s)/ chairmanship(s) in other company(ies)*^: Nil Appointed: August 04, 1995 Nil Shareholding*: 34,38,688 equity shares Other Directorship(s)*#: 3 Committee membership(s)/ chairmanship(s) in other company(ies)*^: 1 – (as Chairman) Nikhil R. Meswani Executive Director (DIN: 00001620) Hital R. Meswani Executive Director (DIN: 00001623) − Leadership/ Operational experience − Strategic Planning − Industry Experience, Research & Development and Innovation − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance − Leadership/ Operational experience − Strategic Planning − Industry Experience, Research & Development and Innovation − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance Appointed: August 21, 2009 − Network18 Media & Investments − Leadership/ Shareholding*: 6,40,000 equity shares Limited - Non-Executive Director − TV18 Broadcast Limited - Other Directorship(s)*#: 5 Non-Executive Director P.M.S. Prasad Executive Director (DIN: 00012144) Committee membership(s)/ chairmanship(s) in other company(ies)*^: 4 Operational experience − Strategic Planning − Industry Experience, Research & Development and Innovation − Global Business − Financial, Regulatory/Legal & Risk Management − Corporate Governance * as on March 31, 2024 ** Promoter Director # excluding Directorship(s) in foreign companies and Section 8 companies under the Companies Act, 2013. ^ In accordance with Regulation 26 of the Listing Regulations. ## ceased to be a director of the Company upon completion of his second term as an Independent Director on March 31, 2024. @ assumed office as a Non-Executive Director of the Company on October 27, 2023. Appointed: April 01, 2024 Haigreve Khaitan$ Independent Director (DIN: 00005290) − Leadership/ Operational experience − Strategic Planning − Financial, Regulatory/Legal & Risk Management − Corporate Governance $ appointed as an additional director, designated as an independent director of the Company w.e.f. April 1, 2024. Notes: a) Shri Mukesh D. Ambani is the father of Ms. Isha M. Ambani, Shri Akash M. Ambani and Shri Anant M. Ambani. b) Shri Nikhil R. Meswani and Shri Hital R. Meswani are brothers and not related to Promoter Director. c) None of the other Directors are related to any other Director on the Board. The detailed profile of the Directors is available on the website of the Company. The number of Directorship(s) and Committee Membership(s)/Chairmanship(s) of all Directors is/are within the respective limits prescribed under the Companies Act, 2013 and the Listing Regulations. Board Independence In the opinion of the Board, the Independent Directors fulfill the conditions specified in the Listing Regulations and are independent of the management. Meeting of Independent Directors The Company’s Independent Directors met 3 (Three) times in the FY 2023-24. Such meetings were conducted to enable the Independent Directors to discuss matters pertaining to the Company’s affairs and put forth their views. Board Meetings and Attendance Number of Board meetings and Attendance of Directors During the FY 2023-24, 7 (Seven) Board meetings were held as against the statutory requirement of four meetings. The details of Board meetings and attendance of Directors at these meetings and at last Annual General Meeting (AGM) are given below: Name of the Director Last AGM held on August 28, 2023 Board Meetings held on April 21, 2023 July 21, 2023 August 28, 2023 October 27, 2023 January 19, 2024 February 28, 2024 March 22, 2024 % Attendance of Director Mukesh D. Ambani Adil Zainulbhai@ Raminder Singh Gujral Dr. Shumeet Banerji Arundhati Bhattacharya His Excellency Yasir Othman H. Al Rumayyan K. V. Chowdary K. V. Kamath Nita M. Ambani* Nikhil R. Meswani Hital R. Meswani P. M. S. Prasad Pawan Kumar Kapil## Isha M. Ambani** Akash M. Ambani** Anant M. Ambani** % Attendance Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes NA Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes NA Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes NA Yes Yes Yes Yes Yes Yes Yes Yes NA Yes Yes Yes NA Yes No Yes Yes Yes Yes Yes Yes NA Yes Yes Yes NA Yes Yes Yes No Yes No Yes Yes NA Yes Yes Yes NA Yes Yes Yes Yes Yes Yes Yes Yes NA Yes Yes Yes NA NA NA NA 100% NA NA NA 92.31% NA NA NA 100% NA NA NA 91.67% Yes Yes Yes 100% Yes Yes Yes 92.86% Yes Yes Yes 85.71% Yes Yes Yes 100% 100% 85.71% 100% 85.71% 100% 71.43% 100% 100% 66.67% 100% 100% 100% 100% 100% 100% 100% @ ceased to be a director of the Company upon completion of his second term as an Independent Director on March 31, 2024. * ceased to be a director of the Company w.e.f. end of business hours of August 28, 2023. ** assumed office as a Non-Executive Director of the Company on October 27, 2023. ## completed his 5-year term as a whole-time director of the Company, on May 15, 2023. Upon completion of his term, he also ceased to be a Director of the Company. Board Familiarisation and Induction Programme Details of familiarisation programmes for the Independent Directors are available on the website of the Company and can be accessed at https://www.ril.com/InvestorRelations/Downloads.aspx. Board Compensation The Company’s Remuneration Policy for Directors, Key Managerial Personnel and Other Employees is available on the website of the Company and can be accessed at https://www.ril.com/sites/default/files/2023-01/Remuneration-Policy- for-Directors.pdf The Company’s remuneration policy is directed towards rewarding performance, based on review of achievements. The remuneration policy is in consonance with existing industry practice. 66 67 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Remuneration of the Executive Directors for the Financial Year 2023-24 is in compliance with applicable laws, regulations and guidelines. Name of the Director Salary, Allowances and Perquisites Retiral Benefits Commission payable Total Stock Options (C in crore) Nil Mukesh D. Ambani Nikhil R. Meswani Hital R. Meswani P. M. S. Prasad Pawan Kumar Kapil* # includes performance linked incentives for the FY 2022-23 paid in the FY 2023-24 * completed his 5-year term as a whole-time director of the Company, on May 15, 2023. Upon completion of his term, he also ceased to be a Director of the Company. Performance linked incentives of C 2.30 crore for FY 2022-23 paid in the FY 2023-24. 17.28 25.31 17.28 25.42 - 17.93 0.47 - 7.59 7.70 17.34# 0.45 0.44 0.44 0.59 0.02 - - - - The tenure of office of the Managing Director and Whole-time Directors is for 5 (five) years from their respective date of appointment and can be terminated by either party by giving three months’ notice in writing. They are also eligible for re-appointment. There is no separate provision for payment of severance fees. Remuneration of the Non-Executive Directors for the Financial Year 2023-24 Name of the Director Adil Zainulbhai Raminder Singh Gujral Dr. Shumeet Banerji Arundhati Bhattacharya His Excellency Yasir Othman H. Al Rumayyan K. V. Chowdary K. V. Kamath Nita M. Ambani* Isha M. Ambani** Akash M. Ambani** Anant M. Ambani** Total Sitting Fee Commission payable (C in crore) Total 2.56 2.55 2.47 2.42 2.30 2.66 2.35 0.94 1.01 1.01 1.01 2.25 2.25 2.25 2.25 2.25 2.25 2.25 0.92 0.97 0.97 0.97 19.58 21.28 0.31 0.30 0.22 0.17 0.05 0.41 0.10 0.02 0.04 0.04 0.04 1.70 * ceased to be a director of the Company w.e.f. end of business hours of August 28, 2023. ** assumed office as a Non-Executive Director of the Company on October 27, 2023. During the year, there were no other pecuniary relationships or transactions of Non-Executive Directors with the Company. The Company has not granted any stock options to its Non-Executive Directors. Directors and Officers Insurance In line with the requirements of Regulation 25(10) of the Listing Regulations, the Company has in place a Directors and Officers Liability Insurance policy. Performance Evaluation Criteria for Directors The Human Resources, Nomination and Remuneration Committee has devised the criteria for evaluation of the performance of the Directors including the Independent Directors. The said criteria specifies certain parameters like attendance, acquaintance with business, communication inter se between board members, effective participation, domain knowledge, compliance with code of conduct, vision and strategy, benchmarks established by global peers etc., which 68 Board Committees The Board has constituted seven main Committees, viz. Audit Committee, Human Resources, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, Corporate Social Responsibility and Governance Committee, Risk Management Committee, Environmental, Social and Governance Committee and Finance Committee and is authorised to constitute other functional Committees, from time to time, depending on business needs. The recommendations of the Committees are submitted to the Board for approval. During the year, all the recommendations of the Committees were accepted by the Board. Smt. Savithri Parekh, Company Secretary and Compliance Officer of the Company, is the Secretary to all the Committees constituted by the Board. Procedure at Committee Meetings The Company’s guidelines relating to the Board meetings are applicable to the Committee meetings. The composition and terms of reference of all the Committees are in compliance with the Companies Act, 2013 and the Listing Regulations, as applicable. Each Committee has the authority to engage outside experts, advisors and counsels to the extent it considers appropriate to assist in its functioning. Minutes of the proceedings of Committee meetings are circulated to the respective Committee members and are also placed before the Board for its noting. Audit Committee Composition Sr. No. 1 2 3 Name of the Director Designation Raminder Singh Gujral Chairman Adil Zainulbhai K. V. Chowdary Member Member Shri Adil Zainulbhai ceased to be a Director of the Company upon completion of his second term on March 31, 2024 and consequently ceased to be a member of the Committee. Shri Haigreve Khaitan has been appointed as a member of the Committee w.e.f. April 1, 2024. All the members of the Audit Committee possess requisite qualifications. Brief Terms of Reference Terms of Reference of the Committee, inter alia, include the following: − Recommend appointment, remuneration and terms of appointment of auditors, including cost auditors, of the Company. − Approval of payment to statutory auditors, including cost auditors, for any other services rendered by them. − Review with the management, the quarterly financial statements before submission to the Board for approval. − Review and monitor the auditor’s independence, performance and effectiveness of audit process. − Approval or any subsequent modification of transactions with related parties of the Company. − Review the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board. − Review the functioning of the whistle-blower mechanism/oversee the vigil mechanism. − Review financial statements, in particular the investments made by the Company’s unlisted subsidiaries. The detailed terms of reference of the Committee is available on the website of the Company. Meeting and Attendance 14 (Fourteen) meetings of the Committee were held during the year, as against the statutory requirement of four meetings. The details of the meetings and attendance of members of the Committee at these meetings are given below: Attended by Raminder Singh Gujral Adil Zainulbhai K. V. Chowdary % Attendance at Meeting Date of the Meeting April 19, 2023 April 21, 2023 May 23, 2023 July 20, 2023 July 21, 2023 August 18, 2023 October 11, 2023 October 27, 2023 December 12, 2023 January 12, 2024 January 19, 2024 February 28, 2024 March 12, 2024 March 22, 2024 % Attendance 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 100% 92.86% 100% The representatives of Statutory Auditors are permanent invitees to the Audit Committee meetings held quarterly, to approve financial results. The representatives of Statutory Auditors, Executives from Accounts department, Finance department, Corporate Secretarial department and Internal Audit department attend the Audit Committee meetings. The Lead Cost Auditor attends the Audit Committee meeting where cost audit report is discussed. Human Resources, Nomination and Remuneration Committee Composition Sr. No. 1 2 3 4 Name of the Director Designation Adil Zainulbhai Chairman Raminder Singh Gujral Member Dr. Shumeet Banerji Member K. V. Chowdary Member Shri Adil Zainulbhai ceased to be a Director of the Company upon completion of his second term on March 31, 2024 and consequently ceased to be chairman and member of the Committee. Dr. Shumeet Banerji has been appointed as Chairman of the Committee w.e.f. April 1, 2024. Brief Terms of Reference Terms of Reference of the Committee inter alia, include the following: − Formulate the criteria for determining qualifications, positive attributes and independence of a Director and recommend to the Board a policy, relating to the remuneration of the Directors, Key Managerial Personnel and other employees. − Formulate the criteria for evaluation of performance of the Independent Directors and the Board of Directors. 66.67% − Devise a policy on Board Diversity. 100% 100% 100% − Identify persons who are qualified to become Directors and who may be appointed in senior management 69 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited in accordance with the criteria laid down and to recommend to the Board their appointment and / or removal. − Specify the manner for effective evaluation of performance of Board, its Committees and Individual Directors to be carried out either by the Board, by the Human Resources, Nomination and Remuneration Committee or by an independent external agency and review its implementation and compliance. − Recommend to the Board, all remuneration, in whatever form, payable to senior management. − Review Human Resource policies and overall human resources of the Company. The detailed terms of reference of the Committee is available on the website of the Company. Meeting and Attendance 6 (Six) meetings of the Committee were held during the year as against statutory requirement of one meeting. The details of the meetings and attendance of members of the Committee at these meetings are given below: Date of the Meeting April 20, 2023 June 21, 2023 July 21, 2023 August 28, 2023 October 18, 2023 January 18, 2024 % Attendance Attended by Adil Zainulbhai Raminder Singh Gujral Dr. Shumeet Banerji K. V. Chowdary % Attendance at Meeting Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 100% 75% 100% 100% 100% 100% 100% 100% 83.33% 100% Shri Adil Zainulbhai ceased to be a Director of the Company upon completion of his second term on March 31, 2024 and consequently ceased to be chairman and member of the Committee. Shri Raminder Singh Gujral has been appointed as member and chairman of the Committee w.e.f. April 1, 2024. Brief Terms of Reference Terms of Reference of the Committee, inter alia, include the following: − Frame Risk Management Plan and Policy. − Oversee implementation/ Monitoring of Risk Management Plan and Policy. − Periodically review and evaluate the Risk Management Policy and Practices with respect to risk assessment and risk management processes. − Review of cyber security and related risks. The detailed terms of reference of the Committee is available on the website of the Company. Risk Management Committee Composition Sr. No. Name of the Member 1 2 3 4 5 6 Adil Zainulbhai Dr. Shumeet Banerji K. V. Chowdary Hital R. Meswani P. M. S. Prasad Srikanth Venkatachari Designation Chairman Member Member Member Member Member Shri Alok Agarwal ceased to be a member of the Committee. Meeting and Attendance 4 (Four) meetings of the Committee were held during the year as against statutory requirement of two meetings. The details of the meetings and attendance of members of the Committee at these meetings are given below: Date of Meeting May 19, 2023 July 18, 2023 August 10, 2023 November 28, 2023 % Attendance 70 Adil Zainulbhai Dr. Shumeet Banerji K. V. Chowdary Hital R. Meswani P. M. S. Prasad Alok Agarwal Srikanth Venkatachari Attended by Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 100% 100% 100% 100% 100% No No Yes Yes 50% Yes Yes Yes No 75% % Attendance at Meeting 85.71% 85.71% 100% 85.71% Corporate Social Responsibility & Governance Committee Composition Sr. No. 1 2 3 Name of the Director Designation Dr. Shumeet Banerji Chairman K. V. Chowdary Member Nikhil R. Meswani Member Terms of Reference The terms of reference of the Committee is available on the website of the Company. Meeting and Attendance 4 (Four) meetings of the Committee were held during the year. These meetings were held on April 19, 2023; July 19, 2023; October 18, 2023 and January 18, 2024. Stakeholders’ Relationship Committee Composition Sr. No. 1 2 3 4 Name of the Director Designation K. V. Chowdary Chairman Arundhati Bhattacharya Member Nikhil R. Meswani Member Hital R. Meswani Member Brief Terms of Reference The terms of reference of the Committee is available on the website of the Company. Meeting and Attendance 4 (Four) meetings of the Committee were held during the year as against statutory requirement of one meeting. These meetings were held on April 19, 2023; July 18, 2023; October 17, 2023 and January 12, 2024. Investor Grievance Redressal The number of complaints received and resolved to the satisfaction of investors during the financial year 2023-24 (with an investor base of ~34.63 lakh) and their break-up are as under: Type of Complaints No. of Complaints Non-Receipt of Annual Reports Non-Receipt of Dividend Non-Receipt of Interest/ Redemption payments Transfer of securities Rights Issue related Total 726 286 3 919 12 1,946 As on March 31, 2024, no complaints were outstanding. The response time for attending to investors’ correspondence during the financial year 2023-24 is as under: Particulars Number % 445,443 100.00 Total number of correspondences received during the FY 2023-24 Replied within 1 to 4 444,404 99.77 days of receipt Replied after 4 days 1,039 0.23 of receipt but within prescribed timelines Compliance Officer Smt. Savithri Parekh, Company Secretary and Compliance Officer, is the Compliance Officer of the Company. Environmental, Social and Governance Committee Composition Sr. No. 1 2 3 Name of the Director Designation Hital R. Meswani Chairman Arundhati Bhattacharya Member P. M. S. Prasad Member Shri Pawan Kumar Kapil completed his 5-year term as a whole-time director of the Company, on May 15, 2023. Upon completion of his term, he ceased to be a Director and member of the Environmental, Social and Governance Committee of the Company. He attended the meeting of the Committee held on April 18, 2023. Terms of Reference The terms of reference of the Committee is available on the website of the Company. Meeting and Attendance 4 (Four) meetings of the Committee were held during the year. These meetings were held on April 18, 2023; July 18, 2023; November 16, 2023 and March 19, 2024. Finance Committee Composition Sr. No. Name of the Director Designation 1 Mukesh D. Ambani Chairman 2 3 Nikhil R. Meswani Hital R. Meswani Member Member Terms of Reference The terms of reference of the Committee is available on the website of the Company. Meeting Details 4 (Four) meetings of the Committee were held during the year. These meetings were held on May 24, 2023; November 3, 2023; November 9, 2023 and March 13, 2024. Succession Planning The Company believes that sound succession plan for the senior leadership is very important for creating a robust future for the Company. The Human Resources, Nomination and Remuneration Committee works along with the Human Resource team of the Company for a structured leadership succession plan. 71 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Senior Management Particulars of senior management: Sr. No Name of Senior Management Personnel (“SMP”) Designation Sr. No Name of Senior Management Personnel (“SMP”) Designation 1 2 3 4 Shri Srikanth Venkatachari Chief Financial Officer Shri Harish Shah President - Corporate Planning & Shri L. V. Merchant Group Controller Strategy 6 7 8 9 Shri Srinivas Tuttagunta COO Supply & Trading Shri Avinash Kumar Verma President Operations – Petchem Shri B Narayan Chief Procurement Officer Shri Ashwani Prashara CHRO Hydrocarbons Operations Smt. Savithri Parekh Company Secretary and 10 Shri Mahesh Marve Head of Technology Compliance Officer 11 Shri Durga Dube Executive Vice President and Head 5 Shri Sanjiv Singh Group President - Oil to Chemicals - Cyber Security and Information Risk Management During the financial year, Shri Alok Agarwal ceased to be a senior management personnel Framework for Monitoring Subsidiary Companies The details of material subsidiaries, during the financial year 2023-24, are given below: Name Date of Incorporation Place of Incorporation Name of Statutory Auditors Date of Appointment of Statutory Auditors Jio Platforms Limited November 15, 2019 India Deloitte Haskins & Sells LLP/ December 21, 2020 Chaturvedi & Shah LLP Reliance Jio Infocomm Limited February 15, 2007 India Deloitte Haskins & Sells LLP/ September 26, 2019/ DTS & Associates LLP September 28, 2020 Reliance Retail Limited June 29, 1999 India DTS & Associates LLP September 30, 2022 Reliance Retail Ventures Limited December 13, 2006 India Deloitte Haskins & Sells LLP September 24, 2020 Reliance Global Energy Services August 12, 2008 Singapore Deloitte and Touche LLP, September 26, 2023 (Singapore) Pte. Limited Singapore Reliance International Limited June 16, 2021 Abu Dhabi PKF Accountants & Business December 18, 2023 Advisers LLP The composition and effectiveness of Boards of subsidiaries is reviewed by the Company periodically. A robust compliance management system covering all the subsidiaries is also in place. The Company is in compliance with the provisions governing material subsidiaries. Copy of the Secretarial Audit Reports of Jio Platforms Limited, Reliance Jio Infocomm Limited, Reliance Retail Limited and Reliance Retail Ventures Limited forms part of this report. The Secretarial Audit Report of these material subsidiaries does not contain any qualification, reservation, adverse remark or disclaimer. The Company’s Policy for determining Material Subsidiaries is available on the website of the Company and can be accessed at https://www.ril.com/sites/default/files/2023-01/Material-Subsidiaries.pdf. 72 General Body Meetings Annual General Meetings The date, time and venue of the Annual General Meetings held during preceding three years and the special resolution(s) passed thereat, are as follows: Date and Time Special Resolution(s) Passed Venue August 28, 2023 1. Re-appointment of Shri Mukesh D. Ambani as Held through 02:00 p.m. Managing Director video 2. Re-appointment of Smt. Arundhati Bhattacharya conference/ as an Independent Director other audio- 3. Alteration of Articles of Association of the Company visual means 4. Alteration of Objects Clause of the Memorandum of Association of the Company August 29, 2022 1. Appointment of Shri K. V. Chowdary as an 02:00 p.m. Independent Director (Deemed venue - 3rd Floor, Maker Chambers IV, 222, Nariman 2. Alteration of Objects Clause of the Memorandum Point, Mumbai – of Association of the Company 400 021) June 24, 2021 1. Re-appointment of Dr. Shumeet Banerji as an 02:00 p.m. Independent Director Tribunal Convened Meeting In accordance with the order dated March 27, 2023 passed by the Hon’ble National Company Law Tribunal, Mumbai Bench, the Company convened meetings of its Equity Shareholders, Secured Creditors and Unsecured Creditors on May 2, 2023, to consider and approve, the Scheme of Arrangement between Reliance Industries Limited and its shareholders and creditors & Reliance Strategic Investments Limited and its shareholders and creditors. Members and Creditors exercised their vote(s) by remote e-voting and e-voting at the meeting. Voting results of the meetings are available on the website of the Stock Exchanges and the Company. Resolution(s) passed through Postal Ballot During the year, ordinary resolutions for appointment of Ms. Isha M. Ambani, Shri Akash M. Ambani and Shri Anant M. Ambani as Non- Executive Directors of the Company, were passed by members of the Company on October 26, 2023 through postal ballot. The resolutions were passed with more than requisite majority. Procedure adopted for Postal Ballot The Postal Ballot was carried out as per the provisions of Sections 108 and 110 and other applicable provisions of the Companies Act, 2013, read with the rules framed thereunder, and MCA Circulars. Shri Anil Lohia, a Practising Chartered Accountant, (Membership No.: 031626), Partner, Dayal and Lohia, Chartered Accountants acted as Scrutiniser for conducting the Postal Ballot in a fair and transparent manner. The Scrutiniser submitted his report on October 27, 2023 after completion of scrutiny. Voting results are available on the website of the Stock Exchanges and the Company. It is proposed to obtain approval of members of the Company, through Postal Ballot, by way of remote e-voting process for: − Appointment of Shri Haigreve Khaitan (DIN: 00005290) as an Independent Director of the Company; − Re-appointment of His Excellency Yasir Othman H. Al Rumayyan (DIN: 09245977) as an Independent Director of the Company; − Re-appointment of Shri P.M.S. Prasad (DIN: 00012144) as a Whole-time Director designated as an Executive Director; − Approval of Material Related Party Transactions of the Company; and − Approval of Material Related Party Transactions of Subsidiaries of the Company. The same shall be passed in compliance with the provisions of the Companies Act, 2013 and the Listing Regulations. Means of Communication Quarterly results: The Company’s quarterly/half-yearly/annual financial results are sent to the Stock Exchanges and published in ‘Indian Express’, ‘Financial Express’ and ‘Loksatta’. They are also available on the website of the Company. News releases, presentations: Official news releases and official media releases are generally sent to Stock Exchanges and are also available on the website of the Company. Presentations to institutional investors/analysts: Detailed presentations are made to institutional investors and financial analysts on the Company’s quarterly, half-yearly as well as annual financial results and are sent to the Stock Exchanges. These presentations, video recordings and transcript of the meetings are available on the website of the Company. Website: The Company’s website (www.ril.com) contains a separate dedicated section ‘Investor Relations’ where shareholders’ information is available. Chairman’s Communiqué: A copy of the Chairman’s speech is sent to all the shareholders, whose e-mail addresses are registered with the Company/Depository Participants. The document is also available on the website of the Company. Letters/e-mails/SMS to Investors: Apart from sending Annual Report, the Company has also addressed various investor-centric letters/e- mails/SMS to its shareholders during the year. This include reminders for claiming unclaimed/unpaid dividend from the Company; claiming shares lying in unclaimed suspense account with the Company; dematerialisation 73 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited of shares, updating e-mail address, PAN, bank account details and Nomination details. The Company has sent Quarterly and Annual financial results of the Company filed with the Stock Exchanges to all the shareholders, whose e-mail addresses are registered with the Company/ Depository Participants. In accordance with the SEBI Circulars the Company has sent letters, emails and SMS, to its shareholders intimating them to furnish valid PAN, Nomination, Contact details, Mobile Number, Specimen Signature, Bank Account details updated, for receiving dividend electronically with effect from April 01, 2024. Chatbot: State of the art Chatbot application providing shareholders instant automated annual general meeting related query resolution was deployed. SEBI Complaints Redress System (SCORES): Investor complaints are processed at Securities and Exchange Board of India (“SEBI”) in a centralised web-based complaints redress system. The salient features of this system are centralised database of all complaints, online upload of Action Taken Reports by concerned companies and online viewing by investors of actions taken on the complaints and their current status. Shareholders’ Feedback Survey: The Company takes feedback from shareholders on various matters relating to investor services and Annual Report for improvement in future. General Shareholder Information Annual General Meeting August 29, 2024 at 02.00 P.M. IST through Video Conferencing/ Other Audio Visual Means as set out in the Notice convening the Annual General Meeting. Deemed venue of the meeting is 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400 021. Dividend Payment Date Between August 29, 2024 and September 04, 2024 electronically 74 to all the shareholders who have furnished bank account details to the Company/its Registrar and Transfer Agent/Depository Participant, as applicable. Financial Year April 1 to March 31 Financial Calendar (Tentative) Results for the quarter ending Listing on Stock Exchanges June 30, 2024 - Third week of July, 2024; September 30, 2024 - Fourth week of October, 2024; December 31, 2024 - Third week of January, 2025; and March 31, 2025 - Fourth week of April, 2025. Annual General Meeting – July/ August Equity Shares ISIN: Name of the stock exchanges − BSE Limited (BSE) Address − Phiroze Jeejeebhoy Towers, Dalal INE002A01018 − National Stock Exchange of Scrip Code – 500325 Street, Mumbai – 400 001 − Exchange Plaza, C-1, G Block, India Limited (NSE) Bandra-Kurla Complex, Bandra Trading Symbol – RELIANCE (East), Mumbai – 400 051 Global Depository − Luxembourg Stock Exchange − 35A Boulevard Joseph II, Receipts (GDRs) Overseas Depository Domestic Custodian L-1840, Luxembourg − The Bank of New York − 101, Barclay Street New York, Mellon Corporation NY 10286 − ICICI Bank Limited − Empire Complex, 1st Floor, 414, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013 Debentures − BSE Limited (BSE) − Phiroze Jeejeebhoy Towers, Dalal − National Stock Exchange of − Exchange Plaza, C-1, G Block, India Limited (NSE) Bandra-Kurla Complex, Bandra Street, Mumbai – 400 001 (East), Mumbai – 400 051 Bonds − Singapore Exchange Limited − 4 Shenton Way, #02-01 SGX Centre 2, Singapore 068807 − Luxembourg Stock Exchange − 35A Boulevard Joseph II, L-1840, Luxembourg − India International Exchange − 1st Floor, Unit No. 101, The (IFSC) Limited (India Inx) Signature Building No. 13B, Road 1C, Zone 1, GIFT SEZ, GIFT CITY, Gandhinagar – 382 355 Commercial − BSE Limited − Phiroze Jeejeebhoy Towers, Dalal Papers Payment of Listing Fees Annual listing fees for the FY 2024-25 has been paid by the Company to BSE Limited and National Stock Exchange of India Limited. Fees Paid to the Statutory Auditors Total fees, for all services, paid by the Company and its subsidiaries, on a consolidated basis, to Statutory Auditors of the Company and other firms in the network entity of which Street, Mumbai – 400 001 the Statutory Auditors are a part, during the year ended March 31, 2024, is C 78.65 crore. Credit Rating The Company’s financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies. There has been no revision in credit ratings during the FY 2023-24. The details of the Credit Rating are mentioned in Management Discussion and Analysis Report. Debenture Trustee Axis Trustee Services Limited The Ruby, 2nd Floor, SW, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028 Tel: +91-22-62300451, Fax: +91-22-62300700 E-mail: debenturetrustee@axistrustee.in; complaints@axistrustee.in, Website Address: www.axistrustee.in Stock Market Price Data Month April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 National Stock Exchange of India Limited (NSE) High Price (K) Low Price (K) Volume (No.) High Price (K) BSE Limited (BSE) Low Price (K) Volume (No.) 2,424.95 2,308.55 9,68,40,090 2,424.00 2,308.50 29,79,991 2,537.70 2,413.05 10,08,69,573 2,537.45 2,413.35 28,44,256 2,584.00 2,451.00 10,32,48,415 2,584.00 2,451.05 36,47,741 2,856.00 2,469.30 19,84,24,710 2,855.00 2,469.55 89,78,788 2,582.80 2,399.90 14,92,37,543 2,582.15 2,400.00 78,91,449 2,483.00 2,325.00 15,85,16,918 2,489.70 2,325.65 73,58,764 2,367.00 2,220.30 10,28,36,679 2,367.15 2,221.05 76,82,544 2,411.95 2,275.20 10,35,67,402 2,411.75 2,275.25 1,01,68,137 2,614.00 2,377.60 12,77,31,315 2,614.80 2,380.00 2,17,58,563 2,919.95 2,568.95 13,29,79,070 2,917.95 2,568.30 77,53,399 2,999.90 2,836.10 11,94,05,281 2,999.85 2,836.70 50,51,876 3,024.90 2,825.80 11,30,97,499 3,024.80 2,826.90 50,44,754 [Source: This information is compiled from the data available on the websites of BSE and NSE] Share Price Performance in comparison to broad based indices – BSE Sensex and NSE Nifty as on March 31, 2024 FY 2023-24 2 Years 3 Years 5 Years 10 Years RIL Share Performance on BSE Sensex Performance RIL Share Performance on NSE NIFTY Performance 27.70% 13.02% 48.60% 118.39% 540.52% 24.85% 25.75% 48.76% 90.45% 229.00% 27.48% 12.79% 48.36% 117.99% 538.56% 28.61% 27.84% 51.98% 92.08% 233.03% RIL’s share price on BSE and NSE has been adjusted for the FY 2017-18 and earlier years, on account of issue of bonus shares in the FY 2017-18. BSE Sensex vs RIL Share Price NSE Nifty vs RIL Share Price 75000 73000 71000 69000 67000 65000 63000 61000 59000 57000 3,000 2,800 2,600 2,400 2,200 2,000 1,800 23000 22000 21000 20000 19000 18000 17000 16000 15000 14000 3 2 - r p A 3 2 - y a M 3 2 - n u J 3 2 - l u J 3 2 - g u A 3 2 - p e S 3 2 - t c O 3 2 - v o N 3 2 - c e D 4 2 - n a J 4 2 - b e F 4 2 - r a M 3 2 - r p A 3 2 - y a M 3 2 - n u J 3 2 - l u J 3 2 - g u A 3 2 - p e S 3 2 - t c O 3 2 - v o N 3 2 - c e D 4 2 - n a J 4 2 - b e F 4 2 - r a M BSE Sensex RIL NSE Nifty RIL 3,000 2,800 2,600 2,400 2,200 2,000 1,800 75 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Registrar and Transfer Agent KFin Technologies Limited Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad – 500 032 Toll Free No.: 1800 309 4001 (From 9:00 a.m. to 6:00 p.m. on all working days) E-mail: rilinvestor@kfintech.com, Website: www.kfintech.com Share Transfer System As mandated by SEBI, securities of the Company can be transferred/ traded only in dematerialised form. Shareholders holding shares in physical form are advised to avail the facility of dematerialisation. The Company has received a certificate from a Company Secretary in Practice, certifying that during the year, all certificates/Letters of confirmation for transfer (pursuant to Court order received from Custodian Government of India Account, The Special Court (Torts) Act, 1992), transmission, transposition, sub-division, consolidation, renewal, exchange and change/deletion of names of shareholders, were issued as required under Regulation 40(9) of the Listing Regulations. The said certificate was duly filed with the Stock Exchanges. Shareholding Pattern as on March 31, 2024 Sr. No. Category of Shareholder (A) Promoter and Promoter Group (1) (2) Indian Foreign Total Shareholding of Promoter and Promoter Group (B) Public Shareholding (1) (2) Central Government/State Institutions Government(s)/President of India (3) Non-institutions Total Public Shareholding (C) Non-Promoter Non-Public Shares held by Custodian(s) against (1) which Depository Receipts have been issued Total shares held by Non-Promoter Non-Public Total (A) + (B) + (C) Number of Shareholders Total Number of Shares (Fully Paid-up) Total Number of Shares (Partly Paid-up) Total Number of Shares (Fully Paid-up & Partly Paid-up) % of Total Number of Shares (A+B+C) 47* 3,32,27,48,048 - 47* 3,32,27,48,048 - - 3,32,27,48,048 - - - 3,32,27,48,048 2,298 2,58,55,09,468 76,87,594 75 - 2,58,55,09,468 76,87,594 - 68,79,29,270 34,60,855 34,63,228 3,28,11,26,332 68,83,46,688 4,17,418 4,17,418 3,28,15,43,750 49.11% - 49.11% 38.21% 0.12 % 10.17% 48.50 % 1 16,18,17,216 1 16,18,17,216 - - 16,18,17,216 2.39% 16,18,17,216 2.39% 34,63,276 6,76,56,91,596 4,17,418 6,76,61,09,014 100% * As per information furnished by the Promoter and Promoter Group, there are 52 members forming part of Promoter and Promoter Group of the Company, of which 5 promoter group entities do not hold any shares. Dematerialisation of Shares Mode of Holding % of Total Shares NSDL CDSL Physical Total 96.00 3.37 0.63 100.00 Build-up of Equity Share Capital, category-wise shareholding, Dividend declared for the last 10 years, Bonus Issue of fully paid- up equity shares The statement showing build-up of equity share capital, category-wise shareholding, dividend declared by the Company in the last 10 years, bonus 76 issue of fully paid-up equity shares is available on the website of the Company and can be accessed at https://www.ril. com/sites/default/files/2024-07/Build- up-of-Equity-Share-Capital.pdf Liquidity The Company’s equity shares are among the most liquid and actively traded shares on the Indian Stock Exchanges. RIL shares consistently rank among the top few frequently traded shares both in terms of the number of shares traded as well as value. Relevant data for the average daily turnover of equity shares for the FY 2023-24 is given below: Particulars BSE NSE Total Shares (Nos.) Value (C in crore) 3,70,570 61,25,018 64,95,588 93.57 1,568.69 1,662.26 [Source: This information is compiled from the data available on the websites of BSE and NSE] Outstanding Global Depository Receipts (GDRs)/ Warrants and Convertible Bonds, Conversion Date and Likely Impact on Equity GDRs: Outstanding GDRs as on March 31, 2024 represent Risk Management Policy with Respect to Commodities Including Through Hedging • Commodities Exposure The Company is exposed to price volatility on various Petroleum, Petrochemical and other Energy related commodities, as part of its business operations. Due to the dynamic markets, prices of such Commodities fluctuate and can result in Margin Risk. This policy prescribes the guidelines for hedging Commodities Price risks. • Hedging Policy Exposures are identified and measured across the Company so that appropriate hedging can be done on a net basis. For commodities hedging, there exist Over The Counter (OTC) and exchange markets that offer financial instruments (derivatives), that enable managing the Price risk. Strategic decisions regarding the timing and the usage of derivatives instruments such as Swaps/Futures/Options are taken based on various factors including market conditions, physical inventories, macro-economic situation. These decisions and execution are done in line with the Board approved Commodities Risk Management Framework. The Risk Management Committee has oversight on all hedging actions taken. More details on Risk Management are covered under the Enterprise Risk Management section of the Management Discussion and Analysis Report. Exposure of the Company to commodity risks, which are material is as under: Exposure towards the particular commodity (in K crore) Exposure in quantity terms towards the particular commodity (in 1000 Metric tonnes) 3,22,745 71,424 1,99,956 30,523 1,07,146 16,173 54,294 42,779 5,694 5,162 Commodity Name Crude Middle Distillates Light Distillates Polymer Petchem Intermediate Polyester 24,859 2,393 Total 7,51,779 1,31,369 % of such exposure hedged through commodity derivatives Domestic market International market OTC Exchange OTC Exchange* Total - - - - - - - - - - - - 0.18% 12.50% 12.68% 2.49% 17.50% 19.99% 0.00% 9.15% 9.15% - - - 0.00% 0.00% 0.00% - - - *Includes OTC transactions cleared through International Exchanges. 16,18,17,216 equity shares constituting 2.39% of Company’s paid-up equity share capital. Each GDR represents two underlying equity shares in the Company. GDR is not a specific time-bound instrument and can be surrendered at any time and converted into the underlying equity shares in the Company. The shares so released in favour of the investors upon surrender of GDRs can either be held by investors concerned in their name or sold in the Indian secondary markets for cash. To the extent of shares so sold in Indian markets, GDRs can be reissued under the available headroom. There are no outstanding warrants or convertible bonds having any impact on equity. RIL GDR Programme The Global Depository Receipts of the Company are listed on Luxembourg Stock Exchange and are traded on the International Order Book (London Stock Exchange) and amongst qualified institutional investors on the over-the- counter market in the United States of America. RIL GDRs are exempted securities under US Securities Law. RIL GDR programme has been established under Rule 144A and Regulation S of the US Securities Act, 1933. Reporting is done under the exempted route of Rule 12g3-2(b) under the US Securities Exchange Act, 1934. Commodity Price Risks/ Foreign Exchange Risk and Hedging Activities The Company has in place a robust risk management framework for identification and monitoring and mitigation of commodity price and foreign exchange risks. The risks are tracked and monitored on a regular basis and mitigation strategies are adopted in line with the risk management framework. For further details on the above risks, please refer the Enterprise Risk Management section of the Management Discussion and Analysis Report. 77 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Plant Locations in India Jamnagar, Gujarat Oil to Chemicals DTA Jamnagar Refinery SEZ Jamnagar Refinery Hazira Manufacturing Division Dahej Manufacturing Division Vadodara Manufacturing Division Patalganga Manufacturing Division Raigad, Maharashtra Nagothane Manufacturing Division Silvassa Manufacturing Division Surat, Gujarat Bharuch, Gujarat Vadodara, Gujarat Union Territory of Dadra and Nagar Haveli and Daman and Diu Barabanki Manufacturing Division Barabanki, Uttar Pradesh Hoshiarpur Manufacturing Division Hoshiarpur, Punjab KG-D6 Coal Based Methane Vadodara Composites Division Naroda Manufacturing Division East Godavari, Andhra Pradesh Shahdol, Madhya Pradesh Vadodara, Gujarat Ahmedabad, Gujarat Oil & Gas Composites Textiles The procedure for claiming underlying shares and unpaid/unclaimed dividend from IEPF Authority is covered in the Shareholders’ Referencer available on the website of the Company. Further, in accordance with the IEPF Rules, the Board of Directors have appointed Smt. Savithri Parekh as Nodal Officer of the Company and Shri Vivin Mally as Deputy Nodal Officer of the Company for the purposes of verification of claims of shareholders pertaining to shares transferred to IEPF and/or refund of dividend from IEPF Authority and for coordination with IEPF Authority. The details of the Nodal Officer and Deputy Nodal Officer are available on the website of the Company. Unclaimed amounts relating to interest and/or redemption proceeds of debentures issued by the Company During the FY 2023-24, no claims were received by the Company from the debenture holders with respect to any amounts. No unclaimed amounts relating to interest and/or redemption proceeds of debentures is lying with the Company as on the date of this report. Equity Shares in the Unclaimed Suspense Account In terms of Regulation 39 of the Listing Regulations, details of the equity shares lying in the Unclaimed Suspense Account are as follows: b) transferred 9,71,654 equity shares of C 10/- each, to the credit of IEPF Authority. The Company has uploaded on its website, the details of unpaid and unclaimed amounts lying with the Company as on March 31, 2024. Details of shares transferred to IEPF Authority during FY 2023-24 are also available on the website of the Company. The Company has also uploaded these details on the website of the IEPF Authority (www.iepf.gov.in). The voting rights on the shares transferred to IEPF Authority shall remain frozen till the rightful owner claims the shares. Last date to claim unclaimed/unpaid dividends before transfer to IEPF, for the financial year 2016-17 and thereafter, are as under: Financial Year Declaration Date Date to claim before transfer to IEPF 2016-17 July 21, August 26, Particulars 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2017 July 5, 2024 August 4, 2025 2018 August 12, 2019 July 15, 2020 June 24, 2021 August 29, September 11, 2026 August 14, 2027 July 26, 2028 September 30, 2022 August 28, 2029 September 27, 2023 2030 Aggregate number of shareholders and the outstanding shares in the Unclaimed Suspense Account lying as on April 1, 2023 Less: Number of shareholders who approached the Company for transfer of shares No. of Shareholders (Phase-wise Transfers) No. of Equity Shares 61,371 57,88,946 2,002 2,78,370 Address for Correspondence For shares held in physical form KFin Technologies Limited Selenium Tower B, Plot 31-32, Gachibowli Financial District, Nanakramguda, Hyderabad – 500 032 Toll Free No.: 1800 309 4001 (From 9:00 a.m. to 6:00 p.m. on all working days) E-mail: rilinvestor@kfintech.com, Website: www.kfintech.com For shares held in demat form Depository Participant(s) of the investor concerned and/or KFin Technologies Limited. Any Query on the Annual Report Smt. Savithri Parekh Company Secretary and Compliance Officer Reliance Industries Limited 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400 021 E-mail: investor.relations@ril.com; rilagm@ril.com Transfer of Unpaid/Unclaimed Amounts of dividend and Shares to Investor Education and Protection Fund In accordance with the provisions of the Companies Act, 2013, during the year, the Company has: a) credited C 29.60 crore to Investor Education and Protection Fund (IEPF); 78 No. of Shareholders (Phase-wise Transfers) No. of Equity Shares - - with Related Party Transactions. The Company has made full disclosure of transactions with the related parties as set out in Note 34 of Standalone Financial Statement, forming part of the Annual Report. (ii) Particulars Add: Number of shareholders and aggregate number of shares transferred to the Unclaimed Suspense Account during the year Less: Number of shares transferred to IEPF Authority during the year Aggregate number of shareholders and the outstanding shares in the Unclaimed Suspense Account lying as on March 31, 2024 154 17,583 59,215 54,92,993 The voting rights on the shares in the suspense account as on March 31, 2024 shall remain frozen till the rightful owner claims the shares. Other Disclosures Disclosure on materially significant related party transactions that may have potential conflict with the Company’s interests at large There were no materially significant related party transactions which could have potential conflict with interest of the Company at large. The Company’s Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions is available on the website of the Company and can be accessed at https://www.ril.com/sites/default/ files/2023-01/Policy-on-Materiality- of-RPT.pdf. All the contracts/arrangements/ transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on an arm’s length basis. During the FY 2023-24, contracts/ arrangements/transactions were entered into with related parties in accordance with the policy of the Company on Materiality of Related Party Transactions and on dealing Details of non-compliance by the Company, penalties, strictures imposed on the Company by stock exchange or SEBI, or any statutory authority, on any matter related to capital markets, during the last three years (i) The Securities and Exchange Board of India (SEBI), on August 8, 2014 had passed an adjudication order on a show cause notice issued to the Company for alleged non- disclosure of the diluted Earnings per Share in the quarterly financial results for the quarters ended June 2007, September 2007, December 2007, March 2008, June 2008 and September 2008 and imposed monetary penalty of C 13 crore. On an appeal by the Company, the Hon’ble Securities Appellate Tribunal set aside SEBI’s order and remanded the matter for fresh consideration by SEBI. SEBI issued a fresh show cause notice dated April 5, 2016 in the matter alleging incorrect disclosure of the diluted Earnings per Share. The Company filed a reply to the show cause notice and attended the personal hearing on July 26, 2016. SEBI appointed new Adjudicating Officer (AO). The last hearing before the AO was held on November 22, 2018. Further details sought by AO were provided in December, 2018. After more than 2 years, the AO sent a letter dated March 19, 2021 granting an opportunity to the Company to make additional submissions and personal hearing in the matter. The Company filed additional submissions in the matter. The AO, vide his order dated September 20, 2021, disposed off the show cause notice without levy of any penalty. On December 16, 2010, SEBI issued a show cause notice (SCN), inter alia to the Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited, then a subsidiary of RIL. Hearings were held before the Whole Time Member (WTM) of SEBI in respect of the SCN. By an order dated March 24, 2017, the WTM passed the directions: (i) prohibiting inter alia RIL from dealing in equity derivatives in the ‘Futures & Options’ segment of stock exchanges, directly or indirectly, for a period of one year from the date of the order; and (ii) to RIL to disgorge an amount of C 447.27 crore along with interest at the rate of 12% per annum from November 29, 2007 till the date of payment. In May 2017, RIL and the other noticees filed an appeal before the Securities Appellate Tribunal (SAT) against this order. SAT, by a majority order (2:1), dismissed the appeal on November 5, 2020 and directed RIL to pay the disgorged amount within sixty days from the date of the order. The appeal of RIL and other noticees has been admitted by the Hon’ble Supreme Court of India. By its order dated December 17, 2020, the Hon’ble Supreme Court of India directed RIL to deposit C 250 crore in the Investors’ Protection Fund, subject to the final result of the appeal and stayed the recovery of the balance, inclusive of interest, pending the appeal. RIL has complied with the order dated December 17, 2020 of the Hon’ble Supreme Court of India. In the very same matter, on November 21, 2017, SEBI issued show cause notice, inter alia, to RIL, asking RIL to show cause as to why inquiry should not be held in terms of SEBI (Procedure for Holding Inquiry and Imposing 79 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Penalties by Adjudicating Officer) Rules, 1995 and penalty not be imposed under the provisions of the Securities and Exchange Board of India Act, 1992. The Adjudicating Officer of SEBI passed an order on January 1, 2021 imposing a penalty of C 25 crore on RIL. RIL paid the penalty under protest and filed an appeal before the SAT against this order. SAT has vide its order dated December 4, 2023 did not interfere with the order passed by the AO since the matter was already covered by its earlier decision dated November 5, 2020, which is in appeal by RIL before the Hon’ble Supreme Court. RIL has filed an appeal in Hon’ble Supreme Court against Order dated December 4, 2023 of the SAT. The Company had issued debentures with convertible warrants in the year 1994 and allotted equity shares against the warrants in the year 2000. In this matter, SEBI had filed a complaint on July 16, 2020, inter alia against the Company before the Special Court, Mumbai, for taking cognisance of alleged offences under Regulations 3, 5 and 6 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 and section 77(2) and section 77A of Companies Act, 1956. The Special Court, Mumbai, vide order dated September 30, 2020, dismissed SEBI’s complaint as barred by limitation. Against the said order of the Special Court, SEBI has filed a revision application before the Hon’ble High Court, Bombay and the same is pending. On December 22, 2021, SEBI issued a show cause notice inter alia to RIL asking it to show cause as to why inquiry should not be held against it in terms of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 read with Section 15I of the Securities and Exchange Board of India Act, 1992 for alleged violation of Principle No. 4 under Schedule A – Principles for Fair Disclosure of UPSI read with Regulation 8(1) of SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Regulation 30(11) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The alleged violation, if established, will make RIL liable for monetary penalty (of not less than C 1 lakh and which may extend to maximum of C 1 crore) under Section 15HB of the SEBI Act, 1992. RIL filed a detailed reply to this show cause notice. The Adjudicating Officer of SEBI passed an order on June 20, 2022 imposing a penalty of C 30 lakh. Appeal has been filed before the Securities Appellate Tribunal (“SAT”) against this order. SAT has stayed the operation of the order dated June 20, 2022 and appeal is pending. Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 The Company is committed to provide a work environment which ensures that every employee is treated with dignity, respect and afforded equal treatment. Training/awareness programmes are conducted throughout the year to create sensitivity towards ensuring respectable workplace. Please refer Human Capital section of Management Discussion and Analysis Report, for more details. Details of loans and advances in the nature of loans to firms/ companies in which directors are interested The Company has not given any loans or advances to any firm/company in which its directors are interested. Loans granted to subsidiaries are given in Notes to the Standalone Financial Statement. Agreements relating to the Company There are no agreements with any party which impact the management or control of the Company or impose any restriction or create any liability upon the Company. Adoption of Mandatory and Discretionary Requirements The Company has complied with all mandatory requirements of Regulation 34 of the Listing Regulations. The Company has adopted the following discretionary requirements of the Listing Regulations: Audit Qualification The Company is in the regime of unmodified opinions on financial statements. Reporting of Internal Auditor The Internal Audit Department of the Company, co-sourced with professional firms of Chartered Accountants, reports directly to the Audit Committee. The Company is in compliance with the corporate governance requirements specified in Regulations 17 to 27 and Regulation 46(2)(b) to (i) of the Listing Regulations. Certificate on Compliance with Code of Conduct I hereby confirm that the Company has obtained from all the members of the Board and Senior Management Personnel, the affirmation that they have complied with the ‘Code of Conduct’ and ‘Our Code’ in respect of the FY 2023-24. Mukesh D. Ambani Chairman and Managing Director April 22, 2024 Mumbai (iii) (iv) 80 Certificate of Non-Disqualification of Directors (pursuant to Regulation 34(3) read with Schedule V Para C Clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) To: The Members Reliance Industries Limited 3rd Floor, Maker Chambers IV, 222 Nariman Point, Mumbai 400 021 Maharashtra, India. I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Reliance Industries Limited having CIN L17110MH1973PLC019786 and registered office at 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai 400 021, Maharashtra, India (hereinafter referred to as ‘the Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company & its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the financial year ended 31 March 2024, have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority. Sr. No. Name of Director DIN Date of appointment in the Company Sr. No. Name of Director DIN Date of appointment in the Company 1. Mukesh Dhirubhai Ambani 2. Adil Zainulbhai* 3. Raminder Singh Gujral 4. Shumeet Banerji 5. Arundhati Bhattacharya 6. Veerayya Chowdary Kosaraju 7. His Excellency Yasir Othman H. 00001695 01.04.1977 06646490 20.12.2013 07175393 12.06.2015 02787784 21.07.2017 02011213 17.10.2018 08485334 18.10.2019 09245977 19.07.2021 Al-Rumayyan 8. Kundapur Kamath 00043501 20.01.2023 03115198 18.06.2014 9. Nita Mukesh Ambani** 10. Isha Mukesh Ambani@ 06984175 27.10.2023 11. Akash Mukesh Ambani@ 06984194 27.10.2023 12. Anant Mukesh Ambani@ 07945702 27.10.2023 00001620 26.06.1986 13. Nikhil Rasiklal Meswani 14. Hital Rasiklal Meswani 00001623 04.08.1995 15. Madhusudana Sivaprasad Panda 00012144 21.08.2009 16. Pawan Kumar Kapil# 02460200 16.05.2010 * ceased to be a director of the Company upon completion of his second term as Independent Director on 31 March 2024 ** ceased to be a director of the Company w.e.f. end of business hours of 28 August 2023 @ assumed office as a Non-executive Director of the Company on 27 October 2023 # ceased to be a director of the Company upon completion of his term as a whole-time director on 15 May 2023 Ensuring the eligibility of the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. My responsibility is to express an opinion on these, based on my verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company. Place: Pune Date: 22 April 2024 Dr. K. R. Chandratre FCS No.: 1370, C. P. No.: 5144 UDIN: F001370F000213230 Peer Review Certificate No.: 1206/2021 81 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited CEO/CFO Certificate Under Regulation 17(8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 To, The Board of Directors Reliance Industries Limited 1. We have reviewed financial statements and the cash flow statement of Reliance Industries Limited (“the Company”) for the year ended March 31, 2024 and to the best of our knowledge and belief: i. ii. these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; these statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards, applicable laws and regulations. 2. 3. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal or violative of the Company’s Code of Conduct. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated the effectiveness of Company’s internal control systems pertaining to financial reporting. We have not come across any reportable deficiencies in the design or operation of such internal controls. 4. We have indicated to the Auditors and the Audit Committee that: i. there are no significant changes in internal controls over financial reporting during the year; ii. there are no significant changes in accounting policies during the year; and iii. there are no instances of significant fraud of which we have become aware. Srikanth Venkatachari Chief Financial Officer Mukesh D. Ambani Chairman & Managing Director Place: Mumbai Date: April 22, 2024 82 Form No. MR-3 Secretarial Audit Report For the financial year ended March 31, 2024 [Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014] To The Members, Jio Platforms Limited Office - 101, Saffron, Nr. Centre Point Panchwati 5 Rasta, Ambawadi, Ahmedabad - 380006 ii. iii. We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and adherence to good corporate practices by Jio Platforms Limited [CIN: U72900GJ2019PLC110816] (hereinafter called the ‘Company’) for the financial year ended March 31, 2024 (hereinafter called the ‘period under audit’). Secretarial Audit was conducted in a manner that provided us with a reasonable basis for evaluating the Company’s corporate conducts/statutory compliances and expressing our opinion thereon. Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and provided to us including through permitted access to the Company’s in-house portal as also the information provided by the Company, its officers, agents and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the period under audit, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter. We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the audit period according to the provisions of: i. The Companies Act, 2013 (“the Act”) and the Rules framed thereunder; The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; and Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of Foreign Direct Investment and Overseas Direct Investments; iv. The Securities Contracts (Regulation) Act, 1956 and the Rules framed thereunder. We have also examined compliance by the Company with the applicable clauses of the Secretarial Standard on Meetings of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India which are mandatorily applicable to the Company. During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Standards, etc. mentioned above. During the period under audit, provisions of the following Acts, Rules and Regulations were not applicable to the Company: i. ii. Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent they related to Foreign Direct Investment and External Commercial Borrowings; The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992: - a) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Act and dealing with clients; b) c) d) e) f) g) h) i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; * The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; The Securities and Exchange Board of India (Issue and Listing of Non- Convertible Securities) Regulations, 2021; The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; and The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018. *The Company being a material subsidiary of Reliance Industries Limited (“RIL”) as defined in Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, certain employees 83 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited of the Company have been categorised as “Designated Persons” and are covered under the RIL’s Code of Conduct framed under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. iii. The Company has not entered into any listing agreements with the stock exchanges. We further report that - The Board of Directors of the Company is duly constituted with proper balance of Executive, Non-Executive and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under audit were carried out in compliance with the provisions of the Act. Adequate notices were given to all directors of the Company as regards the schedule of the Meetings of the Board (including Meetings of its Committees), except where consent of the directors were received for scheduling meeting at a shorter notice. Agenda and detailed notes on agenda were also sent to all the directors of the Company at least seven days in advance, except where consent of directors were received for circulation of the Agenda and notes on Agenda at a shorter notice. A system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for ensuring meaningful participation by the directors at the meetings. All decisions at the Meetings of the Board and its Committees were carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committees of the Board, as the case may be. We further report that there are adequate systems and processes in the Company commensurate with its size and operations to monitor and ensure compliance with the applicable laws, rules, regulations and guidelines. We further report that during the period under audit, no specific events/ actions which have a major bearing on the Company’s affairs have taken place, in pursuance of the above referred laws, rules, regulations and standards except for the following: 1. The Board of Directors of the Company at their meeting held on 20th April, 2023, had approved investment in Accops Systems Private Limited, in one or more tranches, for an amount up to C 516 crore. For BNP & Associates Company Secretaries [Firm Regn. No. P2014MH037400] PR No. 637/2019 Date: 21/04/2024 Place: Mumbai Kalidas Ramaswami Partner FCS: 2440/CP No. 22856 UDIN: F002440F000200176 Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report. To, The Members, Jio Platforms Limited Office - 101, Saffron, Nr. Centre Point Panchwati 5 Rasta, Ambawadi Ahmedabad - 380006 Re: Secretarial Audit Report of even date is to be read along with this letter. Maintenance of secretarial records is the responsibility of the management. Our responsibility is to express an opinion on these secretarial records based on our audit. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was 1. 2. 84 Annexure A done on test-check basis to ensure that correct facts are reflected in secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. Wherever required, we have obtained management representation about the compliance of laws, rules and regulations and happening of events, etc. The compliance of the provisions or corporate and other applicable laws, rules, regulations, standards, is the responsibility of 3. 4. 5. 6. management. Our examination was limited to the verification of procedures on test-check basis. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company. For BNP & Associates Company Secretaries [Firm Regn. No. P2014MH037400] PR No. 637/2019 Date: 21/04/2024 Place: Mumbai Kalidas Ramaswami Partner FCS: 2440/CP No. 22856 UDIN: F002440F000200176 Form No. MR-3 Secretarial Audit Report For the financial year ended March 31, 2024 [Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014] To The Members, Reliance Jio Infocomm Limited, Office – 101, Saffron, Nr. Centre Point Panchwati 5 Rasta, Ambawadi, Ahmedabad 380006. We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Reliance Jio Infocomm Limited, (CIN: U72900GJ2007PLC105869) (hereinafter called the ‘Company’) for the financial year ended March 31, 2024 (‘period under audit’). Secretarial Audit was conducted in a manner that provided us with a reasonable basis for evaluating the Company’s corporate conducts/ statutory compliances and for expressing our opinion thereon. Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained and provided to us including through access to the Company’s in-house portal as also the information provided by the Company, its officers, agents and authorised representatives, during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the period under audit, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter. We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the period under audit according to the provisions of: I. II. III. The Companies Act, 2013 (“the Act”) and the Rules made thereunder; The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; The Securities Contracts (Regulation) Act, 1956 and the Rules made thereunder; IV. V. VI. VII. The Foreign Exchange Management Act, 1999 and the Rules/Regulations made thereunder to the extent of Overseas Direct Investments and External Commercial Borrowings; The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; As on March 31, 2024, 50,000 6.20% Unsecured Redeemable Non- Convertible Debentures of face value of C 10 lakh each, aggregating to C 5,000 crore, were listed for trading on BSE Limited and the National Stock Exchange of India Limited. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, including maintenance of a ‘Structural Digital Database’. We have also examined compliance by the Company with the applicable clauses of the Secretarial Standard on Meetings of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India and notified by Central Government under Section 118(10) of the Act which are mandatorily applicable to the Company. During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Standards, as mentioned above. We have also examined, on test-check basis, the relevant documents and records maintained by the Company according to the following laws applicable specifically to the Company: 1. The Indian Telegraph Act, 1885 & Indian Telegraph Right of Way Rules, 2016; 2. The Indian Wireless Telegraphy Act, 1933; 3. 4. 5. The Telecom Regulatory Authority of India Act, 1997; The Information Technology Act, 2000 The Aadhaar and Other Laws (Amendment) Act, 2019 Based on such examination and having regard to the compliance system prevailing in the Company, we report that, the Company has complied with the provisions of the above laws during the period under audit. During the period under audit, provisions of the following Acts, Rules and Regulations were not applicable to the Company: 1. 2. Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder with respect to Foreign Direct Investment. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992: (a) (b) (c) (d) (e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 relating to the Companies Act, 2013 and dealing with clients; The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; 85 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited (f) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. We further report that: The Board of Directors of the Company is duly constituted with proper balance of Executive Director, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under audit were carried out in compliance with the provisions of the Act. Adequate notice was given to all directors of the Company as regards the schedule of the meetings of the Board (including meetings of the Committees) except where consent of directors was received for holding the meeting at a shorter notice. Agenda and detailed notes on Agenda were also sent to all the directors of the Company at least seven days in advance, except in cases where consent of directors was received for circulation of the Agenda and notes on Agenda at a shorter notice. A system exists for seeking and obtaining further information and clarifications on the agenda items before the meetings and for meaningful participation by the directors at the meetings. All decisions at the meetings of the Board and the meetings of the Committees were carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committees of the Board, as the case may be. We further report that there are adequate systems and processes in the Company, which are commensurate with its size and operations, to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. We further report that during the period under audit, the following specific events/actions having major bearing on the Company’s affairs have taken place in pursuance of the above referred laws, rules, regulations and standards: i) ii) The Company has raised External Commercial Borrowings by way of foreign currency syndicated term loans of up to US$ 2,976 Million, Euro 90.599 Million and JPY 86,736.6 Million. The Company had issued Commercial Papers (“CPs”), in one or more tranches, which were listed on the BSE Limited in accordance with the provisions of SEBI Operational Circular bearing no. SEBI/HO/DDHS/P/ iii) CIR/2021/613 dated August 10, 2021. As on March 31, 2024, CPs amounting to C 2,500 crore were outstanding. As per the recommendation made by the Board of Directors of the company, at their meeting held on April 21, 2023, the shareholders of the Company at their 16th Annual General Meeting of the company, held on September 26, 2023, have approved by special resolution an amendment in the Articles of Association of the company, through insertion of new Article 90A after the existing article 90. For BNP & Associates Company Secretaries [Firm Reg No: P2014MH037400] PR No: 637/2019 Date: April 22, 2024 Place: Mumbai Kalidas Ramaswami Partner FCS: F2440/CP No. 22856 UDIN: F002440F000203291 Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report. To The Members, Reliance Jio Infocomm Limited Office - 101, Saffron, Nr. Centre Point Panchwati 5 Rasta, Ambawadi Ahmedabad, 380006 Re: Secretarial Audit Report of even date is to be read along with this letter. 3. Maintenance of secretarial records is the responsibility of the Management. Our responsibility is to express an opinion on the secretarial records based on our audit. We have followed the audit practices and processes as were considered appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on 4. 5. 1. 2. 86 Annexure - A test-check basis to ensure that correct facts are reflected in secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. Wherever required, we have obtained Management representation about the compliance of laws, rules and regulations and happening of material events, etc. The compliance of the provisions or corporate and other applicable laws, rules, regulations, standards, is the responsibility of the Management. Our examination was limited to the verification of procedures on test- check basis. 6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the Management has conducted the affairs of the Company. For BNP & Associates Company Secretaries [Firm Reg No: P2014MH037400] PR No: 637/2019 Date: April 22, 2024 Place: Mumbai Kalidas Ramaswami Partner FCS: F2440/CP No. 22856 UDIN: F002440F000203291 Secretarial Audit Report For the financial year ended March 31, 2024 [Pursuant to section 204(1) of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014] To The Members Reliance Retail Limited 3rd Floor, Court House Lokmanya Tilak Marg Dhobi Talao, Mumbai- 400 002 We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Reliance Retail Limited having CIN: U01100MH1999PLC120563 (‘the Company’). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon. Management’s responsibility The Management along with the Board of Directors are responsible for ensuring that the Company complies with the provisions of all applicable laws and maintains the required statutory records and documents in the prescribed manner. Auditor’s responsibility Based on audit, our responsibility is to express an opinion on the compliance with the applicable laws and maintenance of records by the Company. We conducted our audit in accordance with the auditing standards CSAS 1 to CSAS 4 (‘CSAS’) prescribed by the Institute of Company Secretaries of India. These standards require that the auditor complies with statutory and regulatory requirements and plans and performs the audit to obtain reasonable assurance about compliance with applicable laws and maintenance of records. Due to the inherent limitations of an audit including internal, financial and operating controls, there is an unavoidable risk that some misstatements or material non- compliances may not be detected, even though the audit is properly planned and performed in accordance with the CSAS. Basis for Opinion We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in the secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion. Opinion Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and provided as scanned copies in physical or electronic mode or through permitted access to the Company’s in-house portal and also the information provided by the Company, its officers and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March 31, 2024 (‘the Audit Period’), complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the Audit Period according to the provisions of: i) ii) iii) iv) v) The Companies Act, 2013 (“the Act”) and the rules made thereunder; The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder- Not Applicable to the Company during the Audit Period; The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Overseas Direct Investment; The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):- a) b) c) d) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011- Not Applicable to the Company during the Audit Period; The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015- Not Applicable to the Company during the Audit Period; The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018- Not Applicable to the Company during the Audit Period; The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 - Not Applicable to 87 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited e) f) g) h) i) the Company during the Audit Period; The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 Not Applicable to the Company during the Audit Period; The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client - Not Applicable to the Company during the Audit Period; The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021- Not Applicable to the Company during the Audit Period; The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 - Not Applicable to the Company during the Audit Period; and The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015- Not Applicable to the Company during the Audit Period. We have also examined compliance with: i) ii) Applicable Secretarial Standards issued by the Institute of Company Secretaries of India; and The Listing Agreements entered into by the Company with Stock Exchange(s) - Not Applicable to the Company during the Audit Period. During the Audit Period, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above. 88 We further report that, the Company has identified the following laws as specifically applicable to the Company: i) ii) iii) iv) The Food Safety and Standards Act, 2006 and Rules; The Legal Metrology Act 2009 and Rules; State Agriculture Produce Marketing Act; The Bureau of Indian Standards Act, 2016; v) The Trade Marks Act, 1999. We further report that- The Board of Directors of the Company was constituted comprising Executive Director, Non-Executive Directors including Woman Director and Independent Directors. There was no change in the composition of the Board of Directors during the Audit Period. Adequate notice was given to all directors of the Company of the meetings of the Board (including meetings of the Committees), except where consent of directors was received for shorter notice. The agenda and detailed notes on agenda were sent at least seven days in advance for the Board and Committee meetings, except for the meetings which were convened at shorter notice with the consent of directors. All decisions made at Board meetings and Committee meetings have unanimous consent of directors (excluding the directors who were concerned or interested in specific items) as recorded in the minutes of the meetings of the Board of Directors or Committees of the Board, as the case may be. We further report that the Company has devised a system which enables the directors to seek and obtain further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. During the Audit Period, one extra- ordinary general meeting was convened and held, at shorter notice with the consent of the members, in due compliance with the applicable provisions of the Act. We further report that having regard to the compliance system prevailing in the Company and as per explanations and management representations obtained and relied upon by us the Company has adequate systems and processes commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. We further report that, during the Audit Period the Company has done the following transactions in due compliance with the applicable provisions of the Act: 1. 2. 3. 4. Converted 80 crore-8.5% Non- Cumulative Optionally Convertible Preference Shares (‘OCPS’) of C 10 each issued at premium of C 40 per OCPS into 400 crore equity shares of C 10 each aggregating C 4000 crore; Approved variation in the terms and conditions of redemption and conversion of 3,300 Compulsorily Convertible Debentures of face value of C 10,00,000 each (“CCDs”). Converted 3,300 CCDs into 33,00,00,000 9% Non- Cumulative Compulsorily Redeemable Preference Shares (‘RPS’) of C 10 each aggregating C 330 crore and thereafter the RPS were redeemed at par; National Company Law Tribunal, Mumbai Bench vide its order dated January 05, 2024 approved reduction of equity share capital of the Company by C 7,86,54,230 by cancelling and extinguishing 78,65,423 fully paid up equity shares held by shareholders other than Promoter, the holding Company of the Company; 5. Transferred supply chain assets of the Company to Reliance Logistics and Warehouse Holdings Limited, a fellow subsidiary of the Company for a consideration of up to C 8,000 crore pursuant to Section 180(1) (a) of the Companies Act, 2013; 6. Borrowed funds from the holding company and banks pursuant to sections 179 and 180 of the Act. Place: Mumbai Date: April 22, 2024 For Shashikala Rao & Co. Company Secretaries ICSI Unique Code: P2010MH067400 PR 4740/2023 Shashikala Rao Partner FCS 3866 CP No 9482 UDIN F003866F000210853 Annexure to the Secretarial Audit Report To, The Members Reliance Retail Limited Our report of even date is to be read along with this letter: 1. 2. 3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company and financial statements and disclosures made therein. Wherever required, we have obtained a Management Representation about the compliance of laws, rules and regulations and happening of events, etc. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company. Place: Mumbai Date: April 22, 2024 For Shashikala Rao & Co. Company Secretaries ICSI Unique Code: P2010MH067400 PR 4740/2023 Shashikala Rao Partner FCS 3866 CP No 9482 UDIN F003866F000210853 89 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Form No. MR-3 Secretarial Audit Report For the financial year ended March 31, 2024 [Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014] To, The Members, Reliance Retail Ventures Limited CIN: U51909MH2006PLC166166 4th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai- 400 002 We have conducted the Secretarial Audit of the compliance with applicable statutory provisions and the adherence to good corporate practices by Reliance Retail Ventures Limited (hereinafter called the “Company”) for the Financial Year ended 31st March, 2024. Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon. Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and furnished to us through access to the Company’s in-house portal and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on 31st March 2024, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March, 2024 according to the provisions of: 90 i. ii. iii. iv. v. The Companies Act, 2013 (‘the Act’) and the rules made thereunder; The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder - Not Applicable as the Securities of the Company are not listed on any Stock Exchange. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings:- Not Applicable to the extent of External Commercial Borrowings; The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’) are Not Applicable as the Securities of the Company are not listed on any Stock Exchange; a. b. c. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011- except to the extent of being a promoter as defined, of a listed entity; The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; d. e. f. g. h. i. The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; The Securities and Exchange Board of India (Issue and Listing of Non- Convertible Securities) Regulations, 2021; The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015; vi. Framework/Operational Circular for Issue and Listing of Commercial Papers issued by Securities and Exchange Board of India including amendments thereto. The Management of the Company has confirmed that there are no laws identified which are specifically applicable to the Company. We have also examined compliance with the applicable Standards/ Regulations of the following: (i) Secretarial Standards with regard to Meeting of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India; (ii) The Listing Agreements entered into by the Company with the Stock Exchanges: Applicable to the extent of Commercial Papers listed during the period under review. During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above. We further report that: - − The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors including a Woman Director and Independent Directors. No changes in the composition of the Board of Directors took place during the period under audit. − Adequate notice is given to all Directors of the schedule of the Board Meetings (including Committees Meetings). Agenda and detailed notes on agenda were also sent atleast seven days in advance, except where consent of directors was received for circulation of the Agenda and notes on Agenda at a shorter notice. A system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation by the directors at the meeting. − As recorded in the Minutes of Board/Committee Meetings, all decisions of the Board and Committees thereof were carried out unanimously. We further report that based on review of compliance mechanism established by the Company and on the basis of the Compliance Certificate(s) issued by the Company Secretary based on the certificates issued by functional heads and taken on record by the Board of Directors at their meeting(s), we are of the opinion that there are adequate systems and processes in place which commensurate with size and operations of the Company, to monitor and ensure compliance with all applicable laws, rules, regulations and guidelines. We further report that during the financial year under audit, following were the event/actions which occurred, having a major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc: 1. Pursuant to necessary approvals obtained from Audit Committee, the Board and the shareholders of the holding company and of the Audit Committee of the Company, the Board has passed a resolution on 22nd March 2024 to accord consent to enter into necessary agreements, to transfer mid- sized warehousing relating assets of the Company aggregating upto C 3,000 crore to Reliance Logistics and Warehouse Holdings Limited, a subsidiary Company; 2. Members of the Company at the Extraordinary General Meeting held on 25th August 2023 have, pursuant to Section 186 of the Act, passed a Special Resolution and granted consent to the Board of Directors to make loans, investments and 3. 4. give guarantees upto C 1,15,000 crore, outstanding at any point of time, over and above the limits prescribed in the aforesaid Section of the Act; The Company has during the year under review issued and allotted 14,77,02,906 equity shares of C 10/- each at a premium of C 1,196.09/- per share aggregating to C 17,814.29 crore on private placement basis to Reliance Industries Limited (the holding company) and three financial investors; The Members at the Annual General Meeting held on 28th September 2023 and at the Extra-Ordinary General Meetings held on 10th October 2023 and 10th November 2023 respectively, have passed special resolutions to approve and adopt the restated Articles of Association, which were amended pursuant to shareholders’ agreements entered into by the Company with the investors. The Report is to be read with our letter of even date which is annexed as Annexure A hereto and forms an integral part of this report. For S. N. ANANTHASUBRAMANIAN & Co. Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023 Aparna Gadgil Partner ACS: 14713| COP No.: 8430 ICSI UDIN: A014713F000203286 22nd April, 2024 I Thane 91 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited Annexure A Independent Auditor’s Report on compliance with the conditions of Corporate Governance as per provisions of Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 To, The Members, Reliance Retail Ventures Limited CIN: U51909MH2006PLC166166 4th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai- 400 002 Our Secretarial Audit Report for the financial year ended 31st March 2024 of even date is to be read along with this letter. Management’s Responsibility 1. It is the responsibility of the management of the Company to maintain secretarial records, devise proper systems to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate effectively. Auditor’s Responsibility 2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company with respect to secretarial compliances. 3. 4. 5. 6. We have conducted the Audit as per the applicable Auditing Standards issued by the Institute of Company Secretaries of India. We believe that audit evidence and information obtained from the Company’s management is adequate and appropriate for us to provide a basis for our opinion. Wherever required, we have obtained reasonable assurance about whether the statements prepared, documents or Records, in relation to Secretarial Audit, maintained by the Auditee, are free from misstatement. Wherever required, we have obtained the Management’s representation about the compliance of laws, rules and regulations and happening of events, etc Disclaimer 7. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company. 8. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. For S. N. ANANTHASUBRAMANIAN & Co. Company Secretaries ICSI Unique Code: P1991MH040400 Peer Review Cert. No.: 5218/2023 Aparna Gadgil Partner ACS: 14713| COP No.: 8430 ICSI UDIN: A014713F000203286 22nd April, 2024 I Thane 92 To the Members of Reliance Industries Limited 1. 2. This certificate is issued in accordance with the terms of our engagement letter dated September 22, 2023. We, Deloitte Haskins & Sells LLP, Chartered Accountants and Chaturvedi & Shah LLP, Chartered Accountants, the Statutory Auditors of Reliance Industries Limited (“the Company”), have examined the compliance of conditions of Corporate Governance by the Company, for the year ended on March 31, 2024, as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations). This report is required by the Company for annual submission to the stock exchange and to be sent to the Shareholders of the Company. Managements’ Responsibility 3. The compliance of conditions of Corporate Governance is the responsibility of the Management including the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes the design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate Governance stipulated in Listing Regulations. Auditor’s Responsibility 4. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company. 5. 6. We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the Standards on Auditing specified under Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical 8. 9. Financial Information, and Other Assurance and Related Services Engagements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance of the Corporate Governance Report with the applicable criteria. The procedures include but not limited to verification of secretarial records and financial information of the Company and obtained necessary representations. The procedures also include examining evidence supporting the particulars in the Corporate Governance Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purposes of expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of the Company taken as a whole Opinion 10. Based on our examination of the relevant records and according to the information and explanations provided to us and the representations provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the Listing Regulations during the year ended March 31, 2024. 93 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited 11. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or Dear Members, Board’s Report effectiveness with which the Management has conducted the affairs of the Company. Restriction on Use 12. This report is addressed to and provided to the members of the Company solely for the purpose of enabling it to comply with its obligations under the Listing Regulations and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose hands it may come without our prior consent in writing. We have no responsibility to update this report for events and circumstances occurring after the date of this report. The Board of Directors present the Company’s Forty-seventh Annual Report (Post-IPO) and the Company’s audited financial statements for the financial year ended March 31, 2024. Financial Results The Company’s financial performance (standalone and consolidated) for the year ended March 31, 2024 is summarised below: Standalone Consolidated 2023-24 2022-23# 2023-24 2022-23 K crore 55,273 (10,922) (2,309) US$ million* 6,627 (1,310) (277) K crore US$ million* K crore 54,118 (6,186) (4,930) 6,586 1,04,727 (13,590) (12,117) (753) (600) US$ million* 12,556 (1,629) (1,453) K crore 94,046 (8,398) (11,978) US$ million* 11,445 (1,022) (1,458) For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Profit Before Tax (Before Exceptional Items) Current Tax Deferred Tax Profit from Continuing Operations (Before 42,042 5,040 43,002 5,233 79,020 9,474 73,670 8,965 Abhijit A. Damle Partner Membership No. 102912 UDIN: 24102912BKEPFU3347 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAIY8639 Place: Mumbai Date: April 22, 2024 Place: Mumbai Date: April 22, 2024 Exceptional Items) Exceptional Items (net of tax) Profit from Continuing Operations Profit from Discontinued Operations (net of tax) Profit for the Year Net Profit attributable to Non-Controlling Interest Net Profit Attributable to Owners of the Company Balance in Retained Earnings Pursuant to Scheme of Arrangement ^ Transferred to statement of Profit & Loss A/c ^ Fresh issue of equity by subsidiary ^ - 42,042 - 42,042 - 42,042 97,110 - - - - 5,040 - 5,040 - 5,040 13,970 - - - - - - - - 43,002 1,188 44,190 - - 5,233 145 5,378 - 79,020 - 79,020 (9,399) 9,474 - 9,474 (1,127) 73,670 418 74,088 (7,386) 44,190 72,545 (23,502) - - 5,378 69,621 10,981 2,95,739 - (2,860) - (818) 11,184 - 8,347 66,702 39,733 2,47,951 (21,867) (790) - - (98) 1,341 8,965 51 9,016 (899) 8,117 33,919 (2,661) (96) - Sub-Total Appropriations Transferred to General Reserve Transferred to Statutory Reserve Transferred to Debenture Redemption Reserve Transferred (to)/from Special Economic Zone Reinvestment Reserve Dividend on Equity Shares Closing Balance 1,39,152 19,010 93,233 13,499 3,75,726 49,323 2,91,996 39,279 (30,000) - - 150 (3,597) - - 18 - - - 8,960 - - - 1,090 (30,000) - - 150 (3,597) - - 18 - (38) (96) 8,960 - (5) (12) 1,090 (6,089) (730) (5,083) (619) (6,089) (730) (5,083) (619) 1,03,213 14,701 97,110 13,970 3,39,787 45,014 2,95,739 39,733 Figures in brackets represent deductions. # During the year, Hon’ble National Company Law Tribunal, Ahmedabad Bench and Mumbai Bench, sanctioned the Scheme of Arrangement between the Company and Reliance Projects & Property Management Services Limited (“RPPMSL”), inter alia, for demerger of Digital EPC & Infrastructure Undertaking of RPPMSL into the Company (“Scheme”). The Appointed Date for the Scheme was close of business hours of December 31, 2022 and the Effective Date was August 9, 2023. Consequently, the previous year standalone financial statement has been adjusted for giving effect to the Scheme. * 1 US$ = C 83.41 Exchange Rate as on March 31, 2024 (1 US$ = C 82.17 as on March 31, 2023). ^ Refer Note 15 of the Standalone and Consolidated Financial Statements. Results of operations and the state of Company’s affairs. Highlights of the Company’s financial performance for the year ended March 31, 2024 are as under: Standalone − Value of sales and services was C 5,74,956 crore (US$ 68.9 billion) − Exports for the year was C 2,99,832 − EBITDA for the year was C 1,78,677 crore (US$ 35.9 billion) crore (US$ 21.4 billion) − EBITDA for the year was C 86,393 crore (US$ 10.4 billion) − Cash Profit for the year was C 1,41,969 crore (US$ 17.0 billion) − Cash Profit for the year was C 62,041 crore (US$ 7.4 billion) − Net Profit for the year was C 79,020 crore (US$ 9.5 billion) − Net Profit for the year was C 42,042 crore (US$ 5.0 billion) Consolidated − Value of sales and services was C 10,00,122 crore (US$ 119.9 billion) Dividend The Board of Directors have recommended a dividend of C 10/- (Rupees Ten only) per equity share of C 10/- (Rupees Ten only) each fully paid-up 94 95 Corporate Governance ReportIntegrated Annual Report 2023-24Reliance Industries Limited of the Company (last year C 9/- per equity share of C 10/- each). Dividend is subject to approval of members at the ensuing Annual General Meeting and shall be subject to deduction of income tax at source. The dividend recommended is in accordance with the Company’s Dividend Distribution Policy. The said Policy is available on the Company’s website and can be accessed at https://www.ril.com/sites/default/ files/2023-01/Dividend-Distribution- Policy.pdf Details of material changes from the end of the financial year There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company. Material events during the year under review Financial Services Demerger Scheme The Scheme of Arrangement between the Company and its shareholders and creditors & Reliance Strategic Investments Limited (presently known as Jio Financial Services Limited “JFSL”) and its shareholders and creditors (Financial Services Demerger Scheme) became effective from July 1, 2023 and the Appointed Date was closing business hours of March 31, 2023. In accordance with the Financial Services Demerger Scheme, JFSL issued and allotted 1 (One) fully paid-up equity share of JFSL having face value of C 10 (Rupees Ten) each for every 1 (One) fully paid-up equity share of C 10 (Rupees Ten) each of the Company to the shareholders of the Company whose names were recorded in the register of members and/or records of the depository as on the Record Date i.e., July 20, 2023. The equity shares of JFSL were admitted for trading on BSE Limited and National Stock Exchange of India Limited on August 21, 2023. 96 EPC Scheme The Scheme of Arrangement between Reliance Projects & Property Management Services Limited (RPPMSL) and its shareholders and creditors & the Company and its shareholders and creditors (EPC Scheme) inter alia, for demerger of Digital EPC & Infrastructure undertaking of RPPMSL into the Company became effective from August 9, 2023 and the Appointed Date was close of business hours of December 31, 2022. The demerged undertaking of RPPMSL includes assets, liabilities and reserves of Reliance Infratel Limited, which was transferred and vested in RPPMSL through a Composite Scheme of Amalgamation, with effect from the Appointed Date of December 22, 2022. Issue of Debentures on private placement basis The Company has issued and allotted secured, redeemable, non-convertible debentures - PPD Series P aggregating C 20,000 crore. Partnership with Brookfield Infrastructure and Digital Realty for data center business in India The Company has entered into a joint venture agreement with Brookfield Infrastructure and Digital Realty Trust, Inc. for developing data centers in India. The Company holds 33.33% stake in each of the five Indian SPVs formed in this regard for setting up new projects. The joint venture (JV) will be well positioned to serve global and local enterprises, SMBs and the vibrant startups of India, for their cloud and colocation requirements as they move their compute resources on the cloud and off-premise. Data centers developed by the JV will leverage Digital Realty’s industry-leading energy-efficient data center platform design and operating procedures, highly- repeatable Pervasive Data Center Architecture (PDx®) approach and relationships with global customers, Brookfield’s in-depth knowledge of the Indian infrastructure market, and the Company’s massive digital ecosystem and very strong enterprise relationships with an existing client base of 80% of large named private enterprises in India. Reliance and Disney – Strategic Joint Venture The Company, Viacom 18 Media Private Limited (Viacom18) and The Walt Disney Company (Disney) announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India Private Limited. The Company has agreed to invest at closing C 11,500 crore (~US$ 1.4 billion) into the JV for its growth strategy. The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g. Colors, StarPlus, StarGOLD) and sports (e.g. Star Sports and Sports18) as well as access to highly anticipated events across television and digital platforms through JioCinema and Hotstar. The Company will also purchase 13.01% equity stake (on a fully diluted basis) of Viacom18 from Paramount Global, thereby increasing the holding of the Company in Viacom18 to 70.49% (on a fully diluted basis). Upon completion of the steps, the JV will be controlled by the Company and owned 16.34% by the Company, 46.82% by Viacom18 and 36.84% by Disney. Management Discussion and Analysis Report Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), is presented in a separate section, which forms part of this Annual Report. Business operations/ performance of the Company and its major subsidiaries Major developments and business performance of the Company and its major subsidiaries consolidated with the Company are given below: Retail Reliance Retail delivered resilient performance with another year of strong revenue growth and profit. The business grew its store footprint across consumption baskets. Investments in boosting supply chain infrastructure and omni channel capabilities remained a priority as business continues to deepen its presence. Reliance Retail is amongst the most visited retailers in the world with over a billion customers walking into its stores through the year. The business recorded a Gross Revenue of C 3,06,848 crore for the year FY24 with a growth of 17.8% over last year. It continues its strong track record of profit growth registering an EBITDA of C 23,082 crore, higher by 28.4% Y-o-Y. It also undertook an equity fund raise of C 17,814 crore in FY24. Digital Services Digital Services achieved a revenue of C 1,32,938 crore driven by industry leading subscriber growth in mobility and ramp-up of wireline services leading to better subscriber mix. Registered an EBITDA of C 56,697 crore which was on account of higher revenue and consistent improvement in margins. Jio has rolled out its True5G network across India, with over 108 million subscribers migrated to Jio’s 5G network. JioAirFiber services are now being offered in ~5,900 cities/ towns, with further ramp-up towards pan India coverage. Jio introduced affordable international roaming and in-flight packs with bundled voice and data for seamless travel across USA, UAE and other Top 50 countries. In-flight packs are being offered in partnership with 22 airlines. Media and Entertainment Media business delivered one of the strongest performances, setting new operating and revenue benchmarks across verticals. Revenue from operations of the Network18 Group for the year was at C 9,297 crore, up by 49.4% Y-o-Y, driven by strong growth across all segments. Sports was the biggest driver of revenue growth for Viacom18 while News revenue growth was driven by both TV network and Digital platforms. Moneycontrol Pro crossed 7.5 lakh paid subscribers, making it the #1 subscription-based digital news platform in India. During the year, Reliance, Viacom18 and The Walt Disney Company announced the signing of binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India. Merger of TV18 Broadcast and e-Eighteen.com (E18) with Network18 through a scheme of arrangement was also announced during the year consolidating TV and Digital news assets and Moneycontrol business in one listed company. Oil to Chemicals Revenue of Oil to Chemicals for FY24 was at C 5,64,749 crore impacted on account of lower product price realisation following 13.5% Y-o-Y decline in average Brent crude oil prices. This was partially offset by higher volumes. EBITDA for Oil to Chemicals for FY24 was at C 62,393 crore with optimised feedstock sourcing, advantageous ethane cracking, and lower SAED impact, although the margin environment across transportation fuel and downstream chemicals remained weak through the year. Oil & Gas (Exploration & Production) Oil & Gas segment witnessed sharp improvement in Revenue by 48.0% on a Y-o-Y basis to C 24,439 crore & EBITDA by 48.6% Y-o-Y to C 20,191 crore mainly on account of higher gas and condensate production. This was partly offset by lower gas price realisation from KG-D6 and CBM Field. Post commissioning of MJ field, KG-D6 production has been ramped up to 30 MMSCMD, thereby contributing ~ 30% of India’s gas production. Average production for the year from the three fields together is ~27 MMSCMD gas and ~18,000 bbls of oil and condensate. Development Plan for Additional Wells in R and Sat Cluster for incremental production approved by Government. To augment and sustain production from CBM Block, a 40 multi-lateral well campaign is being executed to augment production – 13 wells completed and 10 under production ramp up. RIL also successfully contracted 0.9 MMSCMD of CBM from Shahdol at 12.67% of Brent + US$ 0.78 for 2 years. Credit Rating The Company’s financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies. The details of credit ratings are disclosed in the Management Discussion and Analysis Report, which forms part of this Annual Report. Consolidated Financial Statement In accordance with the provisions of the Companies Act, 2013 (“the Act”) and the Listing Regulations read with Ind AS 110-Consolidated Financial Statements, Ind AS 28-Investments in Associates and Joint Ventures and Ind AS 31-Interests in Joint Ventures, the consolidated audited financial statement forms part of this Annual Report. Subsidiary, Joint Venture and Associate companies During the year under review, companies listed in Annexure I to this Report have become and/or ceased to be the subsidiary, joint venture or associate of the Company. A statement providing details of performance and salient features of the financial statements of subsidiary, associate, joint venture companies, as per Section 129(3) of 97 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited the Act, is provided as Annexure A to the consolidated audited financial statement and therefore not repeated in this Report to avoid duplication. b) The audited financial statement including the consolidated financial statement of the Company and all other documents required to be attached thereto is available on the Company’s website and can be accessed at https://www.ril.com/ sites/default/files/reports/RIL- Integrated-Annual-Report-2023-24. pdf. The financial statements of the subsidiaries, are available on the Company’s website and can be accessed at https://www. ril.com/investors/subsidiaries- associates/financial-statements-of- subsidiaries/financial-statements-of- subsidiaries-2023-24. The Company has formulated a Policy for determining Material Subsidiaries. The said Policy is available on the Company’s website and can be accessed at https://www.ril.com/ sites/default/files/2023-01/Material- Subsidiaries.pdf During the year under review, Jio Platforms Limited, Reliance Jio Infocomm Limited, Reliance Retail Limited, Reliance Retail Ventures Limited, Reliance Global Energy Services (Singapore) Pte. Limited and Reliance International Limited were material subsidiaries of the Company as per the Listing Regulations. Secretarial Standards The Company has followed the applicable Secretarial Standards, with respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India. Directors’ Responsibility Statement Your Directors state that: in the preparation of the annual accounts for the year ended March 31, 2024, the applicable accounting standards read with requirements set out under Schedule III to the Act have been a) 98 followed and there are no material departures from the same; the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the profit of the Company for the year ended on that date; the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; the Directors have prepared the annual accounts on a going concern basis; the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively. c) d) e) f) Corporate Governance The Company is committed to maintain the highest standards of governance and has also implemented several best governance practices. The Corporate Governance Report as per the Listing Regulations forms part of this Annual Report. Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the Corporate Governance Report. Business Responsibility & Sustainability Report In accordance with the Listing Regulations, the Business Responsibility & Sustainability Report (BRSR) describes the performance of the Company on environmental, social and governance aspects. The disclosures on key performance indicators (KPIs) of BRSR Core and Independent Assurance Report on the identified sustainability information are available on the Company’s website and can be accessed at https://www. ril.com/sites/default/files/reports/ BRSR202324.pdf. Contracts or arrangements with related parties During the year under review: a) b) all contracts/arrangements/ transactions entered by the Company with related parties were in the ordinary course of business and on arm’s length basis. contracts/arrangements/ transactions which were material, were entered into with related parties in accordance with the policy of the Company on Materiality of Related Party Transactions and on dealing with Related Party Transactions. Details of contracts/arrangements/ transactions with related party which are required to be reported in Form No. AOC-2 in terms of Section 134(3) (h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 are provided in Annexure II to this Report. The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions is available on the Company’s website and can be accessed at https://www.ril.com/ sites/default/files/2023-01/Policy-on- Materiality-of-RPT.pdf There were no materially significant related party transactions which could have potential conflict with the interests of the Company at large. Members may refer to Note 34 of the Standalone Financial Statement which sets out Related Parties Disclosures pursuant to Ind AS. Corporate Social Responsibility (CSR) The CSR activities undertaken through the year reflect the approach ‘Reliance for All - Growth for All, Care for All, Access for All’. These CSR initiatives of the Company, under the leadership of Smt. Nita M. Ambani, Founder Chairperson, Reliance Foundation, have touched the lives of more than 76 million people, over 55,500 villages and several urban locations across India since 2010. Through 2023-24, the Company has been scaling up its efforts to enhance impact on communities across different spheres of agriculture, entrepreneurship, education, sports and technology adoption. As per the CSR Policy, the Company stepped up on its endeavours to bring positive momentum on the lives of the people and enable an inclusive approach through initiatives in the areas of Rural Transformation, Health, Education, Sports for Development, Women Empowerment, Disaster Management, Arts, Culture & Heritage and Environment. The three core commitments of Scale, Impact and Sustainability, with a focus on environment, forms the bedrock of the Company’s philosophy on CSR initiatives. The Company through its various CSR initiatives, has aligned with various national priority initiatives including the Gram Uday Se Bharat Uday Abhiyan, Unnat Bharat Abhiyan, Swachh Bharat Abhiyan, POSHAN Abhiyan, Jal Shakti Abhiyan, Sabki Yojana Sabka Vikas, Skill India Mission, NIPUN Bharat Mission, Digital India and Doubling Farmers’ Income. The CSR initiatives of the Company have won several awards including the US-India Strategic Partnership Forum 2023 Global Leadership Award, for Philanthropy and CSR, conferred on Reliance Foundation Founder Chairperson - Smt. Nita M. Ambani. She was also awarded the “Sports Leader of the Year - Female” award for exemplary leadership in driving India’s sports story. The Company also won Best Corporate Promoting Sports in India; Golden Peacock Award; Gold at the prestigious MarCom Awards 2023; Business World – 7th Edition Healthcare Excellence Awards 2024 given to Sir H. N. Reliance Foundation Hospital for Institutional Excellence among others. The CSR Policy is available on the Company’s website and can be accessed at https://www.ril.com/sites/ default/files/2023-01/CSR-Policy.pdf. During the year under review, there has been no change in the said Policy. During the year under review, the Company has spent C 900 crore (2.14% of the average net profits of the immediately preceding three financial years) towards identified and approved CSR initiatives covered under Schedule VII to the Act, directly/through implementing agencies. The progress and impact through the CSR initiatives reaffirm Reliance’s commitment of ‘We Care’; contributing to India’s national priorities and building a hopeful future for all. The Annual Report on CSR activities including summary of Impact Assessment Report is annexed and marked as Annexure III to this Report. Risk Management The Company has a structured Group Risk Management Framework, designed to identify, assess and mitigate risks appropriately. The Risk Management Committee has been entrusted with the responsibility to assist the Board in: a) b) overseeing the Company’s enterprise wide risk management framework; ensuring that all material Strategic and Commercial risks including Cybersecurity, Safety and Operations, Compliance, Control and Financial risks have been identified and assessed; and c) ensuring that all adequate risk mitigation measures are in place to address these risks. Further details on the risk management activities including the implementation of risk management policy, key risks identified and their mitigations are covered in Management Discussion and Analysis Report, which forms part of this Annual Report. Internal Financial Controls The key internal financial controls have been documented, automated wherever possible and embedded in the respective business processes. Assurance to the Board on the effectiveness of internal financial controls is obtained through Three Lines of Defence which include: a) b) c) Management reviews and self-assessment; Continuous controls monitoring by functional experts; and Independent design and operational testing by the Group Internal Audit function. The Company believes that these systems provide reasonable assurance that the Company’s internal financial controls are adequate and are operating effectively as intended. Directors and Key Managerial Personnel In accordance with the provisions of the Act and the Articles of Association of the Company, Shri Hital R. Meswani and Shri P.M.S. Prasad, Directors of the Company, retire by rotation at the ensuing Annual General Meeting. The Board of Directors of the Company, based on the recommendation of the Human Resources, Nomination and Remuneration (HRNR) Committee, have recommended their re-appointment. Smt. Nita M. Ambani resigned from the Board of the Company with effect from end of business hours of August 28, 2023 to devote her energies and time to guide and enable Reliance Foundation, of which she is the Founder Chairperson, to make even greater impact for India. The Board appreciated the work done 99 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited by her in Reliance Foundation and expressed its deepest gratitude for the valuable contributions during her tenure on the Board of the Company. The Board of Directors of the Company, based on the recommendation of the HRNR Committee, recommended appointment of Ms. Isha M. Ambani, Shri Akash M. Ambani and Shri Anant M. Ambani as non-executive directors of the Company and the shareholders of the Company approved their appointment on October 26, 2023. Ms. Isha M. Ambani, Shri Akash M. Ambani and Shri Anant M. Ambani assumed office as non-executive directors of the Company on October 27, 2023. Shri Adil Zainulbhai, independent director of the Company, ceased to be a director of the Company upon completion of his second term on March 31, 2024. The Board places on record its sincere thanks for guidance and support provided during his tenure, which immensely benefitted the Company and the Group. The Board of Directors of the Company, based on the recommendation of the HRNR Committee, appointed Shri Haigreve Khaitan as an additional director, designated as an independent director of the Company with effect from April 1, 2024. The term of his appointment as an independent director will be for a period of 5 (five) years and the appointment is subject to approval of the shareholders. In the opinion of the Board, Shri Haigreve Khaitan possess requisite expertise, integrity, experience and proficiency. The Company has received declarations from all the Independent Directors of the Company confirming that: they meet the criteria of independence prescribed under the Act and the Listing Regulations; and The Company has devised, inter alia, the following policies viz.: a) b) Policy for selection of Directors and determining Directors’ independence; and Remuneration Policy for Directors, Key Managerial Personnel and other employees. The Policy for selection of Directors and determining Directors’ independence sets out the guiding principles for the HRNR Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, while considering their appointment as independent directors of the Company. The said Policy also provides for the factors in evaluating the suitability of individual board members with diverse background and experience that are relevant for the Company’s operations. There has been no change in the policy during the year under review. The said policy is available on the Company’s website and can be accessed at https://www. ril.com/sites/default/files/2023-01/ Policy-for-Selection-of-Directors.pdf The Company’s remuneration policy is directed towards rewarding performance, based on review of achievements. The remuneration policy is in consonance with existing industry practice. There has been no change in the policy during the year under review. The said policy is available on the Company’s website and can be accessed at https://www. ril.com/sites/default/files/2023-01/ Remuneration-Policy-for-Directors.pdf Performance Evaluation The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which includes criteria for performance evaluation of Non-Executive Directors and Executive Directors. they have registered their names in the Independent Directors’ Databank. In accordance with the manner of evaluation specified by the HRNR Committee, the Board carried out a) b) 100 annual performance evaluation of the Board, its Committees and Individual Directors. The Independent Directors carried out annual performance evaluation of the Chairman, the non-independent directors and the Board as a whole. The Chairman of the respective Committees shared the report on evaluation with the respective Committee members. The performance of each Committee was evaluated by the Board based on the report of evaluation received from the respective Committees. A consolidated report was shared with the Chairman of the Board for his review and giving feedback to each Director. Employees’ Stock Option Scheme The HRNR Committee, through RIL ESOS 2017 Trust inter alia administers and monitors Reliance Industries Limited Employees’ Stock Option Scheme 2017 (ESOS-2017). The ESOS-2017 is in line with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (SBEB Regulations). The details as required to be disclosed under the SBEB Regulations are available on the Company’s website and can be accessed at https://www.ril.com/ sites/default/files/reports/esos_2017_ disclosure.pdf. Auditors and Auditors’ Report Auditors Deloitte Haskins & Sells LLP, Chartered Accountants and Chaturvedi & Shah LLP, Chartered Accountants, were appointed as the Auditors of the Company for a term of 5 (five) consecutive years, at the 45th Annual General Meeting (Post-IPO) held on August 29, 2022. The Auditors have confirmed that they are not disqualified from continuing as the Auditors of the Company. The Auditors’ Report does not contain any qualification, reservation, adverse remark or disclaimer. The Notes to the financial statements referred in the Auditors’ Report are self-explanatory and do not call for any further comments. Cost Auditors The Board has appointed the following Cost Accountants as Cost Auditors for conducting the audit of cost records of various products and services of the Company, for the financial year 2024-25: i. Textiles Business – Kiran J. Mehta & Co.; ii. Chemicals Business – Diwanji & Co., K.G. Goyal & Associates, V.J. Talati & Co., Suresh D. Shenoy, Shome & Banerjee, Dilip M. Malkar & Co. and V. Kumar & Associates; iii. Polyester Business – Kiran J. Mehta & Co., Dilip M. Malkar & Co. and V. Kumar & Associates; iv. Electricity Generation – Diwanji & Co. and K. G. Goyal & Associates; v. Petroleum Business – Suresh D. Shenoy; vi. Oil & Gas Business – V.J. Talati & Co. and Shome & Banerjee; vii. Gasification (for petroleum activities) - Suresh D. Shenoy; viii. Composites – Kiran J. Mehta & Co.; and ix. Telecommunications - Shome & Banerjee. Shome & Banerjee, Cost Accountants, have been nominated as the Company’s Lead Cost Auditor. In accordance with the provisions of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost records. Secretarial Auditor The Board has appointed Dr. K.R. Chandratre, Practising Company Secretary, to conduct Secretarial Audit of the Company. The Secretarial Audit Report for the financial year ended March 31, 2024 is annexed and marked as Annexure IV to this Report. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer. Disclosures Meetings of the Board Seven meetings of the Board of Directors were held during the year. The particulars of the meetings held and attendance of each Director are detailed in the Corporate Governance Report. Audit Committee Shri Adil Zainulbhai, independent director of the Company, ceased to be a director of the Company upon completion of his second term on March 31, 2024 and consequently ceased to be a member of the Audit Committee. The Audit Committee presently comprises Shri Raminder Singh Gujral (Chairman), Shri K. V. Chowdary and Shri Haigreve Khaitan. All the recommendations made by the Audit Committee were accepted by the Board. Human Resources, Nomination and Remuneration (HRNR) Committee Shri Adil Zainulbhai ceased to be the Chairman and a member of the HRNR Committee upon completion of his second term as an independent director. The HRNR Committee presently comprises Dr. Shumeet Banerji (Chairman), Shri Raminder Singh Gujral and Shri K. V. Chowdary. Corporate Social Responsibility and Governance (CSR&G) Committee The CSR&G Committee comprises Dr. Shumeet Banerji (Chairman), Shri Nikhil R. Meswani and Shri K. V. Chowdary. Environmental, Social and Governance (ESG) Committee The ESG Committee comprises Shri Hital R. Meswani (Chairman), Shri P.M.S. Prasad and Smt. Arundhati Bhattacharya. Stakeholders’ Relationship (SR) Committee The SR Committee comprises Shri K. V. Chowdary (Chairman), Smt. Arundhati Bhattacharya, Shri Nikhil R. Meswani and Shri Hital R. Meswani. Risk Management (RM) Committee During the year, Shri Alok Agarwal ceased to be a member of the RM Committee. Shri Adil Zainulbhai also ceased to be the Chairman and a member of the RM Committee upon completion of his second term as an independent director. The RM Committee presently comprises Shri Raminder Singh Gujral (Chairman), Dr. Shumeet Banerji, Shri Hital R. Meswani, Shri P.M.S. Prasad, Shri K. V. Chowdary and Shri Srikanth Venkatachari. Vigil Mechanism and Whistle-blower Policy The Company has established a robust Vigil Mechanism and Whistle- blower Policy in accordance with the provisions of the Act and the Listing Regulations. Ethics & Compliance Task Force (ECTF) comprising Executive Director, General Counsel, Group Controller and Company Secretary has been established, which oversees and monitors the implementation of ethical business practices in the Company. ECTF evaluates incidents of suspected or actual violations of the Code of Conduct and reports them to the Audit Committee every quarter. Employees and other stakeholders are required to report actual or suspected violations of applicable laws and regulations and the Code of Conduct. Such genuine concerns 101 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited (termed Reportable Matter) disclosed as per Policy are called “Protected Disclosures” and can be raised by a Whistle-blower through an e-mail or dedicated telephone line or a letter to the ECTF or to the Chairman of the Audit Committee. The Vigil Mechanism and Whistle-blower Policy is available on the Company’s website and can be accessed at https://www.ril. com/sites/default/files/2023-01/ Vigil-Mechanism-and-Whistle-Blower- Policy.pdf. foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in Annexure V to this Report. Annual Return The Annual Return of the Company as on March 31, 2024 is available on the Company’s website and can be accessed at https://www.ril. com/sites/default/files/reports/ AnnualReturn-2023-24.pdf. Particulars of employees and related disclosures In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of the top ten employees in terms of remuneration drawn and names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules, forms part of this Report. Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report. Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Any member interested in obtaining such information may address their email to rilagm@ril.com. General Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review: − Details relating to deposits covered under Chapter V of the Act. Prevention of sexual harassment at workplace In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (POSH Act) and the Rules made thereunder, the Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace. The Company has constituted Internal Complaints Committee(s) (ICCs) to redress and resolve any complaints arising under the POSH Act. Training/awareness programme are conducted throughout the year to create sensitivity towards ensuring a respectable workplace. Particulars of loans, investments, guarantees and securities Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security provided is proposed to be utilised by the recipient are disclosed in the Standalone Financial Statement (Please refer Note 2, 3, 7, 10, 34 and 40 to the Standalone Financial Statement). Conservation of energy, technology absorption, foreign exchange earnings and outgo The particulars relating to conservation of energy, technology absorption, 102 − Issue of equity shares with differential rights as to dividend, voting or otherwise. − Issue of shares (including sweat equity shares) to employees of the Company, except for the grant of options under Employees’ Stock Options Scheme referred to in this Report. − Neither the Managing Director nor the Whole-time Directors of the Company receive any salary or commission from any of the subsidiaries of the Company. − No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future. − No fraud has been reported by the Auditors to the Audit Committee or the Board. − There has been no change in the nature of business of the Company. − There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016. − There was no instance of one time settlement with any Bank or Financial Institution. Acknowledgement The Board places on record its deep sense of appreciation for the committed services by all the employees of the Company. The Board would also like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, government and regulatory authorities, stock exchanges, customers, vendors, members, debenture holders and debenture trustee during the year under review. For and on behalf of the Board of Directors Mukesh D. Ambani Chairman and Managing Director Mumbai, April 22, 2024 Annexure I Companies/bodies corporate which became/ceased to be subsidiary, joint venture or associate as per the provisions of the Companies Act, 2013: 1. Companies/bodies corporate which became subsidiary during the financial year 2023-24: 2. Companies/bodies corporate which ceased to be subsidiary during the financial year 2023-24: Sr. No. Name of the Company/Body Corporate Sr. No. Name of the Company/Body Corporate 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Accops System FZ-LLC Accops Systems Private Limited Reliance Luxe Beauty Limited (Formerly known as Arvind Beauty Brands Retail Limited) Bismi Connect Limited (Formerly known as Bismi Connect Private Limited) Bismi Hypermart Limited (Formerly known as Bismi Hypermart Private Limited) Columbus Centre Corporation (Cayman) Columbus Centre Holding Company LLC Crystalline Silica and Mining Limited Eternalia Media Private Limited Ethane Coral LLC Ethane Diamond LLC Ethane Jade LLC ICD Columbus Centre Hotel LLC Indiawin Sports USA Inc. IPCO Holdings LLP IW Columbus Centre LLC Jio Infrastructure Management Services Limited KIKO Cosmetics Retail Private Limited Lotus Chocolate Company Limited 20. Metro Cash and Carry India Private Limited 21. Mimosa Networks Bilişim Teknolojileri Limited Şirketi 22. Mimosa Networks, Inc. New York Hotel, LLC 1. Intelligent Supply Chain Infrastructure Management Private Limited JD International Pte Ltd^ Reliance Eagleford Upstream Holding LP$ Reliance Infratel Limited# Reliance Jio Media Limited$$ Reliance SMSL Limited# Saavn, LLC@ Saavn Holdings, LLC^^ skyTran Israel Ltd* 2. 3. 4. 5. 6. 7. 8. 9. ^ liquidated $ merged with Reliance Marcellus LLC # Amalgamated with Reliance Projects & Property Management Services Limited $$ Ceased to be a subsidiary pursuant to the Scheme of Amalgamation of Reliance Jio Media Limited with Reliance Corporate IT Park Limited and their respective shareholders and creditors (the Scheme). The Appointed Date of the Scheme was opening business hours of 1st April, 2023. @ merged with Saavn Holdings, LLC ^^ merged with Saavn Media Limited * Liquidated, certificate of liquidation is awaited 3. Companies/bodies corporate which became joint venture or associate during the financial year 2023-24: Reliance Electrolyser Manufacturing Limited Sr. No. Name of the Company/Body Corporate Reliance Green Hydrogen and Green Chemicals Limited Reliance New Power Electronics Limited Soubhagya Confectionery Private Limited Thodupuzha Retail Private Limited Vengara Retail Private Limited 1. 2. 3. 4. 5. BAM DLR Data Center Services Private Limited BAM DLR Chennai Private Limited BAM DLR Kolkata Private Limited BAM DLR Mumbai Private Limited BAM DLR Network Services Private Limited 4. Companies/bodies corporate which ceased to be joint venture or associate during the financial year 2023-24: Nil For and on behalf of the Board of Directors Mukesh D. Ambani Chairman and Managing Director Mumbai, April 22, 2024 103 23. 24. 25. 26. 27. 28. 29. Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited Annexure II Form No. AOC-2 (Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014) Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto: 1. Details of contracts or arrangements or transactions not at arm’s length basis: Not Applicable 2. Details of material contracts or arrangement or transactions at arm’s length basis: a) Name of the related party and nature of relationship Reliance International Limited (RINL), a wholly-owned subsidiary of the Company. b) Nature of contracts/arrangements/transactions The Company and RINL have entered into crude and product supply agreements pursuant to which the Company purchases and sales high speed diesel, crude oil and other petrochemical products. Apart from above, the Company and RINL enter into other allied transactions in the ordinary course of business. c) Duration of the contracts/arrangements/transactions Tenure of the crude and product supply agreements entered between the Company and RINL is upto March 31, 2050 unless terminated earlier pursuant to provisions of the said agreements. The parties may mutually agree to extend the term for further period on mutually accepted terms. d) Salient terms of the contracts or arrangements or transactions including the value, if any: (i) aggregate value of purchase by the Company from RINL for FY2023-24 – ` 1,11,117 crore; (ii) aggregate value of sales by the Company to RINL for FY2023-24 – ` 2,56,880 crore; and (iii) aggregate value of other allied transactions between the Company and RINL for FY2023-24 – ` 223 crore. e) Date(s) of approval by the Board, if any: Transactions of the Company with RINL are in the ordinary course of business and on an arm’s length basis and accordingly, approval of the Board under Section 188 of the Companies Act, 2013 was not applicable. f) Amount paid as advances, if any: Nil For and on behalf of the Board of Directors Mukesh D. Ambani Chairman and Managing Director Mumbai, April 22, 2024 104 Annexure III Annual Report on Corporate Social Responsibility (CSR) Activities for the Financial Year 2023-24 1. Brief outline on CSR Policy of the Company Refer Section: Corporate Social Responsibility (CSR) in the Board’s Report 2. Composition of CSR Committee Sl. No 1 2 3 Name of Director Designation/Nature of Directorship Number of meetings of CSR Committee held during the year Number of meetings of CSR Committee attended during the year Dr. Shumeet Banerji Chairman (Non-Executive Director) Shri K. V. Chowdary Member (Non-Executive Director) Shri Nikhil R. Meswani Member (Executive Director) 4 4 4 4 4 4 3. Provide the weblink where Composition of CSR https://www.ril.com/OurCompany/Leadership/BoardCommittees.aspx Composition of CSR Committee, Committee CSR Policy and CSR projects CSR Policy https://www.ril.com/sites/default/files/2023-01/CSR-Policy.pdf approved by the Board are disclosed on the website of the company CSR projects approved https://www.ril.com/sites/default/files/2023-06/RIL-Website-CSR- by the Board Projects-2023-24.pdf 4. Provide the executive summary along with web-link(s) The Company has carried out Impact Assessment through Independent of Impact Assessment of CSR Projects carried out in third parties. The summary of the reports are attached and also available at pursuance of sub-rule (3) of rule 8, if applicable. https://www.ril.com/sites/default/files/reports/CSR-IA-2023-24.pdf 5. (a) Average net profit of the company as per sub-section (5) of section 135 (b) Two percent of average net profit of the company as per sub-section (5) of section 135 (c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years (d) Amount required to be set-off for the financial year, if any (e) Total CSR obligation for the financial year [(b)+(c)-(d)] 6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) (b) Amount spent in Administrative Overheads (c) Amount spent on Impact Assessment, if applicable (d) Total amount spent for the Financial Year [(a)+(b)+(c)] * Amount claimed towards Impact Assessment is C 50 lakh (e) CSR amount spent or unspent for the Financial Year: C 42,003 crore C 840 crore Nil Nil C 840 crore C 900 crore Nil * C 900 crore Total Amount Spent for the Financial Year C 900 crore Total Amount transferred to Unspent CSR Account as per subsection (6) of section 135 Amount transferred to any fund specified under Schedule VII as per second proviso to sub-section (5) of section 135 Amount Date of transfer Name of the Fund Amount Date of transfer NIL NIL Amount Unspent (K in crore) (f) Excess amount for set-off, if any: Sl. No. (i) (ii) (iii) (iv) (v) Particulars Two percent of average net profit of the company as per sub-section (5) of section 135 Total amount spent for the Financial Year Excess amount spent for the Financial Year [(ii)-(i)] Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years, if any Amount available for set off in succeeding Financial Years [(iii)-(iv)] Amount C 840 crore C 900 crore C 60 crore - C 60 crore 105 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited 7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years: (1) (2) (3) (4) (5) (6) (7) (8) Sl. No. Preceding Financial Year(s) Amount transferred to Unspent CSR Account under subsection (6) of section 135 (K in crore) Balance Amount in Unspent CSR Account under subsection (6) of section 135 (K in crore) Amount Spent in the Financial Year (K in crore) Amount transferred to a Fund as specified under Schedule VII as per second proviso to subsection (5) of section 135, if any Amount remaining to be spent in succeeding Financial Years (K in crore) Deficiency, if any Programme – WomenConnect Challenge 1. Study – End line Evaluation of WomenConnect Challenge (Round 1) 1 2 3 FY-2022-23 FY-2021-22 FY-2020-21 Amount (K in crore) Date of Transfer NIL 8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent No in the Financial Year: If Yes, enter the number of Capital assets created/acquired Not Applicable Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the Financial Year: Sl. No. Short particulars of the property or asset(s) [including complete address and location of the property] Pincode of the property or asset(s) Date of creation Amount of CSR amount spent - K in crore Details of entity/Authority/ beneficiary of the registered owner (1) (2) (3) (4) (5) (6) CSR Registration Number, if applicable Name Registered address Not Applicable 9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection (5) of section 135 Not Applicable For and on behalf of the Board of Directors Dr. Shumeet Banerji Chairman, CSR&G Committee Nikhil R. Meswani Executive Director Mukesh D. Ambani Chairman and Managing Director Mumbai, April 22, 2024 Impact Study Agency – SoulAce Consulting Private Limited Background The WomenConnect Challenge India by Reliance Foundation and USAID aims to empower women by improving access to and use of digital technology. The project has digitally connected over 3 lakh women. Objectives To assess women’s access to different digital tools and services; measure the impact of technology use on women’s economic empowerment; evaluate the impact of digital literacy training on women’s proficiency and comfort with technology; and measure shifts in attitudes of family members and the community regarding women’s technology use. Key findings − 76% women reported increased access to internet. Over half of the women participants reported increased access to digital tools, services and access to a feature or Android phone, post intervention. − 74%, 88%+ and 59% of the women, reported increased comfort with digital tools, using a mobile device independently and using the internet independently, respectively, post intervention. − 78% women reported an increase in their contribution to household expenses. Objective: To provide a comprehensive and systematic assessment of the various disaster management programmes related to ‘Disaster Preparedness and Response; gauge the impact of these interventions on rural communities; and assess the alignment of the programme to national and international priorities. Key Findings: − 91% stakeholders reported improvement in reach and impact due to timely interventions. 1,732 volunteers have been trained in 14 states. − 94% farmers reported an increase in annual income due to weather and expert livelihood advisories provided. 96% beneficiaries reported improved vaccination schedule for livestock against seasonal diseases due to weather advisories. 88% livestock rearers took decisions related to fodder management based on advisories while 87% modified sheds and shelters. − 90% of the beneficiaries reported improved preparedness levels in dealing with disaster after RF’s capacity building initiatives. − More than 75% of partner stakeholders including grassroot level partners reported a rating of 4 or 5 on a scale of 1 to 5 Response Coordination and Resource Mobilisation, which ensures sustainability of the interventions and exchange of information between service providers and beneficiaries at crucial hours of disasters. Overall, 41% women reported an increase in livelihood opportunities, income generation, and savings potential post-intervention. 13% women reported they had begun new entrepreneurial ventures. Qualitative data suggests that women value the role of increased access to information and knowledge, improved market access, and the ability to leverage technology to expand their businesses or income generating activities. − 76% women reported agreement with the idea of men and women having equal access to social, economic, and political resources and opportunities. 54% women reported increased freedom to spend their money post intervention. 70% women reported increased participation in economic decisions in the family and 76% women reported a positive change in men’s perception of the family. 2. Study: Evaluating the Impact of Disaster Preparedness and Response Interventions of Reliance Foundation Disaster Management Programme Impact Assessment Agency – Centre for Environment and Regional Development (CERD) Background Reliance Foundation’s interventions in Disaster Management cover immediate response and encompass preparedness, capacity building, and awareness campaign in close collaboration with government bodies and partners. 106 107 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited 3. Study: Impact Assessment of Reliance Foundation Sports Programme – Promoting Grassroot Sports Initiatives. Impact Assessment Agency – Kantar Public Background Reliance Foundation Sports for Development programme nurtures sporting talent from grassroots and helps them grow into high performers. Objective To evaluate the impact of the programme on skills, performance, opportunities, access to sports, and experience of the athletes associated with the programme. Key findings: − 98% RF athletes reported that RF provides superior training. Over 94% non-RF athlete respondents consider RF as competitive in comparison to other competitive programmes or foundations and expressed satisfaction, specifically in relation to programmes, competitions, and tournaments organised by RF. − Across the eight sports programmes within RF, a majority (87% - 93%) of athletes perceive the benefits – encompassing improved mental and physical health, social cohesion, access to sports, and career development – as good or very good. 95% agree that RF offers a high-quality learning environment for athletes. − Over 95% of respondents consider RF sports programme effective in enhancing their skills and performance. Over 108 92% agree that competitions organised by RF offer valuable opportunities to showcase their skills and abilities. 4. − In the case of RF Young Champs (RFYC), the achievement and competitiveness rating rose notably from 42% before RF enrollment to 93% post- enrollment. Athletes in RFYS and RFDL witnessed a surge from initial ratings of 47% and 43%, respectively, to 94% and 93% after associating with RF. − Over 53% perceive the management staff at Reliance Foundation as very good. In assessing the performance of foundation programmes, a substantial 96% of Reliance Foundation (RF) athletes agree that RF outperforms; among non-RF athletes, 69% agree that RF’s programme performance is superior. − Over 91% of athletes reported strong alignment with the values and vision of RF leadership. − 52.13% of participants consider the sports programme effective, while an additional 43.25% deem it highly effective in enhancing their skills and performance. These combined responses reiterates the significant perception among respondents that the sports programme excels in contributing to the improvement of their abilities and overall performance, increased awareness and interest in sports scholarships among athletes. Better quality of coaching delivered by trained PE teachers in schools. − These impacts collectively contribute to the overall success and effectiveness of the Reliance Foundation Sports programme in nurturing talent and promoting sports development across different levels. Study: Impact Assessment Study of Reliance Foundation’s Drishti Programme for Improving Vision Care among underprivileged communities Impact Assessment Agency – Sustainable Outcomes Private Limited Background RF’s Drishti programme aims to enhance and restore the vision of individuals from underprivileged segments of society. Objective Measure the overall impact of the programme on the quality of lives of the visually impaired; quantify the economic benefits of the beneficiaries achieved through the programme. Key findings − Corneal transplants have proven instrumental in enhancing the quality of life for the beneficiaries. Individuals reporting ‘severe or extreme pain’ decreased from 48% before the surgery to 13.2% after the surgery. The percentage of beneficiaries reporting ‘good or very good’ in carrying out daily activities increased from 16.3% to 34.7%. Assessment of Vision-Related Quality of Life (VFQOL) Index, which assesses general functioning, visual functioning and psychosocial wellbeing of the patients on a scale of 10, reported an increase in quality from point 5 before intervention to point 8 after intervention. Social participation increased from 17% to 44%. 69% of the individuals expressed satisfaction with the quality of service they received. − The programme saved C 4.3 crore in potential out-of-pocket expenses of beneficiaries on corneal transplants. It has averted 3,347 DALYs (Disability-adjusted life year is sum of life years lost due to disability). 5. Study: Social Impact Assessment of Infrastructure Project at National Cancer Institute, Nagpur − Close to 92% of the patients’ families have an annual income of less than ` 7 lakhs out of which 68% have incomes less than ` 3 lakh per annum − 85% believe that the treatments and other costs like diagnostic tests are lower at NCI compared to other similar institutions − Over 95% respondents are satisfied with the quantity and quality of free food given to patients and their attenders. 6. Study: Impact Assessment Report on Findings from Community Development Programme in Shahdol, Madhya Pradesh Impact Assessment Agency – Indian Institute of Management (IIM), Nagpur Background To help vulnerable sections of the society to avail affordable cancer treatment, Reliance Foundation established modern facilities at the National Cancer Institute (NCI), Nagpur, for diagnosis, prevention, and treatment of various types of cancers. Objective Assess impact of RF’s support in improving access to and quality of healthcare services provided through NCI-Nagpur. Analyse the impact of medical care on patient health outcomes, quality of life and treatment effectiveness in medical specialties. Key findings − More than 87 % of the patients or their relatives are satisfied with the NCI infrastructure and other facilities. − Apart from Maharashtra, patients from Madhya Pradesh and Chhattisgarh also avail services from NCI Impact Assessment Agency – Samhita Social Ventures Background Reliance Foundation’s interventions in Shahdol and Kotma, Madhya Pradesh, focus on strengthening agriculture and allied livelihoods, water resource development, strengthening community interest groups, etc. Objective Assess the socio-economic impact of programme interventions and measure the improvement in quality of life in targeted communities. Key Findings − The top three benefits from the agriculture support received from Reliance Foundation were reported to increase in crop yield (87% respondents), increase in income (60%) and improved crop quality (50%). 53% found Sustainable Intensification of Rice (SRI) to have reduced their costs. Reliance Nutrition Garden (RNG) initiatives offer combined livelihood and health benefits with 96% reporting improved availability of fresh vegetable, 64% reporting increased dietary diversity and 61% reporting reduced expenditure. The median income reported from agriculture is C 50,000. − Most farmers reported earning up to C 10,000 through off- farm livelihood activities. Improved vaccination rates (80% respondents) and reduced diseases (40%) in goat farming have been found to be the key benefits resulting from the support given by Reliance Foundation. − 61% reported increased availability of drinking and household water, which was primarily attributed to the installation of new hand pumps (81% respondents) and deepening of farm ponds (43%). 23% reported decreased water fetching time as a result of installation of hand pumps. − Most (90%) community members reported accessing the mobile medical unit. Provision of free of cost medicines (98% respondents) and free of cost screening (70%) were the key benefits reported. 46% have received protein supplements through the Anganwadi and 13% through Mobile Medical Unit (MMU) as part of the anaemia control programme for Antenatal and Postnatal (ANC/ PNC) mothers. − Most respondents reported gaining new skills (91%) and increased confidence (76%) as primary benefits of the skilling programme. 109 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited 7. Study: Impact Assessment of Interventions at Hazira saving because of mobile health unit (MHU). − 93% rated the accessibility of ART centre as ‘excellent’. − Truck drivers reported saving ` 1,000-1,500 on medical costs due to Project Khushi, which is an initiative to provide medical services within truck parking areas. − 63% respondents deem industrial trainings relevant to their jobs and responsibilities. Over 60% trainees reported an improvement in problem- solving abilities and 53% reported an increase in productivity after the training. 65% participants indicated taking on more challenging tasks or responsibilities. − Over 91% respondents reported daily usage of distributed potable water, showcasing high reliance on water distribution plant intervention. 97% community members drink the water supplied by Reliance Foundation. 91% of respondents reported no interruptions in the pipeline distribution system. 86% respondents expressed confidence in the long-term sustainability of the water distribution system. 8. Study: Impact study of interventions at Jamnagar Impact Assessment Agency – ThinkThrough Consulting Private Limited Background Reliance Foundation has been implementing community development initiatives focusing on healthcare, nutrition and Impact Assessment Agency – ThinkThrough Consulting Private Limited Background Reliance Foundation has been implementing an Integrated model for sustainability at the Hazira business site of the Company, focusing on holistic community development. Objective Evaluate the effectiveness, and sustainability of interventions in health, skill development, education and community infrastructure support, and assess the extent to which the activities have contributed to the well-being of the targeted communities including students, vulnerable children and patients with HIV, pregnant mothers, truck drivers, industrial workers, village and community members of Mora and Suvali village. Key Findings − 86% of caregivers reported significant improvement in the overall health and well- being of malnourished children due to provision of nutrition kits. 88% caregivers reported a significant increase in energy and activity levels of children and 92% believed the nutrition kits contributed to their child’s ability to attend school regularly. Majority (84%) of caregivers reported a significant increase in their child’s appetite and food intake since receiving nutrition kits. − 97% respondents reported moderate to significant cost awareness, education, skilling, women empowerment, animal welfare, etc., at the Jamnagar business site of the Company. Objective Assess the impact of the integrated initiatives across the diverse themes of Health; Education; Skilling; Women Empowerment; Animal Welfare. The targeted beneficiaries include women, youth and other community members from Motikhavdi, Jamnagar, Padna and nearby villages, vulnerable children with HIV, fishermen, students, etc. Key Findings − 98% caregivers of HIV positive children expressed high satisfaction with the quality of ration kits provided. 98% caregivers expressed satisfaction with the counselling support provided by the Reliance Foundation medical team. − Quality of education was enhanced by focusing on school infrastructure development. This led to increased enrolment, attendance and student engagement. − Free-of-cost forklift training was provided to youth. The training enhanced employability and personal development. Over 35 trainees secured positions through vendors, while others received job assistance. − Regarding the Swashray initiative that trains women in diverse fields and offers employment opportunities, approximately 80% of the women reported fair compensation and stable monthly pay, while 100% reported improvement in their economic well-being. − With respect to the veterinary hospital established by Reliance Foundation, 92% respondents felt satisfied with the helpline assistance, and hospital services. − 98% of the fishermen who were provided with fishing equipment and bicycles noted a significant improvement in catch quality and transportation time, 65% reported daily increase in income by C 500. 9. Study: Impact Study of Rural Community Infrastructure Development Initiatives Impact Assessment Agency – Athena Infonomics India Private Limited (AIIPL) Background Reliance Foundation extended grants support towards community infrastructure initiatives in multiple states for road construction, foot pathway and other community infrastructure development, installation of solar power facilities, etc., promoting sustainable community transformation. Objective To evaluate the relevance, effectiveness and impact of the community infrastructure initiatives. Key findings − The 1.2 km road constructed by Reliance Foundation in Baharagora, Jharkhand, connecting four villages was found to be used by all villages and 98% respondents reported ease of plying vehicles/bicycle and increased availability of public transport. More than 90% villagers noted reduction in travel time to access basic facilities and healthcare services. − 93% of villagers reported improved access to emergency healthcare after road construction by Reliance Foundation in Baharagora; 83% reported improved students’ attendance; 97% reported optimisation of transportation cost of agricultural materials; 57% observed increase in local employment opportunities, while 38% reported establishment of new businesses. The road construction positively impacted establishment of new community infrastructure (reported by 69% respondents) like WASH facilities, schools and communication centres. 85% villagers reported increased social interaction. − Re-construction of a 6-km sheltered pathway from Alipiri to Tirupati in Andhra Pradesh to address the needs of pilgrims visiting Tirumala was found to be highly relevant in ensuring safety and convenience for the pilgrims. − 97% of pilgrims found the new foot-pathway in Tirupati offering greater convenience compared to the old pathway, while 94% perceived enhanced safety and security. − The increased capacity of the solar power plant (60 kW to 90 kW) at Govardhan Eco Village in Maharashtra addressed the increasing demand for solar power. 97% of the Govardhan eco-village residents and visitors expressed satisfaction with the effectiveness of the upgraded solar grid in providing consistent electricity supply. Over 90% of power- cut incidents lasted less than 10 minutes, significantly minimising the adverse effects on community initiatives and student training. − The upgraded solar power plant in the village increased solar usage from 20% to 55% and contributed significantly to environmental and economic sustainability, resulting in the saving of 267.7 tonnes of carbon dioxide and a 52.35% reduction in greenhouse gas emissions. Furthermore, the upgraded solar grid yielded savings of C 67,96,935 in electricity bills. 110 111 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited Annexure IV Secretarial Audit Report For the financial year ended 31 March 2024 [Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014] To, The Members Reliance Industries Limited 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400 021 I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Reliance Industries Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon. Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, I hereby report that in my opinion, the Company has, during the Audit Period covering the financial year ended on 31 March 2024 (‘Audit Period’), complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter: I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31 March, 2024 according to the provisions of: (i) (ii) (iii) (iv) The Companies Act, 2013 (the Act) and the rules made thereunder; The Securities Contracts (Regulation) Act, 1956 and the rules made thereunder; The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings; (v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992: — (a) (b) (c) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (Not applicable to the Company during the Audit Period); (d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; (e) (f) (g) (h) (i) The Securities and Exchange Board of India (Issue and Listing of Non- Convertible Securities) Regulations, 2021; The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Act and dealing with client (Not applicable to the Company during the Audit Period); The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (Not applicable to the Company during the Audit Period); The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (Not applicable to the Company during the Audit Period); and The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. I have also examined compliance with the applicable clauses of the following: (i) Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India; and (ii) Listing Agreements entered into by the Company with BSE Limited and the National Stock Exchange of India Limited. 112 During the Audit Period the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above. I further report that, having regard to the compliance system prevailing in the Company and on examination of the relevant documents and records in pursuance thereof on test-check basis, the Company has complied with the following laws applicable specifically to the Company: (a) (b) (c) (d) The Petroleum Act, 1934 and Rules made thereunder; The Oilfields (Regulation and Development) Act, 1948 and Rules made thereunder; The Mines Act, 1952 and Rules made thereunder; and The Petroleum and Natural Gas Regulatory Board Act, 2006 and Rules made thereunder. I further report that The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the Audit Period under review were carried out in compliance with the provisions of the Act. Adequate notice is given to all directors to schedule the Meetings of the Board and Committees. Except where consent of directors was received for scheduling meeting at a shorter notice, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. All decisions at Board Meetings and Committee Meetings were carried out unanimously as recorded in the respective minutes of the meetings. The circular resolutions passed by the Board of Directors of the Company were approved with requisite majority. I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. 5. I further report that during the Audit Period 1. The object clause of the Memorandum of Association of the Company was altered by inserting clause relating to setting up of Integrated Renewable Energy (RE) Power Projects required for grid scale transmission and distribution, utility, industrial, transport, mobility, commercial, residential and consumptive purpose as well as Distributed RE including Residential and Fleet Hubs. 2. The Articles of Association (AOA) of the Company was altered by: a) b) deleting existing Article 32A as the Company has ceased to be the promoter of Jio Payments Bank Limited; 6. inserting new Article 90A – enabling appointment of director nominated by the debenture trustee(s) on the Board of Directors of the Company, only in the event of default. 3. 4. The Company granted 27,912 options to the eligible employees under Employees’ Stock Option Scheme 2017. The Company issued and allotted secured, redeemable, non-convertible Debentures (“PPD Series P”) aggregating Rs. 20,000 crore. Further, the Company redeemed Unsecured Non-Convertible Debentures amounting Rs. 14,395 crore (PPD Series K1, K2, M1, M2 and N), Secured Non-Convertible Debentures amounting Rs. 3,097 crore (Series PPD -12 and13). Part redemption of Rs. 1,000 crore of Secured Non-Convertible Debentures (Series PPD 8) was completed in accordance with the terms of the issue. In accordance with the Scheme of Arrangement between the Company and its shareholders and creditors & Reliance Strategic Investments Limited (renamed as Jio Financial Services Limited (“JSFL”)) and its shareholders and creditors, JFSL issued and allotted 1 (One) fully paid-up equity share of JFSL having face value of Rs. 10 (Rupees Ten) each for every 1 (One) fully paid-up equity share of Rs. 10 (Rupees Ten) each of the Company to the shareholders of the Company whose names were recorded in the register of members and/or records of the depository as on the Record Date i.e., Thursday, July 20, 2023. The equity shares of JFSL are traded on BSE Limited and National Stock Exchange of India Limited w.e.f. August 21, 2023. The Scheme of Arrangement between Reliance Projects & Property Management Services Limited (RPPMSL) and its shareholders and creditors & the Company and its shareholders and creditors (EPC Scheme) inter alia, for demerger of Digital EPC & Infrastructure business of RPPMSL into the Company. The EPC Scheme became effective from August 9, 2023 and the Appointed Date was close of business hours of December 31, 2022. Dr. K. R. Chandratre FCS No.: 1370, C. P. No.: 5144 Place: Pune Date: 22 April 2024 UDIN: F001370F000213219 Peer Review Certificate No.: 1206/2021 This report is to be read with my letter of even date which is annexed as Annexure and forms an integral part of this report. 113 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited Annexure to the Secretarial Audit Report Annexure V To: The Members Reliance Industries Limited 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400 021 My report of even date is to be read along with this letter: 1. 2. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on test check basis to ensure that correct facts are reflected in secretarial records. I believe that the process and practices I followed provide a reasonable basis for my opinion. 3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company. 4. 5. 6. Wherever required, I have obtained Management Representation about the compliance of laws, rules and regulations and happening of events, etc. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to the verification of procedures on test check basis. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company. Dr. K. R. Chandratre FCS No.: 1370, C. P. No.: 5144 Place: Pune Date: 22 April 2024 UDIN: F001370F000213219 Peer Review Certificate No.: 1206/2021 Particulars of energy conservation, technology absorption, foreign exchange earnings and outgo required under the Companies (Accounts) Rules, 2014 A. Conservation of energy (i) Steps taken to conserve energy Energy Management is one of the key components of Company’s business strategy as a responsible corporate house. The objective always has been to continually improve the energy performance and strive for higher standard of performance. The Company has dedicated energy teams and structured mechanism to monitor energy usage. Energy usage monitoring and regulatory compliance are ensured at equipment, plant, site and corporate levels. Energy audits and benchmarking studies are conducted periodically to benchmark performance against global best and identify potential areas for possible improvement. The Company is continuously increasing renewable energy in it’s energy basket and moving ahead towards it’s commitment to be net carbon zero by 2035. The strategy for energy optimisation is based on the 5 tenets of energy management: − Optimise energy use − Adaptation of new & emerging technologies, best practises and digital initiatives − Utilise low grade waste heat − Reduce carbon intensity of energy used − Optimise cost of energy Major energy conservation schemes implemented in FY 2023-24 are given below: Jamnagar Refinery Complex: − Commissioned CPH (condensate pre-heater) at DTA captive power plant & reduced steam consumption of 8.4 Gcal/hr. − Higher flare gas recovery. − Increased steam generation from FCC flue gas cooler resulted in saving of 8.3 Gcal/hr. − Heat integration in Aromatics Unit resulted into energy saving of 15.3 Gcal/hr. − Optimisation of pressure levels of internal steam generation resulted in saving of 44 Gcal/hr equivalent steam. − Optimisation of Acid Gas Recovery and Sulphur Recovery Unit Incinerator operation resulted in fuel saving equivalent to 12.4 Gcal/hr. Petrochemical Complexes: − Improved efficiency by revamp of Cracked gas compressor turbine of Dahej gas cracker resulted in 7.6 Gcal/hr energy saving. − In Hazira PTA, replacement of conventional dehydration distillation with azeotropic distillation resulted in 8.4 Gcal/hr energy saving. − Steam saving with heat integration of Ethylene Oxide Stripper at Vadodara manufacturing division. (ii) Steps taken to utilise alternate sources of energy − Co-firing of biomass with coal at Dahej (17% by weight) and Hazira (10% by weight) manufacturing divisions. − Started rice husk based in-house steam generation at Hoshiarpur manufacturing division. (iii) Capital investment on energy conservation equipment Sr. No 1 2 3 4 5 6 7 Manufacturing Division Jamnagar Manufacturing Division (DTA) Jamnagar Manufacturing Division (SEZ) Hazira Manufacturing Division Dahej Manufacturing Division Vadodara Manufacturing Division Pet Coke Gasification Other manufacturing divisions Capital investments on energy efficient equipment (K in crore) Energy savings (Gcal/hr) 10 12.3 35.9 43 14.6 13.8 0.8 17.1 24.3 8.4 11.4 2.5 81.7 3.5 Total 130.4 148.9 B. Technology absorption The Company’s research, technology development, and technology adoption create superior value and competitive advantage. Research and technology development focuses on: 114 115 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited − Scale-up of in-house developed CPVC technology. − Prototype development for DPE (Disentangled Polyethylene) based protective jackets. Advanced materials and other R&D activities − Development of PVC nano composites. − Development of polyacrylonitrile (PAN) precursor for carbon fiber. − Development of CVD model for polysilicon reactor. Biofuels and Bio-Chemicals − Algae biorefinery technology for production of sustainable specialty products viz. super proteins, nanocellulose, aqua & animal feed and algal personal care oil. − Demonstration of (Polyhydroxyalkanoates) PHA-bioplastics production. − Deployment of RCAT-HTL for converting wet waste to bio-crude. (ii) Information regarding imported technology (imported during last three financial years) Details of technology imported Technology imported from Year of import Absorbed or not JMD DTA Aromatics - Liquid UOP FY 2021-22 Yes Phase Isom Process to convert Xylenes in the liquid phase to a near- equilibrium mixture at low temperature. Effluent-to-Revenue (E2R) Koch Technology FY 2021-22 Detailed Engineering technology (for retrofitting Solutions, UK completed in DMD PTA-5 plant) (iii) The benefits derived from R&D and technology absorption, adoption and innovation: Reliance’s advancements in developing novel catalysts, processes and products accelerate competitiveness and growth of existing business. Reliance’s robust R&D efforts and technology absorption enable the Company to develop cutting-edge solutions for new businesses. By investing in clean energy and promoting sustainable practices, the Company is contributing significantly towards climate change and protecting stakeholder value. (iv) Expenditure incurred on Research and Development: Sr. No. Particulars Capital Revenue a) b) Total (K in crore) 1,670 1,973 3,643 (a) (b) New products, processes, and catalysts development to strengthen existing business and pave way for new businesses through breakthrough technologies. Advance support to capital projects and reliability improvements in manufacturing plants through novel solutions. (c) Innovative solutions to achieve net carbon zero target by 2035. (i) Major efforts made towards technology absorption Oil to Chemicals (O2C) Business − Technology development for catalytic pyrolysis of waste plastic to oil. − Biomass co-processing trials in Petcoke gasifiers for Green Syn Gas. − Pilot demonstration of catalytic gasification of biomass for Green H2. − Development of waste tyre pyrolysis process for recycled chemicals and materials. − Utilisation of Di-Sulphide Oils (DSO) as sulfiding agent to replace imported sulfiding additive. − Production of Needle Coke from existing Coker Unit. − Implementation of PP/PE catalyst system to produce various grades. − Non-phthalate-based PP catalyst development for replacing the phthalate- based catalyst. − Development of PBAT based bio-compostable compositions for flexible Bag-On-Roll packaging applications. − Establishment of the polyester recycling technology. − Implementation of REL-ORCAT for removal of olefins in Aromatics plant. 116 C. Foreign exchange earnings and outgo (i) Total foreign exchange earned and used Sr. No. Particulars a) Foreign Exchange earned in terms of actual inflows (K in crore) 2,88,572 b) Total savings in foreign exchange through products manufactured by the Company and deemed exports 1,75,143 (US$ 21 billion) Sub-total (a+b) c) Foreign Exchange outgo in terms of actual outflows 4,63,715 3,67,617 For and on behalf of the Board of Directors Mukesh D. Ambani Chairman and Managing Director Mumbai, April 22, 2024 117 Board’s ReportIntegrated Annual Report 2023-24Reliance Industries Limited Independent Auditor’s Report To The Members of Reliance Industries Limited Report on the Audit of the Standalone Financial Statements Opinion We have audited the accompanying Standalone Financial Statements of Reliance Industries Limited (“the Company”) which includes its joint operations, which comprise the Balance Sheet as at 31st March 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year ended on that date, and notes to the Standalone Financial Statements including a summary of material accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (”Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2024, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date. Basis for Opinion We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report. Sr. No. Key Audit Matter 1. Litigation matters Auditor’s Response The Company has certain significant ongoing legal proceedings Our audit procedures included and were not limited to the for various complex matters with the Government of India following: and other parties, continuing from earlier years, which are as under: 1. Matters in relation to Oil and Gas: − Tested the design, implementation and operating effectiveness of the controls established by the Company in the process of evaluation of litigation matters. (a) Disallowance of certain costs under the production sharing contract, relating to Block KG-DWN-98/3 and consequent deposit of differential revenue on gas sales from D1D3 field to the gas pool account maintained by Gail (India) Limited. − Assessed the management’s position through discussions with the in-house legal expert and external legal opinions obtained by the Company (where considered necessary) on both, the probability of success in the aforesaid cases, and the magnitude of any potential loss. (b) Claim against the Company in respect of gas said to − Discussed with the management on the developments have migrated from neighbouring blocks (KGD6). (c) Claims relating to limits of cost recovery, profit sharing and audit and accounting provisions of the public sector corporations etc., arising under two production sharing contracts entered into in 1994. in respect of these litigations during the year ended 31st March, 2024 till the date of approval of the Standalone Financial Statements. − Rolled out of enquiry letters to the Company’s legal counsel and assessed the responses received. Sr. No. Key Audit Matter Auditor’s Response (d) Suit for specific performance of a contract for − Assessed the objectivity and competence of the Company’s supply of natural gas before the Hon’ble Bombay legal counsel involved in the process. High Court. Refer Notes 35.3 and 35.4 to the Standalone Financial Statements. 2. Matter relating to trading in shares of Reliance Petroleum Limited (‘RPL’): − Reviewed the disclosures made by the Company in the Standalone Financial Statements. − Obtained Management representation letter on the assessment of these matters. Securities Appellate Tribunal judgement dated 5th November, 2020, dismissing the Company’s appeal made in relation to Order passed by the Securities and Exchange Board of India (‘SEBI’) under Section 11B of the SEBI Act, 1992 in connection with trades by the Company in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited, then subsidiary of the Company, against which an appeal has been filed with the Hon’ble Supreme Court of India which is pending. Refer Note 36(IV) to the Standalone Financial Statements. Due to complexity involved in these litigation matters, management’s judgement regarding recognition, measurement and disclosure of provisions for these legal proceedings is inherently uncertain and might change over time as the outcomes of the legal cases are determined. Accordingly, it has been considered as a key audit matter. 2. Fair Valuation of Investments As at 31st March, 2024, the Company has investments of C 78,093 crore in Equity and Preference Shares of Jio Digital Fibre Private Limited (‘JDFPL’) which are measured at fair value as per Ind AS 109 read with Ind AS 113. These investments are Level 3 investments as per the fair value hierarchy in Ind AS 113 and accordingly determination of fair value is based on a high degree of judgement and input from data that is not directly observable in the market. Further, the fair value is significantly influenced by the expected pattern of future benefits of the tangible assets of JDFPL (fibre assets). Accordingly, it has been considered as a key audit matter. Our audit procedures included and were not limited to the following: − Tested the design, implementation and operating effectiveness of the controls established by the Company in the process of determination of fair value of the investments. − Reviewed the fair valuation reports provided by the management by involvement of internal valuation specialists. − Assessed the assumptions around the cash flow forecasts, discount rates, expected growth rates and its effect on business and terminal growth rates used and the valuation methodology inter-alia through involvement of the Refer Notes 2 and 38A to the Standalone Financial internal specialists. Statements. − Discussed potential changes in key drivers as compared to previous year / actual performance with management to evaluate the inputs and assumptions used in the cash flow forecasts. − Assessed the objectivity and competence of our internal specialist and Company’s external experts involved in the process. − Reviewed the disclosures made by the Company in the Standalone Financial Statements. − Obtained Management Representation Letter as regards to fair valuation of these investments 118 Reliance Industries Limited Integrated Annual Report 2023-24 119 Independent Auditor’s Report Sr. No. Key Audit Matter Auditor’s Response 3. Information Technology (IT) systems and controls over financial reporting We identified IT systems and controls over financial reporting Our procedures included and were not limited to the following: as a key audit matter for the Company because its financial accounting and reporting systems are fundamentally reliant on IT systems and IT controls to process significant transaction volumes, specifically with respect to revenue and raw material consumption. Also, due to such large transaction volumes and the increasing challenge to protect the integrity of the Company’s systems and data, cyber security has become more significant. Automated accounting procedures and IT environment controls, which include IT governance, IT − Assessed the complexity of the IT environment by engaging IT specialists and through discussion with the head of IT and internal audit at the Company and identified IT applications that are relevant to our audit. − Tested the design, implementation and operating effectiveness of IT general controls over program development and changes, access to program and data and IT operations by engaging IT specialists. general controls over program development and changes, − Performed inquiry procedures with the head of cybersecurity access to program and data and IT operations, IT application at the Company in respect of the overall security architecture controls and interfaces between IT applications, are required and any key threats addressed by the Company in the to be designed and to operate effectively to ensure accurate current year. financial reporting. Information Other than the Financial Statements and Auditor’s Report Thereon − The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the Consolidated Financial Statements, Standalone Financial Statements and our auditor’s report thereon. − Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. − In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. − If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 120 Reliance Industries Limited − Tested the design, implementation and operating effectiveness of IT application controls in the key processes impacting financial reporting of the Company by engaging IT specialists. − Tested the design, implementation and operating effectiveness of controls relating to data transmission through the different IT systems to the financial reporting systems by engaging IT specialists. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Standalone Financial Statements, management and Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Company’s Board of Directors are also responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibility for the Audit of the Standalone Financial Statements Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: − Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. − Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to Standalone Financial Statements in place and the operating effectiveness of such controls. − Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. − Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. − Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls with reference to financial statements that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements 1. As required by Section 143(3) of the Act, based on our audit, we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. Integrated Annual Report 2023-24 121 As stated in Note 44 to the Standalone Financial Statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with Section 123 of the Act, as applicable. vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account for the year ended 31st March, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended 31st March, 2024. 2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B”, a statement on the matters specified in paragraphs 3 and 4 of the Order. For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Abhijit A. Damle Partner Membership No.102912 UDIN: 24102912BKEPFY4627 Place: Mumbai Date: April 22, 2024 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAJA8417 Place: Mumbai Date: April 22, 2024 Independent Auditor’s Report b) c) d) e) f) g) h) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164(2) of the Act. With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to Standalone Financial Statements. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 read with Schedule V of the Act. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us: i. ii. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements – Refer Note 36 to the Standalone Financial Statements. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company except for an amount of C 2 crore which are held in abeyance due to pending legal cases. iv. (a) (b) (c) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. The Management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contain any material misstatement. v. The final dividend proposed for the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable. 122 Reliance Industries Limited Integrated Annual Report 2023-24 123 Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at 31st March, 2024, based on the criteria for internal financial control with reference to Standalone Financial Statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Abhijit A. Damle Partner Membership No.102912 UDIN: 24102912BKEPFY4627 Place: Mumbai Date: April 22, 2024 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAJA8417 Place: Mumbai Date: April 22, 2024 Independent Auditor’s Report “ANNEXURE A” To The Independent Auditor’s Report (Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) Report on the Internal Financial Controls with reference to Standalone Financial Statements under clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”) We have audited the internal financial controls with reference to Standalone Financial Statements of Reliance Industries Limited (“the Company”) which includes its joint operations as at 31st March, 2024 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date. Management’s Responsibility for Internal Financial Controls The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control with reference to Standalone Financial Statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. Auditor’s Responsibility Our responsibility is to express an opinion on the Company’s internal financial controls with reference to Standalone Financial Statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to Standalone Financial Statements. Meaning of Internal Financial Controls with reference to Standalone Financial Statements A company’s internal financial control with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference to Standalone Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 124 Reliance Industries Limited Integrated Annual Report 2023-24 125 Independent Auditor’s Report “ANNEXURE B” To the Independent Auditors’ Report (Referred to in paragraph 2, under ‘Report on Other Legal and Regulatory Requirements’ section of our Report of even date) In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: (ii) a) (i) a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. (B) The Company has maintained proper records showing full particulars of Intangible assets. The inventories except for goods in transit were physically verified during the year by the Management at reasonable intervals. In our opinion and according to the information and explanations given to us, the coverage and the procedure of such verification by the Management is appropriate having regard to size of the Company and the nature of its operations. In respect of goods in transit, majority of the goods have been received subsequent to the year-end. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification when compared with books of account. According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of C 5 crore, in aggregate, at points of time during the year, from banks on the basis of security of current assets. In our opinion and according to information and explanations given to us, and as disclosed in note 21.5 of the Standalone Financial Statements, the quarterly returns or statements filed by the Company with such banks are in agreement with the books of account of the Company of the respective quarters. b) (iii) The Company has made investments in, provided guarantee or security and granted loans or advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during the year, in respect of which: a) The Company has provided loans and guarantee (in respect of loans) during the year and details of which are given below: Aggregate amount granted/ provided during the year - Subsidiaries - Joint Ventures Balance outstanding as at Balance Sheet date - Subsidiaries - Joint Ventures (C crore) Loans Guarantees 41,865 - - 3,450 10,051 - 2,467 5,350 The Company has not provided advances in the nature of loans or security to any other entity during the year. b) c) d) e) The Company has a program of verification of Property, Plant and Equipment so as to cover all the items once in every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain items of Property, Plant and Equipment were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification. With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the Standalone Financial Statements included in Property, Plant and Equipment, according to information and explanations given to us and based on verification of the registered sale deed/ Transfer deed/ Conveyance deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at Balance Sheet date, except for leasehold land as disclosed in Note 1.7 to the Standalone Financial Statements in respect of which the allotment letters are received and supplementary agreements are entered; however, lease deeds are pending execution. The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year. No proceedings have been initiated during the year or are pending against the Company as at 31st March, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder. b) c) d) e) f) The investments made, guarantees provided and the terms and conditions of the grant of all the above-mentioned loans and guarantees provided during the year are, in our opinion, prima facie, not prejudicial to the Company’s interest. In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments or receipts are regular. According to information and explanations given to us and based on the audit procedures performed, in respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the Balance Sheet date. No loans granted by the Company which had fallen due during the year, that have been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties. According to information and explanations given to us and based on the audit procedures performed, the Company has not granted loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) of the Order is not applicable. (iv) The Company has not granted loans or provided guarantees or securities to parties covered under Section 185 of the Companies Act, 2013 (“the Act”). The Company has complied with the provisions of section 186 of the Act in respect of loans granted, investments made and guarantees and securities provided, as applicable. (v) (vi) The Company has neither accepted deposits from the public nor accepted any amount which are deemed to be deposits within the meaning of Sections 73 to 76 of the Act and the Rules made thereunder. Hence, reporting under clause 3(v) of the Order is not applicable. We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government for the maintenance of cost records under section 148(1) of the Act, related to the manufacturing activities and are of the opinion that, prima facie, the prescribed cost records have been made and maintained by the Company. (vii) (a) In respect of statutory dues: Undisputed statutory dues, including goods and services tax, provident fund, employees’ state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authority. There were no undisputed amounts payable in respect of goods and services tax, provident fund, employees’ state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues in arrears as at 31st March, 2024 for a period of more than six months from the date they became payable. (b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31st March, 2024 on account of any dispute are given below: Name of the statute Nature of the dues Amount (K In crore) Period to which the amount relates Forum where the dispute is pending Central Excise Act, 1944 Excise Duty and - * FY 1990-91 to FY 1996-97 Commissioner of Central Excise (Appeals) Service Tax 23 FY 1991-92 to FY 2017-18 The Customs, Excise and Service Tax Appellate Tribunal Central Sales Tax Act, 1956 Sales Tax/ VAT/ 23 FY 2005-06 to FY 2017-18 Joint Commissioner / Commissioner and Sales Tax Act of various Octroi and Entry Tax (Appeals) of Sales Tax States 38 FY 1999-00 to FY 2019-20 Sales Tax Appellate Tribunal 97 FY 2004-05 to FY 2013-14 High Court Customs Act, 1962 Customs Duty 97 FY 2023-24 The Customs, Excise and Service Tax Appellate Tribunal Goods and Services Tax Act, Goods and Services 1 FY 2017-18 Tribunal 2017 Tax Income Tax Act, 1961 Income Tax 156 AY 2005-06, AY 2009-10, Commissioner of Income Tax (Appeals) * less than C 1 crore AY 2014-15, AY 2015-16, AY 2016-17, AY 2017-18, AY 2021-22, AY 2023-24, AY 2024-25 126 Reliance Industries Limited Integrated Annual Report 2023-24 127 (xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xviii) There has been no resignation of the statutory auditors of the Company during the year. (xix) On the basis of the financial ratios disclosed in Note 41 to the Standalone Financial Statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Standalone Financial Statements and our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of Balance Sheet as and when they fall due within a period of one year from the Balance Sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the Balance Sheet date, will get discharged by the Company as and when they fall due. (xx) The Company has fully spent the required amount towards Corporate Social responsibility (CSR) and there are no unspent CSR amounts for the year requiring a transfer to a fund specified in Schedule VII of the Act or special account in compliance with the provision of sub-section (6) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable for the year. For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Abhijit A. Damle Partner Membership No.102912 UDIN: 24102912BKEPFY4627 Place: Mumbai Date: April 22, 2024 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAJA8417 Place: Mumbai Date: April 22, 2024 Independent Auditor’s Report (viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year. (ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year. (b) (c) (d) (e) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority. To the best of our knowledge and belief, in our opinion, term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. On an overall examination of the Standalone Financial Statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company. On an overall examination of Standalone Financial Statements of the Company, the Company has not taken funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures. (f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. (x) (a) In our opinion, money received during the year towards unpaid calls related to right issue of equity shares in an earlier year have been, prima facie, applied by the Company for the purposes for which they were raised. The Company has not raised money by way of Initial Public Offer/ further public offer through debt instruments. (b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x) (b) of the Order is not applicable. (xi) (a) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the Standalone Financial Statements and according to the information and explanations given by the management, no fraud by the Company or no material fraud on the Company has been noticed or reported during the year. (b) To the best of our knowledge, no report under sub-section (12) of Section 143 of the Act has been filed by Cost Auditor or Secretarial Auditor or us, in Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report. (c) We have taken into consideration the whistle blower complaints received by the Company and provided to us during the year when performing our audit. (xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable. (xiii) In our opinion, the Company is in compliance with Sections 177 and 188 of the Act, where applicable, for all transaction with related parties and details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting standards. (xiv) (a) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business. (b) We have considered, the internal audit reports issued during the year and till the date of the audit report covering period upto 31st March, 2024. (xv) In our opinion, during the year, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of Section 192 of the Act are not applicable to the Company. (xvi) (a) The provisions of Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company. (b) (c) (d) The Company has not conducted any Non-Banking Financial or Housing Finance activities and is not required to obtain Certificate of Registration (CoR) for such activities from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company. As represented by the management, the Group has more than one Core Investment Company (CIC) as part of the Group as per the definition of Group contained in the Core Investment Companies (Reserve Bank) Directions, 2016. There are 2 CICs forming part of the Group. 128 Reliance Industries Limited Integrated Annual Report 2023-24 129 Balance Sheet As at 31st March, 2024 Assets Non-Current Assets Property, Plant and Equipment Intangible Assets Capital Work-in-Progress Intangible Assets Under Development Financial Assets Investments Loans Other Financial Assets Other Non-Current Assets Total Non-Current Assets Current Assets Inventories Financial Assets Investments Trade Receivables Cash and Cash Equivalents Loans Other Financial Assets Other Current Assets Total Current Assets Total Assets 130 Reliance Industries Limited Notes As at 31st March, 2024 As at 31st March, 2023 (C in crore) 1 1 1 1 2 3 4 5 6 7 8 9 10 11 13 2,58,911 2,52,967 40,719 44,294 17,338 29,334 30,972 23,385 3,01,400 2,65,067 10,051 16,902 7,403 12,431 2,215 2,832 Equity and Liabilities Equity Equity Share capital Other Equity Total Equity Liabilities Non-Current Liabilities Financial Liabilities Borrowings Lease Liabilities Other Financial Liabilities 6,97,018 6,19,203 Provisions 85,100 84,756 68,663 14,740 69,248 - 11,747 13,127 2,62,625 9,59,643 86,074 24,143 61,007 595 35,109 11,773 3,03,457 9,22,660 Deferred Tax Liabilities (Net) Other Non-Current Liabilities Total Non-Current Liabilities Current Liabilities Financial Liabilities Borrowings Lease Liabilities Trade Payables Due to: Micro and Small Enterprises Other than Micro and Small Enterprises Other Financial Liabilities Other Current Liabilities Provisions Total Current Liabilities Total Liabilities Total Equity and Liabilities Material Accounting Policies See accompanying Notes to the Financial Statements Notes As at 31st March, 2024 As at 31st March, 2023 (C in crore) 6,766 5,08,330 5,15,096 6,766 4,72,312 4,79,078 1,61,059 1,35,561 2,692 - 1,701 36,259 2,822 2,786 584 1,296 33,968 - 2,04,533 1,74,195 50,731 80,262 93 492 97 533 1,29,367 1,19,278 27,493 30,866 972 2,40,014 4,44,547 9,59,643 42,468 25,735 1,014 2,69,387 4,43,582 9,22,660 14 15 16 17 18 19 20 21 22 23 24 25 A-C 1 to 46 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 Integrated Annual Report 2023-24 131 Statement of Profit and Loss For the year ended 31st March, 2024 Income Value of Sales Income from Services Value of Sales & Services (Revenue) Less: GST Recovered Revenue from Operations Other Income Total Income Expenses Cost of Materials Consumed Purchase of Stock-in-Trade Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade Excise Duty Employee Benefits Expense Finance Costs Depreciation / Amortisation and Depletion Expense Other Expenses Total Expenses Profit Before Tax Tax Expenses Current Tax Deferred Tax Profit From Continuing Operations Profit From Discontinued Operations (Net of Tax) Profit for the Year Other Comprehensive Income Continuing Operations: i. ii. iii. iv. Items that will not be reclassified to Profit or Loss Income tax relating to items that will not be reclassified to Profit or Loss Items that will be reclassified to Profit or Loss Income tax relating to items that will be reclassified to Profit or Loss Total Other Comprehensive Income / (Loss) from Continuing Operations (Net of Tax) Discontinued Operations: i. Items that will be reclassified to Profit or Loss (Net of Tax) Total Other Comprehensive Income from Discontinued Operations (Net of Tax) Total Other Comprehensive Income / (Loss) for the Year (Net of Tax) Total Comprehensive Income for the Year Notes 2023-24 (C in crore) 2022-23 26 27 28 29 30 1 31 12 12 32 27.1 27.2 5,33,566 5,62,057 41,390 16,031 5,74,956 5,78,088 27,014 25,265 5,47,942 5,52,823 12,128 11,149 5,60,070 5,63,972 3,76,418 3,99,644 13,453 2,700 13,408 7,807 13,430 17,690 59,891 9,974 (5,862) 13,476 6,265 12,633 11,167 62,557 5,04,797 5,09,854 55,273 54,118 10,922 2,309 42,042 - 42,042 (38) 11 63 7 43 - - 43 42,085 6,186 4,930 43,002 1,188 44,190 9 (3) (9,949) 1,803 (8,140) 15 15 (8,125) 36,065 Earnings per Equity Share of Face Value of K 10 each Continuing Operations: Basic (in C) Diluted (in C) Discontinued Operations: Basic (in C) Diluted (in C) Continuing and Discontinued operations: Basic (in C) Diluted (in C) Material Accounting Policies Notes 2023-24 2022-23 (C) 33 33 33 33 33 33 A-C 62.14 62.14 - - 62.14 62.14 63.56 63.56 1.76 1.76 65.32 65.32 See accompanying Notes to the Financial Statements 1 to 46 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 132 Reliance Industries Limited Integrated Annual Report 2023-24 133 Statement of Changes in Equity For the year ended 31st March, 2024 A. Equity Share Capital * C 1,50,000 B. Other Equity Balance as at 1st April, 2022 Change during the year 2022-23 Balance as at 31st March, 2023 Change during the year 2023-24 Balance as at 31st March, 2024 6,765 1 6,766 -* 6,766 (C in crore) Balance as at 1st April, 2023 Total Comprehensive Income for the Year Dividend Transfer (to)/from Retained Earnings Transfer (to)/from General Reserve On Rights Issue# On Employee Stock Options Others (C in crore) Balance as at 31st March, 2024 As at 31st March, 2024 Reserves and Surplus Capital Reserve Debenture Redemption Reserve 403 1,683 Share Based Payments 41 Reserve Special Economic Zone 150 Reinvestment Reserve * Securities Premium General Reserve Retained Earnings Other Comprehensive 99,792 2,26,549 97,110 46,584 - - - - - - - - - - - - - - - (150) - - - - - - - 30,000 42,042 (6,089) 150 (30,000) 43 - - - - - - - - - 6 - - - 6 - - 12 - 4 - - - - - - - - 403 1,683 53 - 99,802 - 2,56,549 - 1,03,213 - 46,627 Income Total 4,72,312 42,085 (6,089) # Refer Note 14.7 & 15 * Special Economic Zone Reinvestment Reserve created during the year of C NIL. Balance as at 1st April, 2022 Total Comprehensive Income for the Year Dividend Transfer (to)/from Retained Earnings Transfer (to)/from General Reserve On Rights Issue# On Employee Stock Options (C in crore) Balance as at 31st March,2023 Others As at 31st March, 2023 Reserves and Surplus Capital Reserve 403 Debenture Redemption 4,170 Reserve Share Based Payments 33 Reserve Special Economic Zone 9,110 Reinvestment Reserve * Securities Premium 99,730 General Reserve 2,24,062 Retained Earnings Other Comprehensive 72,545 54,709 - - - - - - - - - - - - - - - (8,960) - - 44,190 (5,083) 8,960 (8,125) - - (2,487) - - - 2,487 - - - - - - - - - 8 - 40 22 - - - - - 403 1,683 41 150 99,792 - - - - - - - 2,26,549 (23,502)$ 97,110 - 46,584 40 30 (23,502) 4,72,312 - - Income Total # Refer Note 14.7 & 15 4,64,762 36,065 (5,083) $ Transfer to statement of profit and loss on demerger (Refer Note 32 & 42.2). * Special Economic Zone Reinvestment Reserve created during the year of C NIL. As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 16 - 5,08,330 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 134 Reliance Industries Limited Integrated Annual Report 2023-24 135 2023-24 (C in crore) 2022-23 Change in Liability Arising from Financing Activities 1st April, 2023 Cash flow Foreign exchange movement/Others (C in crore) 31st March, 2024 Borrowing - Non-Current (including current maturities) 1,79,451 14,662 379 1,94,492 (Refer Note 16) Borrowing - Current (Refer Note 21) 36,372 2,15,823 (19,074) (4,412) - 379 17,298 2,11,790 (C in crore) 1st April, 2022 Cash flow Foreign exchange movement/Others 31st March, 2023 Borrowing - Non-Current (including current maturities) 1,85,165 (15,992) 10,278 1,79,451 (Refer Note 16) Borrowing - Current (Refer Note 21) 9,398 1,94,563 27,696 11,704 (722) 9,556 36,372 2,15,823 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 Statement of Cash Flow For the year ended 31st March, 2024 A. Cash Flow from Operating Activities Net Profit Before Tax as per Statement of Profit and Loss Continuing Operations Discontinued Operations Adjusted for: Premium on buy back of debentures Loss on Sale / Discard of Property, Plant and Equipment and Intangible Assets (Net) Depreciation / Amortisation and Depletion Expense of Continuing Operations Depreciation / Amortisation and Depletion Expense of Discontinued Operations Effect of Exchange Rate Change Net (Gain) / Loss on Financial Assets Dividend Income Interest Income Finance costs Operating Profit before Working Capital Changes Adjusted for: Trade and Other Receivables Inventories Trade and Other Payables Cash Generated from Operations Taxes Paid (Net) Net Cash Flow from Operating Activities * B. Cash Flow from Investing Activities 55,273 - - 113 17,690 - (1,307) (372) (59) (9,349) 13,430 75,419 9,930 (344) (1,761) 83,244 (9,246) 73,998 54,118 1,439 33 33 11,167 13 (3,174) 1,116# (92)# (10,975)# 12,633# 66,311 (3,068) (2,938) (36) 60,269 (4,929) 55,340 Expenditure on Property, Plant and Equipment and Intangible Assets (34,258) (29,324) Proceeds from disposal of Property, Plant and Equipment and Intangible Assets Investments in Subsidiaries and Joint Ventures Disposal of Investments in Subsidiaries Purchase of Other Investments Proceeds from Sale of Financial Assets Loans repaid – Subsidiaries, Associates, Joint Ventures and Others Interest Income Dividend Income from Subsidiaries / Associates Net Cash Used in Investing Activities C. Cash Flow From Financing Activities Proceeds from Issue of Equity Share Capital @ Net Proceeds from Rights Issue Payment of Lease Liabilities Proceeds from Borrowings - Non-Current (including current maturities) Repayment of Borrowings - Non-Current (including current maturities) Borrowings - Current (Net) Dividend Paid Interest Paid Net Cash Used in Financing Activities Net Increase in Cash and Cash Equivalents Opening Balance of Cash and Cash Equivalents Add: On Merger (Refer Note 42.1) Less: On Demerger (Refer Note 42.2) Closing Balance of Cash and Cash Equivalents (Refer Note 9) # Other than Financial Services Segment. * Includes amount spent in cash towards corporate social responsibility C 900 crore (Previous year C 744 crore). @ C 1,50,000 (Previous Year C 10,00,000). 62 (40,506) 4,305 146 (59,983) 213 (3,75,590) (2,19,404) 3,94,803 2,78,222 2,975 9,858 59 (38,292) - 7 (98) 38,592 (23,930) (19,074) (6,089) (16,873) (27,465) 8,241 61,007 - - 69,248 12,573 9,640# 92# (7,825) - 40 (77) 4,260 (20,252) 27,696 (5,083) (13,953)# (7,369) 40,146 21,714 4,147 5,000 61,007 136 Reliance Industries Limited Integrated Annual Report 2023-24 137 A. Corporate Information Reliance Industries Limited (“the Company”) is a listed entity incorporated in India. The registered office of the Company is located at 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai - 400 021, India. The Company is engaged in activities spanning across hydrocarbon exploration and production, Oil to Chemicals, Retail and Digital Services. B. Material Accounting Policies: B.1 Basis of Preparation and Presentation The Financial Statements have been prepared on the historical cost basis except for following assets and liabilities which have been measured at fair value amount: i) Certain Financial Assets and Liabilities (including derivative instruments), ii) Defined Benefit Plans – Plan Assets and iii) Equity settled Share Based Payments The Financial Statements of the Company have been prepared to comply with the Indian Accounting standards (‘Ind AS’), including the Rules notified under the relevant provisions of the Companies Act, 2013, (as amended from time to time) and Presentation and disclosure requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS Compliant Schedule III) as amended from time to time. The Company follows indirect method prescribed in Ind AS 7 – Statement of Cash Flows for presentation of its cash flows. The Company’s Financial Statements are presented in Indian Rupees (C), which is also its functional currency and all values are rounded to the nearest crore (C00,00,000), except when otherwise indicated. B.2 Summary of Material Accounting Policies (a) Current and Non-Current Classification The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification considering an operating cycle of 12 months being the time elapsed between deployment of resources and the realisation/ settlement in cash and cash equivalents there- against. (b) Property, Plant and Equipment Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost 138 Reliance Industries Limited directly attributable to bringing the assets to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. In case of land the Company has availed fair value as deemed cost on the date of transition to Ind AS. Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as pre-operative expenses and disclosed under Capital Work-in-Progress. Depreciation on Property, Plant and Equipment is provided using written down value method on depreciable amount except in case of certain assets of Oil to Chemicals and Other segment which are depreciated using straight line method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in respect of the following assets, where useful life is as under: Particular Depreciation Fixed Bed Catalyst (useful Over its useful life as life: 2 years or more) technically assessed Fixed Bed Catalyst (useful 100% depreciated in the life: up to 2 years) year of addition Plant and Machinery (useful Over its useful life as life: 25 to 50 years) technically assessed Buildings (Useful life: 30 to Over its useful life as 65 years) technically assessed The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. (c) Leases The Company, as a lessee, recognises a right- of-use asset and a lease liability for its leasing arrangements, if the contract conveys the right to control the use of an identified asset. Initially the right of use assets measured at cost which comprises initial cost of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs incurred. Subsequently measured at cost less any accumulated depreciation/ amortisation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated/ amortised using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate. For short-term and low value leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the lease term. (d) Intangible Assets Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated amortisation/depletion and impairment losses, if any. Such cost includes purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the Intangible Assets. Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as pre-operative expenses and disclosed under Intangible Assets Under Development. The Company assesses if useful life of an intangible asset is finite or indefinite. A summary of amortisation/depletion policies applied to the Company’s Intangible Assets to the extent of depreciable amount is as follows: Particular Amortisation / Depletion Technical Over the useful life of the underlying Know-How assets ranging from 5 years to 35 years. Computer Over a period of 5 years. Software Development W.r.t. Oil and Gas, depleted using the Rights unit of production method. The cost of producing wells along with its related facilities including decommissioning costs are depleted in proportion of oil and gas production achieved vis-à-vis Proved Developed Reserves. The cost for common facilities including its decommissioning costs are depleted using Proved Reserves. With respect to other development rights, these are amortized over the period of contract. Particular Amortisation / Depletion Others In case of Jetty, the aggregate amount amortised to date is not less than the aggregate rebate availed by the Company. The amortisation period and the amortisation method for Intangible Assets with a finite useful life are reviewed at each reporting date. (e) Inventories Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by- products which are valued at net realisable value. Cost of finished goods, work-in-progress, raw materials, chemicals, stores and spares, packing materials, trading and other products are determined on weighted average basis. (f) Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Provision for Decommissioning Liability The Company records a provision for decommissioning costs towards site restoration activity. Decommissioning costs are provided at the present value of future expenditure using a current pre-tax rate expected to be incurred to fulfil decommissioning obligations and are recognised as part of the cost of the underlying assets. Any change in the present value of the expenditure, other than unwinding of discount on the provision, is reflected as adjustment to the provision and the corresponding asset. The change in the provision due to the unwinding of discount is recognised in the Statement of Profit and Loss. (g) Contingent Liabilities Disclosure of contingent liability is made when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one Integrated Annual Report 2023-24 139 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources embodying economic benefits will be required to settle or a reliable estimate of amount cannot be made. (h) Current Tax and Deferred Tax The tax expenses for the period comprise of current tax and deferred tax. The Company exercises judgment in computation of current tax considering the relevant rulings and reassesses the carrying amount of deferred tax assets at the end of each reporting period. (i) Share Based Payments In case of Group equity-settled share-based payment transactions, where the Company grants stock options to the employees of its subsidiaries, the transactions are accounted by increasing the cost of investment in subsidiary with a corresponding credit in the equity. (j) Foreign Currencies Transactions and Translation Exchange gains or losses on foreign currency borrowings taken prior to April 1, 2016 which are related to the acquisition or construction of qualifying assets are adjusted in the carrying cost of such assets. (k) Revenue Recognition Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration entitled in exchange for those goods or services. The Company is generally the principal as it typically controls the goods or services before transferring them to the customer. Revenue is measured at the amount of consideration which the Company expects to be entitled to in exchange for transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected on behalf of third parties (for example taxes and duties collected on behalf of the government). Consideration is generally due upon satisfaction of performance obligations and a receivable is recognised when it becomes unconditional. Generally, the credit period varies between 0-60 days from the shipment or delivery of goods or completion of services as the case may be. The Company provides volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold 140 Reliance Industries Limited specified and also accrues discounts to certain customers based on customary business practices which is derived on the basis of crude price volatility and various market demand – supply situations. Consideration are determined based on its most likely amount. Generally, sales of petroleum products contain provisional pricing features where revenue is initially recognised based on provisional price. Difference between final settlement price and provisional price is recognised subsequently. (l) Financial Instruments i. Financial Assets Purchase and sale of Financial Assets are recognised using trade date accounting. Trade receivables that do not contain a significant financing component are measured at transaction price. The Company has elected to account for its investments in subsidiaries, associates and joint venture at cost less impairment loss (if any). All other equity investments are measured at fair value, with value changes recognised in Statement of Profit and Loss, except for those equity investments for which the Company has elected to present the value changes in ‘Other Comprehensive Income’. However, dividend on such equity investments are recognised in Statement of Profit and loss when the Company’s right to receive payment is established. The investments in preference shares with the right to surplus assets which are in nature of equity in accordance with Ind AS 32 are treated as separate category of investment and measured at FVTOCI. Other Financial Assets are generally measured at Fair Value Through Profit or Loss (FVTPL) except where the Company, based on the business model objectives, measures these at Amortized Cost or Fair Value Through Other Comprehensive Income (FVTOCI). The Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of Financial Assets other than those measured at Fair Value Through Profit or Loss (FVTPL). Expected Credit Losses are measured through a loss allowance at an amount equal to: − The 12-months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or Hedges that meet the criteria for hedge accounting are accounted for as follows: − Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument). For Trade Receivables, the Company applies ‘simplified approach’ which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward-looking estimates are analysed. For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used. ii. Financial Liabilities For trade and other payables maturing within one year from the balance sheet date, the carrying amounts are determined to approximate fair value due to the short maturity of these instruments. iii. Derivative Financial Instruments and Hedge Accounting The Company uses various derivative financial instruments such as interest rate swaps, currency swaps, forwards & options and commodity contracts to mitigate the risk of changes in interest rates, exchange rates and commodity prices. At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement of Profit and Loss, except for the effective portion of cash flow hedge which is recognised in Other Comprehensive Income and later to Statement of Profit and Loss when the hedged item affects profit or loss or is treated as basis adjustment if a hedged forecast transaction subsequently results in the recognition of a Non-Financial Assets or Non-Financial liability. A. Cash Flow Hedge The Company designates derivative contracts or non-derivative Financial Assets/ Liabilities as hedging instruments to mitigate the risk of movement in interest rates and foreign exchange rates for foreign exchange exposure on highly probable future cash flows attributable to a recognised asset or liability or forecast cash transactions. B. Fair Value Hedge The Company designates derivative contracts or non-derivative Financial Assets/Liabilities as hedging instruments to mitigate the risk of change in fair value of hedged item due to movement in interest rates, foreign exchange rates and commodity prices. iv. Offsetting Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when, and only when, the Company has a legally enforceable right to set off the amount and it intends, either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (m) Accounting for Oil and Gas Activity Oil and Gas Joint Arrangement are in the nature of joint operations. Accordingly, assets and liabilities as well as income and expenditure are accounted on the basis of available information on a line-by-line basis with similar items in the Company’s Financial Statements, according to the participating interest of the Company. The Company follows the Guidance Note on Accounting for Oil and Gas producing activities – Ind AS issued by the Institute of Chartered Accountants of India for the purposes of the accounting. Seismic costs, geological and geophysical studies, petroleum exploration license fees and general and administration costs directly attributable to exploration and evaluation activities are expensed off. The costs incurred on acquisition of interest in oil and gas blocks and on exploration and evaluation other than those which are expensed off are accounted for as Intangible Assets Under Development. All development costs incurred in respect of proved reserves are also capitalised under Intangible Assets Under Development. Once a well is ready to commence commercial production, the costs accumulated Integrated Annual Report 2023-24 141 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 in Intangible Assets Under Development are classified as Intangible Assets corresponding to proved developed oil and gas reserves. The exploration and evaluation expenditure which does not result in discovery of proved oil and gas reserves and all cost pertaining to production are charged to the Statement of Profit and Loss. The Company uses technical estimation of reserves as per the Petroleum Resources Management System guidelines 2011 and standard geological and reservoir engineering methods. The reserve review and evaluation is carried out annually. C. Critical Accounting Judgements and Key Sources of Estimation Uncertainty The preparation of the Company’s Financial Statements requires management to make judgement, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in next financial years. (A) Estimation of Oil and Gas Reserves The determination of the Company’s estimated oil and natural gas reserves requires significant judgements and estimates to be applied and these are regularly reviewed and updated. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of new wells, and commodity prices all impact on the determination of the Company’s estimates of its oil and natural gas reserves. The Company bases it’s proved reserves estimates on the requirement of reasonable certainty with rigorous technical and commercial assessments based on conventional industry practice and regulatory requirements. Estimates of oil and natural gas reserves are used to calculate depletion charges for the Company’s oil and gas properties. The impact of changes in estimated proved reserves is dealt with prospectively by amortising the remaining carrying value of the asset over the expected future production. Oil and natural gas reserves also have a direct impact on the assessment of the recoverability of asset carrying values reported in the Financial Statements. Details on proved reserves and production both on product and geographical basis are provided in Note 35.2. (B) Property Plant and Equipment/ Intangible 1. Property, Plant & Equipment, Intangible Assets, Capital Work-in-Progress and Intangible Assets Under Development. Description As at 01-04- 2023 Additions / Adjustments Deductions / Adjustments As at 31-03- 2024 As at 01-04- 2023 For the Year# Deductions / Adjustments As at 31-03- 2024 As at 31-03- 2024 As at 31-03- 2023 Gross Block Depreciation / Amortisation and Depletion Net Block (C in crore) Property, Plant and Equipment Own Assets: Land Buildings 38,966 26,868 Plant & Machinery 2,72,637 Electrical Installations Equipments $ Furniture & Fixtures Vehicles Ships Aircrafts & Helicopters 8,709 23,563 935 1,007 508 46 8 5,574 6,798 1,049 2,249 247 109 4 - - 38,974 - 82 32,360 9,403 - 790 - - 38,974 38,966 64 10,129 22,231 17,465 1,049 2,78,386 1,18,582 5,134 890 1,22,826 1,55,560 1,54,055 76 14 2 15 - - 9,682 25,798 1,180 1,101 512 46 4,877 5,070 650 2,728 519 644 373 42 84 131 12 1 76 13 2 14 - - 5,451 4,231 3,832 7,785 18,013 18,493 601 761 385 43 579 340 127 3 416 363 135 4 Sub-Total 3,73,239 16,038 1,238 3,88,039 1,39,510 9,530 1,059 1,47,981 2,40,058 2,33,729 Right-of-Use Assets: Land Plant & Machinery Ships Sub-Total Total (A) 17,689 4,619 10 22,318 - - - - - - - - 17,689 4,619 10 2,045 1,025 10 22,318 3,080 172 213 - 385 - - - - 2,217 15,472 15,644 1,238 3,381 3,594 10 - - 3,465 18,853 19,238 3,95,557 16,038 1,238 4,10,357 1,42,590 9,915 1,059 1,51,446 2,58,911 2,52,967 Intangible Assets * Technical Knowhow Fees 4,665 1,060 63,534 1,745 71,004 4,66,561 4,13,733 Software Development Rights Others Total (B) Total (A + B) Previous Year Capital Work-in- Progress Intangible Assets under Development 4 100 18,451 681 19,236 35,274 54,643 - - - - - 4,669 1,160 3,534 946 107 37 81,985 35,535 7,173 2,426 1,655 534 90,240 41,670 7,851 - - - - - 3,641 1,028 1,131 983 177 114 42,708 39,277 27,999 2,189 237 90 49,521 40,719 29,334 1,238 5,00,597 1,84,260 17,766 1,059 2,00,967 2,99,630 2,82,301 1,815 4,66,561 1,74,107 11,256 1,103 1,84,260 2,82,301 2,39,626 44,294 30,972 17,338 23,385 # Depreciation / Amortisation and Depletion Expense for the year includes depreciation of C 76 crore (Previous Year C 75 crore) capitalised during the year. Thus, the net amount considered in Statement of Profit and Loss related to continuing operations is C 17,690 crore (Previous Year C 11,167 crore) and discontinued operations is C Nil (Previous Year C 13 crore). $ Includes office equipments. * Other than internally generated. Assets Estimates are involved in determining the cost attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the management. Property, Plant and Equipment/Intangible Assets are depreciated/ amortised over their estimated useful life, after taking into account estimated residual value. Management reviews the estimated useful life and residual values of the assets annually in order to determine the amount of depreciation/ amortisation to be recorded during any reporting period. The useful life and residual values are based on the Company’s historical experience with similar assets and take into account anticipated technological and future risks. The depreciation/ amortisation for future periods is revised if there are significant changes from previous estimates. (C) Provisions The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances. (D) Impairment of Financial and Non-Financial Assets The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing market conditions as well as forward-looking estimates at the end of each reporting period. In case of non-financial assets, assessment of impairment indicators involves consideration of future risks. Further, the Company estimates asset’s recoverable amount, which is higher of an asset’s or Cash Generating Units (CGU’s) fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used. (E) Fair Value Measurement For estimates relating to fair value of financial instruments refer note 38 of financial statements. 142 Reliance Industries Limited Integrated Annual Report 2023-24 143 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 1.1 Right-of-Use (Land) includes: i) C 6,923 crore (Previous Year C 6,923 crore) towards investment in preference shares representing right to hold and use all the immovable properties of the investee entity. 1.2 Buildings includes: i) ii) Cost of shares in Co-operative Societies of C 2,69,200 (Previous Year C 2,03,200). C 88 crore (Previous Year C 88 crore) in shares of Companies / Societies with right to hold and use certain area of Buildings. 1.3 Intangible Assets - Others include: Jetties amounting to C 812 crore (Previous Year C 812 crore), the Ownership of which vests with Gujarat Maritime Board. 1.4 Capital work-in-Progress and Intangible Assets Under Development includes: i) ii) C 7,987 crore (Previous Year C 4,868 crore) on account of Project Development Expenditure. C 6,709 crore (Previous Year C 3,358 crore) on account of cost of construction materials at site. 1.5 Additions in Property, Plant & Equipment, Intangible Assets, Capital work-in-progress and Intangible assets under Development includes C 251 crore (net loss) [Previous Year C 1,373 crore (net loss)] on account of exchange difference during the Year. 1.6 For Assets given as security -Refer Note 16.1. 1.7 Details of title deeds of immovable properties not held in the name of the Company: Relevant line item in the Balance sheet Description of item of property Gross carrying value (K in crore) Title deeds held in the name of Whether title deed holder is a promoter, director or relative of promoter / director or employee of promoter / director Property held since which date Reason for not being held in the name of the Company Property, Plant and Land 83 Gujarat Industrial No 01/02/2015 Lease deed execution is 1.9 Intangible Assets Under Development (IAUD): Ageing as at 31st March, 2024: Less than 1 year 1-2 years 2-3 years More than 3 years Total Amount in IAUD for a Period of (C in crore) Projects in progress Projects temporarily suspended Total 10,873 - 10,873 5,954 - 5,954 35 - 35 476 - 476 Ageing as at 31st March, 2023: 17,338 - 17,338 (C in crore) Less than 1 year 1-2 years 2-3 years More than 3 years Total Amount in IAUD for a Period of Projects in progress Projects temporarily suspended Total 15,555 - 15,555 2,530 - 2,530 1,616 - 1,616 3,684 - 3,684 23,385 - 23,385 (C in crore) As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount 2. Investments – Non-Current Investments measured at Amortised Cost In Preference Shares of Joint Venture Companies under process. Unquoted, fully paid up Alok Industries Limited - 9% Non Convertible Redeemable Preference Shares of C 1 each 33,00,00,00,000 3,300 Equipment Development Corporation 1.8 Capital-Work-in Progress (CWIP) Ageing as at 31st March,2024: Less than 1 year 1-2 years 2-3 years More than 3 years Total Amount in CWIP for a Period of (C in crore) Projects in progress 25,220 15,187 Projects temporarily suspended - - Total 25,220 15,187 3,366 - 3,366 521 - 521 Ageing as at 31st March, 2023: 44,294 - 44,294 (C in crore) Less than 1 year 1-2 years 2-3 years More than 3 years Total Amount in CWIP for a Period of In Government Securities Unquoted Projects in progress Projects temporarily suspended Total 20,787 - 20,787 5,718 - 5,718 1,831 - 1,831 2,636 - 2,636 30,972 - 30,972 6 Years National Savings Certificates (Deposited with Sales Tax Department and Other Government Authorities) [C 39,087 (Previous Year C 39,087)] Total of Investments measured at Amortised Cost 3,379 In Debentures of Joint Venture Companies Unquoted, fully paid up BAM DLR Chennai Private Limited - Non Convertible Debenture of C 100 each 63,00,000 3,300 63 63 In Preference Shares of Other Companies Unquoted, fully paid up Summit Digitel Infrastructure Limited - 0% Redeemable, Non-Participating, Non-Cumulative and Non-Convertible Preference Shares of C 10 each 5,00,00,000 16 5,00,00,000 - - - - - - 15 15 - - 15 16 - - 144 Reliance Industries Limited Integrated Annual Report 2023-24 145 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Investments measured at Cost In Equity Shares of Associate Companies Quoted, fully paid up Reliance Industrial Infrastructure Limited of C 10 each In Equity Shares of Joint Venture Companies Quoted, fully paid up Alok Industries Limited of C 1 each In Equity Shares of Associate Companies Unquoted, fully paid up Gujarat Chemical Port Limited of C 1 each Indian Vaccines Corporation Limited of C 10 each $ Jamnagar Utilities & Power Private Limited Class 'A' shares of C 1 each [C 40,40,000; (Previous Year C 40,40,000)] Reliance Europe Limited of Sterling Pound 1 each Vadodara Enviro Channel Limited of C 10 each [C 143,020; (Previous Year C 143,020)] In Equity Shares of Joint Venture Companies Unquoted, fully paid up BAM DLR Chennai Private Limited of C 10 each BAM DLR Data Center Services Private Limited of C 10 each BAM DLR Kolkata Private Limited of C 10 each [C 34,00,950; (Previous Year C Nil)] BAM DLR Mumbai Private Limited of C 10 each BAM DLR Network Services Private Limited of C 10 each Football Sports Development Limited of C 10 each India Gas Solution Private Limited of C 10 each Pipeline Management Services Private Limited of C 10 each [C 50,00,000; (Previous Year C 50,00,000)] Sintex Industries Limited of C 1 each In Preference Shares of Joint Venture Companies Unquoted, fully paid up (C in crore) As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount 68,60,064 68,60,064 16 16 1,98,65,33,333 269 1,98,65,33,333 269 16 16 269 269 64,29,20,000 64 64,29,20,000 64 62,63,125 52,00,000 11,08,500 14,302 62,63,125 52,00,000 11,08,500 14,302 1 - 4 - 69 1,52,58,850 210 24,70,000 2,05,000 9 - 12,02,86,182 19,84,000 134 2 - - - - - 1 - 4 - 69 - - - - - 10,80,141 134 10,80,141 134 2,25,00,000 23 2,25,00,000 5,00,000 1 5,00,000 6,00,00,00,000 600 6,00,00,00,000 1,113 23 1 600 758 Alok Industries Limited - 9% Optionally Convertible Preference Shares of C 1 each 2,50,00,00,000 250 2,50,00,00,000 250 250 250 In Debentures of Joint Venture Companies Unquoted, fully paid up In Equity Shares of Subsidiary Companies Unquoted, fully paid up Indiawin Sports Private Limited of C 10 each Jio Limited of C 10 each [C 3,00,000; (Previous Year C 3,00,000)] Jio Platforms Limited of C 10 each Reliance 4IR Realty Development Limited of C 10 each Reliance Bhutan Limited C 10 each [C 5,00,000; (Previous Year C 5,00,000)] Reliance BP Mobility Limited of C 10 each [C 4,95,790; (Previous Year C 4,95,790)] Reliance Commercial Dealers Limited of C 10 each Reliance Content Distribution Limited of C 10 each [C 5,00,000; (Previous Year C 5,00,000)] Reliance Digital Health Limited of C 10 each Reliance Ethane Holding Pte. Ltd. of USD 1 each Reliance Ethane Pipeline Limited of C 10 each Reliance Exploration & Production DMCC of AED 1,000 each Reliance Gas Pipelines Limited of C 7 each Reliance Global Energy Services (Singapore) Pte. Ltd of SGD 1 each Reliance Global Energy Services Limited of GBP 1 each (C in crore) As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount 26,50,000 30,000 3 - 26,50,000 30,000 3 - 5,93,78,41,645 54,863 5,93,78,41,645 54,846 10,00,00,000 17,614 10,00,00,000 17,614 50,000 49,579 - - 50,000 49,579 1,50,00,000 25 1,50,00,000 50,000 - 50,000 16,17,18,500 186 16,17,18,500 22,42,72,113 1,844 15,56,72,113 5,00,50,000 49 5,00,50,000 16,66,900 2,738 1,76,200 37,30,00,000 257 37,30,00,000 15,00,000 30,00,000 65 54 15,00,000 30,00,000 - - 25 - 186 992 49 289 257 65 54 Reliance Industries (Middle East) DMCC of AED 1,000 each 7,62,235 1,366 7,62,235 1,366 Reliance International Limited of USD 1 each Reliance Mappedu Multi Modal Logistics Park Limited of C 10 each [C 10; (Previous Year C 10)] Reliance New Energy Limited of C 10 each Reliance Petro Marketing Limited of C 10 each Reliance Projects & Property Management Services Limited of C 10 each Reliance Retail Ventures Limited of C 10 each Reliance Sibur Elastomers Private Limited of C 10 each Reliance SOU Limited of C 10 each [C 1,00,000; (Previous Year C 1,00,000)] Reliance Strategic Business Ventures Limited of C 10 each Reliance Syngas Limited of C 10 each [C 10,00,000; (Previous Year C 10,00,000] Reliance Ventures Limited of C 10 each Rise Worldwide Limited of C 10 each SenseHawk, Inc. of USD 0.0001 each 2,50,00,000 189 2,50,00,000 189 1 - 1 - 6,45,04,00,000 6,450 6,24,73,00,000 6,247 50,000 299 50,000 10,00,00,000 32 10,00,00,000 299 32 5,85,84,86,658 19,817 5,83,77,58,520 17,317 1,76,35,43,119 1,764 1,76,35,43,119 1,764 10,000 - 10,000 - 10,00,00,000 10,035 10,00,00,000 10,035 1,00,000 - 1,00,000 - 26,91,150 2,351 26,91,150 2,351 10,67,20,148 253 10,67,20,148 32,12,690 158 32,12,690 253 158 1,20,412 1,14,391 In Preferred Shares of Subsidiary Companies Unquoted, fully paid up Sintex Industries Limited - 6% Unsecured Optionally Fully Convertible Debenture of C 1 each 9,00,00,00,000 900 9,00,00,00,000 900 SenseHawk, Inc. of USD 0.00001 each - Series B 21,18,803 21,18,803 106 106 106 106 900 900 $ Net of provision for impairment. 146 Reliance Industries Limited Integrated Annual Report 2023-24 147 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 14,39,92,000 1,296 14,39,92,000 1,296 Investments measured at Fair Value through Other Comprehensive 27,75,000 288 27,75,000 288 In Equity Shares of Other Companies Income (FVTOCI) (C in crore) As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount In Preference Shares of Subsidiary Companies Unquoted, fully paid up Indiawin Sports Private Limited - 9% Non-Cumulative Optionally Convertible Preference Shares of C 10 each 22,49,96,000 225 22,49,96,000 225 Reliance 4IR Realty Development Limited - 0.01% Non-Cumulative Optionally Convertible Preference Shares of C 10 each Reliance Content Distribution Limited - 6% Non-Cumulative Optionally Convertible Preference Shares of C10 each Reliance Ethane Pipeline Limited - 6% Non-Cumulative Optionally Convertible Preference Shares of C 10 each 6,07,51,270 12,510 6,07,51,270 12,510 5,34,00,60,000 5,340 5,34,00,60,000 5,340 18,55,00,000 182 18,55,00,000 182 Reliance Exploration & Production DMCC - 5% Non-Cumulative - - 14,90,700 2,449 Compulsorily Convertible Preference Shares of AED 1,000 each Reliance Gas Pipelines Limited - 6% Non-Cumulative Optionally Convertible Preference Shares of C 7 each Reliance Projects & Property Management Services Limited - 0.01% Non-Cumulative Optionally Convertible Preference Shares of C 10 each Reliance Prolific Traders Private Limited - 9% Non-Cumulative Optionally Convertible Preference Shares of C 10 each Reliance Strategic Business Ventures Limited - 6% Non-Cumulative Optionally Convertible Preference Shares of C 10 each Reliance Universal Traders Private Limited - 9% Non-Cumulative Optionally Convertible Preference Shares of C 10 each Viacom 18 Media Private Limited - 0.001% Cumulative Compulsorily Convertible Preference Shares of C 10 each Members Contribution in Subsidiary Companies, Unquoted Reliance Eagleford Upstream LLC $ Reliance Marcellus LLC $ In Debentures of Subsidiary Companies Unquoted, fully paid up Reliance 4IR Realty Development Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Ambit Trade Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Comtrade Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each [C 20,00,000; (Previous Year C 20,00,000)] Reliance Content Distribution Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Digital Health Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Eminent Trading & Commercial Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Gas Pipelines Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 7 each $ Net of provision for impairment. 148 Reliance Industries Limited 36,76,50,000 253 36,76,50,000 253 9,79,52,40,000 12,009 9,79,52,40,000 12,009 1,71,64,000 103 1,71,64,000 103 24,61,33,682 18,930 - - 51,136 34,655 - 532 532 - 166 166 3,44,97,311 6,976 3,10,69,300 6,276 3,11,10,000 31 3,11,10,000 31 2,00,000 - 2,00,000 - 48,49,52,700 485 48,51,52,700 485 34,32,57,000 378 33,54,49,000 369 2,12,00,000 21 2,12,00,000 21 Reliance New Energy Limited - Zero Coupon Unsecured Compulsorily Convertible Debentures of C 10 each Reliance New Energy Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Prolific Commercial Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Reliance Strategic Business Ventures Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each In Corpus of Trust Unquoted Independent Media Trust Jio Financial Services Limited Trust [C 30,000; (Previous Year C Nil)] Total of Investments measured at Cost Unquoted, fully paid up Ahmedabad Mega Clean Association of C 10 each [C 1,00,000; (Previous Year C 1,00,000)] Petronet India Limited of C 0.10 each [C 10,00,000; (Previous Year C 10,00,000)] Petronet VK Limited of C 10 each $ [C 20,000; (Previous Year C 20,000)] VAKT Holdings Limited of USD 0.001 each Quoted, fully paid up Balaji Telefilms Limited of C 2 each Eros STX Global Corporation of GBP 0.30 each. [C 6,487; (Previous Year C 12,78,191)] In Preference Shares of Other Companies Unquoted, fully paid up (C in crore) As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount 22,50,00,000 225 22,50,00,000 225 9,33,92,20,000 9,339 - - 3,75,70,000 38 3,75,70,000 38 18,76,19,496 22,514 11,61,53,165 13,787 40,399 21,624 3,367 - 3,367 2,18,569 3,367 - 3,367 1,76,571 10,000 - 10,000 1,00,00,000 - 1,00,00,000 1,49,99,990 - 1,49,99,990 81,810 15 15 58,009 2,52,00,000 185 2,52,00,000 31,11,088 - 31,11,088 185 - - - 58 58 93 - 93 Jio Digital Fibre Private Limited - 0.01% Cumulative Redeemable Preference Shares of C 10 each Jio Digital Fibre Private Limited - 0.01% Optionally Convertible Preference Shares of C 10 each Reliance Storage Limited - 0.001% Cumulative Compulsory Convertible Preference Shares of C 10 each * 12,50,000 1 12,50,000 1 77,70,11,98,375 77,842 77,70,11,98,375 77,842 - - 9,14,50,00,000 9,145 77,843 86,988 56,00,00,000 392 56,00,00,000 392 $ Net of provision for impairment. * Merged with Viacom 18 Media Private Limited w.e.f. 13th April, 2023. Integrated Annual Report 2023-24 149 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 (C in crore) A. Loans and Advances In The Nature of Loans Given To Subsidiaries: As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount Sr. No. Name of the company Other Investments In Membership Share in LLP, Unquoted Labs 02 Limited Partnership Breakthrough Energy Ventures II L.P. In Membership Interest in LLC, Unquoted BreakThrough Energy Ventures LLC Total of Investments measured at Fair Value Through Other Comprehensive Income Investments measured at Fair Value Through Profit or Loss (FVTPL) In Equity Shares of Other Companies Unquoted, fully paid up Jio Digital Fibre Private Limited of C 1 each Total of Investments measured at Fair Value Through Profit or Loss Total Investments Non-Current Aggregate amount of Quoted Investments Market Value of Quoted Investments Aggregate amount of Unquoted Investments 43 398 718 1,159 79,202 2,49,54,43,333 250 2,49,54,43,333 250 3,01,400 470 6,196 3,00,930 46 288 758 1,092 88,231 250 250 2,65,067 378 2,934 2,64,689 (C in crore) Loans – Non-Current ^ Reliance 4IR Realty Development Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited Reliance Gas Pipelines Limited Reliance Industrial Investments and Holdings Limited Reliance New Energy Limited Reliance Projects & Property Management Services Limited Reliance Sibur Elastomers Private Limited Reliance Strategic Business Ventures Limited Loans – Current Reliance Content Distribution Limited Reliance Corporate IT Park Limited Reliance Sibur Elastomers Private Limited 1 2 3 4 5 6 7 8 9 1 2 3 As at 31st March, 2024 Maximum Balance during the year As at 31st March, 2023 Maximum Balance during the year (C in crore) 6,162 2,114 168 - - - 136 1,216 255 10,051 - - - - 6,192 2,773 403 6,582 145 1,216 2,084 2,723 403 - - 426 - - 3,849 4,009 623 395 10,802 471 31,197 - 15,556 6,795 16,128 - - 595 12,431 - - 595 595 700 161 595 Total 10,051 13,026 All the above loans and advances have been given for business purposes. ^ Loans and Advances that fall under the category of ‘Loans - Non-Current’ are re-payable after more than 1 year. As at 31st March, 2024 As at 31st March, 2023 Note 1 Investment by Reliance 4IR Realty Development Limited in Subsidiaries: 2.1 Category-Wise Investments – Non-Current Financial assets measured at Amortised Cost Financial assets measured at Cost Financial assets measured at Fair Value through Other Comprehensive Income Financial assets measured at Fair Value through Profit or Loss Total Investments – Non-Current 3,379 15 2,18,569 1,76,571 79,202 250 88,231 250 3,01,400 2,65,067 2.2 The list of subsidiaries, joint ventures and associates along with proportion of ownership interest held and country of incorporation are disclosed in Note 39 and Note 40 of Consolidated Financial Statement. 3. Loans – Non-Current Unsecured and Considered Good Loans and advances to Related parties (Refer Note 34 (V)) Total (C in crore) As at 31st March, 2024 As at 31st March, 2023 10,051 10,051 12,431 12,431 In Equity Shares: Sr. No. Name of the company No. of Shares Sr. No. Name of the company No. of Shares 1 Dronagiri Bokadvira East Infra Limited 50,000 19 Dronagiri Navghar South Second Infra 50,000 Limited 2 Dronagiri Bokadvira North Infra Limited 50,000 20 Dronagiri Navghar West Infra Limited 3 Dronagiri Bokadvira South Infra Limited 50,000 21 Dronagiri Pagote East Infra Limited 4 Dronagiri Bokadvira West Infra Limited 50,000 22 Dronagiri Pagote North First Infra Limited 5 Dronagiri Dongri East Infra Limited 50,000 23 Dronagiri Pagote North Infra Limited 6 Dronagiri Dongri North Infra Limited 50,000 24 Dronagiri Pagote North Second Infra Limited 7 Dronagiri Dongri South Infra Limited 50,000 25 Dronagiri Pagote South First Infra Limited 8 Dronagiri Dongri West Infra Limited 50,000 26 Dronagiri Pagote South Infra Limited 9 Dronagiri Funde East Infra Limited 50,000 27 Dronagiri Pagote West Infra Limited 10 Dronagiri Funde North Infra Limited 50,000 28 Dronagiri Panje East Infra Limited 11 Dronagiri Funde South Infra Limited 50,000 29 Dronagiri Panje North Infra Limited 12 Dronagiri Funde West Infra Limited 50,000 30 Dronagiri Panje South Infra Limited 13 Dronagiri Navghar East Infra Limited 50,000 31 Dronagiri Panje West Infra Limited 14 Dronagiri Navghar North First Infra Limited 50,000 32 Kalamboli East Infra Limited 15 Dronagiri Navghar North Infra Limited 50,000 33 Kalamboli North First Infra Limited 16 Dronagiri Navghar North Second Infra Limited 50,000 34 Kalamboli North Infra Limited 17 Dronagiri Navghar South First Infra Limited 50,000 35 Kalamboli North Second Infra Limited 18 Dronagiri Navghar South Infra Limited 50,000 36 Kalamboli North Third Infra Limited 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 150 Reliance Industries Limited Integrated Annual Report 2023-24 151 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the company No. of Shares Sr. No. Name of the company 37 Kalamboli South First Infra Limited 50,000 48 Reliance Vantage Retail Limited 38 Kalamboli South Infra Limited 50,000 49 Surela Investment and Trading Limited No. of Shares 5,60,000 5,000 Note 4 Investment by Reliance Strategic Business Ventures Limited in Subsidiaries: In Equity Shares: Sr. No. Name of the company No. of Shares Sr. No. Name of the company No. of Shares 39 Kalamboli West Infra Limited 50,000 50 The Indian Film Combine Private Limited 5,73,751 1 Columbus Centre Corporation 1.032049118 6 Jio Infrastructure Management Services Limited 60,000 40 Reliance Ambit Trade Private Limited 10,00,000 51 Ulwe East Infra Limited 41 Reliance Comtrade Private Limited 10,00,000 52 Ulwe North Infra Limited 42 Reliance Corporate IT Park Limited 2,37,99,94,480 53 Ulwe South Infra Limited 43 Reliance Eminent Trading & Commercial 1,00,00,000 54 Ulwe Waterfront East Infra Limited Private Limited 44 Reliance Progressive Traders Private Limited 1,00,00,000 55 Ulwe Waterfront North Infra Limited 45 Reliance Prolific Commercial Private 10,00,000 56 Ulwe Waterfront South Infra Limited Limited 46 Reliance Prolific Traders Private Limited 1,00,00,000 57 Ulwe Waterfront West Infra Limited 47 Reliance Universal Traders Private Limited 1,00,00,000 58 Ulwe West Infra Limited 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 In Preference Shares: Sr. No. Name of the company No. of Shares Sr. No. Name of the company No. of Shares 1 Reliance Corporate IT Park Limited 5,37,66,63,246 3 Reliance Progressive Traders Private Limited 2,03,06,000 2 Reliance Eminent Trading & Commercial 17,37,000 4 Reliance Universal Traders Private Limited 7,20,00,000 Private Limited Note 2 Investment by Reliance New Energy Limited in Subsidiaries: In Equity Shares: Sr. No. Name of the company 1 Faradion Limited 2 REC Solar Holdings AS No. of Shares Sr. No. Name of the company No. of Shares 2,76,087 6 Reliance Lithium Werks B.V. 70,11,976 1,000 7 Reliance New Energy Battery Storage Limited 8,08,70,000 3 Reliance Bio Energy Limited 49,20,02,500 8 Reliance New Solar Energy Limited 5,00,00,00,000 4 Reliance Electrolyser Manufacturing Limited 36,10,000 9 Reliance Power Electronics Limited 2,60,33,000 5 Reliance Green Hydrogen and Green 37,10,000 Chemicals Limited In Preference Shares: Sr. No. Name of the company No. of Shares Sr. No. Name of the company No. of Shares 1 REC Solar Holdings AS 283 3 Reliance Lithium Werks B.V. 15,25,862 2 Reliance Bio Energy Limited 11,57,70,000 4 Reliance New Solar Energy Limited 2,36,69,40,000 Note 3 Investment by Reliance Projects & Property Management Services Limited in Subsidiaries: In Equity Shares: Sr. No. Name of the company No. of Shares Sr. No. Name of the company 1 Kutch New Energy Projects Limited 10,000 7 Reliance New Energy Hydrogen Electrolysis Limited 2 Reliance Carbon Fibre Cylinder Limited 10,000 8 Reliance New Energy Hydrogen Fuel Cell Limited 3 Reliance Chemicals and Materials Limited 28,70,30,000 9 Reliance New Energy Power Electronics Limited 4 Reliance Hydrogen Electrolysis Limited 10,000 10 Reliance New Energy Storage Limited No. of Shares 10,000 10,000 10,000 10,000 5 Reliance Hydrogen Fuel Cell Limited 10,000 11 Reliance Petro Materials Limited 11,10,000 6 Reliance New Energy Carbon Fibre Cylinder Limited 10,000 152 Reliance Industries Limited 2 Enercent Technologies Private Limited 95,667 7 Reliance Polyester Limited 3 India Mumbai Indians (Pty) Limited 33,66,00,001 8 Stoke Park Limited 10,00,00,000 9,93,12,403 4 Indiawin Sports Middle East Limited 1,37,50,000 9 VasyERP Solutions Private Limited 5,33,333 5 Indiawin Sports USA Inc. 1,70,00,000 In Preference Shares: Sr. No. Name of the company 1 skyTran Inc. 4. Other Financials Assets – Non-Current Deposits with Related Parties (Refer Note 34 (V)) Receivable from Related Parties Others * * Includes fair valuation of interest free deposits. 5. Other Non-Current Assets (Unsecured and Considered Good) Capital Advances Advance Income Tax (Net of Provision) Others * Total No. of Shares 4,46,64,684 (C in crore) As at 31st March, 2024 As at 31st March, 2023 563 15,465 874 16,902 577 - 1,638 2,215 (C in crore) As at 31st March, 2024 As at 31st March, 2023 1,050 - 6,353 7,403 594 1,663 575 2,832 * Includes C 295 crore (Previous Year C 295 crore) deposited in Gas pool account (Refer Note 35.3), and Financial Assets measured at Amortised cost. Advance Income Tax (Net of Provision) At start of year Charge for the year - Current Tax Others Tax paid (Net) during the year At end of year # On merger of Digital EPC and Infrastructure Undertaking. (C in crore) As at 31st March, 2024 As at 31st March, 2023 1,663 (10,922) 13 9,246 - 2,906 (6,437) 265# 4,929 1,663 Integrated Annual Report 2023-24 153 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 6. Inventories Raw Materials (Including Material in Transit) Work-in-Progress * Finished Goods Stock-in-Trade Stores and Spares Total * Includes land, development cost and inventory on completion of projects. 7. Investment – Current Investments Measured at Amortised Cost In Collateral Borrowing & Lending Obligation - Unquoted In Debentures or Bonds - Unquoted, fully paid up Total of Investments measured at Amortised Cost Investments measured at Fair Value through Other Comprehensive Income (FVTOCI) In Government Securities - Quoted fully paid up * In Mutual Fund - Quoted In Mutual Fund - Unquoted In Debentures or Bonds - Quoted, fully paid up * Total of Investments measured at Fair Value Through Other Comprehensive Income Investments measured at Fair Value Through Profit or Loss (FVTPL) In Government Securities - Quoted fully paid up * In Debentures or Bonds - Quoted, fully paid up * In Treasury Bills - Quoted In Mutual Fund - Unquoted In Certificate of Deposit - Quoted In Commercial Papers - Quoted Total of Investments measured at Fair Value Through Profit or Loss Total Investments - Current Aggregate amount of Quoted Investments Market Value of Quoted Investments Aggregate amount of Unquoted Investments (C in crore) As at 31st March, 2024 As at 31st March, 2023 17,969 42,279 15,513 134 9,205 85,100 12,712 40,697 19,564 247 11,536 84,756 (C in crore) As at 31st March, 2024 As at 31st March, 2023 999 - 999 7,929 4,758 4,825 18,107 35,619 23,652 1,957 3,471 116 1,018 1,831 32,045 68,663 62,723 62,723 5,940 - 12,795 12,795 21,586 4,977 7,294 25,430 59,287 583 52 13,157 1 - 199 13,992 86,074 65,984 65,984 20,090 * Includes C 8,712 crore (Previous Year C Nil) given as collateral security for borrowings (Refer Note 21.2) and C 72 crore (Previous Year C 79 crore) given as collateral security for derivatives contracts. 7.1 Category-Wise Investments – Current Financial assets measured at Amortised Cost Financial assets measured at Fair Value through Other Comprehensive Income Financial Assets measured at Fair value through Profit or Loss Total Investments - Current (C in crore) As at 31st March, 2024 As at 31st March, 2023 999 35,619 32,045 68,663 12,795 59,287 13,992 86,074 (C in crore) As at 31st March, 2024 As at 31st March, 2023 14,740 14,740 24,143 24,143 8. Trade Receivables (Unsecured and Considered Good) Trade Receivables Total 8.1 Trade Receivables ageing: Particulars As at 31st March, 2024 Outstanding for following periods from due date of payment Not due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years (C in crore) Total (i) Undisputed Trade Receivables - 13,282 1,414 37 3 2 2 14,740 considered good (ii) Undisputed Trade Receivables - which have significant increase in credit risk (iii) Undisputed Trade Receivables - credit impaired (iv) Disputed Trade Receivables - considered good (v) Disputed Trade Receivables - which have significant increase in credit risk (vi) Disputed Trade Receivables - credit impaired Total Particulars As at 31st March, 2023 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13,282 1,414 37 3 2 2 14,740 Outstanding for following periods from due date of payment Not due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years (C in crore) Total (i) Undisputed Trade Receivables - 21,941 2,154 28 6 9 5 24,143 considered good (ii) Undisputed Trade Receivables - which have significant increase in credit risk (iii) Undisputed Trade Receivables - credit impaired (iv) Disputed Trade Receivables - considered good (v) Disputed Trade Receivables - which have significant increase in credit risk (vi) Disputed Trade Receivables - credit impaired Total - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 21,941 2,154 28 6 9 5 24,143 154 Reliance Industries Limited Integrated Annual Report 2023-24 155 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 9. Cash and Cash Equivalents Cash on Hand Balances with Banks * Cash and Cash Equivalents as per Balance Sheet Cash and Cash Equivalents as per Cash Flows Statement (C in crore) As at 31st March, 2024 As at 31st March, 2023 17 69,231 69,248 69,248 17 60,990 61,007 61,007 * Includes Unclaimed Dividend of C 172 crore (Previous Year C 187 crore) and Fixed Deposits of C 15,001 crore (Previous Year C 27,788 crore) with maturity of more than 12 months. Fixed Deposits of C 3,063 crore (Previous Year C 33,842 crore) given as collateral security. Principal amount of these Fixed Deposits can be withdrawn or an equivalent amount can be availed against such deposits by the Company at any point of time without prior notice or penalty. 10. Loans – Current Unsecured and Considered Good Loans to Related Parties (Refer Note 34 (V)) # Total # Refer Note 3.A for details of Loans. 11. Other Financial Assets – Current Deposits with Related Parties (Refer Note 34 (V)) Other Deposits Receivables from Related Parties Others * Total * Includes fair valuation of derivatives. 12. Taxation Tax Expenses Recognised in Statement of Profit and Loss Current tax Continuing Operations Discontinued Operations (Refer Note 32) Deferred tax Tax expenses recognised in the current year (C in crore) As at 31st March, 2024 As at 31st March, 2023 - - 595 595 (C in crore) As at 31st March, 2024 As at 31st March, 2023 39 3,238 1,541 6,929 11,747 18 1,603 27,460 6,028 35,109 (C in crore) Year ended 31st March,2024 Year ended 31st March,2023 10,922 - 10,922 2,309 13,231 6,186 251 6,437 4,930 11,367 Tax expenses for the year can be reconciled to the accounting profit as follows: Profit Before Tax from Continuing Operations Profit Before Tax from Discontinued Operations Profit Before Tax from Continuing Operations and Discontinued Operations Applicable Tax Rate Computed Tax Expense Tax effect of: Expenses disallowed Additional allowances net of MAT Credit Current Tax Provision (A) Incremental Deferred tax Liability / (Asset) on account of Property, Plant and Equipment and Intangible Assets Incremental Deferred tax Liability / (Asset) on account of Financial Assets and Other items Deferred Tax Provision (B) Tax Expenses Recognised in Statement of Profit and Loss (A+B) Effective Tax Rate 13. Other Current Assets (Unsecured and Considered Good) Balance with Customs, Central Excise, GST and state authorities Others # Total # Includes prepaid expenses and claims receivable. 14. Share Capital Authorised Share Capital: 14,00,00,00,000 Equity Shares of C 10 each (14,00,00,00,000) 1,00,00,00,000 Preference Shares of C 10 each (1,00,00,00,000) Issued and Subscribed Capital: 6,76,61,09,014 Equity Shares of C 10 each (6,76,60,94,014) Total Paid Up Capital: 6,76,61,09,014 Equity Shares of C 10 each fully paid up (6,76,60,94,014) Less: Calls Unpaid [C 27,21,523 Previous Year (C 32,42,410)] (Refer Note 14.7) Total (C in crore) Year ended 31st March,2024 Year ended 31st March,2023 55,273 - 55,273 25.168% 13,911 4,348 (7,337) 10,922 2,321 (12) 2,309 13,231 23.94% 54,118 1,439 55,557 34.944% 19,414 1,154 (14,131) 6,437 2,668 2,262 4,930 11,367 20.46% (C in crore) As at 31st March, 2024 As at 31st March, 2023 9,666 3,461 13,127 7,999 3,774 11,773 (C in crore) As at 31st March, 2024 As at 31st March, 2023 14,000 14,000 1,000 1,000 15,000 15,000 6,766 6,766 6,766 6,766 6,766 6,766 - - 6,766 6,766 156 Reliance Industries Limited Integrated Annual Report 2023-24 157 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 14.1 3,66,933 Shares held by Associates (3,66,933) Figures in italic represents previous year’s figure. Name of the Shareholder 14.2 The details of shareholders holding more than 5% shares: Srichakra Commercials LLP Devarshi Commercials LLP Karuna Commercials LLP Tattvam Enterprises LLP Life Insurance Corporation of India 14.3 Shareholding of Promoter (C in crore) As at 31st March, 2024 As at 31st March, 2023 As at 31st March, 2024 As at 31st March, 2023 No. of Shares % held No. of Shares % held 73,95,99,829 54,55,69,460 54,55,69,460 54,55,69,460 41,54,11,317 10.93 73,95,99,829 10.93 8.06 54,55,69,460 8.06 54,55,69,460 8.06 54,55,69,460 6.14 43,41,84,326 8.06 8.06 8.06 6.42 Sr. No. Class of Equity Share Promoter’s Name No. of shares at the beginning of the year change during the year No. of shares at the end of the year % of total shares % change during the year As at 31st March, 2024 1 Fully paid-up equity shares of C 10 each Total Mukesh D Ambani 80,52,020 80,52,020 - - 80,52,020 0.12 - 80,52,020 0.12 Sr. No. Class of Equity Share Promoter’s Name No. of shares at the beginning of the year change during the year No. of shares at the end of the year % of total shares % change during the year As at 31st March, 2023 1 Fully paid-up equity shares of C 10 each Total Mukesh D Ambani 80,52,020 80,52,020 - - 80,52,020 0.12 - 80,52,020 0.12 Particulars (C in crore) As at 31st March, 2024 As at 31st March, 2023 No. of Shares No. of Shares 14.4 The Reconciliation of the Number of Shares Outstanding is set out below: Equity Shares at the beginning of the year 6,76,60,94,014 6,76,59,94,014 Add: Shares issued on exercise of employee stock options (Refer Note 29.2) 15,000 1,00,000 Equity Shares at the end of the year 6,76,61,09,014 6,76,60,94,014 14.5 Pursuant to ‘Reliance Industries Limited Employees’ Stock Option Scheme 2017’ (ESOS-2017), options granted and remaining to be vested as at the end of the year is 1,82,912. 14.6 Rights, Preferences and Restrictions Attached to Shares: The Company has only one class of equity shares having face value of C 10 each. The holder of the equity share is entitled to dividend right and voting right in the same proportion as the capital paid-up on such equity share bears to the total paid-up equity share capital of the Company. The dividend proposed by Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in the same proportion as the capital paid-up on the equity shares held by them bears to the total paid-up equity share capital of the Company. 14.7 Issue of shares under rights issue: The Company had issued 42,26,26,894 equity shares of face value of C 10/- each on right basis (‘Rights Equity Shares’). In accordance with the terms of issue, C 314.25 i.e. 25% of the Issue Price per Rights Equity Share, was received from the concerned allottees on application and shares were allotted. The Board had made First call of C 314.25 per Rights Equity Share (including a premium of C 311.75 per share) in May, 2021 and Second and Final call of C 628.50 per Rights Equity Share (including a premium of C 623.50 per share) in November, 2021. As on March 31, 2024, 4,17,418 partly paid-up equity shares are outstanding on which an aggregate amount (including premium) of C 34 crore (Previous Year C 41 crore) is unpaid. As at 31st March, 2024 As at 31st March, 2023 (C in crore) 15. Other Equity Capital Reserve As per last Balance Sheet Securities Premium As per last Balance Sheet On Exercise of Employee stock options Calls Received - Right Issue (Refer Note 14.7) Debentures Redemption Reserve As per last Balance Sheet Transferred to General Reserves Share Based Payments Reserve As per last Balance Sheet On Employee Stock Options Special Economic Zone Reinvestment Reserve As per last Balance Sheet Transferred (to) / from Retained Earnings * General Reserve As per last Balance Sheet Transferred from Debenture Redemption Reserve Transferred from Retained Earnings Retained Earnings As per last Balance Sheet Profit for the year Transferred to Statement of Profit and Loss (Refer Note 32 & 42.2) Appropriations Dividend on Equity Shares [Dividend per Share C 9 (Previous Year C 8)] Transferred from/(to) General Reserve Transferred from/(to) Special Economic Zone Reinvestment Reserve 403 403 99,730 22 40 99,802 99,792 4,170 (2,487) 1,683 1,683 53 - 33 8 9,110 (8,960) 2,24,062 2,487 - 41 150 2,56,549 2,26,549 72,545 44,190 (23,502) 93,233 (5,083) - 8,960 99,792 4 6 1,683 - 41 12 150 (150) 2,26,549 - 30,000 97,110 42,042 - 1,39,152 (6,089) (30,000) 150 * Consider Special Economic Zone Reinvestment Reserve created during the year C NIL (Previous year C NIL). 1,03,213 97,110 158 Reliance Industries Limited Integrated Annual Report 2023-24 159 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 (C in crore) b) Unsecured: Other Comprehensive Income (OCI) As per last Balance Sheet Movement (Net) during the year Total 16. Borrowings Secured - At Amortised cost Non-Convertible Debentures Unsecured - At Amortised cost Non-Convertible Debentures Bonds Term Loans - from Banks Term Loans - from Others Total As at 31st March, 2024 As at 31st March, 2023 46,584 43 54,709 (8,125) 46,627 5,08,330 46,584 4,72,312 (C in crore) As at 31st March, 2024 As at 31st March, 2023 Non-Current Current Non-Current Current 21,184 21,184 9,012 51,407 79,456 - 1,39,875 1,61,059 1,000 1,000 2,281 9,006 21,049 97 32,433 33,433 2,008 2,008 11,321 59,538 62,597 97 1,33,553 1,35,561 4,097 4,097 14,389 655 24,444 305 39,793 43,890 16.1 Secured Non-Convertible Debentures referred above to the extent of: (a) C 20,183 crore (Previous year C Nil) are secured by way of hypothecation of all the movable plant and machinery, electrical equipments, installations and capital work in progress, both present and future, located at Hazira, Dahej, Patalganga, Nagothane and Silvassa Manufacturing Divisions of the Company. (b) C 2,001 crore (Previous year C 6,105 crore) are secured by way of hypothecation of all the movable plant and machinery, both present and future, located at Hazira and Dahej Manufacturing Divisions of the Company. 16.2 Maturity Profile and Interest rate of Non-Convertible Debentures are as set out below: a) Secured: Rate of Interest 8.25% 7.79% Total 2033-2034 2032-2033 2025-26 Total Non-Current* - 15,000 15,000 - 5,000 5,000 1,000 - 1,000 1,000 20,000 21,000 (C in crore) Current 2024-25 1,000 - 1,000 *Excludes C 184 crore (Non-Current) of fair valuation impact. (C in crore) Current* 2024-25 - - - - 850 - 1,437 2,287 (C in crore) Current* Rate of Interest Non-Current* 2028-29 2025-26 7.40% 8.65% 8.70% 8.95% 9.00% 9.05% 9.25% Total - 2,190 800 1,990 - 2,409 - 7,389 1,650 - - - - - - 1,650 Total 1650 2190 800 1990 - 2409 - 9,039 * Includes C 33 crore (Non-Current C 27 crore and Current C 6 crore) as prepaid finance charges and fair valuation impact. 16.3 Maturity Profile and Interest rate of Bonds are as set out below: 2096-97 2061-62 2051-52 2046-47 2044-45 2040-41 2031-32 2027-28 2026-27 2025-26 Total 2024-25 Non-Current* - - - - - - - - - - - - - - - - - - 14,596 - - 6,255 - - - - - - 104 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6,255 - - - - - 80 - 4,170 - - - - - - - - - - - - - - - - - - - 12,511 - - - - - - - - - - - - - 6,672 - - - - - - - - - - - - - 25 - - - - - - - - - - - - - - - - 283 184 - - 162 159 180 188 162 159 180 188 - 12,511 - 14,596 - 6,672 - 6,255 162 159 180 188 - - - - - - 8,341 - 6,255 - 4,170 - - - - - 25 283 184 104 80 - - - - - - - Rate of Interest 1.87% 2.06% 2.44% 2.51% 2.88% 3.63% 3.67% 3.75% 4.13% 4.88% 6.25% 7.63% 8.25% 9.38% 10.25% 10.50% Total 104 6,255 14,596 80 6,255 4,170 12,511 6,697 467 689 51,824 9,030 * Includes C 441 crore (Non-Current C 417 crore and Current C 24 crore) as prepaid finance charges and of Fair valuation impact. 16.4 Maturity Profile of Unsecured Term Loans are as set out below: Term Loans- from Banks * Term Loans- from Others Non-Current Above 5 years 1-5 years Total (C in crore) Current 2024-25 2,855 - 2,855 77,266 80,121 21,252 - - 97 77,266 80,121 21,349 * Includes C 868 crore (Non-Current C 665 crore and Current C 203 crore) as prepaid finance charges. Interest rates on unsecured term loans are in range of 0.29% to 7.50% per annum. 16.5 The Company has satisfied all the covenants prescribed in terms of borrowings. 160 Reliance Industries Limited Integrated Annual Report 2023-24 161 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 17. Other Financial Liabilities – Non-Current Other Payables * Total * Includes Creditors for Capital Expenditure. 18. Provisions – Non-Current Provision for decommissioning of Assets # Total (C in crore) As at 31st March, 2024 As at 31st March, 2023 - - 584 584 (C in crore) As at 31st March, 2024 As at 31st March, 2023 1,701 1,701 1,296 1,296 # Provision for Decommissioning of Assets is for Tapti, KGD6 and CBM Block. The increase in provision of C 405 crore (Previous Year decrease of C 302 crore) is towards (i) decommissioning provision of MJ field in KGD6 Block (ii) changes in the exchange rates (iii) unwinding of discount (iv) change in timing of the activity. 19. Deferred Tax Liabilities (Net) The movement on the deferred tax account is as follows: At the start of the year Charge to Statement of Profit and Loss Charge / (Credit) to Other Comprehensive Income * At the end of year * Includes Nil [Previous Year (C 5 crore)] pertaining to discontinued operations. Component of Deferred tax liabilities / (asset) (C in crore) As at 31st March, 2024 As at 31st March, 2023 33,968 2,309 (18) 36,259 30,832 4,930 (1,794) 33,968 Charge / (Credit) to As at 1st April, 2023 Statement of Profit and Loss Other Comprehensive Income As at 31st March, 2024 (C in crore) Deferred tax liabilities / (asset) in relation to: Property, Plant and Equipment and Intangible Asset 33,980 2,321 Financial Assets and Others (Net) Loan and Advances Provisions 383 (30) (365) 33,968 87 3 (102) 2,309 20. Other Non-Current Liabilities Contract Liabilities Total - (18) - - 36,301 452 (27) (467) (18) 36,259 (C in crore) As at 31st March, 2024 As at 31st March, 2023 2,822 2,822 - - 21. Borrowings – Current Secured - At Amortised Cost Working Capital Loans From Banks Rupee Loans From Others Rupee Loans Unsecured - At Amortised Cost Other Loans From Banks Rupee Loans From Others Commercial paper * Current maturities of Non-Current Borrowings (Refer Note 16) Total * Maximum amount outstanding at any time during the year was C 18,008 crore (Previous Year C 2,840 crore). (C in crore) As at 31st March, 2024 As at 31st March, 2023 5,798 31,372 8,500 14,298 - 31,372 3,000 5,000 - 3,000 33,433 50,731 - 5,000 43,890 80,262 21.1 Working Capital Loans from Banks of C 5,798 crore (Previous Year C 31,372 crore) are secured by hypothecation of present and future stock of raw materials, work-in-progress, finished goods, stores and spares (not relating to plant and machinery), book debts, outstanding monies, receivables, claims, bills, materials in transit, fixed deposit etc. save and except stock and receivables of Oil & Gas segment (Refer Note 9). 21.2 Working Capital Loans from Others of C 8,500 crore (Previous Year C NIL) are secured by Government Securities (Refer Note 7). 21.3 Refer note 38 B (iv) for maturity profile. 21.4 The Company has satisfied all the covenants prescribed in terms of borrowings. 21.5 In respect of working capital loans, quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of account. 22. Trade Payables Due To Micro and Small Enterprises Other than Micro and Small Enterprises Total (C in crore) As at 31st March, 2024 As at 31st March, 2023 492 1,29,367 1,29,859 533 1,19,278 1,19,811 22.1 There are no overdue amounts to Micro, Small and Medium Enterprises as on 31st March, 2024. 162 Reliance Industries Limited Integrated Annual Report 2023-24 163 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 22.2 Trade Payables Ageing Outstanding for following Periods from due date of payment Not due Less than 1 year 1-2 years 2-3 years More than 3 years Total (C in crore) As at 31st March, 2024 (i) MSME (ii) Others 492 - 1,25,912 2,167 (iii) Disputed dues - MSME (iv) Disputed dues - Others - - - - Total 1,26,404 2,167 - - - - - - - - - - - 492 1,288 1,29,367 - - - - 1,288 1,29,859 (C in crore) Outstanding for following Periods from due date of payment Not due Less than 1 year 1-2 years 2-3 years More than 3 years Total As at 31st March, 2023 (i) MSME (ii) Others (iii) Disputed dues - MSME (iv) Disputed dues - Others 533 1,17,457 - - - 407 - - Total 1,17,990 407 23. Other Financial Liabilities – Current Interest accrued but not due on Borrowings Unclaimed Dividends # Other Payable to Related Parties Other Payables * Total - - - - - - 1,338 - - - 76 - - 533 1,19,278 - - 1,338 76 1,19,811 (C in crore) As at 31st March, 2024 As at 31st March, 2023 1,852 172 13,158 12,311 27,493 2,484 187 10,101 29,696 42,468 # Does not include any amount due and outstanding, to be credited to Investor Education and Protection Fund except C 2 crore (Previous Year C 2 crore) which is held in abeyance due to legal cases pending. * Includes Creditors for Capital Expenditure, Security Deposit and Financial Liability at Fair Value. 24. Other Current Liabilities Contract Liabilities Other Payables ^ Total ^ Includes statutory dues. (C in crore) As at 31st March, 2024 As at 31st March, 2023 22,855 8,011 30,866 20,640 5,095 25,735 25. Provisions – Current Provisions for Employee Benefits (Refer Note 29.1) ** Provisions for Income Tax (Net of advance tax) Other Provisions # Total (C in crore) As at 31st March, 2024 As at 31st March, 2023 334 13 625 972 321 - 693 1,014 ** The provision for employee benefits includes annual leave and vested long service leave entitlement accrued. # The Company had recognised liability for excise duty payable on clearance of goods lying in stock as on 31st March, 2023 of C 394 crore as per the estimated pattern of dispatches. For the year ended 31st March 2024, C 394 crore was utilised for clearance of goods. Provision recognised under this class for the year is C 341 crore which is outstanding as on 31st March, 2024. Actual outflow is expected in the next financial year. The Company had recognised customs duty liability on goods imported under various export incentive schemes of C 177 crore as at 31st March, 2023. For the year ended 31st March, 2024, further provision of C 523 crore was made and sum of C 579 crore were reversed on fulfilment of export obligation. Closing balance on this account as at 31st March, 2024 is C 121 crore. 26. Revenue from Operations Disaggregated Revenue Oil to Chemicals Oil & Gas Retail Others Value of Sales Income from Services Value of Services Total ^^ ^^ Net of GST. 2023-24 (C in crore) 2022-23 4,87,451 5,21,978 24,425 17 1,420 16,457 28 946 5,13,313 5,39,409 34,629 34,629 13,414 13,414 5,47,942 5,52,823 Revenue from contract with customers differ from the revenue as per contracted price due to factors such as taxes recovered, volume rebate, discounts, hedge etc. 27. Other Income Interest Bank deposits Debt instruments Other Financial Assets measured At Amortised Cost Others Dividend Income Other Non-operating Income Gain / (Loss) on Financial Assets Realised Gain / (Loss) Unrealised Gain Total 2023-24 2022-23 (C in crore) 4,129 5,052 90 78 18 353 1,715 9,174 84 2 (1,189) 73 10,975 92 1,198 (1,116) 11,149 9,349 59 2,349 371 12,128 Above includes income from assets measured at Cost / Amortised Cost of C 5,730 crore (Previous Year C 6,549 crore), income from assets measured at Fair Value Through Profit or Loss of C 1,764 crore (Previous Year C 152 crore) and income from assets measured at Fair Value Through Other Comprehensive Income of C 2,285 crore (Previous Year C 3,250 crore). 164 Reliance Industries Limited Integrated Annual Report 2023-24 165 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 27.1 Other Comprehensive Income - Items that will not be Reclassified to Profit or Loss Remeasurement loss of Defined Benefit Plan Equity instruments through OCI Total 27.2 Other Comprehensive Income - Items that will be Reclassified to Profit or Loss Government Securities Debenture or Bonds Debt Income Fund Fixed Maturity Plan Commodity Hedge Cash flow Hedge Total 28. Changes In Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade A) Inventories (At Close) Finished Goods / Stock-in-Trade Work-in-Progress * B) Inventories (At Commencement) Finished Goods / Stock-in-Trade Work-in-Progress * C) On Merger (Refer Note 42.1) D) Capitalised during the year Total (B-A+C-D) * Excludes inventory on completion of projects. 29. Employee Benefits Expense Salaries and Wages Contribution to Provident Fund and Other Funds Staff Welfare Expenses Total (C in crore) 2023-24 2022-23 29.1 As per Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined are given below: Defined Contribution Plans Contribution to Defined Contribution Plans, recognised as expense for the year is as under: (78) 40 (38) 2023-24 483 434 97 - 150 (1,101) 63 2023-24 15,647 39,036 54,683 19,811 37,599 57,410 - 27 (24) 33 9 (C in crore) 2022-23 (394) (701) 79 (91) 874 (9,716) (9,949) (C in crore) 2022-23 19,811 37,599 57,410 15,419 5,883 21,302 30,273 27 2,700 (5,862) 2023-24 6,408 384 1,015 7,807 (C in crore) 2022-23 4,779 292 1,194 6,265 Particulars Employer’s Contribution to Provident Fund Employer’s Contribution to Superannuation Fund Employer’s Contribution to Pension Scheme 2023-24 213 27 99 (C in crore) 2022-23 151 22 67 The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. Defined Benefit Plan I) Reconciliation of opening and closing balances of Defined Benefit Obligation Particulars Defined Benefit Obligation at beginning of the period Current Service Cost Interest Cost Actuarial Loss Benefits Paid * Liability Transferred In/(Out) (Net) Defined Benefit Obligation at end of the period * Includes benefits of C 112 crore (Previous Year C 108 crore) paid by the Company. II) Reconciliation of opening and closing balances of fair value of Plan Assets Particulars Fair value of Plan Assets at beginning of the year Return on Plan Assets Benefits Paid Assets Transferred In /(Out) (Net) Fair value of Plan Assets at end of the year III) Reconciliation of fair value of Assets and Obligations Particulars Fair value of Plan Assets Present value of Obligation Amount recognised in Balance Sheet [Surplus] (C in crore) Gratuity (Funded) 2023-24 2022-23 1,015 1,001 47 77 95 (114) 149 1,269 46 71 12 (110) (5) 1,015 (C in crore) Gratuity (Funded) 2023-24 2022-23 1,129 1,071 102 (2) 149 66 (3) (5) 1,378 1,129 (C in crore) Gratuity (Funded) 2023-24 2022-23 1,378 1,269 109 1,129 1,015 114 166 Reliance Industries Limited Integrated Annual Report 2023-24 167 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 IV) Expenses recognised during the year VIII) Sensitivity Analysis (C in crore) Gratuity (Funded) 2023-24 2022-23 Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably possible changes of the assumptions occurring at end of the reporting period, while holding all other assumptions constant. The result of Sensitivity analysis is given below: Particulars In Income Statement Current Service Cost Interest Cost Return on Plan Assets Net Cost In Other Comprehensive Income (OCI) Actuarial Loss Return on Plan Assets Net Expense for the year recognised in OCI V) Investment Details: Particulars GOI Securities Insurance Policies * C 10,00,000 VI) Actuarial assumptions Mortality Table (IALM) Discount Rate (per annum) Expected rate of return on Plan Assets (per annum) Rate of escalation in Salary (per annum) Rate of employee turnover (per annum) 47 77 (86) 38 95 (17) 78 As at 31st March, 2024 K in crore - * 1,378 1,378 % Invested 0.01 99.99 100.00 As at 31st March, 2023 K in crore 1 1,128 1,129 Gratuity (Funded) 2023-24 2012-14 (Urban) 7.23% 7.23% 6% 7% 46 71 (76) 41 14 10 24 % Invested 0.09 99.91 100.00 (C in crore) 2022-23 2012-14 (Urban) 7.60% 7.60% 6% 3% The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary. The Expected Rate of Return on Plan Assets is determined considering several applicable factors, mainly the composition of Plan Assets held, assessed risks, historical results of return on Plan Assets and the Company’s policy for Plan Assets Management. VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2023-24. Particulars Change in rate of discounting (delta effect of +/- 0.5%) Change in rate of salary increase (delta effect of -/+ 0.5%) Change in rate of employee turnover (delta effect of -/+ 0.5%) As at 31st March, 2024 As at 31st March, 2023 Decrease Increase Decrease Increase (C in crore) 23 23 2 24 24 2 21 22 2 22 23 2 Defined benefit plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary Risk. Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt investments. Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability. Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability. 29.2 Share Based Payments a) Scheme details The Company has Employees’ Stock Option Scheme i.e. ESOS-2017 under which options have been granted at the exercise price of C 10 per share to be vested from time to time on the basis of performance and other eligibility criteria. Details of number of options outstanding have been tabulated below: Financial Year (Year of Grant) ESOS - 2017 Number of Options Outstanding As at 31st March, 2024 As at 31st March, 2023 Financial Year of Vesting Exercise Price (K) Range of Fair value at Grant Date (K) Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2024 2020-21 2021-22 2023-24 Total 2,00,000 2,00,000 2021-22 to 2024-25 10.00 2,133.40 - 2,151.90 75,000 27,912 90,000 2022-23 to 2025-26 10.00 2,595.20 - 2,613.30 - 2024-25 to 2025-26 10.00 2,836.60 - 2,840.70 3,02,912 2,90,000 Exercise period would commence from the date of Vesting and would expire not later than seven years from the Grant Date or such other period as may be decided by the Human Resources, Nomination and Remuneration Committee of the Board. 168 Reliance Industries Limited Integrated Annual Report 2023-24 169 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 b) Fair Value on the grant date The fair value at grant date is determined using “Black Scholes Model” which takes into account the exercise price, term of the option, share price at grant date and expected price volatility of the underlying shares, expected dividend yield and the risk free interest rate for the term of the option. The model inputs for options granted during the year ended 31st March, 2021, 31st March, 2022 and 31st March, 2024 are mentioned below: 31. Other Expenses Manufacturing Expenses Stores, Chemicals and Packing Materials Electric Power, Fuel and Water ESOS - 2017 Labour Processing, Production Royalty and Machinery Hire Charges a) Weighted average exercise price b) Grant date: c) Vesting year: Share Price at grant date: C 10 C 10 C 10 05.10.2020 30.03.2022 26.03.2024 2021-22 to 2022-23 to 2024-2025 to 2024-25 C 2,212 2025-26 C 2,673 2025-2026 C 2,883 d) e) f) g) Expected price volatility of Company's share: 30.20% to 30.70% to 27.27% to Expected dividend yield: Risk free interest rate: 31.90% 0.60% 33.00% 0.49% 30.50% 0.30% 5.10% to 5.60% 5.86% to 6.34% 7.00% to 7.01% The expected price volatility is based on the historic volatility (based on remaining life of the options). c) Movement in share options during the year: Particulars As at 31st March, 2024 As at 31st March, 2023 Number of share options Weighted average exercise price Number of share options Weighted average exercise price Balance at the beginning of the year Granted during the year Exercised during the year Balance at the end of the year 2,90,000 27,912 (15,000) 3,02,912 10.00 10.00 10.00 10.00 3,90,000 - (1,00,000) 2,90,000 10.00 - 10.00 10.00 Weighted average remaining contractual life of the share option outstanding at the end of the year is 1,533 days (Previous Year 1,817 days). 30. Finance Costs Interest Expenses * Interest on Lease Liabilities Applicable loss on foreign currency transactions and translation Total * Net of Interest Capitalised of C 3,522 crore (Previous Year C 2,023 crore). 2023-24 12,152 225 1,053 13,430 (C in crore) 2022-23 11,969 227 437 12,633 Repairs to Building Repairs to Machinery Exchange Difference (Net) Excise Duty # Lease Rent Selling and Distribution Expenses Warehousing and Distribution Expenses Sales Tax / VAT Other Selling and Distribution Expenses Establishment Expenses Professional Fees General Expenses Rent Insurance Rates & Taxes Other Repairs Travelling Expenses Payment to Auditors Loss on Sale / Discard of Property, Plant and Equipment and Intangible Assets Charity and Donations Less: Transferred to Project Development Expenditure Total 2023-24 7,480 20,358 9,563 207 1,719 32 603 65 (C in crore) 2022-23 7,201 23,593 7,076 119 1,475 399 4,460 81 40,027 44,404 8,185 2,023 1,313 9,033 1,438 1,069 11,521 11,540 1,666 3,760 183 732 798 752 310 41 155 1,605 10,002 1,659 59,891 831 3,070 134 656 682 393 278 36 90 1,523 7,693 1,080 62,557 # Excise Duty shown under manufacturing expenditure represents the aggregate of Excise Duty borne by the Company and difference between Excise Duty on opening and closing stock of finished goods. Particulars 31.1 Payment to Auditors as: (a) Fees as Auditors (b) Tax Audit Fees (c) Fees for Other Services (d) Cost Audit Fees Total Fees for Other Services includes certification fees paid to auditors. 2023-24 (C in crore) 2022-23 34 2 4 1 41 30 2 3 1 36 170 Reliance Industries Limited Integrated Annual Report 2023-24 171 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 31.2 Corporate Social Responsibility (CSR) (iii) Cash flows from Discontinued Operations (a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is C 840 crore (Previous Year C 739 crore). (b) Expenditure related to Corporate Social Responsibility is C 900 crore (Previous Year C 744 crore). Particulars Rural Transformation Healthcare Education and Skill Development Sports for Development Environment, Ecology and Animal Welfare Others including Disaster Management, Women Empowerment, Arts and Culture Total 2023-24 (C in crore) 2022-23 107 186 531 24 40 12 900 73 282 281 56 32 20 744 (c) Out of note (b) above, C 223 crore (Previous Year C 397 crore) contributed to Reliance Foundation, C 20 crore (Previous Year C 34 crore) to Reliance Foundation Youth Sports, C 105 crore (Previous Year C 207 crore) to Reliance Foundation Institution of Education and Research, C 126 crore (Previous Year C Nil) to Sir HN Hospital Trust, C 170 crore (Previous Year C 15 crore) to Jamnaben Hirachand Ambani Foundation, C 11 crore (Previous Year C NIL) to Dhirubhai Ambani Foundation, C 6 crore (Previous Year C NIL) to Sir Hurkisondas Nurrotumdas Hospital & Research Centre and C 3 crore (Previous Year C 3 crore) to Hirachand Govardhandas Ambani Public Charitable Trust which are related parties. 32. Discontinued Operations (i) Demerger of Financial Services Business Undertaking: The Company vide the Scheme of arrangement (‘the Scheme’) demerged its financial services business undertaking to Reliance Strategic Investments Limited (presently known as Jio Financial Services Limited) a wholly owned subsidiary of the Company with effect from the appointed date of March 31, 2023. The Scheme has been sanctioned by the Hon’ble National Company Law Tribunal (Mumbai Bench) vide its Order dated June 28, 2023 (Refer Note 42.2). The Company has derecognised the net carrying value of assets of C 23,502 crore as on the appointed date i.e. March 31, 2023 to the Statement of Profit and Loss. Further, in accordance with the Scheme net amount of C 23,502 crore so derecognised has been adjusted against / withdrawn from retained earnings. Accordingly the demerged undertaking comprising of separate reportable segment of the Company and the attributable unallocated assets and liabilities represents discontinued operations and has been accounted for in accordance with the stipulations of Ind AS 105 - Non-current assets held for sale and discontinued operations. (ii) Profit from Discontinued Operations for the Year: (C in crore) Net cash inflows from operating activities Net cash inflows from investing activities 33. Earnings Per Share (EPS) Face Value Per Equity Share (K) Continuing Operations Basic earnings per share (C) Diluted earnings per share (C) Discontinued Operations Basic earnings per share (C) Diluted earnings per share (C) Continuing Operations and Discontinued Operations Basic earnings per share (C) Diluted earnings per share (C) Continuing Operations 2023-24 - - 2023-24 (C in crore) 2022-23 2,284 5,760 (C in crore) 2022-23 10 10 62.14 62.14 - - 62.14 62.14 63.56 63.56 1.76 1.76 65.32 65.32 Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders (C in crore) 42,042 43,002 Discontinued Operations Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders (C in crore) - 1,188 Continuing Operations and Discontinued Operations Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders (C in crore) 42,042 44,190 Weighted Average number of Equity Shares used as denominator Basic EPS Diluted EPS 6,76,58,10,816 6,76,55,50,967 6,76,62,40,686 6,76,61,55,766 Reconciliation of weighted average number of shares outstanding Weighted Average number of Equity Shares used as denominator for calculating Basic EPS ^ 6,76,58,10,816 6,76,55,50,967 Total Weighted Average Potential Equity Shares * 4,29,870 6,04,799 Weighted Average number of Equity Shares used as denominator for calculating Diluted EPS 6,76,62,40,686 6,76,61,55,766 2023-24 2022-23 ^ Refer Note 14.7 Total Income Expenses Tax Expenses on above Derecognition of net carrying value of assets Adjusted against retained earnings Profit after tax from discontinued operations - - - - - - - (23,502) 23,502 1,459 (20) (251) - 1,188 * Dilutive impact of Employee Stock Option Scheme and Partly paid Rights Issue Shares. 172 Reliance Industries Limited Integrated Annual Report 2023-24 173 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 34. Related Parties Disclosures As per Ind AS 24, the disclosures of transactions with the related parties are given below: (I) List of related parties and relationships: Sr. No. 1 2 3 4 5 6 7 8 9 Name of the Subsidiary Companies Sr. No. Name of the Subsidiary Companies 7-India Convenience Retail Limited 40 Den Kashi Cable Network Limited Aaidea Solutions Limited Accops Systems FZ-LLC ^ Accops Systems Private Limited ^ Actoserba Active Wholesale Limited Addverb Technologies BV Addverb Technologies Limited Addverb Technologies Pte. Ltd. 41 Den Malayalam Telenet Private Limited 42 Den Mod Max Cable Network Private Limited 43 Den Nashik City Cable Network Private Limited 44 Den Networks Limited 45 Den Premium Multilink Cable Network Private Limited 46 Den Rajkot City Communication Private Limited 47 Den Satellite Cable TV Network Limited Addverb Technologies Pty Limited 48 Den Saya Channel Network Limited 10 Addverb Technologies USA Inc. 11 Adventure Marketing Private Limited # 12 AETN18 Media Private Limited # 13 Amante Exports (Private) Limited 14 Amante India Limited 15 Amante Lanka (Private) Limited 16 Asteria Aerospace Limited 49 Den Supreme Satellite Vision Private Limited 50 Den-Manoranjan Satellite Private Limited 51 Digital18 Media Limited # 52 Digital Media Distribution Trust % 53 Drashti Cable Network Limited 54 Dronagiri Bokadvira East Infra Limited 55 Dronagiri Bokadvira North Infra Limited 17 Bhadohi DEN Entertainment Private Limited 56 Dronagiri Bokadvira South Infra Limited 18 Bismi Connect Limited (Formerly known as Bismi 57 Dronagiri Bokadvira West Infra Limited Connect Private Limited) ^ 19 Bismi Hypermart Limited (Formerly known as Bismi Hypermart Private Limited) ^ 20 Catwalk Worldwide Limited (Formerly known as Catwalk Worldwide Private Limited) 21 Channels India Network Private Limited 22 Chennai Cable Vision Network Private Limited 23 Colorful Media Private Limited # 24 Colosceum Media Private Limited # 25 Columbus Centre Corporation (Cayman) ^ 26 Columbus Centre Holding Company LLC ^ 27 Cover Story Clothing Limited 28 Cover Story Clothing UK Limited 29 Crystalline Silica and Mining Limited ^ 30 C-Square Info-Solutions Limited 31 Dadha Pharma Distribution Limited 32 DEN Ambey Cable Networks Private Limited 33 Den Broadband Limited 34 Den Budaun Cable Network Private Limited 35 Den Discovery Digital Networks Private Limited 36 Den Enjoy Cable Networks Private Limited 37 Den Enjoy Navaratan Network Private Limited 38 Den F K Cable TV Network Private Limited 39 Den Fateh Marketing Private Limited 58 Dronagiri Dongri East Infra Limited 59 Dronagiri Dongri North Infra Limited 60 Dronagiri Dongri South Infra Limited 61 Dronagiri Dongri West Infra Limited 62 Dronagiri Funde East Infra Limited 63 Dronagiri Funde North Infra Limited 64 Dronagiri Funde South Infra Limited 65 Dronagiri Funde West Infra Limited 66 Dronagiri Navghar East Infra Limited 67 Dronagiri Navghar North First Infra Limited 68 Dronagiri Navghar North Infra Limited 69 Dronagiri Navghar North Second Infra Limited 70 Dronagiri Navghar South First Infra Limited 71 Dronagiri Navghar South Infra Limited 72 Dronagiri Navghar South Second Infra Limited 73 Dronagiri Navghar West Infra Limited 74 Dronagiri Pagote East Infra Limited 75 Dronagiri Pagote North First Infra Limited 76 Dronagiri Pagote North Infra Limited 77 Dronagiri Pagote North Second Infra Limited 78 Dronagiri Pagote South First Infra Limited 79 Dronagiri Pagote South Infra Limited 80 Dronagiri Pagote West Infra Limited 81 Dronagiri Panje East Infra Limited ^ Relationships established during the year. # Control by Independent Media Trust of which the Company is the sole beneficiary. % Company / Subsidiary is a beneficiary. 174 Reliance Industries Limited Sr. No. Name of the Subsidiary Companies 82 Dronagiri Panje North Infra Limited 83 Dronagiri Panje South Infra Limited 84 Dronagiri Panje West Infra Limited 85 e-Eighteen.com Limited # 86 Elite Cable Network Private Limited 87 Eminent Cable Network Private Limited Sr. No. Name of the Subsidiary Companies 123 IndiaCast US Limited # 124 Indiavidual Learning Limited 125 Indiawin Sports Middle East Limited 126 Indiawin Sports Private Limited 127 Indiawin Sports USA Inc. ^ 128 Infomedia Press Limited # 88 Enercent Technologies Private Limited 129 Intelligent Supply Chain Infrastructure Management 89 Eternalia Media Private Limited ^ 90 Ethane Coral LLC ^ 91 Ethane Diamond LLC ^ 92 Ethane Jade LLC ^ 93 Faradion Limited 94 Faradion UG 95 Foodhall Franchises Limited 96 Future Lifestyles Franchisee Limited Private Limited @ 130 Intimi India Limited 131 IPCO Holdings LLP ^ 132 IW Columbus Centre LLC ^ 133 Jaisuryas Retail Ventures Limited 134 Jio Cable and Broadband Holdings Private Limited $ 135 Jio Content Distribution Holdings Private Limited $ 136 Jio Digital Distribution Holdings Private Limited $ 97 Futuristic Media and Entertainment Limited 137 Jio Estonia OÜ 98 Galaxy Den Media & Entertainment Private Limited 138 Jio Futuristic Digital Holdings Private Limited $ 99 Genesis Colors Limited 100 Genesis La Mode Private Limited 101 GLB Body Care Private Limited 102 GLF Lifestyle Brands Private Limited 103 GML India Fashion Private Limited 104 Grab A Grub Services Limited 105 Greycells18 Media Limited # 106 Hamleys (Franchising) Limited 107 Hamleys Asia Limited 108 Hamleys of London Limited 109 Hamleys Toys (Ireland) Limited 139 Jio Haptik Technologies Limited 140 Jio Infrastructure Management Services Limited & 141 Jio Internet Distribution Holdings Private Limited $ 142 Jio Limited 143 Jio Media Limited 144 Jio Platforms Limited 145 Jio Satellite Communications Limited 146 Jio Television Distribution Holdings Private Limited$ 147 Jio Things Limited 148 Just Dial Limited 149 Kalamboli East Infra Limited 110 Hathway Bhaskar CCN Multi Entertainment Private 150 Kalamboli North First Infra Limited Limited 151 Kalamboli North Infra Limited 111 Hathway Bhawani Cabletel & Datacom Limited 152 Kalamboli North Second Infra Limited 112 Hathway Cable and Datacom Limited 113 Hathway Digital Limited 114 Hathway Kokan Crystal Cable Network Limited 115 Hathway Mantra Cable & Datacom Limited 116 Hathway Nashik Cable Network Private Limited 117 Hathway VCN Cablenet Private Limited ^ 118 ICD Columbus Centre Hotel LLC ^ 119 Independent Media Trust % 120 India Mumbai Indians (Pty) Ltd 121 IndiaCast Media Distribution Private Limited # 122 IndiaCast UK Limited # 153 Kalamboli North Third Infra Limited 154 Kalamboli South First Infra Limited 155 Kalamboli South Infra Limited 156 Kalamboli West Infra Limited 157 Kalanikethan Fashions Limited 158 Kalanikethan Silks Limited 159 KIKO Cosmetics Retail Private Limited ^ 160 Kishna Den Cable Networks Private Limited 161 Kutch New Energy Projects Limited 162 Libra Cable Network Limited 163 Lithium Werks China Manufacturing Co., Ltd # Control by Independent Media Trust of which the Company is the sole beneficiary. ^ Relationships established during the year. @ Ceased to be related party during the year. $ Control by Digital Media Distribution Trust of which Reliance Content Distribution Limited is the sole beneficiary, which is a wholly-owned subsidiary of the Company. & Relationship changed from Entities under Common Joint Control to Subsidiary. % Company / Subsidiary is a beneficiary. Integrated Annual Report 2023-24 175 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the Subsidiary Companies Sr. No. Name of the Subsidiary Companies 164 Lithium Werks Technology B.V. 165 Lotus Chocolate Company Limited ^ 166 M Entertainments Private Limited 167 Mahadev Den Cable Network Limited 168 Mahavir Den Entertainment Private Limited 169 Mansion Cable Network Private Limited 170 Mayuri Kumkum Limited 171 Media18 Distribution Services Limited # 172 Meerut Cable Network Private Limited 173 Mesindus Ventures Limited 209 REC ScanModule Sweden AB 210 REC Solar (Japan) Co., Ltd 211 REC Solar EMEA GmbH 212 REC Solar France 213 REC Solar Holdings AS 214 REC Solar Norway AS 215 REC Solar Pte. Limited 216 REC Systems (Thailand) Co., Ltd 217 REC Trading (Shanghai) Co., Ltd 218 REC US Holdings, Inc. 174 Metro Cash and Carry India Private Limited ^ 219 Recron (Malaysia) Sdn. Bhd. 175 Mimosa Networks Bilişim Teknolojileri Limited Şirketi ^ 220 Reliance 4IR Realty Development Limited 176 Mimosa Networks, Inc. ^ 177 Mindex 1 Limited 178 Model Economic Township Limited 179 Moneycontrol.Dot Com India Limited # 180 MYJD Private Limited 181 Netmeds Healthcare Limited 182 Network18 Media Trust % 183 Network18 Media & Investments Limited # 221 Reliance A&T Fashions Private limited 222 Reliance Abu Sandeep Private Limited 223 Reliance AK-OK Fashions Limited 224 Reliance Ambit Trade Private Limited 225 Reliance Beauty & Personal Care Limited 226 Reliance Bhutan Limited 227 Reliance Bio Energy Limited 228 Reliance BP Mobility Limited 184 New Emerging World of Journalism Limited 229 Reliance Brands Eyewear Private Limited (Formerly Rod 185 New York Hotel, LLC ^ 186 NextGen Fast Fashion Limited 187 Nilgiris Stores Limited 188 NowFloats Technologies Limited 189 Purple Panda Fashions Limited 190 Radiant Satellite (India) Private Limited 191 Radisys B.V. 192 Radisys Canada Inc. 193 Radisys Cayman Limited 194 Radisys Convedia (Ireland) Limited 195 Radisys Corporation 196 Radisys GmbH 197 Radisys India Limited 198 Radisys International LLC 199 Radisys International Singapore Pte. Ltd 200 Radisys Spain S.L.U. Retail Private Limited) 230 Reliance Brands Holding UK Limited 231 Reliance Brands Limited 232 Reliance Brands Luxury Fashion Private Limited 233 Reliance Carbon Fibre Cylinder Limited 234 Reliance Chemicals and Materials Limited 235 Reliance Clothing India Limited 236 Reliance Commercial Dealers Limited 237 Reliance Comtrade Private Limited 238 Reliance Consumer Products Limited 239 Reliance Content Distribution Limited 240 Reliance Corporate IT Park Limited 241 Reliance Digital Health Limited 242 Reliance Digital Health USA Inc. 243 Reliance Eagleford Upstream Holding LP @ 244 Reliance Eagleford Upstream LLC 201 Radisys Systems Equipment Trading (Shanghai) Co. Ltd 245 Reliance Electrolyser Manufacturing Limited ^ 202 Radisys Technologies (Shenzhen) Co., Ltd. 246 Reliance Eminent Trading & Commercial Private Limited 203 Radisys UK Limited 204 RB Holdings Private Limited # 205 RB Media Holdings Private Limited # 206 RB Mediasoft Private Limited # 207 RBML Solutions India Limited 208 REC Americas LLC 247 Reliance Ethane Holding Pte. Ltd. 248 Reliance Ethane Pipeline Limited 249 Reliance Exploration & Production DMCC 250 Reliance Finance and Investments USA LLC 251 Reliance GAS Lifestyle India Private Limited 252 Reliance Gas Pipelines Limited # Control by Independent Media Trust of which the Company is the sole beneficiary. ^ Relationships established during the year. @ Ceased to be related party during the year. % Company / Subsidiary is a beneficiary. 176 Reliance Industries Limited Sr. No. Name of the Subsidiary Companies Sr. No. Name of the Subsidiary Companies 253 Reliance Global Energy Services (Singapore) Pte. 295 Reliance Prolific Traders Private Limited Limited 254 Reliance Global Energy Services Limited 255 Reliance Global Project Services Pte. Ltd 256 Reliance Global Project Services UK Limited 257 Reliance Green Hydrogen and Green Chemicals Limited ^ 258 Reliance Hydrogen Electrolysis Limited 259 Reliance Hydrogen Fuel Cell Limited 260 Reliance Industries (Middle East) DMCC 261 Reliance Infratel Limited @ 296 Reliance Rahul Mishra Fashion Private Limited 297 Reliance Retail and Fashion Lifestyle Limited 298 Reliance Retail Limited 299 Reliance Retail Ventures Limited 300 Reliance Ritu Kumar Private Limited 301 Reliance Sibur Elastomers Private Limited 302 Reliance SMSL Limited @ 303 Reliance SOU Limited 304 Reliance Strategic Business Ventures Limited 262 Reliance Innovative Building Solutions Private Limited 305 Reliance Syngas Limited 263 Reliance International Limited 264 Reliance Jio Global Resources, LLC 265 Reliance Jio Infocomm Limited 266 Reliance Jio Infocomm Pte. Ltd. 267 Reliance Jio Infocomm UK Limited 268 Reliance Jio Infocomm USA, Inc. 269 Reliance Jio Media Limited @ 270 Reliance Jio Messaging Services Limited @ 271 Reliance Lifestyle Products Private Limited 272 Reliance Lithium Werks B.V. 273 Reliance Lithium Werks USA LLC 274 Reliance Logistics and Warehouse Holdings Limited @ 275 Reliance Luxe Beauty Limited (Formerly Known as Arvind Beauty Brands Retail Limited) ^ 276 Reliance Mappedu Multi Modal Logistics Park Limited 277 Reliance Marcellus LLC 278 Reliance Neucomm LLC 279 Reliance New Energy Battery Storage Limited 280 Reliance New Energy Carbon Fibre Cylinder Limited 281 Reliance New Energy Hydrogen Electrolysis Limited 282 Reliance New Energy Hydrogen Fuel Cell Limited 283 Reliance New Energy Limited 284 Reliance New Energy Power Electronics Limited 285 Reliance New Energy Storage Limited 286 Reliance New Power Electronics Limited ^ 287 Reliance New Solar Energy Limited 288 Reliance Petro Marketing Limited 289 Reliance Petro Materials Limited 290 Reliance Polyester Limited 291 Reliance Power Electronics Limited 292 Reliance Progressive Traders Private Limited 293 Reliance Projects & Property Management Services Limited 294 Reliance Prolific Commercial Private Limited 306 Reliance TerraTech Holdings LLC 307 Reliance UbiTek LLC 308 Reliance Universal Traders Private Limited 309 Reliance Vantage Retail Limited 310 Reliance Ventures Limited 311 Reliance-GrandOptical Private Limited 312 Reverie Language Technologies Limited 313 RIL USA, Inc. 314 RISE Worldwide Limited 315 Ritu Kumar M.E. (FZE) 316 Roptonal Limited # 317 Rose Entertainment Private Limited 318 RP Chemicals (Malaysia) Sdn. Bhd. 319 RRB Mediasoft Private Limited # 320 Saavn Holdings, LLC (Formerly known as Saavn Inc.) @ 321 Saavn LLC @ 322 Saavn Media Limited 323 SankhyaSutra Labs Limited 324 SenseHawk, Inc. 325 Sensehawk India Private Limited 326 Sensehawk MEA Limited 327 Shopsense Retail Technologies Limited 328 Shri Kannan Departmental Store Limited 329 skyTran Inc. 330 Soubhagya Confectionery Private Limited ^ 331 Srishti Den Networks Limited 332 Stoke Park Limited 333 Strand Life Sciences Private Limited 334 Surajya Services Limited 335 Surela Investment And Trading Limited 336 Tesseract Imaging Limited 337 The Indian Film Combine Private Limited 338 Thodupuzha Retail Private Limited ^ ^ Relationships established during the year. @ Ceased to be related party during the year. # Control by Independent Media Trust of which the Company is the sole beneficiary. Integrated Annual Report 2023-24 177 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the Subsidiary Companies Sr. No. Name of the Subsidiary Companies (II) Transactions during the Year with related parties: 339 Tira Beauty Limited 340 Tresara Health Limited 341 TV18 Broadcast Limited # 342 Ulwe East Infra Limited 343 Ulwe North Infra Limited 344 Ulwe South Infra Limited 345 Ulwe Waterfront East Infra Limited 346 Ulwe Waterfront North Infra Limited 347 Ulwe Waterfront South Infra Limited 348 Ulwe Waterfront West Infra Limited 349 Ulwe West Infra Limited 350 Urban Ladder Home Décor Solutions Limited 351 V - Retail Limited (Formerly known as V - Retail Private Limited) 352 VasyERP Solutions Private Limited 353 VBS Digital Distribution Network Limited 354 Vengara Retail Private Limited ^ 355 Viacom 18 Media (UK) Limited # 356 Viacom 18 Media Private Limited # 357 Viacom 18 US Inc. # 358 Vitalic Health Limited 359 Watermark Infratech Private Limited # 360 Web18 Digital Services Limited # ^ Relationships established during the year. # Control by Independent Media Trust of which the Company is the sole beneficiary. Sr. No. Nature of Transactions (Excluding Reimbursements) Subsidiaries/ Beneficiary Associates / Joint Ventures Key Managerial Personnel/ Relative 1 Purchase of Property, Plant and 9,747 Equipment and Intangible Assets Purchase / Subscription of Investments Sale / Redemption of Investments 4,121 36,786 66,496 3,352 213 Net Loans and Advances, Deposits Given/ (2,954) (Returned) 2 3 4 5 6 7 8 9 Deposit (Refund) / Received Revenue from Operations Other Income Purchase of Goods / Services Electric Power, Fuel and Water 10 Labour Processing and Hire Charges 11 Employee Benefits Expenses 12 Payment to Key Managerial Personnel/ Relative 13 Selling and Distribution Expenses 14 Rent 15 Professional Fees 16 General Expenses # 17 Travelling Expenses 18 Donations (41,094) - 2,254 3,29,718 3,04,294 1,150 2,400 1,30,160 25,993 124 104 6,063 5,457 362 361 - - 332 265 4 1 223 167 896 669 168 130 - - 13 1 3,718 2,283 - - (15) (16) - - 3,975 4,640 132 283 1,647 1,386 4,552 4,569 8 15 1 3 - - 76 65 14 17 23 11 9 5 - - - - - - - - - - - - - - - - - - - - - - - - - - 99 103 - - - - - - - - - - - - (C in crore) Others Total 1 1 - - - - - - - - 3 2 6 6 9,761 4,123 40,504 68,779 3,352 213 (2,969) (41,110) - 2,254 3,33,696 3,08,936 1,288 2,689 1,484 1,571 1,33,291 28,950 - - - 54 659 492 - - 2,574 2,266 - - - - 11 9 - - 674 796 4,676 4,673 6,071 5,526 1,022 856 99 103 2,982 2,596 18 18 246 178 916 683 168 130 674 796 Note: Figures in italic represents Previous Year’s amounts. # Does not include sitting fees of Non-Executive Directors. 178 Reliance Industries Limited Integrated Annual Report 2023-24 179 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 (III) Balances as at 31st March, 2024 Sr. No. Nature of Balances Subsidiaries/ Beneficiary Associates / Joint Ventures Key Managerial Personnel/ Relative (C in crore) Others Total Particulars Associate 2023-24 (C in crore) 2022-23 1 2 3 4 5 6 7 8 9 Investments Trade Receivables Loans and Advances Deposits Other Financial Assets- Current Other Financial Assets- Non Current Others Non-current assets Trade and Other Payables Other Financial Liabilities - Current 10 Other Current Liabilities 11 Financial Guarantees 12 Performance Guarantees 2,15,952 1,74,309 5,930 12,756 10,051 13,026 96 74 1,540 27,460 15,465 - 1 - 56,674 2,777 13,158 10,101 17,993 12,152 7,256 8,949 3,235 1,965 5,980 2,262 171 1,016 - - 153 168 1 - - - - - 511 1,159 - - - - 5,350 1,900 - - Note: Figures in italic represents Previous Year’s amounts. (IV) Disclosure in Respect of Major Related Party Transactions during the year Particulars 1 Purchase of Property Plant & Equipment and Intangible Assets Subsidiary Asteria Aerospace Limited Jio Platforms Limited Jio Things Limited REC Solar Pte. Limited Reliance Brands Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited Reliance Lifestyle Products Private Limited Reliance New Solar Energy Limited Reliance Projects & Property Management Services Limited Reliance Retail Limited Reliance Sibur Elastomers Private Limited Reliance Syngas Limited - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 353 353 - - - - - 92 - - - - - - - - - 2,21,932 1,76,571 6,101 13,772 10,051 13,026 602 595 1,541 27,460 15,465 - 1 - 57,277 3,936 13,158 10,101 17,993 12,152 12,606 10,849 3,235 1,965 2023-24 (C in crore) 2022-23 - 2,103 8 37 4 1 1,240 - - 1 1 1 5,669 61 87 12 1 - 2 - 85 31 14 - Jamnagar Utilities & Power Private Limited Sterling and Wilson Renewable Energy Limited Joint Venture Sintex Industries Limited Company under Common Control # Jio Payment Solutions Limited (Formerly known as Reliance Payment Solutions Limited) Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 2 Purchase / Subscription of Investments Subsidiary Independent Media Trust Reliance 4IR Realty Development Limited Reliance Digital Health Limited Reliance Ethane Holding Pte. Ltd. Reliance Gas Pipelines Limited Reliance Marcellus LLC Reliance New Energy Limited Reliance Projects & Property Management Services Limited Reliance Retail Limited Reliance Retail Ventures Limited Reliance Strategic Business Ventures Limited SenseHawk, Inc. Joint Venture Alok Industries Limited BAM DLR Chennai Private Limited ^ BAM DLR Data Center Services Private Limited ^ BAM DLR Mumbai Private Limited ^ BAM DLR Network Services Private Limited ^ Sintex Industries Limited Company under Common Control # Reliance Industrial Investments and Holdings Limited 3 Sale / Redemption of Investments Subsidiary Indiawin Sports Private Limited Jio Platforms Limited Reliance Content Distribution Limited Reliance Strategic Business Ventures Limited Subsidiary Reliance 4IR Realty Development Limited Reliance Commercial Dealers Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited ^ Relationships established during the year. - 10 3 - 1 - 700 9 852 - 366 9,542 1,545 - 2,500 21,272 - 3,300 273 9 134 2 - - - - - 3,352 4,078 - (609) (235) 1 - - 70 1 2 8,776 369 - 392 166 923 39,645 299 - 15,056 264 - - - - - 1,500 604 25 102 86 - (783) (8) (731) (190) # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. 1,763 2,677 4 Net Loans and Advances, Deposits Given / (Returned) 180 Reliance Industries Limited Integrated Annual Report 2023-24 181 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Particulars Reliance Gas Pipelines Limited Reliance New Energy Limited Reliance Projects & Property Management Services Limited Reliance Sibur Elastomers Private Limited Reliance Strategic Business Ventures Limited Surela Investment And Trading Limited Associate Gujarat Chemical Port Limited Company under Common Control # 2023-24 - (426) 136 621 (6,540) 21 (C in crore) 2022-23 (395) 426 (32,576) 595 (254) - (15) (16) Reliance Industrial Investments and Holdings Limited - (7,148) 5 Deposit (Refund) / Received Subsidiary Reliance New Energy Limited Reliance Jio Infocomm Limited 6 Revenue from Operations Subsidiary Genesis La Mode Private Limited Indiawin Sports Private Limited Jio Infrastructure Management Services Limited & Jio Media Limited Jio Platforms Limited Model Economic Township Limited RBML Solutions India Limited Recron (Malaysia) Sdn. Bhd. Reliance Bio Energy Limited Reliance BP Mobility Limited Reliance Brands Limited Reliance Chemicals and Materials Limited Reliance Commercial Dealers Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited Reliance Gas Pipelines Limited Reliance Global Energy Services (Singapore) Pte. Limited Reliance Industries (Middle East) DMCC Reliance International Limited Reliance Jio Infocomm Limited Reliance Jio Infocomm Pte. Ltd. Reliance New Solar Energy Limited Reliance Petro Marketing Limited Reliance Polyester Limited Reliance Projects & Property Management Services Limited Reliance Retail Limited Reliance Sibur Elastomers Private Limited Reliance Syngas Limited Reverie Language Technologies Limited - - 1 5 4 - 1,102 2 564 1 1 (24) 2,278 - - - 1 1,032 1 306 2,084 - 31,191 13,486 10 4 49 500 5,127 29 3 1 41 500 3,414 42 15,932 28,721 6 - 2,56,880 2,35,672 10,273 4,453 2 795 1,722 1,750 44 426 1,196 120 2 1 114 600 121 406 113 1,136 497 - & Relationship changed from Entities under Common Joint Control to Subsidiary. # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. Particulars RIL USA, Inc. RISE Worldwide Limited RP Chemicals (Malaysia) Sdn. Bhd. TV18 Broadcast Limited Viacom 18 Media Private Limited Associate Big Tree Entertainment Private Limited BookmyShow Live Private Limited Gujarat Chemical Port Limited Jamnagar Utilities & Power Private Limited Joint Venture Alok Industries Limited Football Sports Development Limited India Gas Solutions Private Limited Marks and Spencer Reliance India Private Limited Ryohin-Keikaku Reliance India Private Limited Sintex Industries Limited TCO Reliance India Private Limited Companies under Common Control # Jio Financial Services Limited (Formerly known as Reliance Strategic Investments Limited) Jio Insurance Broking Limited (Formerly known as Reliance Retail Insurance Broking Limited) Reliance Industrial Investments and Holdings Limited Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited Sir HN Hospital Trust 7 Other Income Subsidiary E-Eighteen.Com Limited Network18 Media & Investments Limited Recron (Malaysia) Sdn. Bhd. Reliance 4IR Realty Development Limited Reliance BP Mobility Limited Reliance Brands Limited Reliance Brands Luxury Fashion Private Limited Reliance Chemicals and Materials Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited Reliance Gas Pipelines Limited Reliance Global Energy Services (Singapore) Pte. Limited Reliance Industries (Middle East) DMCC Reliance International Limited Reliance Jio Infocomm Limited Reliance New Energy Limited Reliance New Solar Energy Limited 2023-24 385 4 1,026 1 558 2 1 4 (C in crore) 2022-23 5,764 - 885 - 552 8 - 4 280 349 1,926 9 1,631 - 1 118 - 1 - - 1 - 7 1 1 350 29 2 1 4 189 27 - 1 1 17 13 167 4 3,085 4 1,167 20 - - 1 889 6 347 1 1 6 1 3 230 66 - - - 201 41 10 1 1 4 16 7 8 # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. 182 Reliance Industries Limited Integrated Annual Report 2023-24 183 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Particulars Reliance Projects & Property Management Services Limited Reliance Retail Limited Reliance Sibur Elastomers Private Limited Reliance Strategic Business Ventures Limited Reliance Syngas Limited Reliance Ventures Limited RIL USA, Inc. Rise Worldwide Limited RP Chemicals (Malaysia) Sdn. Bhd. Saavn Media Limited skyTran Inc. TV18 Broadcast Limited Associate BookmyShow Live Private Limited Gujarat Chemical Port Limited Reliance Industrial Infrastructure Limited Joint Venture Alok Industries Limited Burberry India Private Limited IBN Lokmat News Private Limited India Gas Solutions Private Limited Ryohin-Keikaku Reliance India Private Limited Sintex Industries Limited Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Jamnaben Hirachand Ambani Foundation Sir HN Hospital Trust 8 Purchase of Goods / Services Subsidiary Enercent Technologies Private Limited Jio Platforms Limited Radisys India Limited Reliance BP Mobility Limited Reliance Brands Luxury Fashion Private Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited Reliance Global Energy Services (Singapore) Pte. Limited Reliance Industries (Middle East) DMCC Reliance International Limited Reliance Jio Global Resources, LLC Reliance Jio Infocomm Limited Reliance Lifestyle Products Private Limited Reliance New Solar Energy Limited Reliance Petro Marketing Limited Reliance Polyester Limited Reliance Progressive Traders Private Limited Reliance Projects & Property Management Services Limited 2023-24 26 2 81 186 9 7 - 4 1 - 12 8 1 46 2 66 1 2 9 1 1 5 1 - 814 3 9 2 2 8,161 671 1,659 1,11,117 120 228 1 12 1,811 94 2 975 (C in crore) 2022-23 1,013 2 23 662 3 67 6 3 - 2 17 7 - 15 2 13 - 1 248 - - 5 1 4 198 - 2 - 1 5,080 429 1,531 8,088 - 183 - - - 9 - - Particulars Reliance Prolific Commercial Private Limited Reliance Prolific Traders Private Limited Reliance Retail Limited Reliance Sibur Elastomers Private Limited Reliance Syngas Limited RIL USA, Inc. Associate Big Tree Entertainment Private Limited Gujarat Chemical Port Limited Jamnagar Utilities & Power Private Limited MM Styles Private Limited Reliance Industrial Infrastructure Limited Sterling and Wilson Renewable Energy Limited Joint Venture Alok Industries Limited India Gas Solutions Private Limited Sintex Industries Limited Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 9 Electric Power, Fuel and Water Subsidiary Reliance Corporate IT Park Limited Reliance Sibur Elastomers Private Limited Associate Jamnagar Utilities & Power Private Limited Reliance Industrial Infrastructure Limited 10 Labour Processing and Hire Charges Subsidiary Reliance Ethane Pipeline Limited Reliance Syngas Limited Associate 2023-24 2 1 56 1,378 8 3,034 2 167 26 7 20 1 176 1,239 9 (C in crore) 2022-23 - - 60 135 35 4,618 - 157 62 - 20 - 64 1,083 - 1,484 1,571 115 9 4,539 13 93 11 4,557 12 339 5,724 319 5,138 Reliance Industrial Infrastructure Limited 8 15 Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 11 Employee Benefit Expenses Subsidiary Jio Platforms Limited Reliance Corporate IT Park Limited Reliance Projects & Property Management Services Limited Reliance Retail Limited Tresara Health Limited Associate - 54 94 64 150 53 1 82 83 162 33 1 Future101 Design Private Limited 1 2 184 Reliance Industries Limited Integrated Annual Report 2023-24 185 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Particulars Joint Venture Alok Industries Limited Post Employment Benefit * IPCL employees Provident Fund Trust Reliance Employees Provident Fund Bombay Reliance Industries Limited Staff superannuation scheme Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Jamnaben Hirachand Ambani Foundation Sir HN Hospital Trust 12 Payment to Key Managerial Personnel / Relative Key Managerial Personnel Shri Mukesh D. Ambani Shri Nikhil R. Meswani Shri Hital R. Meswani Shri P.M.S. Prasad Shri Pawan Kumar Kapil $$~ (C 47,21,421) Shri Alok Agarwal $$$ Shri Srikanth Venkatachari Smt. Savithri Parekh Relative of Key Managerial Personnel Smt. Nita M. Ambani *** Ms. Isha M. Ambani ** Shri Akash M. Ambani ** Shri Anant M. Ambani ** 13 Selling and Distribution Expenses Subsidiary Jio Things Limited Reliance BP Mobility Limited Reliance Brands Limited Reliance Industries (Middle East) DMCC Reliance International Limited Reliance Projects & Property Management Services Limited Reliance Retail Limited Viacom 18 Media Private Limited Associate Gujarat Chemical Port Limited Reliance Industrial Infrastructure Limited Joint Venture India Gas Solutions Private Limited * Also include employee contribution. $$ Ceased to be related party w.e.f. 15th May, 2023. $$$ Ceased to be related party w.e.f. 1st June, 2023. ** Appointed as Director w.e.f. 27th October, 2023. *** Cessation of directorship w.e.f. close of business hours of 28th August, 2023. ~ Does not include rent free accommodation provided by the Company. 2023-24 (C in crore) 2022-23 - 1 119 433 26 2 79 - 25 25 18 - 5 19 3 1 1 1 1 1 115 1 8 206 - - 1 74 2 - 121 299 20 - 52 - 25 25 14 4 13 17 3 2 - - - - 172 1 - 90 1 1 - 57 3 5 Particulars Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 14 Rent Subsidiary Reliance BP Mobility Limited Surela Investment And Trading Limited Associate Reliance Industrial Infrastructure Limited Joint Venture Alok Industries Limited 15 Professional Fees Subsidiary Jio Platforms Limited Reliance Brands Limited Reliance Corporate IT Park Limited Reliance Digital Health USA Inc. Reliance Global Energy Services (Singapore) Pte. Limited Reliance Jio Global Resources LLC Reliance Projects & Property Management Services Limited RIL USA, Inc. Associate Big Tree Entertainment Private Limited Reliance Europe Limited 16 General Expenses Subsidiary Reliance BP Mobility Limited Reliance Commercial Dealers Limited Reliance Global Energy Services (Singapore) Pte. Limited Reliance Industries (Middle East) DMCC Reliance Jio Infocomm Limited Reliance Retail Limited The Indian Film Combine Private Limited Associate Big Tree Entertainment Private Limited Future101 Design Private Limited MM Styles Private Limited Vadodara Enviro Channel Limited Joint Venture Zegna South Asia Private Limited Company under Common Control # Jio Payment Solutions Limited (Formerly Reliance Payment Solutions Limited) Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 17 Travelling Expenses Subsidiary Stoke Park Limited 2023-24 (C in crore) 2022-23 2,574 2,266 1 3 13 1 53 1 142 2 - - 20 5 4 19 12 685 - - 158 39 2 3 - 1 5 - 1 10 1 - 17 - 39 1 29 8 2 35 49 4 - 11 15 542 1 1 52 58 - 1 1 - 2 1 - 9 168 130 186 Reliance Industries Limited Integrated Annual Report 2023-24 187 # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Particulars 18 Donations Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Dhirubhai Ambani Foundation Hirachand Govardhandas Ambani Public Charitable Trust Jamnaben Hirachand Ambani Foundation Reliance Foundation Reliance Foundation Institution of Education and Research Reliance Foundation Youth Sports Sir HN Hospital Trust Sir Hurkisondas Nurrotamdas Hospital and Research Centre (V) Balances as at 31st March, 2024 Particulars 1 Loans and Advances Subsidiary Reliance 4IR Realty Development Limited Reliance Corporate IT Park Limited Reliance Ethane Pipeline Limited Reliance New Energy Limited Reliance Projects & Property Management Services Limited Reliance Sibur Elastomers Private Limited Reliance Strategic Business Ventures Limited 2 Deposits Non-Current Subsidiary Reliance Commercial Dealers Limited * Reliance Ethane Pipeline Limited Associate Gujarat Chemical Port Limited * Jamnagar Utilities & Power Private Limited * Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited * Current Subsidiary Reliance Jio Infocomm Limited Surela Investment And Trading Limited Associate Gaurav Overseas Private Limited * Fair value of deposit as per Accounting Standard. 2023-24 (C in crore) 2022-23 34.1 Compensation of Key Managerial Personnel The compensation of directors and other member of Key Managerial Personnel during the year was as follows: 11 3 180 223 105 20 126 6 - 3 155 397 207 34 - - (C in crore) As at 31st March, 2024 As at 31st March, 2023 6,162 2,114 168 - 136 1,216 255 44 30 18 118 2,084 2,723 403 426 - 595 6,795 43 30 33 118 353 353 1 21 17 1 - 17 i ii Short-term benefits Post employment benefits 2023-24 93 2 95 (C in crore) 2022-23 99 2 101 35.1 Disclosure of the Company’s Interest in Oil and Gas Joint Arrangements (Joint Operation): Sr. No. Name of the Fields in the Joint Ventures Company’s % Interest 2023-24 2022-23 Partners and their Participating Interest (PI) Country 1 Mid and South Tapti 30% 30% BG Exploration & Production India Limited India - 30%; Oil and Natural Gas Corporation Limited - 40% 2 3 4 5 NEC - OSN - 97/2 KG - DWN - 98/3 KG-UDWHP-2018/1 KG-UDWHP-2022/1 66.67% 66.67% 60% 60% 66.67% BP Exploration (Alpha) Limited - 33.33% India 66.67% BP Exploration (Alpha) Limited - 33.33% India 60% BP Exploration (Alpha) Limited - 40% - BP Exploration (Alpha) Limited - 40% India India 35.2 Quantities of Company’s Interest (on gross basis) in Proved Reserves and Proved Developed Reserves: Particulars Oil: Opening Balance Addition to Reserves Revision of estimates Production Closing balance Particulars Gas: Opening Balance Addition to Reserves Revision of estimates Production Closing balance Proved Reserves in India (Million MT*) Proved Developed Reserves in India (Million MT*) 2023-24 2022-23 2023-24 2022-23 3.29 - 0.03 (0.59) 2.73 3.31 - - (0.02) 3.29 0.04 3.25 0.03 (0.59) 2.73 0.06 - - (0.02) 0.04 Proved Reserves in India (Million M3*) Proved Developed Reserves in India (Million M3*) 2023-24 2022-23 2023-24 2022-23 49,145 53,211 - 150 (6,852) 42,443 - 895 (4,961) 49,145 23,329 16,727 150 (6,852) 33,354 27,395 - 895 (4,961) 23,329 *1 cubic meter (M3) = 35.315 cubic feet, 1 cubic feet = 1000 BTU and 1 MT = 7.5 bbl The reserve estimates for producing fields are revised based on the performance of producing fields and with respect to discovered fields, the revision are based on the revised geological and reservoir simulation studies. 35.3 The Government of India (GOI), disallowed certain costs which the Production Sharing Contract (PSC), relating to Block KG- DWN-98/3 (KG-D6) entitles the Company to recover. The Company maintains that the Contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the GOI to disallow the recovery of any Contract Cost. The Company referred the issue to arbitration with GOI for resolution of disputes. The demand from the GOI of $ 165 million (C 1,373 crore) being the Company’s share (total demand $ 247 million – C 2,060 crore) towards additional Profit Petroleum has been considered as contingent liability in the financial statements for the year ended 31st March, 2024. 188 Reliance Industries Limited Integrated Annual Report 2023-24 189 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 In supersession of the Ministry’s Gazette notification no. 22011/3/2012-ONG.D.V. dated 10th January, 2014, the GOI notified the New Domestic Natural Gas Pricing Guidelines, 2014 on 26th October, 2014. The GOI had directed the Company to instruct customers to deposit differential revenue on gas sales from D1D3 field on account of the prices determined under the guidelines converted to NCV basis and the prevailing price prior to 1st November, 2014 ($ 4.205 per MMBTU) to be credited to the gas pool account maintained by GAIL (India) Limited. The amount so deposited by customer to Gas Pool Account is C 295 crore (net) as at 31st March, 2024. Revenue has been recognized at the GOI notified prices on GCV basis, in respect of gas quantities sold from D1D3 field from 1st November, 2014. This amount in the Gas Pool Account has also been challenged under cost recovery arbitration and is pending adjudication. 35.4 (a) The Government of India (GOI) sent a notice to the KG-D6 Contractor on 4th November, 2016 asking the Contractor to deposit approximately US $1.55 billion on account of alleged gas migration from ONGC’s blocks. RIL, as Operator, for and on behalf of all constituents of the Contractor, initiated arbitration proceedings against the GOI contesting its unfair claim. The Arbitral Tribunal vide its Final Award dated 24th July, 2018 upheld Contractor’s claims. GOI filed an Appeal on 15th November, 2018 before the Single Judge Bench of Hon’ble Delhi High Court (DHC), against the Final Award. Vide Judgment dated 9th May, 2023 the Hon’ble Single Judge of DHC upheld the Arbitration Award and dismissed GOI’s appeal challenging the Award. An appeal was filed by GOI before the Division Bench of DHC to set aside single judge’s judgment which is presently sub-judice. (b) Arbitration was initiated by BG Exploration and Production India Limited and the Company (together the Claimants) against GOI under the PSCs for Panna – Mukta and Tapti blocks due to difference in interpretation of certain PSC provisions between Claimants and GOI. The Arbitration Tribunal has issued a number of final partial awards in this matter, some of which have (in part) not been in Claimant’s favour. The arbitration is ongoing and a final award is yet to be issued. The arbitration has also led to satellite litigation in India (presently ongoing) and in the UK, which has resulted in court judgments that have not always been entirely in RIL’s favour. 36. Contingent Liabilities and Commitments (I) Contingent Liabilities (A) Claims against the Company / disputed liabilities not acknowledged as debts (i) In respect of Joint Arrangements (ii) In respect of Others (B) Guarantees (i) On behalf of Joint Arrangements (ii) On behalf of Subsidiaries / Associates / Joint Ventures (II) Commitments (A) Estimated amount of contracts remaining to be executed on capital account and not provided for: (i) In respect of Joint Arrangements (ii) In respect of Others (B) Other Commitments (i) Investments 2023-24 (C in crore) 2022-23 1,373 1,070 817 15,841 1,406 1,091 1,947 12,814 436 11,127 1,753 4,547 354 416 (III) The Income-Tax Assessments of the Company have been completed up to Assessment Year 2021-22. The total outstanding demand is C 156 crore as on date. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions of the Income tax Act, 1961, the Company has been legally advised that the demand raised is likely to be either deleted or substantially (c) NTPC filed suit in 2006 for specific performance of contract for supply of natural gas of 132 trillion BTU annually for a reduced and accordingly no provision is considered necessary. period of 17 years. This suit is still pending adjudication in the Bombay High Court and the Company’s fact witnesses in the suit are to be cross examined by NTPC. (IV) On December 16, 2010, the Securities and Exchange Board of India (SEBI) issued a show cause notice (“SCN”) inter alia to the Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited, Considering the complexity of above issues, we represent that, the Company is of the view that any attempt for quantification then a subsidiary of RIL. By an order dated March 24, 2017, the Whole Time Member (“WTM”) passed directions: (i) prohibiting of possible exposure to the Company will have an effect of prejudicing Company’s legal position in the ongoing arbitration/ litigations. Moreover, the Company considers above demand/disputes as remote. 35.5 Exploration for and Evaluation of Oil and Gas Resources The following financial information represents the amounts included in Intangible Assets under Development relating to activity associated with the exploration for and evaluation of oil and gas resources. Particulars Exploration & Evaluation (E&E) Cost Other Exploration Cost Exploration Cost for the year (C in crore) As at 31st March, 2024 As at 31st March, 2023 308 308 4 4 inter alia RIL from dealing in equity derivatives in the ‘Futures & Options’ segment of stock exchanges, directly or indirectly, for a period of one year from the date of the order; and (ii) to disgorge from RIL an amount of C 447 crore along with interest at the rate of 12% per annum from November 29, 2007, till the date of payment. On an appeal by RIL, Securities Appellate Tribunal (“SAT”) by a majority order (2:1), dismissed the appeal on November 5, 2020, and directed RIL to pay the disgorged amount within sixty days from the date of the order. The appeal of RIL and others has been admitted by the Hon’ble Supreme Court of India. By its order dated December 17, 2020, the Hon’ble Supreme Court of India directed RIL to deposit C 250 crore in the Investors’ Protection Fund, subject to the final result of the appeal and stayed the recovery of the balance, inclusive of interest, pending the appeal. RIL has complied with the order dated December 17, 2020, of the Hon’ble Supreme Court of India. In the above matter, the adjudicating officer of SEBI (“AO”) while adjudicating the show cause notice dated November 21, 2017 issued, inter alia, to RIL passed an order on January 1, 2021 imposing a penalty of C 25 crore on RIL which has been paid under protest. In the appeal filed by RIL, the Hon’ble Securities Appellate Tribunal vide order dated December 4, 2023, did not interfere with the order passed by the AO since the matter was already covered by its earlier decision dated November 5, 2020, which is in appeal by RIL before the Hon’ble Supreme Court. RIL has filed an appeal in the Hon’ble Supreme Court of India against Order dated December 4, 2023 of SAT. 190 Reliance Industries Limited Integrated Annual Report 2023-24 191 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 37. Capital Management A.1 Reconciliation of fair value measurement of the investment categorised at level 3: The Company adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main objectives are as follows: a) Maintain AAA rating domestically and investment grade rating internationally. b) Manage foreign exchange, interest rates and commodity price risk and minimise the impact of market volatility on earnings. c) d) Diversify sources of financing and spread the maturity across tenure buckets in order to manage liquidity risk. Leverage optimally in order to maximise shareholder returns. The Net Gearing Ratio at end of the reporting period was as follows: Particulars Gross Debt Cash and Marketable Securities * Net debt (A) Total Equity (As per Balance Sheet) (B) Net Gearing (A/B) (C in crore) As at 31st March, 2024 As at 31st March, 2023 2,11,790 1,37,945 73,845 2,15,823 1,43,402 72,421 5,15,096 4,79,078 0.14 0.15 Particulars Opening Balance Addition during the year Sale/Reduction during the year Total (Loss)/Gain Closing Balance Note: No amount transferred into/out of Level 3 of the fair value hierarchy Line item in which gain/(loss) recognised As at 31st March, 2024 As at 31st March, 2023 At FVTPL At FVTOCI At FVTPL At FVTOCI (C in crore) 250 88,137 250 - - - 76 (9,145) (52) - - - 250 79,016 250 78,740 9,276 - 121 88,137 Other Comprehensive Income-Items that will not be reclassified to Profit or Loss Other Comprehensive Income-Items that will not be reclassified to Profit or Loss * Cash & Marketable Securities include cash and cash equivalents of C 69,248 crore (Previous Year C 57,287 crore), current investments of C 68,663 crore (Previous Year C 86,074 crore) and Share Call money receivable on rights issue of C 34 crore (Previous Year C 41 crore). A.2 Sensitivity of level 3 financial instrument’s fair value to changes in significant unobservable inputs used in their fair valuation: As at 31st March, 2024 As at 31st March, 2023 Carrying Amount Level of input used in Level 1 Level 2 Level 3 Carrying Amount Level of input used in Level 1 Level 2 Level 3 (C in crore) 4,378 14,740 69,248 10,051 27,510 - - - - - - - - - - - - - - - 12,810 24,143 61,007 13,026 35,994 - - - - - - - - - - - - - - - 32,295 24,414 1,139 - 7,631 1,139 250 14,242 9,223 - 1,330 - 4,769 1,330 250 - 1,14,821 20,068 15,737 79,016 1,47,518 24,931 34,450 88,137 38. Financial Instruments A. Fair value measurement hierarchy Particulars Financial Assets At Amortised Cost Investments * Trade Receivables Cash and Cash Equivalents Loans Other Financial Assets At FVTPL Investments Other Financial Assets At FVTOCI Investments Financial Liabilities At Amortised Cost Borrowings Trade Payables Lease Liabilities Other Financial Liabilities At FVTPL 2,11,790 1,29,859 2,785 25,068 - - - - - - - - 2,425 - - 2,15,823 - 1,19,811 2,883 41,202 1,791 59 - - - - - - - - - - - 1,791 59 - - - - - Other Financial Liabilities 2,425 At FVTOCI Other Financial Liabilities - * Exclude Group Company investments C 2,18,569 crore (Previous Year C 1,76,571 crore) measured at cost (Refer Note 2.1). Particulars Valuation Technique Significant Unobservable Input Change in % (C in crore) Sensitivity of the fair value to change in input 31st March, 2024 31st March, 2023 Investment in OCPS Discounting Discounting rate - 14.49% +0.10% (1,611) (1,433) (FVTOCI) Cash Flow (Previous Year - 14.29%) -0.10% 1,635 1,455 A.3 The below table summarises the fair value of borrowings which are carried at amortised cost: Particulars Non-current borrowings (including current maturities) Level Level 1 Level 2 Level 3 31st March, 2024 31st March, 2023 (C in crore) 86,766 99,437 2,016 83,789 85,375 2,626 For current borrowings, the carrying amounts approximates fair value due to the short maturity of these instruments. The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements as described below: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Inputs based on unobservable market data. Valuation Methodology All financial instruments are initially recognised and subsequently re-measured at fair value as described below: a) The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills, Certificate of Deposit and Mutual Funds is measured at quoted price or NAV. b) The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. c) The fair value of Forward Foreign Exchange contracts and Currency Swaps is determined using observable forward exchange rates and yield curves at the balance sheet date. 192 Reliance Industries Limited Integrated Annual Report 2023-24 193 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 d) e) The fair value of over-the-counter Foreign Currency Option contracts is determined using the Black Scholes valuation model. Commodity derivative contracts are valued using available information in markets and quotations from exchange, brokers and price index developers. b) Interest Rate Risk The Company is also exposed to interest rate risk as changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally debt. The Company issues debt in a variety of currencies based on market f) The fair value for level 3 instruments is valued using inputs based on information about market participants assumptions and opportunities and it uses derivatives to hedge interest rate exposures. The exposure of the Company’s borrowings and derivatives to interest rate changes at the end of the reporting period are other data that are available. g) h) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date. B. Financial Risk Management The Company’s activities expose it to variety of financial risks: market risk (including foreign currency risk and interest rate risk), commodity price risk, credit risk and liquidity risk. Within the boundaries of approved Risk Management Policy framework, the Company uses derivative instruments to manage the volatility of financial markets and minimize the adverse impact on its financial performance. i) Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. a) Foreign Currency Risk Foreign currency risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in currencies other than Indian Rupee. The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial instruments at the end of the reporting period. The exposure to all other foreign currencies are not material. Particulars Foreign Currency Exposure As at 31st March, 2024 As at 31st March, 2023 USD EUR JPY USD EUR JPY (C in crore) Borrowings 1,34,909 11,461 15,858 1,25,748 12,027 10,505 Trade and Other Payables Trade and Other Receivables 98,497 (10,981) 267 (87) 33 (9) 80,498 (10,262) 575 (72) 14 (7) Derivatives - Forwards & Futures (35,952) (11,434) (16,092) (15,137) (11,816) (10,588) - Options Exposure (47) 1,86,426 (47) 160 168 (4,860) (42) 1,75,987 301 1,015 96 20 Sensitivity analysis of 1% change in exchange rate at the end of reporting period net of hedges* Particulars As at 31st March, 2024 As at 31st March, 2023 USD EUR JPY USD EUR JPY Foreign Currency Sensitivity (C in crore) 1% Depreciation in INR Impact on Equity Impact on P&L Total 1% Appreciation in INR Impact on Equity Impact on P&L Total (167) 57 (110) 167 (57) 110 - (2) (2) - 2 2 - - - - - - (172) (1) (173) 172 1 173 - (10) (10) - 10 10 - - - - - - * Includes natural hedges arising from foreign currency denominated earnings, for which hedge accounting may be implemented. as follows: Particulars Borrowings Non-Current - Floating (includes Current Maturities) * Non-Current - Fixed (includes Current Maturities) * Current Total Derivatives Foreign Currency Interest Rate Swaps - Receive Fix - Pay Fix Rupees Interest Rate Swaps - Receive Fix - Pay Fix (C in crore) Interest Rate Exposure As at 31st March, 2024 As at 31st March, 2023 99,340 96,311 17,298 93,073 87,426 36,372 2,12,949 2,16,871 10,376 8,090 32,195 25,515 2,136 9,943 20,790 20,510 (C in crore) * Including C 1,159 Crore (Previous Year C 1,048 Crore) of prepaid financial charges and fair valuation impact. Sensitivity analysis of 1% change in Interest rate Particulars Impact on Equity Impact on P&L Total Impact ii) Commodity Price Risk Interest rate Sensitivity As at 31st March, 2024 As at 31st March, 2023 Up Move Down Move Up Move Down Move (407) (509) (916) 330 449 779 (357) (500) (857) 316 438 754 Commodity price risk arises due to fluctuation in prices of crude oil, other feed stock and products. The Company has a risk management framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs. The Company’s commodity risk is managed centrally through well-established trading operations and control processes. In accordance with the risk management policy, the Company enters into various transactions using derivatives and uses over-the- counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its commodity and freight exposure. iii) Credit Risk Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing financial loss to the Company. Credit risk arises from Company’s activities in investments, dealing in derivatives and receivables from customers. The Company ensure that sales of products are made to customers with appropriate creditworthiness. Investment and other market exposures are managed against counterparty exposure limits. Credit information is regularly shared between businesses and finance function, with a framework in place to quickly identify and respond to cases of credit deterioration. 194 Reliance Industries Limited Integrated Annual Report 2023-24 195 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 The Company has a prudent and conservative process for managing its credit risk arising in the course of its business activities. C. Hedge Accounting Credit risk is actively managed through Letters of Credit, Bank Guarantees, Parent company Guarantees, advance payments and factoring & forfaiting without recourse to the Company to avoid concentration of risk. The Company restricts its fixed income investments to liquid securities carrying high credit rating. iv) Liquidity Risk Liquidity risk arises from the Company’s inability to meet its cash flow commitments on the due date. The Company maintains sufficient stock of cash, marketable securities and committed credit facilities. The Company accesses global and local financial markets to meet its liquidity requirements. It uses a range of products and a mix of currencies to ensure efficient funding from across well-diversified markets and investor pools. Treasury monitors rolling forecasts of the Company’s cash flow position and ensures that the Company is able to meet its financial obligation at all times including contingencies. The Company’s business objective includes safe-guarding its earnings against adverse price movements of crude oil and other feedstock, refined products, freight costs as well as foreign exchange and interest rates. The Company has adopted a structured risk management policy to hedge all these risks within an acceptable risk limit and an approved hedge accounting framework which allows for Fair Value and Cash Flow hedges. Hedging instruments include exchange traded futures and options, over-the-counter swaps, forwards and options as well as non-derivative instruments to achieve this objective. There is an economic relationship between the hedged items and the hedging instruments. The Company has established a hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Company uses the Dollar Offset method and critical term matching method. The hedge ineffectiveness can arise from: The Company’s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements. Treasury - Differences in the timing of the cash flows. pools the cash surpluses from across the different operating units and then arranges to either fund the net deficit or invest the net surplus in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified to avoid concentration risk in any one - Different indexes (and accordingly different curves). - The counterparties’ credit risk differently impacting the fair value movements. instrument or counterparty. The table below shows the position of hedging instruments and hedged items as on the balance sheet date: Maturity Profile as at 31st March, 2024 Below 3 Months 3-6 Months 6-12 Months 1-3 Years 3-5 Years Above 5 Years Total (C in crore) Disclosure of effects of hedge accounting A. Fair Value Hedge Hedging Instrument Particulars ^ Borrowings Non-Current *@ Current $ Total Lease Liabilities (Gross) Derivative Liabilities Forwards Options Interest Rate Swaps Total 9,936 2,587 21,143 34,149 61,009 66,827 1,95,651 17,298 27,234 - - - - - 17,298 2,587 21,143 34,149 61,009 66,827 2,12,949 81 81 150 552 552 4,024 5,440 759 62 - 821 447 10 - 457 650 23 2 675 49 33 34 116 57 36 260 353 - - 3 3 1,962 164 299 2,425 ^ Does not include Trade Payables (Current) of C 1,29,859 crore. * Including C 1,159 crore as prepaid financial charges and fair valuation impact. @ Does not include interest thereon (For Interest rate refer Note 16.2, 16.3 and 16.4). $ Interest rate on current borrowings ranges from 6.8% to 8.5%. Particulars ^ Borrowings Non-Current *@ Current $ Total Lease Liabilities (Gross) Derivative Liabilities Forwards Options Interest Rate Swaps Total Below 3 Months 12,633 33,985 46,618 81 645 103 3 751 Maturity Profile as at 31st March, 2023 3-6 Months 6-12 Months 1-3 Years 3-5 Years (C in crore) Above 5 Years Total 7,389 2,387 9,776 81 389 20 13 422 24,053 56,150 21,040 59,234 1,80,499 0 0 0 0 36,372 24,053 56,150 21,040 59,234 2,16,871 161 587 552 4,301 5,763 314 63 44 421 71 35 38 144 4 0 46 50 0 0 3 3 1,423 221 147 1,791 ^ Does not include Trade Payables (Current) of C 1,19,811 crore. * Including C 1,048 crore as prepaid financial charges and fair valuation impact. @ Does not include interest thereon (for interest rate Refer Note 16.2, 16.3 and 16.4). $ Interest rate of current borrowings ranges from 5.6% to 8.5%. 196 Reliance Industries Limited Particulars As at 31st March, 2024 Interest Rate Risk Derivative Contracts Nominal Value Quantity (Kbbl) Carrying Amount Assets Liabilities Changes in Fair Value Hedge Maturity Line Item in Balance Sheet 11,237 NA - 28 (28) Jan 2028 to Other Financial Investments 20,072 NA 20,253 - 181 Mar 2029 Feb 2033 to Nov 2033 Liabilities Investments 10,391 39,660 408 170 238 Apr 2024 to Other Financial Dec 2024 Assets / Liabilities 19,876 44,005 709 84 285 Apr 2023 to Other Financial Jan 2024 Assets / Liabilities Commodity Price Risk Derivative Contracts As at 31st March, 2023 Commodity Price Risk Derivative Contracts Hedged Items Particulars As at 31st March, 2024 Interest Rate Risk Borrowings Commodity Price Risk Firm Commitments for purchase of feedstock and freight Firm Commitments for sale of products Inventories Carrying Amount Assets Liabilities Changes in Fair Value Line Item in Balance Sheet (C in crore) - - 22 4,917 31,466 (158) Non-Current Borrowings 408 (408) Other Current - - Assets / Liabilities Other Current Assets Inventories 22 148 Integrated Annual Report 2023-24 197 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 (C in crore) C. Movement in Cash Flow Hedge Particulars As at 31st March, 2023 Commodity Price Risk Firm Commitments for purchase of feedstock and freight Firm Commitments for sale of products Carrying Amount Assets Liabilities Changes in Fair Value Line Item in Balance Sheet - 84 10,804 378 (12) Other Current - - Assets / Liabilities Other Current 57 (330) Assets Inventories Inventories B. Cash Flow Hedge Hedging Instruments Particulars As at 31st March, 2024 Foreign Currency Risk Nominal Value Carrying amount Assets Liabilities Changes in Fair Value Hedge Maturity (C in crore) Line Item in Balance Sheet Foreign Currency Risk Component - 24,291 - 25,022 Trade Payables (331) 30th June 2024 to 31st March 2027 Trade Payables Foreign Currency Risk Component - 1,37,180 - 1,50,364 (2,238) Borrowings Interest Rate Risk Interest Rate Swaps As at 31st March, 2023 Foreign Currency Risk 4,003 - 71 (71) 30th June 2024 to 30th September 2034 Borrowings 30th September 2028 to 31st March 2029 Other Financial Liabilities Foreign Currency Risk Component - 23,839 - 24,651 Trade Payables (812) 30th June, 2023 to 31st March, 2026 Trade Payables Foreign Currency Risk Component - 1,20,434 - 1,34,057 (10,078) 31st December, 2023 to 31st March, 2033 Borrowings Nominal Value Changes in Fair Value Hedge Reserve (C in crore) Line Item in Balance Sheet Borrowings Hedged Items Particulars As at 31st March, 2024 Foreign Currency Risk Sr. No. Particulars 2023-24 2022-23 Line Item in Balance Sheet / Statement of Profit and Loss 1 2 3 4 At the beginning of the year (14,371) (4,655) Loss recognised in other comprehensive income (2,646) (12,202) Items that will be reclassified to during the year Profit or Loss Amount reclassified to Profit or Loss during the 1,545 2,486 Value of Sale and Finance Cost year At the end of the year (15,472) (14,371) Other Comprehensive Income (C in crore) 39. As per Ind AS 108- “Operating Segment”, segment information has been provided under the Notes to Consolidated Financial Statements. 40. Details of loans given, investments made and guarantee given covered u/s 186 (4) of the Companies Act, 2013. Loans given and Investments made are given under the respective heads. Corporate Guarantees given by the Company in respect of loans as at 31st March, 2024. Sr. No. Particulars 1 2 3 4 5 Reliance Industries (Middle East) DMCC Reliance Sibur Elastomers Private Limited Sintex Industries Limited Alok Industries Limited Model Economic Township Limited All the above Corporate Guarantees have been given for business purpose. 41. Ratio Analysis: Sr. No. Particulars 1 2 3 4 5 6 7 8 9 Current Ratio Debt-Equity Ratio Debt Service Coverage Ratio Return on Equity (%) Inventory Turnover Ratio a Trade Receivables Turnover Ratio Trade Payables Turnover Ratio Net Capital Turnover Ratio b Net Profit Margin (%) 10 Return on Capital Employed (%) 11 Return on Investment (%) c (C in crore) As at 31st March, 2024 As at 31st March, 2023 1,344 1,620 1,900 3,450 250 1,325 2,156 1,900 - 200 2023-24 2022-23 % Changes 1.09 0.41 1.84 9.3% 7.31 29.57 3.64 25.43 7.3% 17.0% 8.5% 1.13 0.45 2.03 10.4% 10.49 30.00 3.69 16.97 7.6% 19.9% 6.7% (3.5) (8.9) (9.4) (10.6) (30.3) (1.4) (1.6) 49.9 (4.0) (6.0) 26.1 Highly Probable Forecasted Exports 1,61,471 2,569 (15,446) Other Equity Interest Rate Risk Borrowings As at 31st March, 2023 Foreign Currency Risk 4,003 71 (51) Other Equity a) Inventory Turnover Ratio decreased due to higher inventory. b) Net Capital Turnover Ratio increased primarily due to lower working capital. c) Return on Investments increased due to higher yields on the investment portfolio. Highly Probable Forecasted Exports 1,44,273 10,890 (14,435) Other Equity 198 Reliance Industries Limited Integrated Annual Report 2023-24 199 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 1 2 3 4 5 6 7 8 9 41.1 Formula for computation of ratios are as follows: Sr. No. Particulars Current Ratio Debt-Equity Ratio Formula Current Assets Current Liabilities Total Debt Total Equity Debt Service Coverage Ratio Earnings before Interest and Tax Interest Expense + Principal Repayments made during the year Return on Equity (%) for long term loans Profit After Tax ^ Average Net Worth Inventory Turnover Ratio Cost of Goods Sold (Cost of Material Consumed + Purchases + Changes in Inventory + Manufacturing Expenses) Average Inventories of Finished Goods, Stock-in-Process and Trade Receivables Turnover Ratio Stock-in-Trade Value of Sales & Services Average Trade Receivables Trade Payables Turnover Ratio Cost of Materials Consumed (after adjustment of RM Inventory) + Purchases of Stock-in-Trade + Other Expenses Average Trade Payables Net Capital Turnover Ratio Value of Sales & Services Net Profit Margin Working Capital (Current Assets - Current Liabilities) Profit After Tax ^ Value of Sales & Services 10 Return on Capital Employed Net Profit After Tax ^ + Deferred Tax Expense/(Income) + Finance Cost (-) Other Income Average Capital Employed ** 11 Return on Investment Other Income (Excluding Dividend) Average Cash, Cash Equivalents & Other Marketable Securities ^ Including Profit From Discontinued Operations. ** Capital employed includes Equity, Borrowings, Deferred Tax Liabilities, Creditor for Capital Expenditure and reduced by Investments, Cash and Cash Equivalents, Capital Work-in-Progress and Intangible Assets under Development. 42. Significant arrangements 42.1 Scheme of arrangement between the Company and Reliance Projects & Property Management Services Limited: During the year, Hon’ble National Company Law Tribunal, Ahmedabad Bench and Mumbai Bench have sanctioned the scheme of arrangement between the Company and Reliance Projects & Property Management Services Limited (“RPPMSL”), inter alia, providing for demerger of the Digital EPC and Infrastructure Undertaking (“Demerged Undertaking”) of RPPMSL into the Company (“Scheme”). The Appointed Date for the Scheme was close of business hours of December 31, 2022 and the Effective Date was August 9, 2023. The demerged undertaking of RPPMSL includes assets, liabilities and reserves of Reliance Infratel Limited, which was transferred and vested in RPPMSL through a Composite Scheme of Amalgamation, with effect from the appointed date of December 22, 2022. Consequently, the previous year financial statements has been adjusted for giving effect to the Scheme. The Scheme has accordingly, been given effect to in the books of account of the Company as on the Appointed Date as under: 1. All the assets, liabilities, and reserves/retained earnings, if any, of the Digital EPC and Infrastructure Undertaking to the extent identified and transferred to it in pursuance of this Scheme have been recorded at their respective book values appearing in the books of RPPMSL as under: Assets Non-Current Assets Current Assets Total Assets (A) Liabilities Non-Current Liabilities Current Liabilities Total Liabilities (B) Excess of assets over liabilities (A-B) (C in crore) 43,863 45,797 89,660 (C in crore) 7,866 43,303 51,169 38,491 2. The difference between the net assets and the reserves/ retained earnings of the Digital EPC and Infrastructure Undertaking of the RPPMSL has been adjusted against the investment held by the Company in RPPMSL. 42.2 Scheme of arrangement between the Company and Reliance Strategic Investments Limited (presently known as Jio Financial Services Limited): Pursuant to the Scheme of Arrangement between the Company and its shareholders & creditors and Reliance Strategic Investments Limited and its shareholders & creditors (“the Scheme”), approved by the Hon’ble National Company Law Tribunal, Mumbai bench, vide its orders dated June 28, 2023, the Company has demerged its financial services business undertaking to Reliance Strategic Investments Limited, on a going concern basis, at carrying value as appearing in the books of the Company on the appointed date i.e. March 31, 2023 as under: Assets Property, Plant and Equipment Intangible Assets Investments - Non-Current Current Assets Total Assets (A) (C in crore) 39 10 13,790 10,408 24,247 200 Reliance Industries Limited Integrated Annual Report 2023-24 201 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 Liabilities Borrowings - Current Other Current Liabilities Total Liabilities (B) Excess of assets over liabilities (A-B) 43. Other Statutory Information (C in crore) 743 2 745 23,502 44. Events after the Reporting Period The Board of Directors have recommended dividend of C 10/- per fully paid up equity share of C 10/- each for the financial year 2023-24. 45. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make them comparable. 46. Approval of Financial Statements The financial statements were approved for issue by the Board of Directors on April 22, 2024. (i) Balances outstanding with Nature of transaction with struck off companies as per section 248 of the Companies Act, 2013: Name of struck off company Nature of transactions with struck-off company Balance outstanding (K in crore) Relationship with the Struck off company As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 Sr. No. 1 2 3 4 5 Brahamptra Yarn Procession Pvt Ltd (C 4,00,000) Advance Received from Customer Surat Silk Industries Pvt Ltd (C 97,425) Prasad Textiles P Ltd (C 2,772) Ravi Filaments Private Limited (C 2,164) ARJ Infrastructure Pvt Ltd (C 64,400) Advance Received from Customer Advance Received from Customer Advance Received from Customer Trade Payables - - - - - NA NA NA NA NA (ii) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or (b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. (iii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. (iv) The Company does not have any transaction which is not recorded in the books of accounts; and which has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961. (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 202 Reliance Industries Limited Integrated Annual Report 2023-24 203 Notesto the Standalone Financial Statements for the year ended 31st March, 2024 consolidated cash flows and their consolidated changes in equity for the year ended on that date. Sr. No. Key Audit Matter Auditor’s Response Independent Auditor’s Report To The Members of Reliance Industries Limited Report on the Audit of the Consolidated Financial Statements Opinion We have audited the accompanying Consolidated Financial Statements of Reliance Industries Limited (“the Parent”) which includes its joint operations and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and the Group’s share of profit / loss in its associates and joint ventures, which comprise the Consolidated Balance Sheet as at 31st March, 2024, and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Cash Flow and the Consolidated Statement of Changes in Equity for the year ended on that date, and Notes to the Consolidated Financial Statements, including a summary of material accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the other auditors on separate / consolidated financial statements / financial information of the subsidiaries, associates and joint ventures referred to in the Other Matters section below, the aforesaid Consolidated Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (‘Ind AS’), and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at 31st March, 2024, and their consolidated profit, their consolidated total comprehensive income, their Basis for Opinion We conducted our audit of the Consolidated Financial Statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group, its associates and joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in the sub-paragraphs (a) and (b) of the Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Financial Statements. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report. Sr. No. Key Audit Matter 1. Litigation matters Auditor’s Response The Parent has certain significant ongoing legal proceedings Our audit procedures included and were not limited to the for various complex matters with the Government of India and following: other parties, continuing from earlier years, which are as under: − Tested the design, implementation and operating effectiveness 1. Matters in relation to Oil and Gas: of the controls established by the Parent in the process of (a) Disallowance of certain costs under the production evaluation of litigation matters. sharing contract, relating to Block KG-DWN-98/3 − Assessed the management’s position through discussions and consequent deposit of differential revenue on with the in-house legal expert and external legal opinions gas sales from D1D3 field to the gas pool account obtained by the Parent (where considered necessary) on both, maintained by Gail (India) Limited. the probability of success in the aforesaid cases, and the (b) Claim against the Parent in respect of gas said to magnitude of any potential loss. have migrated from neighbouring blocks (KGD6). − Discussed with the management on the developments in (c) Claims relating to limits of cost recovery, profit sharing and audit and accounting provisions of the public sector corporations etc., arising under two respect of these litigations during the year ended 31st March 2024 till the date of approval of the Parent’s Consolidated Financial Statements. production sharing contracts entered into in 1994. − Rolled out enquiry letters to the Parent’s legal counsel and assessed the responses received. (d) Suit for specific performance of a contract for supply − Assessed the objectivity and competence of the Parent’s legal of natural gas before the Hon’ble Bombay High Court. counsel involved in the process. Refer Notes 34.3 and 34.4 to the Consolidated Financial − Reviewed the disclosures made by the Parent in the Statements. Consolidated Financial Statements. 2. Matter relating to trading in shares of Reliance − Obtained Management Representation Letter on the Petroleum Limited (‘RPL’): assessment of these matters. Securities Appellate Tribunal judgement dated 5th November, 2020, dismissing the Parent’s appeal made in relation to Order passed by the Securities and Exchange Board of India (‘SEBI’) under Section 11B of the SEBI Act, 1992 in connection with trades by the Parent in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited, then subsidiary of the Parent, against which an appeal has been filed with the Hon’ble Supreme Court of India which is pending. Refer Note 35 (III) to the Consolidated Financial Statements. Due to complexity involved in these litigation matters, management’s judgement regarding recognition, measurement and disclosure of provisions for these legal proceedings is inherently uncertain and might change over time as the outcomes of the legal cases are determined. Accordingly, it has been considered as a key audit matter. 2. Fair Valuation of Investments As at 31st March 2024, the Parent has investments of C 78,093 crore in Equity and Preference Shares of Jio Digital Fibre Private Limited (‘JDFPL’) which are measured at fair value as per Ind AS 109 read with Ind AS 113. These investments are Level 3 investments as per the fair value hierarchy in Ind AS 113 and accordingly determination of fair value is based on a high degree of judgement and input from data that is not directly observable in the market. Further, the fair value is significantly influenced by the expected pattern of future benefits of the tangible assets of JDFPL (fibre assets). Accordingly, it has been considered as a key audit matter. Refer Notes 2 and 37A to the Consolidated Financial Statements. Our audit procedures included and were not limited to the following: − Tested the design, implementation and operating effectiveness of the controls established by the Parent in the process of determination of fair value of the investments. − Reviewed the fair valuation reports provided by the management by involvement of internal valuation specialists. − Assessed the assumptions around the cash flow forecasts, discount rates, expected growth rates and its effect on business and terminal growth rates used and the valuation methodology inter-alia through involvement of the internal specialists. − Discussed potential changes in key drivers as compared to previous year / actual performance with management to evaluate the inputs and assumptions used in the cash flow forecasts. − Assessed the objectivity and competence of our internal specialist and Parent’s external experts involved in the process. − Reviewed the disclosures made by the Parent in the Consolidated Financial Statements. − Obtained Management Representation Letter as regards to fair valuation of these investments. 204 Reliance Industries Limited Integrated Annual Report 2023-24 205 Auditor’s Response Sr. No. Key Audit Matter Auditor’s Response Independent Auditor’s Report Sr. No. Key Audit Matter 3. Revenue Recognition (a) The auditors of Reliance Jio Infocomm Limited (‘RJIL’), a step-down subsidiary of the Parent, have reported revenue recognition as a key audit matter due to the high volumes of data processed by the IT systems and the complexity of those IT systems. In respect of the key audit matter reported to us by the auditors of RJIL, we performed inquiry of the audit procedures performed by them to address the key audit matter. As reported by the subsidiary auditors, the audit procedures performed by them included and were not limited to the following: − Evaluated and tested the design, implementation and operating effectiveness of the relevant business process controls, inter-alia controls over the capture, measurement and authorisation of revenue transactions, involving internal Information Technology (IT) specialists for the automated controls, interface controls and reports generated through various relevant IT systems involved in the revenue process. − Involved internal IT specialists and tested the IT environment inter-alia for access controls, change management and application specific controls in the IT Systems over RJIL’s billing and other relevant support systems. − Tested collections and the reconciliation between revenue per the billing system and the financial records. Performed procedures to test the computation of revenue and deferred revenue. (b) The auditors of Reliance Retail Ventures Limited (‘RRVL’), In respect of the key audit matter reported to us by the auditors of a subsidiary of the Parent, have reported revenue recognition as a key audit matter at its subsidiary RRVL, we performed inquiry of the audit procedure performed by them to address the key audit matter. As reported by the subsidiary viz., Reliance Retail Limited (‘RRL’). RRL is engaged in auditors, the audit procedures performed by them included and organised retail and the trading transactions generating were not limited to the following: revenue comprising of high volume of individually small transactions which increases the risk of revenue being recognised inappropriately and which highlights the criticality of sound internal processes of summarising and recording sales. RRL trades in various consumption baskets on a principal basis and recognises full value of consideration as its revenue. The revenue is recognised on transfer of control of traded goods to the customers. Transfer of control coincides with collection of cash or cash equivalent from customers. In view of the above and since revenue is a key performance indicator for RRL, revenue recognition is identified as a key audit matter. 4. Information Technology (IT) systems and controls over financial reporting We identified IT systems and controls over financial reporting as a key audit matter for the Parent because its financial accounting and reporting systems are fundamentally reliant on IT systems and IT controls to process significant transaction volumes, specifically with respect to revenue and raw material consumption. Also, due to such large transaction volumes and the increasing challenge to protect the integrity of the Parent’s systems and data, cyber security has become more significant. Automated accounting procedures and IT environment controls, which include IT governance, IT general controls over program development and changes, access to program and data and 206 Reliance Industries Limited − Obtained understanding of the process followed by the management to record the revenue from each store. − Evaluated the design and tested the operating effectiveness of the internal controls established by RRL over reconciliation of revenue recorded with underlying collection made by RRL. − Involved information technology specialist to test the automated controls and reports involved in the reconciliation of revenue. − On a test-check basis, selected samples of stores on various dates. For such selections, obtained details of revenue recorded through various modes of payment from RRL’s accounting system. Reconciled revenue recorded as per such details with the underlying collection made by RRL as per cash receipts, merchant payment reports, and other third party supporting. Our procedures included and were not limited to the following: − Assessed the complexity of the IT environment by engaging IT specialists and through discussion with the head of IT and internal audit at the Parent and identified IT applications that are relevant to our audit. − Tested the design, implementation and operating effectiveness of IT general controls over program development and changes, access to program and data and IT operations by engaging IT specialists. IT operations, IT application controls and interfaces between − Performed inquiry procedures with the head of cyber security IT applications, are required to be designed and to operate at the Parent in respect of the overall security architecture and effectively to ensure accurate financial reporting. any key threats addressed by the Parent in the current year. Information Other than the Financial Statements and Auditor’s Report Thereon − The Parent’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the Consolidated Financial Statements, Standalone Financial Statements and our auditor’s report thereon. − Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. − In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information, compare with the financial statements / financial information of the joint operations, subsidiaries, joint ventures and associates audited by the other auditors, to the extent it relates to these entities and, in doing so, place reliance on the work of the other auditors and consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. Other information so far as it relates to the joint operations, subsidiaries, joint ventures and associates, is traced from their financial statements / financial information audited by the other auditors. − If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements The Parent’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance including − Tested the design, implementation and operating effectiveness of IT application controls in the key processes impacting financial reporting of the Parent by engaging IT specialists. − Tested the design, implementation and operating effectiveness of controls relating to data transmission through the different IT systems to the financial reporting systems by engaging IT specialists. other comprehensive income, consolidated cash flows and consolidated changes in equity of the Group including its associates and joint ventures in accordance with the accounting principles generally accepted in India including Ind AS specified under Section 133 of the Act. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associates and its joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Statements by the Directors of the Parent, as aforesaid. In preparing the Consolidated Financial Statements, the respective Management and Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intend to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures. Auditor’s Responsibility for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a Integrated Annual Report 2023-24 207 Independent Auditor’s Report whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: − Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. − Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Parent has adequate internal financial controls with reference to Consolidated Financial Statements in place and the operating effectiveness of such controls. − Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. − Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern. − Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures, and whether the Consolidated Financial 208 Reliance Industries Limited Statements represent the underlying transactions and events in a manner that achieves fair presentation. − Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associates and joint ventures to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities or business activities included in the Consolidated Financial Statements of which we are the independent auditors. For the other entities or business activities included in the Consolidated Financial Statements, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Statements. We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls with reference to financial statements that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Other Matters (a) The Consolidated Financial Statements include the financial statements / financial information of 197 subsidiaries, whose audited standalone / consolidated financial statements / financial information reflect total assets of C 855,098 crore as at 31st March, 2024, total revenues of C 240,609 crore and net cash inflows amounting to C 2,863 crore for the year ended on that date. The Consolidated Financial Statements also include the Group’s share of net profit of C 37 crore for the year ended 31st March, 2024, as considered in the Consolidated Financial Statements, in respect of 10 associates and 14 joint ventures. These financial statements / financial information have been audited by one of us either individually or jointly with other auditors. (b) (c) We did not audit the financial statements / financial information of 143 subsidiaries, whose standalone / consolidated financial statements / financial information reflect total assets of C 383,059 crore as at 31st March, 2024, total revenues of C 627,516 crore and net cash inflows amounting to C 11,360 crore for the year ended on that date, as considered in the Consolidated Financial Statements. The Consolidated Financial Statements also include the Group’s share of net profit of C 91 crore for the year ended 31st March, 2024, as considered in the Consolidated Financial Statements, in respect of 77 associates and 19 joint ventures, whose financial statements / financial information have not been audited by us. These financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures and associates, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, joint ventures and associates is based solely on the reports of the other auditors. We did not audit the financial statements / financial information of 9 subsidiaries, whose standalone / consolidated financial statements / financial information reflect total assets of C 43 crore as at 31st March, 2024, total revenues of C 35 crore and net cash outflows amounting to C 98 crore for the year ended on that date, as considered in the Consolidated Financial Statements. The Consolidated Financial Statements also include the Group’s share of net profit of C 259 crore for the year ended 31st March, 2024, as considered in the Consolidated Financial Statements, in respect of 38 associates and 28 joint ventures, whose financial statements / financial information have not been audited by us. These financial statements / financial information are unaudited and have been furnished to us by the Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures and associates, is based solely on such unaudited financial statements / financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements / financial information are not material to the Group. Our opinion on the Consolidated Financial Statements above and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements / financial information certified by the Management. Report on Other Legal and Regulatory Requirements 1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on the Standalone / Consolidated Financial Statements / financial information of the subsidiaries, associates and joint ventures, except in respect of 9 subsidiaries, 15 associates and 26 joint ventures where audit under Section 143 of the Act has not yet been completed, we report, to the extent applicable that: a) b) c) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements. In our opinion, proper books of account as required by law maintained by the Group, its associates and joint ventures including relevant records relating to preparation of the aforesaid Consolidated Financial Statements have been kept so far as it appears from our examination of those books and the reports of the other auditors, except in relation to compliance with the requirements of audit trail, refer paragraph (i)(vi) below. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Loss, the Consolidated Statement of Cash Flow and the Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the Consolidated Financial Statements. d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Ind AS specified under Section 133 of the Act. Integrated Annual Report 2023-24 209 Independent Auditor’s Report e) f) g) h) i) On the basis of the written representations received from the directors of the Parent as on 31st March, 2024 taken on record by the Board of Directors of the Parent and the reports of the statutory auditors of its subsidiary companies, associate companies and joint venture companies incorporated in India, none of the directors of the Group companies, its associate companies and joint venture companies incorporated in India is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164(2) of the Act. The modification relating to the maintenance of accounts and other matters connected therewith, is as stated in paragraph (b) above. With respect to the adequacy of the internal financial controls with reference to Consolidated Financial Statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure A” which is based on the auditors’ reports of the Parent, subsidiary companies, associate companies and joint venture companies incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of internal financial controls with reference to Consolidated Financial Statements of those companies. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the auditor’s reports of subsidiary companies, associate companies and joint venture companies incorporated in India, the remuneration paid by the Parent and such subsidiary companies, associate companies and joint venture companies to their respective directors during the year is in accordance with the provisions of Section 197 read with Schedule V of the Act. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the auditor’s reports of subsidiary companies, associate companies and joint venture companies incorporated in India: i) The Consolidated Financial Statements disclose the impact of pending litigations on the consolidated financial position of the Group, its associates and joint ventures 210 Reliance Industries Limited ii) iii) – Refer Note 35 to the Consolidated Financial Statements. Provision has been made in the Consolidated Financial Statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Parent and its subsidiary companies, associate companies and joint venture companies incorporated in India, except for an amount of C 2 crore which are held in abeyance due to pending legal cases at the Parent. iv) (a) (b) The respective Managements of the Parent and its subsidiaries, associates and joint ventures which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us and to the other auditors of such subsidiaries, associates and joint ventures respectively that, to the best of their knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Parent or any of such subsidiaries, associates and joint ventures to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Parent or any of such subsidiaries, associates and joint ventures (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. The respective Managements of the Parent and its subsidiaries, associates and joint ventures which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us and to the other auditors of such subsidiaries, associates and joint ventures respectively that, to the best of their knowledge and belief, no funds have been received by the Parent or any of such subsidiaries, associates and joint ventures from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Parent or any of such subsidiaries, associates and joint ventures shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiary companies, associate companies and joint venture companies which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditor’s notice that has caused us or the other auditors to believe that the representations under sub-clause (i) and (ii) of Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contain any material misstatement. (c) v) The final dividend proposed in the previous year, declared and paid by the Parent and its associate companies which are companies incorporated in India, whose financial statements have been audited under the Act, where applicable, during the year is in accordance with Section 123 of the Act, as applicable. The interim dividend declared and paid by the subsidiary companies which are companies incorporated in India, whose financial statements have been audited under the Act, where applicable, during the year and until the date of this report is in accordance with Section 123 of the Act, as applicable. The Board of Directors of the Parent and an associate company which is a company incorporated in India, whose financial vi) statements have been audited under the Act, where applicable, have proposed final dividend for the year which is subject to the approval of the members of the Parent and such associate company at the ensuing respective Annual General Meetings. Such dividend proposed is in accordance with Section 123 of the Act, as applicable. Based on our examination which included test checks and based on the other auditor’s reports of its subsidiary companies, associate companies and joint venture companies which are companies incorporated in India whose financial statements have been audited under the Act, except for the instances mentioned below including certain vendor provided software applications which feed into the principal accounting software, the Parent, its subsidiary companies, associate companies and joint venture companies incorporated in India have used accounting software for maintaining their respective books of account for the year ended 31st March, 2024, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software. In respect of 4 acquired subsidiaries and 6 associates, certain accounting software used by the subsidiaries and associates for maintaining their books of account for the year ended 31st March, 2024 did not have a feature of recording audit trail (edit log) facility, as reported by the respective auditors. In respect of 15 subsidiaries, 4 associates and 2 joint ventures, certain accounting software’s audit trail feature operated for part of the year, as reported by the respective auditors. Further, during the course of our audit, we and the respective other auditors, whose reports have been furnished to us by the Management of the Parent, have not come across any instance of the audit trail feature being tampered with in respect of the accounting software for the period for which the audit trail feature was operating. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Integrated Annual Report 2023-24 211 Independent Auditor’s Report Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the year ended 31st March, 2024. 2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Abhijit A. Damle Partner Membership No.102912 UDIN: 24102912BKEPFZ7008 Place: Mumbai Date: April 22, 2024 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAIZ6707 Place: Mumbai Date: April 22, 2024 212 Reliance Industries Limited “ANNEXURE A” To The Independent Auditor’s Report (Referred to in paragraph 1(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) Report on the Internal Financial Controls with reference to Consolidated Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”) In conjunction with our audit of the Consolidated Financial Statements of Reliance Industries Limited (hereinafter referred to as the “Parent”) as at and for the year ended 31st March, 2024, we have audited the internal financial controls with reference to Consolidated Financial Statements of the Parent and its subsidiary companies, its associate companies and joint venture companies, which are companies incorporated in India, as of that date. Management’s Responsibility for Internal Financial Controls The respective Board of Directors of the Parent, its subsidiary companies, its associate companies and joint venture companies, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls with reference to Consolidated Financial Statements based on the internal control with reference to Consolidated Financial Statements criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. Auditor’s Responsibility Our responsibility is to express an opinion on the internal financial controls with reference to Consolidated Financial Statements of the Parent, its subsidiary companies, its associate companies and its joint venture companies, which are companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to Consolidated Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Consolidated Financial Statements was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Consolidated Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Consolidated Financial Statements included obtaining an understanding of internal financial controls with reference to Consolidated Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the subsidiary companies, associate companies and joint venture companies, which are companies incorporated in India, in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to Consolidated Financial Statements of the Parent, its subsidiary companies, its associate companies and its joint venture companies, which are companies incorporated in India. Meaning of Internal Financial Controls with reference to Consolidated Financial Statements A company’s internal financial control with reference to Consolidated Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference to Consolidated Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted Integrated Annual Report 2023-24 213 Independent Auditor’s Report accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements Because of the inherent limitations of internal financial controls with reference to Consolidated Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Consolidated Financial Statements to future periods are subject to the risk that the internal financial control with reference to Consolidated Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion In our opinion to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors referred to in the Other Matters paragraph below, the Parent, its subsidiary companies, associate companies and joint venture companies, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls with reference to Consolidated Financial Statements and such internal financial controls with reference to Consolidated Financial Statements were operating effectively as at 31st March, 2024, based on the criteria for internal financial control with reference to Consolidated Financial Statements established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. Other Matters Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to Consolidated Financial Statements insofar as it relates to 102 subsidiary companies, 32 associate companies and 12 joint venture companies, which are companies incorporated in India, is based solely on the corresponding reports of the auditors of such companies incorporated in India. Our opinion is not modified in respect of the above matters. For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Abhijit A. Damle Partner Membership No.102912 UDIN: 24102912BKEPFZ7008 Place: Mumbai Date: April 22, 2024 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAIZ6707 Place: Mumbai Date: April 22, 2024 “ANNEXURE B” To The Independent Auditor’s Report (Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) With respect to the matters specified in clause (xxi) of paragraph 3 in respect of those companies where audits have been completed and paragraph 4 of the Companies (Auditor’s Report) Order, 2020 under Section 143 of the Act, there are no qualifications or (“CARO”) issued by the Central Government in terms of Section adverse remarks by the respective auditors in the CARO reports 143(11) of the Act, according to the information and explanations of the said companies included in the Consolidated Financial given to us, and based on the CARO reports issued by us and the Statements, except for an associate viz., Sterling and Wilson auditors of respective companies included in the Consolidated Renewable Energy Limited (CIN - L74999MH2017PLC 292281) Financial Statements, to which reporting under CARO is applicable, related to clause 3(ix)(a). as provided to us by the Management of the Parent, we report that For Deloitte Haskins & Sells LLP Chartered Accountants Firm’s Registration No. 117366W/W-100018 For Chaturvedi & Shah LLP Chartered Accountants Firm’s Registration No. 101720W/W-100355 Abhijit A. Damle Partner Membership No.102912 UDIN: 24102912BKEPFZ7008 Place: Mumbai Date: April 22, 2024 Sandesh Ladha Partner Membership No. 047841 UDIN: 24047841BKCAIZ6707 Place: Mumbai Date: April 22, 2024 214 Reliance Industries Limited Integrated Annual Report 2023-24 215 Consolidated Balance Sheet As at 31st March, 2024 Assets Non-Current Assets Property, Plant and Equipment Spectrum Other Intangible Assets Goodwill Capital Work-in-Progress Spectrum Under Development Other Intangible Assets Under Development Financial Assets Investments Loans Other Financial Assets Deferred Tax Assets (Net) Other Non-Current Assets Total Non-Current Assets Current Assets Inventories Financial Assets Investments Trade Receivables Cash and Cash Equivalents Loans Other Financial Assets Other Current Assets Total Current Assets Total Assets 216 Reliance Industries Limited Notes As at 31st March, 2024 As at 31st March, 2023 (C in crore) 1 1 1 1 1 1 2 3 4 5 6 7 8 9 10 11 12 6,06,084 5,70,503 69,852 89,060 14,989 75,351 63,681 15,270 1,52,382 1,17,259 1,29,602 1,22,357 56,871 54,136 1,19,502 1,17,087 899 2,622 938 1,525 2,523 1,549 43,085 40,894 12,85,886 11,82,135 1,52,770 1,40,008 1,06,170 1,18,473 31,628 97,225 2,517 23,965 55,825 28,448 68,664 176 19,696 49,831 4,70,100 4,25,296 17,55,986 16,07,431 Equity and Liabilities Equity Equity Share Capital Other Equity Non-Controlling Interest Total Equity Liabilities Non-Current Liabilities Financial Liabilities Borrowings Lease Liabilities Deferred Payment Liabilities Other Financial Liabilities Provisions Deferred Tax Liabilities (Net) Other Non-Current Liabilities Total Non-Current Liabilities Current Liabilities Financial Liabilities Borrowings Lease Liabilities Trade Payables Other Financial Liabilities Other Current Liabilities Provisions Total Current Liabilities Total Liabilities Total Equity and Liabilities Material Accounting Policies See accompanying Notes to the Financial Statements Notes As at 31st March, 2024 As at 31st March, 2023 (C in crore) 6,766 6,766 7,86,715 1,32,307 9,25,788 7,09,106 1,13,009 8,28,881 2,22,712 1,83,176 17,415 16,230 1,08,272 1,12,847 5,667 2,044 72,241 4,480 7,704 1,607 60,324 919 4,32,831 3,82,807 1,01,910 1,30,790 4,105 4,196 1,78,377 1,47,172 55,602 55,198 2,175 3,97,367 8,30,198 68,501 42,906 2,178 3,95,743 7,78,550 17,55,986 16,07,431 14 15 16 17 18 19 5 20 21 22 23 24 A-C 1 to 46 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 Integrated Annual Report 2023-24 217 Consolidated Statement of Profit and Loss For the year ended 31st March, 2024 Notes 2023-24 (C in crore) 2022-23 Notes 2023-24 Income Value of Sales Income from Services Value of Sales & Services (Revenue) Less: GST Recovered Revenue from Operations Other Income Total Income Expenses Cost of Materials Consumed Purchase of Stock-in-Trade Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade Excise Duty Employee Benefits Expense Finance Costs Depreciation / Amortisation and Depletion Expense Other Expenses Total Expenses Profit Before Share of Profit / (Loss) of Associates / Joint Ventures and Tax Share of Profit / (Loss) of Associates and Joint Ventures Profit Before Tax Tax Expenses Current Tax Deferred Tax Profit from Continuing Operations Profit from Discontinued Operations (Net of Tax) Profit for the Year Other Comprehensive Income: Continuing Operations: 25 26 27 28 29 1 30 13 13 i. ii. iii. iv. Items that will not be reclassified to Profit or Loss Income Tax relating to items that will not be reclassified to Profit or Loss Items that will be reclassified to Profit or Loss Income Tax relating to items that will be reclassified to Profit or Loss 26.1 26.2 Total Other Comprehensive Income / (Loss) from Continuing Operations (Net of Tax) Discontinued Operations: i. ii. Items that will not be reclassified to Profit or Loss (Net of Tax) Items that will be reclassified to Profit or Loss (Net of Tax) Total Other Comprehensive Income / (Loss) from Discontinued Operations (Net of Tax) Total Other Comprehensive Income / (Loss) for the Year (Net of Tax) Total Comprehensive Income for the year 8,83,646 1,16,476 8,56,770 1,18,094 10,00,122 9,74,864 85,650 83,553 9,14,472 8,91,311 16,057 11,734 9,30,529 9,03,045 4,00,345 4,50,241 1,89,881 1,68,505 (4,883) (30,263) 13,408 25,679 23,118 50,832 1,27,809 8,26,189 1,04,340 387 1,04,727 13,590 12,117 79,020 - 79,020 3,852 (433) 244 6 3,669 - - - 3,669 82,689 13,476 24,872 19,571 40,303 1,22,318 8,09,023 94,022 24 94,046 8,398 11,978 73,670 418 74,088 (39) (13) (9,503) 1,829 (7,726) (11,101) 15 (11,086) (18,812) 55,276 Net Profit Attributable to: a) b) Owners of the Company Non-Controlling Interest Other Comprehensive Income Attributable to: a) b) Owners of the Company Non-Controlling Interest Total Comprehensive Income attributable to: a) Owners of the Company Non-Controlling Interest b) Earnings Per Equity Share of Face Value of K 10 each Continuing Operations: Basic (in C) Diluted (in C) Discontinued Operations: Basic (in C) Diluted (in C) Continuing and Discontinued Operations: Basic (in C) Diluted (in C) Material Accounting Policies 69,621 9,399 3,567 102 73,188 9,501 102.90 102.90 - - 102.90 102.90 32 32 32 32 32 32 A-C See accompanying Notes to the Financial Statements 1 to 46 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 (C in crore) 2022-23 66,702 7,386 (18,783) (29) 47,919 7,357 97.97 97.97 0.62 0.62 98.59 98.59 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 218 Reliance Industries Limited Integrated Annual Report 2023-24 219 Consolidated Statement of Changes in Equity For the year ended 31st March, 2024 A. Equity Share Capital * C 1,50,000 B. Other Equity Balance as at 1st April, 2022 Change during the year 2022-23 Balance as at 31st March, 2023 Change during the year 2023-24 Balance as at 31st March, 2024 6,765 1 6,766 - * 6,766 (C in crore) Balance as at 1st April, 2023 Total Comprehensive Income for the Year Dividend Transfer (to)/from Retained Earnings Transfer (to)/from General Reserve On Rights Issue* On Employee Stock Options Others (C in crore) Balance as at 31st March, 2024 As at 31st March, 2024 Reserves and Surplus Capital Reserve Capital Redemption Reserve 280 44 Debenture Redemption 2,314 Reserve Share Based Payments 646 Reserve Statutory Reserve Special Economic Zone Reinvestment Reserve $ 445 150 Securities Premium 99,792 General Reserve 2,62,704 - - - - - - - - - - - - - - - - - - - - - (150) - - - - - - - - - 30,000 Retained Earnings 2,95,739 69,621 (6,089) 150 (30,000) Other Comprehensive 46,992 3,567# - Income Total 7,09,106 73,188 (6,089) - - - - * Refer Note 14.7 & 15 $ Special Economic Zone Reinvestment Reserve created during the year of C Nil. ^ Mainly pursuant to fresh issue of equity by subsidiary. # Includes net movement in Foreign Currency Translation Reserve. - - - - - - - 134 - - 4 - - - 6 - - - - - 280 44 - 2,314 - - - 780 445 - - 99,802 - 2,92,704 - 10,366^ 3,39,787 - - 50,559 Balance as at 1st April, 2022 Total Comprehensive Income for the Year Dividend Transfer (to)/from Retained Earnings Transfer (to)/from General Reserve On Rights Issue* On Employee Stock Options On Demerger^ Others (C in crore) Balance as at 31st March, 2023 As at 31st March, 2023 Reserves and Surplus Capital Reserve Capital Redemption 291 50 Reserve Debenture 4,705 Redemption Reserve Share Based 434 Payments Reserve Statutory Reserve 804 Special Economic 9,110 Zone Reinvestment Reserve $ Securities Premium 1,14,796 General Reserve 2,60,221 - - - - - - - - - - - - - - - - - 96 (2,487) - - - - - - - - 212 - 38 - (8,960) - - - - - - (397) - - (6) (11) - 280 44 - - - 2,314 - - - 646 445 150 Retained Earnings 2,47,951 66,702 (5,083) 8,826 Other 1,34,358 (18,783)# - - - - - - - 40 22 (14,424) (642) 99,792 2,487 - - - - - - - - (4) - 2,62,704 (21,867) (790) 2,95,739 (68,583) - 46,992 Comprehensive Income Total * Refer Note 14.7 & 15 7,72,720 47,919 (5,083) - - 40 234 (1,05,281) (1,443) 7,09,106 ^ Refer Note 31 & 43 $ Special Economic Zone Reinvestment Reserve created during the year of C Nil. # Includes net movement in Foreign Currency Translation Reserve. 6 138 10,366 7,86,715 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 220 Reliance Industries Limited Integrated Annual Report 2023-24 221 Consolidated Statement of Cash Flow For the year ended 31st March, 2024 A. CASH FLOW FROM OPERATING ACTIVITIES Net Profit Before Tax as per Statement of Profit and Loss Continuing Operations Discontinued Operations Adjusted for: Share of (Profit) / Loss of Associates and Joint Ventures from Continuing Operations Share of (Profit) / Loss of Associates and Joint Ventures from Discontinued Operations Premium on buy back of Debentures (Profit) / Loss on Sale / Discard of Property, Plant and Equipment and Other Intangible Assets (Net) 2023-24 1,04,727 1,04,727 - (387) - - 178 (C in crore) 2022-23 94,801 94,046 755 (24) 67 33 (60) Depreciation / Amortisation and Depletion Expense of Continuing Operations 50,832 40,303 Depreciation / Amortisation and Depletion Expense of Discontinued Operations Effect of Exchange Rate Change Net Gain on Financial Assets Dividend Income Interest Income Finance Costs Sub-total - (1,330) (1,921) (89) (10,745) 23,118 59,656 16 (3,680) 1,214# (38)# (11,240)# 19,571# 46,162 C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Issue of Equity Share Capital @ Proceeds from Issue of Share Capital to Non-Controlling Interest (Net of Dividend Paid) Net Proceeds from Rights Issue Payments to Non-Controlling Interest Shareholders towards Capital Reduction Payment of Lease Liabilities Proceeds from Borrowings – Non-current (including Current Maturities) Repayment of Borrowings – Non-current (including Current Maturities) Borrowings – Current (Net) Dividend Paid Interest Paid Net Cash Flow from / (used in) Financing Activities Net Increase in Cash and Cash Equivalents Opening Balance of Cash and Cash Equivalents Add: Upon addition of Subsidiaries Less: On Demerger (Refer Note 43) Closing Balance of Cash and Cash Equivalents (Refer Note 10) # Other than Financial Services Segment. * Includes amount spent in cash towards Corporate Social Responsibility of C 1,592 crore (Previous Year C 1,271 crore). @ C 1,50,000 (Previous Year C 10,00,000). Operating Profit before Working Capital Changes 1,64,383 1,40,963 Change in Liability arising from Financing Activities 2023-24 - 20,915 7 (1,085) (2,483) 69,610 (35,055) (25,293) (6,089) (37,173) (16,646) 27,841 68,664 720 - 97,225 (C in crore) 2022-23 - 479 40 - (1,406) 35,936 (29,059) 31,198 (5,083) (21,650)# 10,455 34,252 36,178 4,278 6,044 68,664 (C in crore) Adjusted for: Trade and Other Receivables Inventories Trade and Other Payables Sub-total Cash Generated from Operations Taxes Paid (Net) Net Cash Flow from Operating Activities * B. CASH FLOW FROM INVESTING ACTIVITIES (15,674) (12,756) 34,796 13,194 (32,228) (600) 6,366 (19,634) 1,70,749 1,21,329 (11,961) (6,297) 1,58,788 1,15,032 Expenditure for Property, Plant and Equipment, Spectrum and Other Intangible Assets (1,52,883) (1,40,988) Proceeds from disposal of Property, Plant and Equipment and Other Intangible Assets 15,307 9,186 Purchase of Other Investments Proceeds from Sale of Financial Assets Payment of Deferred Payment Liabilities Interest Income Dividend Income from Associates Dividend Income from Others Net Cash used in Investing Activities (5,14,380) (4,71,822) 5,31,355 5,01,266 (4,423) 10,648 59 16 - 11,103# 17 3 (1,14,301) (91,235) 222 Reliance Industries Limited Particulars 1st April, 2023 Cash flow Foreign exchange movement / Others 31st March, 2024 Borrowings – Non-current (including Current Maturities) 2,31,708 34,555 1,717 2,67,980 (Refer Note 16) Borrowings – Current (Refer Note 20) Total Particulars 82,258 3,13,966 (25,293) 9,262 (323) 1,394 56,642 3,24,622 (C in crore) 1st April, 2022 Cash flow Foreign exchange movement / Others 31st March, 2023 Borrowings – Non-current (including Current Maturities) 2,14,719 6,877 10,112 2,31,708 (Refer Note 16) Borrowings – Current (Refer Note 20) Total 51,586 2,66,305 31,198 38,075 (526) 9,586 82,258 3,13,966 As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 Integrated Annual Report 2023-24 223 A. Corporate Information The Consolidated Financial Statements comprise financial statements of “Reliance Industries Limited” (“the Company”) and its subsidiaries (collectively referred to as “the Group”) for the year ended 31st March, 2024. The Company is a listed entity incorporated in India. The registered office of the Company is located at 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai - 400 021, India. The principal activities of the Group, its joint ventures and associates consist of Oil to Chemicals (O2C), Oil and Gas, Retail and Digital Services. Further details about the business operations of the Group are provided in Note 38 – Segment Information. B. Material Accounting Policies B.1 Basis of Preparation and Presentation The Consolidated Financial Statements have been prepared on the historical cost basis except for the following assets and liabilities which have been measured at fair value: (b) (c) (d) (e) Profits or losses resulting from intra-group transactions that are recognised in assets, such as Inventory and Property, Plant and Equipment, are eliminated in full. In case of foreign subsidiaries, revenue items are consolidated at the average rate prevailing during the year. All assets and liabilities are converted at rates prevailing at the end of the year. Any exchange difference arising on consolidation is recognised in the Foreign Currency Translation Reserve (FCTR). The audited / unaudited financial statements of foreign subsidiaries / joint ventures / associates have been prepared in accordance with the Generally Accepted Accounting Principle of its Country of Incorporation or Ind AS. The differences in accounting policies of the Company and its subsidiaries / joint ventures / associates are not material and there are no material transactions from 1st January, 2024 to 31st March, 2024 in respect of subsidiaries / joint ventures / associates having financial year ended 31st December, 2023. i. Certain Financial Assets and Liabilities (including derivative instruments), B.3 Summary of Material Accounting Policies ii. Defined Benefit Plans – Plan Assets; and iii. Equity settled Share Based Payments The Consolidated Financial Statements of the Group have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the Consolidated Financial Statements. The Consolidated Financial Statements comprises of Reliance Industries Limited and all its subsidiaries, being the entities that it controls. Control is assessed in accordance with the requirement of Ind AS 110 – Consolidated Financial Statements. The Consolidated Financial Statements are presented in Indian Rupees (C) and all values are rounded to the nearest crore (C 00,00,000), except when otherwise indicated. B.2 Principles of Consolidation (a) The financial statements of the Company and its subsidiaries are combined on a line-by-line basis by adding together like items of assets, liabilities, equity, incomes, expenses and cash flows, after fully eliminating intra-group balances and intra- group transactions. 224 Reliance Industries Limited (a) Current and Non-Current Classification The Group present assets and liabilities in the Balance Sheet based on Current / Non-Current classification considering an operating cycle of 12 months being the time elapsed between deployment of resources and the realisation / settlement in cash and cash equivalents there- against. (b) Business Combination For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. (c) Property, Plant and Equipment Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebate less accumulated depreciation and impairment loss, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. In case of land the Group has availed fair value as deemed cost on the date of transition to Ind AS. Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as pre-operative expenses and disclosed under Capital Work-in-Progress. Depreciation on Property, Plant and Equipment is provided using written down value method on depreciable amount except in case of certain assets of Oil to Chemicals and Other Segment, which are depreciated using straight line method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in respect of the following assets, where useful life is as under: Particular Depreciation Fixed Bed Catalyst (useful Over its useful life as life: 2 years or more) technically assessed Fixed Bed Catalyst (useful 100% depreciated in the life: up to 2 years) year of addition Premium on Leasehold Land Over the period of lease (range up to 99 years) term Plant and Machinery (useful Over its useful life as life: 25 to 50 years) technically assessed Buildings (useful life: 30 to Over its useful life as 65 years) technically assessed The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. (d) Leases The Group, as a lessee, recognises a right-of- use asset and a lease liability for its leasing arrangements, if the contract conveys the right to control the use of an identified asset. Initially the right of use assets measured at cost which comprises initial cost of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs incurred. Subsequently measured at cost less any accumulated depreciation/ amortisation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated/ amortised using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The Group measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses incremental borrowing rate. For short-term and low value leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term. (e) Intangible Assets Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount and rebate less accumulated amortisation / depletion and impairment loss, if any. Such cost includes purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the Intangible Assets. Other Indirect Expenses incurred relating to project, net of income earned during the project development stage prior to its intended use, are considered as pre-operative expenses and disclosed under Intangible Assets Under Development. The Group assesses if useful life of an intangible asset is finite or indefinite. A summary of the amortisation / depletion policies applied to the Group’s Intangible Assets with a finite life to the extent of depreciable amount is as follows. Particulars Amortization Technical Over the useful life of the underlying Know-How assets ranging from 5 years to 35 years Computer Over a period of 5 to 10 years. Software Development With respect to Oil and Gas, depleted Rights using the unit of production method. The cost of producing wells along with its related facilities including decommissioning costs are depleted in proportion of oil and gas production achieved vis-à-vis Proved Developed Reserves. The cost for common facilities including its decommissioning costs are depleted using Proved Reserves. With respect to other development rights, these are amortized over the period of contract. License Fee Amortised over the remainder of the license period from the date of commencement of the commercial operation. Integrated Annual Report 2023-24 225 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Particulars Amortization Spectrum Amortised from the date of Fees commencement of commercial operation over the balance validity period, based on the expected pattern of consumption of the expected future economic benefits, in accordance with the applicable Accounting Standards. Others In case of Jetty, the aggregate amount amortised to date is not less than the aggregate rebate availed by the Group. In case of Platforms and related Product Developments, over a period ranging from 5 to 25 years. The amortisation period and the amortisation method for Intangible Assets with a finite useful life are reviewed at each reporting date. (f) Inventories Items of inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any, except in case of by- products which are valued at net realisable value. Cost of finished goods, work-in-progress, raw materials, chemicals, stores and spares, packing materials, trading and other products are determined on weighted average basis. (g) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Provision for Decommissioning Liability The Group records a provision for decommissioning costs towards site restoration activity. Decommissioning costs are provided at the present value of future expenditure using a current pre-tax rate expected to be incurred to fulfil decommissioning obligations and are recognised as part of the cost of the underlying assets. Any change in the present value of the expenditure, other than unwinding of discount on the provision, is reflected as adjustment to the provision and the corresponding asset. The change in the provision due to the unwinding 226 Reliance Industries Limited of discount is recognised in the Consolidated Statement of Profit and Loss. (h) Contingent Liabilities Disclosure of contingent liability is made when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources embodying economic benefits will be required to settle or a reliable estimate of amount cannot be made. (i) Current Tax and Deferred Tax The tax expenses for the period comprise of current tax and deferred tax. The Group exercises judgment in computation of current tax considering the relevant rulings and reassesses the carrying amount of deferred tax assets / liabilities at the end of each reporting period. (j) Share Based Payments In case of Group equity-settled share-based payment transactions, where the Company grants stock options to the employees of its subsidiaries, the transactions are accounted by increasing the cost of investment in subsidiary with a corresponding credit in the equity. (k) Foreign Currencies Transactions and Translation Exchange gains or losses on foreign currency borrowings taken prior to April 1, 2016 which are related to the acquisition or construction of qualifying assets are adjusted in the carrying cost of such assets. (l) Revenue Recognition Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration entitled in exchange for those goods or services. The Group is generally the principal as it typically controls the goods or services before transferring them to the customer. Revenue is measured at the amount of consideration which the Group expects to be entitled to in exchange for transferring distinct goods or services to a customer as specified in the contract, excluding amounts collected on behalf of third parties (for example taxes and duties collected on behalf of the government). Consideration is generally due upon satisfaction of performance obligations and a receivable is recognised when it becomes unconditional. Generally, the credit period varies between 0-60 days from the shipment or delivery of goods or completion of services as the case may be. The Group provides volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified and also accrues discounts to certain customers based on customary business practices which is derived on the basis of crude price volatility and various market demand – supply situations. Consideration are determined based on its most likely amount. Generally, sales of petroleum products contain provisional pricing features where revenue is initially recognised based on provisional price. Difference between final settlement price and provisional price is recognised subsequently. (m) Financial Instruments i. Financial Assets Purchase and sale of Financial Assets are recognised using trade date accounting. Trade receivables that do not contain a significant financing component are measured at transaction price. The Company has elected to account for its investments in associates and joint venture at cost less impairment loss (if any). All other equity investments are measured at fair value, with value changes recognised in Statement of Profit and Loss, except for those equity investments for which the Group has elected to present the value changes in ‘Other Comprehensive Income’. However, dividend on such equity investments are recognised in Statement of Profit and Loss when the Company’s right to receive payment is established. The investments in preference shares with the right to surplus assets which are in nature of equity in accordance with Ind AS 32 are treated as separate category of investment and measured at Fair Value Through Other Comprehensive Income (FVTOCI). Other Financial Assets are generally measured at Fair Value Through Profit or Loss (FVTPL) except where the Group, based on the business model objectives, measures these at Amortized Cost or Fair Value Through Other Comprehensive Income (FVTOCI). The Group uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of Financial Assets other than those measured at Fair Value Through Profit Or Loss (FVTPL). Expected Credit Losses are measured through a loss allowance at an amount equal to: − The 12-months expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date); or − Full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument). For Trade Receivables, the Group applies ‘simplified approach’ which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Group uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward-looking estimates are analysed. For other assets, the Group uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used. ii. Financial Liabilities For trade and other payables maturing within one year from the balance sheet date, the carrying amounts are determined to approximate fair value due to the short maturity of these instruments. iii. Derivative Financial Instruments and Hedge Accounting The Group uses various derivative financial instruments such as interest rate swaps, currency swaps, forwards & options and commodity contracts to mitigate the risk of changes in interest rates, exchange rates and commodity prices. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement of Profit and Loss, except for the effective portion of cash flow hedge which is recognised in Other Comprehensive Income and later to Statement of Profit and Loss when the hedged item affects profit or loss or is treated as basis adjustment if a hedged forecast transaction subsequently results in the recognition of a Non-Financial Assets or Non-Financial liabilities. Integrated Annual Report 2023-24 227 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Hedges that meet the criteria for hedge accounting are accounted for as follows: A. Cash Flow Hedge The Group designates derivative contracts or non-derivative Financial Assets / Liabilities as hedging instruments to mitigate the risk of movement in interest rates and foreign exchange rates for foreign exchange exposure on highly probable future cash flows attributable to a recognised asset or liability or forecast cash transactions. B. Fair Value Hedge The Group designates derivative contracts or non-derivative Financial Assets / Liabilities as hedging instruments to mitigate the risk of change in fair value of hedged item due to movement in interest rates, foreign exchange rates and commodity prices. iv. Offsetting Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet when, and only when, the Group has a legally enforceable right to set off the amount and it intends, either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (n) Accounting for Oil and Gas Activity Oil and Gas Joint Arrangement are in the nature of joint operations. Accordingly, assets and liabilities as well as income and expenditure are accounted on the basis of available information on a line-by- line basis with similar items in the Financial Statements, according to the participating interest of the Group. The Group follows the Guidance Note on Accounting for Oil and Gas producing activities – Ind AS issued by the Institute of Chartered Accountants of India for the purpose of accounting. Seismic costs, geological and geophysical studies, petroleum exploration license fees and general and administration costs directly attributable to exploration and evaluation activities are expensed off. The costs incurred on acquisition of interest in oil and gas blocks and on exploration and evaluation other than those which are expensed off are accounted for as Intangible Assets Under Development. All development costs incurred in respect of proved reserves are also capitalised under Intangible Assets Under Development. Once a well is ready to commence commercial production, the costs accumulated in Intangible Assets Under Development are classified as Intangible Assets corresponding to proved developed oil and gas reserves. The exploration and evaluation expenditure which does not result in discovery of proved oil and gas reserves and all cost pertaining to production are charged to the Statement of Profit and Loss. The Group uses technical estimation of reserves as per the Petroleum Resources Management System guidelines 2011 and standard geological and reservoir engineering methods. The reserve review and evaluation is carried out annually. C. Critical Accounting Judgements and Key Sources of Estimation Uncertainty The preparation of the Group’s financial statements require management to make judgement, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. (A) Estimation of Oil and Gas Reserves The determination of the Group’s estimated oil and natural gas reserves require significant judgements and estimates to be applied and these are regularly reviewed and updated. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of new wells, and commodity prices all impact on the determination of the Group’s estimates of its oil and natural gas reserves. The Group bases it’s proved reserves estimates on the requirement of reasonable certainty with rigorous technical and commercial assessments based on conventional industry practice and regulatory requirements. Estimates of oil and natural gas reserves are used to calculate depletion charges for the Group’s oil and gas properties. The impact of changes in estimated proved reserves is dealt with prospectively by amortising the remaining carrying value of the asset over the expected future production. Oil and natural gas reserves also have a direct impact on the assessment of the recoverability of asset carrying values reported in the financial statements. Details on proved reserves and production both on product and geographical basis are provided in Note 34. (B) Property Plant and Equipment / Other Intangible Assets Estimates are involved in determining the cost attributable to bringing the assets to the location 228 Reliance Industries Limited and condition necessary for it to be capable of operating in the manner intended by the management. Property, Plant and Equipment / Other Intangible Assets are depreciated / amortised over their estimated useful life, after taking into account estimated residual value. Spectrum Cost is amortised over its balance validity period, based on the expected pattern of consumption of the expected future economic benefits. Management reviews the estimated useful life and residual values of the assets annually in order to determine the amount of depreciation / amortisation to be recorded during any reporting period. The useful life and residual values are based on the Group’s historical experience with similar assets and take into account anticipated technological and future risks. The depreciation / amortisation for future periods is revised if there are significant changes from previous estimates. (C) Provisions The timing of recognition and quantification of the liability (including litigations) requires the application of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances. (D) Impairment of Goodwill, Intangible Assets under Development and Intangible Assets with Indefinite Useful Life Management reviews the carrying value of goodwill, intangible assets under development and intangible assets with indefinite useful life annually, to determine whether there has been any impairment by allocating the value of goodwill, intangible assets under development and intangible assets with indefinite useful life to a Cash Generating Unit (CGU). The Group has identified CGUs’ for this purpose, considering the nature of the businesses to which each of the CGU relates. Value in use i.e. the enterprise value of each CGU is aggregate of cash flow projections, for five years as approved by Senior Management and beyond five years extrapolated using a long-term growth rate which ranges from 2% to 5%. Cash flow projections are discounted by a pre-tax discount rate, being the Weighted Average Cost of Capital (WACC), which ranges from 8% to 12%. The Management believes that any reasonably possible change in the above key assumptions on which recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the CGU. Goodwill and intangible assets with indefinite lives have been allocated to the respective CGUs. During the year ended March 31, 2024, the Group has determined that there is no impairment towards these assets. (E) Impairment of Financial and Non-Financial Assets The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Group’s past history, existing market conditions as well as forward-looking estimates at the end of each reporting period. In case of non-financial assets, the Group estimates asset’s recoverable amount, which is higher of an asset’s or Cash Generating Units (CGU’s) fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used. (F) Fair Value Measurement For estimates relating to fair value of financial instruments refer Note 37 of Consolidated Financial Statements. (G) Leases The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgement. The Group uses judgement in assessing whether a contract (or part of contract) include a lease, the lease term (including anticipated renewals), the applicable discount rate, variable lease payments whether are in-substance fixed. The judgement involves assessment of whether the asset included in the contract is a fully or partly identified asset based on the facts and circumstances, whether the contract include a lease and non-lease component and if so, separation thereof for the purpose of recognition and measurement, determination of lease term basis, inter alia the non-cancellable period of lease and whether the lessee intends to opt for continuing with the use of the asset upon the expiry thereof, and whether the lease payments are fixed are variable or a combination of both. Integrated Annual Report 2023-24 229 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 1. Property, Plant and Equipment, Spectrum, Other Intangible Assets, Capital Work-in-Progress, Spectrum Under 1.1 Buildings include: Development and Intangible Assets under Development (C in crore) i) ii) Cost of shares in Co-operative Societies of C 2,69,200 (Previous Year C 2,03,200). C 88 crore (Previous Year C 88 crore) in shares of Companies / Societies with right to hold and use certain area of Buildings. Description As at 01-04- 2023 Additions/ Adjustments ** Deductions/ Adjustments As at 31-03-2024 As at 01-04- 2023 For the Year # Deductions/ Adjustments As at 31-03-2024 As at 31-03-2024 As at 31-03- 2023 Gross Block Depreciation / Amortisation and Depletion Net Block Property, Plant & Equipment Own Assets: Land Buildings 50,037 62,193 Plant & Machinery 5,35,800 25,677 Electrical Installations Equipments $ 3,657 15,511 30,726 7,591 - 53,694 - - - - 53,694 50,037 4,871 72,833 17,045 2,974 2,339 17,680 55,153 45,148 11,868 5,54,658 1,68,127 20,173 3,991 1,84,309 3,70,349 3,67,673 4,444 28,824 8,667 2,172 789 10,050 18,774 17,010 45,067 23,329 8,460 59,936 12,443 4,919 3,455 13,907 46,029 32,624 Furniture & Fixtures 12,484 Vehicles Ships Aircrafts and Helicopters 1,140 508 2,447 5,688 120 4 - 3,538 14,634 2,727 1,654 42 1,218 - - 512 2,447 748 373 763 142 12 304 373 38 - - 4,008 10,626 9,757 852 385 366 127 392 135 1,067 1,380 1,684 Sub-Total 7,35,353 86,626 33,223 7,88,756 2,10,893 32,350 10,985 2,32,258 5,56,498 5,24,460 Right-of-Use Assets: Land Buildings 29,660 7,554 Plant & Machinery 21,887 Vehicles Ships Sub-Total Total (A) 80 10 59,191 7,94,544 3,983 3,403 2,957 2 - 10,345 96,971 50 33,593 3,137 1,728 9,229 2,186 837 870 435 24,409 7,773 3,396 2 - 80 10 42 10 15 - 6 238 285 2 - 3,968 2,818 29,625 26,523 6,411 5,368 10,884 13,525 14,114 55 10 25 - 38 - 2,215 67,321 13,148 5,118 531 17,735 49,586 46,043 35,438 8,56,077 2,24,041 37,468 11,516 2,49,993 6,06,084 5,70,503 Spectrum Cost (B) 93,177 - - 93,177 17,826 5,499 - 23,325 69,852 75,351 Other Intangible Assets * Technical Knowhow 6,172 220 - 6,392 4,564 144 - 4,708 1,684 1,608 Fees Software 15,349 Development Rights 63,590 Others Total (C) 29,900 1,15,011 611 18,482 16,254 35,567 104 15,856 6,923 675 45 7,553 8,303 8,426 - 82,072 35,563 7,198 - 42,761 39,311 28,027 135 46,019 4,280 2,112 239 1,50,339 51,330 10,129 135 180 6,257 39,762 25,620 61,279 89,060 63,681 Total (A+B+C) 10,02,732 1,32,538 35,677 10,99,593 2,93,197 53,096 11,696 3,34,597 7,64,996 7,09,535 Previous Year 8,70,615 1,37,785 5,668 10,02,732 2,55,826 41,106 3,735 2,93,197 7,09,535 6,14,789 Capital Work-in- Progress Spectrum Under Development Intangible Assets Under Development 1,52,382 1,17,259 1,29,602 1,22,357 56,871 54,136 ** Additions / adjustments in gross block for the year include C 5,738 crore on account of entities acquired during the year 2023-24. # Depreciation / Amortisation and Depletion for the year includes depreciation of C 142 crore (Previous Year C 148 crore) capitalised during the year and C 2,122 crore (Previous Year C 639 crore) on account of entities acquired during the year 2023-24. Thus, the net amount considered in Statement of Profit and Loss related to continuing operations is C 50,832 crore (Previous Year C 40,303 crore) and discontinued operations is Nil (Previous Year C 16 crore). $ Includes Office Equipments. * Other than internally generated. 230 Reliance Industries Limited 1.2 Other Intangible Assets - Others include: i) ii) Jetties amounting to C 812 crore (Previous Year C 812 crore), the Ownership of which vests with Gujarat Maritime Board. C 7 crore (Previous Year C 7 crore) in shares of companies with Right to hold and use Land and Buildings. 1.3 Capital work-in-Progress and Intangible Assets under Development include: i) ii) C 27,756 crore (Previous Year C 20,125 crore) on account of Project Development Expenditure. C 20,904 crore (Previous Year C 18,331 crore) on account of cost of construction materials at site. 1.4 Additions in Property, Plant & Equipment, Other Intangible Assets, Capital work-in-progress and Intangible Assets under Development includes C 259 crore (net loss) [Previous Year C 1,384 crore (net loss)] on account of exchange difference during the year. 1.5 For Assets given as security – Refer Note 16.1, 16.2 and 20.1. 1.6 Capital-Work-in Progress (CWIP) Ageing as at 31st March, 2024: Less than 1 year 1-2 years 2-3 years More than 3 years Total Amount in CWIP for a Period of (C in crore) Projects in progress 89,744 51,707 Projects temporarily suspended - - Total 89,744 51,707 6,802 - 6,802 4,129 1,52,382 - - 4,129 1,52,382 Ageing as at 31st March, 2023: Less than 1 year 1-2 years 2-3 years More than 3 years Total Amount in CWIP for a Period of (C in crore) Projects in progress 87,173 14,173 4,121 11,792 1,17,259 Projects temporarily suspended - - - - - Total 87,173 14,173 4,121 11,792 1,17,259 2. A. Investments – Non-Current Investment in Associates Investment measured at Cost In Equity Shares – Quoted, Fully Paid Up # GTPL Hathway Limited of C 10 each Reliance Industrial Infrastructure Limited of C 10 each Sterling and Wilson Renewable Energy Limited of C 1 each # Accounted using Equity Method. As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) 4,26,97,825 548 4,26,97,825 68,60,064 242 68,60,064 524 221 7,58,77,334 2,283 7,58,77,334 2,369 3,073 3,114 Integrated Annual Report 2023-24 231 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 In Equity Shares – Unquoted, Fully Paid Up # Big Tree Entertainment Private Limited of C 10 each Circle E Retail Private Limited of C 10 each Clayfin Technologies Private Limited of C 10 each DEN ADN Network Private Limited of C 10 each Den Satellite Network Private Limited of C 10 each Eenadu Television Private Limited of C 10 each Future101 Design Private Limited of C 10 each Gaurav Overseas Private Limited of C 10 each Gujarat Chemical Port Limited of C 1 each Indian Vaccines Corporation Limited of C 10 each Jamnagar Utilities & Power Private Limited - Class A Shares of C 1 each MM Styles Private Limited of C 10 each Neolync Solutions Private Limited of C 10 each (Previous Year C 9.75 per share Paid Up) NexWafe GmbH - Common Stock of EUR 1 each NW18 HSN Holdings PLC of USD 0.2 each Omnia Toys India Private Limited of C 10 each Pan Cable Services Private Limited of C 10 each Reliance Europe Limited of GBP 1 each Reliance Logistics and Warehouse Holdings Limited of C 10 each Reliance Logistics and Warehouse Holdings Limited - Class B Shares of C 10 each Ritu Kumar Fashion (LLC) of AED 1,000 each Vadodara Enviro Channel Limited of C 10 each [C 1,43,020; (Previous Year C 1,43,020)] In Preference Shares – Unquoted, Fully Paid Up Big Tree Entertainment Private Limited - Compulsorily Convertible Preference Shares Series B of C 1,000 each Big Tree Entertainment Private Limited - Compulsorily Convertible Preference Shares Series B1 of C 10 each Big Tree Entertainment Private Limited - Compulsorily Convertible Preference Shares Series C of C 1,000 each Big Tree Entertainment Private Limited - Compulsorily Convertible Preference Shares Series C 1 of C 10 each Big Tree Entertainment Private Limited - Compulsorily Convertible Preference Shares Series D of C 10 each Dunzo Digital Private Limited - Compulsorily Convertible Preference Shares Series F of C 55 each Dunzo Digital Private Limited - Optionally Convertible Preference Shares Series F3 of C 55 each Reliance Realty Limited of C 10 each Two Platforms Inc. of USD 4 each As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) 17,04,279 - 17,04,279 35,140 35,93,552 19,38,000 50,295 28 17 3 61 - 35,93,552 19,38,000 50,295 - - 17 3 63 60,94,190 601 60,94,190 541 5,658 14,23,000 39 - 5,658 14,23,000 35 1 64,29,20,000 926 64,29,20,000 778 62,63,125 54,52,000 4,03,596 6,667 7,433 92,62,233 1,20,00,000 10 11,08,500 2,60,00,000 1 3 288 60 - - 18 - 47 19 2,93,98,112 216 62,63,125 54,32,000 4,03,596 6,667 7,433 92,62,233 - 10 - 2 271 39 4 - - - 11,08,500 44 - - - - - - 147 14,302 - - 147 14,302 2,327 1,798 1,156 2,31,200 1,807 3,61,400 - - - - 1,156 2,31,200 1,807 3,61,400 - - - - 3,41,857 269 3,41,857 219 69,527 1,445 69,527 1,445 9,396 200 9,396 200 50,00,000 37,50,000 200 96 2,210 50,00,000 37,50,000 200 107 2,171 In Preference shares – Unquoted, Partly Paid Up NW18 HSN Holdings PLC – Class O Preference Shares of USD 0.2 each, 12,75,367 paid up USD 0.05 each # Accounted using Equity Method. 232 Reliance Industries Limited 12,75,367 - - - - As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) In Preferred Shares- Unquoted, Fully Paid Up Caelux Corporation - Series A-1 Preferred Stock of USD 0.0001 each 1,76,83,466 98 Caelux Corporation - Series A-3 Preferred Stock of USD 0.0001 each 10,65,189 NexWafe GmbH - Series B1 Preferred Shares of EUR 1 each NexWafe GmbH - Series B2 Preferred Shares of EUR 1 each 1,518 660 8 2 1 - - 1,518 660 NexWafe GmbH - Series C Preferred Shares of EUR 1 each 86,887 213 86,887 322 - - 2 1 213 216 In Debentures or Bonds - Unquoted, Fully Paid Up Ashwani Commercials Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each - - 13,55,90,000 136 In Share Warrant – Unquoted, Partly Paid Up NW18 HSN Holdings PLC – Share Warrant of USD 10 each, Paid Up USD 0.01 each 24,18,393 In Limited Liability Partnership GenNext Ventures Investment Advisers LLP [C 22,78,391; (Previous Year C 33,39,976)] - Total Investments in Associates B. Investment in Joint Ventures Investment measured at Cost 24,18,393 - - - - - 136 - - - - 7,932 7,435 In Equity Shares – Quoted, Fully Paid Up # Alok Industries Limited of C1 each In Equity Shares – Unquoted, Fully Paid Up # BAM DLR Chennai Private Limited of C 10 each BAM DLR Data Center Services Private Limited of C 10 each BAM DLR Kolkata Private Limited of C 10 each [C 34,00,950] BAM DLR Mumbai Private Limited of C 10 each BAM DLR Network Services Private Limited of C 10 each Brooks Brothers India Private Limited of C 10 each Burberry India Private Limited of C 10 each CAA Brands Reliance Private Limited (Formerly known as CAA Global Brands Reliance Private Limited) of C 10 each [C Nil; (Previous Year C 17,47,050)] Canali India Private Limited of C 10 each Clarks Footwear Private Limited (Formerly known as Clarks Reliance Footwear Private Limited) of C 10 each IndoSpace MET Logistics Park Farukhnagar Private Limited of C 10 each D.E. Shaw India Securities Private Limited of C 10 each Diesel Fashion India Reliance Private Limited of C 10 each Ethane Crystal LLC Class A Shares of USD 1 each 1,98,65,33,333 - 1,98,65,33,333 1,52,58,850 207 24,70,000 2,05,000 10 - 12,02,86,182 133 19,84,000 2,45,00,000 2,23,22,952 3 32 65 - - - - - 2,45,00,000 2,23,22,952 3,75,000 - 3,75,000 1,22,50,000 5,31,00,000 25 48 1,22,50,000 5,31,00,000 2,43,43,661 21 2,43,43,661 1,07,00,000 1 1,07,00,000 6,05,15,000 28 6,05,15,000 86,666 1 86,666 - - - - - - 26 56 - 20 52 24 1 29 1 Ethane Crystal LLC Class C Shares of USD 1 each 2,76,70,066 231 2,76,70,066 228 Ethane Emerald LLC Class A Shares of USD 1 each 81,680 1 81,680 1 Ethane Emerald LLC Class C Shares of USD 1 each 2,65,58,954 224 2,65,58,954 221 Ethane Opal LLC Class A Shares of USD 1 each 81,545 1 81,545 1 # Accounted using Equity Method. Integrated Annual Report 2023-24 233 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Ethane Opal LLC Class C Shares of USD 1 each 2,48,80,086 211 2,48,80,086 209 In Preference Shares – Unquoted, Fully Paid Up As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) Ethane Pearl LLC Class A Shares of USD 1 each 87,021 1 87,021 1 Ethane Pearl LLC Class C Shares of USD 1 each 2,64,80,720 222 2,64,80,720 219 Ethane Sapphire LLC Class A Shares of USD 1 each 81,545 1 81,545 1 Ethane Sapphire LLC Class C Shares of USD 1 each 2,46,38,086 210 2,46,38,086 208 Ethane Topaz LLC Class A Shares of USD 1 each 81,545 1 81,545 Ethane Topaz LLC Class C Shares of USD 1 each Football Sports Development Limited of C 10 each Hathway Bhawani NDS Network Limited of C 500 each [C 18,57,815; (Previous Year C 16,93,255)] Hathway Cable MCN Nanded Private Limited of C 10 each Hathway Channel 5 Cable and Datacom Private Limited of C 10 each Hathway Dattatray Cable Network Private Limited of C 10 each Hathway Ice Television Private Limited of C 10 each Hathway Latur MCN Cable & Datacom Private Limited of C 10 each [C 25,87,816; (Previous Year C 27,64,424)] Hathway MCN Private Limited of C 10 each Hathway Sai Star Cable & Datacom Private Limited of C 10 each Hathway Sonali OM Crystal Cable Private Limited of C 10 each Hathway Prime Cable & Datacom Private Limited of C 10 each IBN Lokmat News Private Limited of C 10 each Iconix Lifestyle India Private Limited of C 10 each India Gas Solution Private Limited of C 10 each Jio Space Technology Limited of C 10 each Marks and Spencer Reliance India Private Limited - Class A Shares of C 10 each Marks and Spencer Reliance India Private Limited - Class C Shares of C 5 each Pipeline Management Services Private Limited of C 10 each Reliance Bally India Private Limited of C 10 each Reliance International Leasing IFSC Limited of C 10 each Reliance Paul & Shark Fashions Private Limited of C 10 each Reliance Sideways Private Limited of C 10 each [C 3,48,575; (Previous Year C 1,76,298)] Reliance-GrandVision India Supply Private Limited of C 10 each * Reliance-Vision Express Private Limited of C 10 each Ryohin-Keikaku Reliance India Private Limited of C 10 each Sanmina-SCI India Private Limited of C 10 each Sintex Industries Limited of C 1 each Sodium-ion Batteries Pty Limited of AUD $1.00 each Sosyo Hajoori Beverages Private Limited of C 10 each TCO Reliance India Private Limited of C 10 each Ubona Technologies Private Limited of C 10 each Zegna South Asia Private Limited of C 10 each * Merged with Reliance-Vision Express Private Limited w.e.f 7th November, 2023. 234 Reliance Industries Limited 2,48,93,086 211 2,48,93,086 14,85,711 15,810 89 - 14,85,711 15,810 13,05,717 1 13,05,717 2,49,000 20,400 1,02,000 51,000 - - - - 2,49,000 20,400 1,02,000 51,000 9,63,000 7 9,63,000 68,850 68,000 2,29,500 86,25,000 - - - - 68,850 68,000 2,29,500 86,25,000 1 208 98 - 1 - - - - 7 - - - - 52,86,250 158 52,86,250 2,25,00,000 376 2,25,00,000 38,25,000 81,42,722 4 35 38,25,000 81,42,722 144 317 4 47 9,51,16,546 136 9,51,16,546 187 5,00,000 12 5,00,000 10 48,50,000 24,99,997 1,54,00,000 5,000 9 2 8 - 48,50,000 - 1,31,00,000 5,000 - - 1,35,00,000 13,54,95,500 17 12,10,00,000 3,53,78,000 17 3,17,52,000 8 - 6 - 5 11 15 9,81,37,159 1,998 9,81,37,159 1,838 6,00,00,00,000 586 6,00,00,00,000 27,88,822 9 27,88,823 12,50,000 204 12,50,000 2,84,20,000 10,821 2,98,44,272 32 11 12 1,37,20,000 10,821 2,98,44,272 599 12 200 15 10 8 5,611 5,049 Alok Industries Limited – 9% Non Convertible Redeemable Preference Shares of C 1 each Alok Industries Limited – 9% Optionally Convertible Preference Shares of C 1 each IBN Lokmat News Private Limited – 0.01% Optionally Convertible Non-Cumulative Redeemable Preference Share Series "II" of C 100 each IBN Lokmat News Private Limited – 0.10% Non-Cumulative Redeemable Preference Shares Series "I" of C 100 each IBN Lokmat News Private Limited – 0.10% Non-Cumulative Redeemable Preference Shares Series "II" of C 100 each IBN Lokmat News Private Limited – 0.10% Non-Cumulative Redeemable Preference Shares Series "III" of C 100 each In Debentures or Bonds – Unquoted, Fully Paid Up BAM DLR Chennai Private Limited – Non-Convertible Debentures of C 100 each IndoSpace MET Logistics Park Farukhnagar Private Limited – Non-Convertible Bonds of C 1,000 each Sintex Industries Limited – 6% Unsecured Optionally Fully Convertible Debentures of C 1 each In Limited Liability Partnership Hathway SS Cable & Datacom LLP [C 13,815; (Previous Year C 2,94,891)] Total Investments in Joint Ventures C. Other Investments Investment measured at Amortised Cost In Government Securities – Unquoted 6 Years National Savings Certificate (Deposited with Sales Tax Department and Other Government Authorities) [C 41,84,250; (Previous Year C 44,31,760)] As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) 33,00,00,00,000 3,300 - - 2,50,00,00,000 250 2,50,00,00,000 250 1 2,20,000 2,49,999 20,35,250 - - 5 2 1 2,20,000 2,49,999 20,35,250 - - 5 2 3,557 257 63,00,000 63 - 96,200 10 49,400 - 5 9,00,00,00,000 900 9,00,00,00,000 900 973 905 - - - - 4,530 10,141 - - - - - 1,162 6,211 - - In Preference Shares – Unquoted, Fully Paid Up Summit Digitel Infrastructure Limited – 0% Redeemable, 5,00,00,000 16 5,00,00,000 15 Non-Participating, Non-Cumulative and Non-Convertible Preference Shares of C 10 each Investment measured at Fair Value through Other Comprehensive Income (FVTOCI) In Membership Interest of LLP – Unquoted Breakthrough Energy Ventures II L.P. Labs 02 Limited Partnership Smash Capital Advisors LP & Smash Capital GP I LLC Thrive Capital Holdings LP 16 15 - - - - 398 43 239 141 821 - - - - Integrated Annual Report 2023-24 288 46 - 138 472 235 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) - 718 718 - 758 758 - 1,08,784 2,43,11,395 1,93,79,845 2,94,118 3,01,51,416 81,17,294 58,336 3,22,616 - 1 205 1,720 2 604 162 8 74 2,776 1,76,83,466 1,08,784 2,43,11,395 1,93,79,845 2,94,118 3,01,51,416 81,17,294 58,336 3,22,616 98 1 205 1,582 2 442 119 8 74 2,531 2 - 2 - 34,000 50 34,000 50 9,269 1,33,151 12,50,000 3 822 1 9,269 - 12,50,000 4 - 1 77,70,11,98,375 77,842 77,70,11,98,375 77,842 6,25,000 22,222 - 10 6,25,000 22,222 - 10 44,443 20 44,443 20 4,00,00,00,000 4,000 4,00,00,00,000 4,000 5,00,00,000 50 5,00,00,000 50 - - 9,14,50,00,000 9,145 2,025 466 2,025 466 83,264 91,588 14,68,385 1 14,68,385 16 2,52,00,000 185 2,52,00,000 93 11,77,60,869 5,293 11,77,60,869 1,951 31,11,088 - 31,11,088 - 4,85,32,764 446 4,85,32,764 296 4,74,308 2,75,000 11,35,670 - 18 14 4,74,308 2,75,000 11,35,670 - 7 8 In Membership Interest of LLC – Unquoted BreakThrough Energy Ventures LLC In Preferred Shares – Unquoted, Fully Paid Up Caelux Corporation - Series A Crown Affairs Inc. - Series A Exyn Technologies Inc. - Series B Glance Inmobi Pte Ltd - Series D Homodeus Inc. - Series B Netradyne Inc. - Series A Netradyne Inc. - Series B Proto Axiom Pty Ltd. - Series A Syncron Inc. - Series C In Preference Shares – Unquoted, Fully Paid Up Aeon Learning Private Limited - Series B Compulsorily Convertible Preference Shares of C 1 each Altigreen Propulsion Labs Private Limited - Series A Compulsorily Convertible Preference Shares of C 100 each Eliph Nutrition Private Limited of C 10 each Elite Depot Limited of USD 0.0001 each Jio Digital Fibre Private Limited - 0.01% Cumulative Redeemable Preference Shares of C 10 each Jio Digital Fibre Private Limited - 0.01% Optionally Convertible Preference Shares of C 10 Each KaiOS Technologies PTE. Limited of USD 0.01 each Karexpert Technologies Private Limited - Series A Preference Shares of C 20 each Karexpert Technologies Private Limited - Series B Preference Shares of C 20 each Pipeline Infrastructure Limited (Earlier Pipeline Infrastructure Private Limited) - Zero Coupon Compulsorily Convertible Preference Shares of C 10 each Pipeline Infrastructure Limited (Earlier Pipeline Infrastructure Private Limited) - Zero Coupon Redeemable Preference Shares of C 10 each Reliance Storage Limited - 0.001% Cumulative Compulsorily Convertible Preference Shares of C 10 each ^ Siddhant Commercial Private Limited - 6% Non-Cumulative Optionally Convertible Preference Shares of C 10 each In Equity Shares – Quoted, Fully Paid Up Airspan Networks Holdings Inc. - Shares in lieu of 10,000 Series D Preference Shares Balaji Telefilms Limited of C 2 each EIH Limited of C 2 each Eros STX Global Corporation of GBP 0.30 each [C 6,487; (Previous Year C 12,78,191)] Himachal Futuristic Communications Limited of C 1 each KSL and Industries Limited of C 4 each Refex Industries Limited of C 10 each SMC Global Securities Limited of C 2 each ^ Merged with Viacom18 Media Private Limited w.e.f 13th April, 2023. 236 Reliance Industries Limited Yatra Online Inc. of USD 0.0001 each Yatra Online Limited of C 1 each In Equity Shares – Unquoted, Fully Paid Up 24x7 Learning Private Limited of C 10 each Aeon Learning Private Limited of C 1 each [C 1,00,000; (Previous Year C 1,00,000)] Ahmedabad Mega Clean Association of C 10 each [C 1,00,000; (Previous Year C 1,00,000)] Ambri Inc. of USD 0.00001 each Amstrad Consumer India Private Limited (Formerly known as OVOT Private Limited) of C 10 each DSE Estates Limited of C 1 each Eliph Nutrition Private Limited of C 10 each [C 3,20,000; (Previous Year C 4,80,400)] Eshwar Land Private Limited of C 10 each Hathway Patiala Cable Private Limited of C 10 each KaiOS Technologies PTE. Limited of USD 0.01 each Karkinos Healthcare Private Limited of C 10 each Petronet India Limited of C 0.10 each [C 10,00,000; (Previous Year C 10,00,000)] Petronet VK Limited of C 10 each [C 20,000; (Previous Year C 20,000)] Ushodaya Enterprises Private Limited of C 100 each [C 27,50,000; (Previous Year C 27,50,000)] VAKT Holdings Limited of USD 0.001 each Yatra Online Limited of C 1 each In Other Units - Quoted, Fully Paid Up Intelligent Supply Chain Infrastructure Trust of C 100 each In Debentures or Bonds – Unquoted, Fully Paid Up Ashwani Commercials Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 10 each Ashwani Commercials Private Limited - Zero Coupon Unsecured Optionally Fully Convertible Debentures of C 1,000 each Carin Commercials Private Limited of C 1,000 each Karkinos Healthcare Private Limited - 0.01% Optionally Convertible Debentures of C 100 each Netravati Commercials Private Limited of C 1,000 each Rakshita Commercials Private Limited of C 1,000 each Investments measured at Fair Value Through Profit & Loss (FVTPL) In Membership Interest of LLP – Unquoted BOLD Capital Partners III, LLP In Equity Shares – Quoted, Fully Paid Up Himachal Futuristic Communications Limited of C 1 each Life Insurance Corporation of India of C 10 each (C in crore) As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount 19,26,397 11,88,870 22 16 5,995 19,26,397 - 31 - 2,402 6,45,558 1,00,000 10,000 - - - 6,45,558 1,00,000 10,000 - - - 4,23,44,173 372 4,23,44,173 372 10,00,000 8,98,500 100 400 71,175 19,04,781 - - - - - - - 8,98,500 100 400 71,175 19,04,781 1,111 25 - 1,00,00,000 1,49,99,990 27,500 - - - 1,00,00,000 1,49,99,990 27,500 - - - - - - - - - - 81,810 - 15 - 412 58,009 11,88,870 58 10 440 15,54,48,000 1,554 1,554 13,55,90,000 136 30,507 50 25,202 50 - - - - - - - - - - - 25,00,000 25 23,508 24,415 50 50 336 - 43 43 - - - 2,26,81,422 208 2,00,72,727 36,12,414 331 539 36,12,414 - - 25 25 25 122 193 315 Integrated Annual Report 2023-24 237 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 In Equity Shares – Unquoted, Fully Paid Up Bestech India Private Limited of C 10 each Jio Digital Fibre Private Limited of C 1 each Retailers Association’s Skill Council of India of C 100 each [C 50,000; (Previous Year C 50,000)] The Colaba Central Co-operative Consumer's Wholesale and Retail Stores Limited (Sahakari Bhandar) of C 200 each [C 5,000; (Previous year C 5,000)] In Preferred Shares - Unquoted, Fully Paid Up Airhop Corporation Inc. - Series B Preferred Stock of USD 0.0001 each 12,66,988 In Corpus of Trust Unquoted Jio Financial Services Limited Trust [C 30,000; (Previous Year C Nil)] In Others 3one4 Capital Fund Scheme II of C 1,00,000 each ACRE - 114 Trust Class A of C 1 each Aditya Birla Sunlife Low Duration Fund Airhop Corporation Inc. - 8% Promissory Note Brookfield India Real Estate Limited of C 10 each Faering Capital India Evolving Fund of C 1,000 each GenNext Ventures Fund - Class A of C 10 each IIFL Special Opportunities Fund Class A 5.1 of C 10 each JM Financial Property Fund – I of C 1,614 each (Previous Year C 2,369 each) JMFRAC - INFRA MARCH 2019 - of C 1,000 each JMFARC - Trust - Series I of C 782.07 each (Previous Year C 782.07 each) Kalaari Capital Partners India IV of C 1,000 each LICHFL Housing and Infrastructure Fund of C 100 each LICHFL Urban Development Fund of C 10,000 each C 2,975 Paid Up (Previous Year C 2,975 Paid Up) Multiples Private Equity Fund II LLP of C 1,000 each Nepean Focused Investment Fund - Class A of C 1,00,000 each Paragon Partners Growth Fund - I of C 100 each PGP India Growth Fund I of C 100 each UV ARCL - XXVII Trust - Series I of C 1,000 each Total Other Investments Total Investments – Non-Current (A+B+C) 50 250 - - 300 12 12 - - 123 84 - 8 - As at 31st March, 2024 As at 31st March, 2023 Units Amount Units Amount (C in crore) 12,50,000 49 12,50,000 2,49,54,43,333 250 2,49,54,43,333 500 25 500 25 12,66,988 - - 299 - - - - 19,36,19,703 123 2,000 83,51,42,862 84 83,51,42,862 62,965 - 59,40,594 3,21,792 77 - 151 90 - - - 9,60,357 348 - - 1,33,58,384 4,95,06,919 50,000 3,40,000 8,00,000 27 2 26 63 4,95,06,919 50,000 3,40,000 8,00,000 65 36 3 26 63 79,47,447 943 62,24,935 590 26,28,553 25,000 27 2 26,80,556 25,000 29 4 7,09,068 215 8,51,225 186 2,61,393 2,625 2,61,393 2,561 15,44,391 1,81,90,362 44 157 38,03,582 88,27,670 74 75 - - 28,27,500 283 4,656 1,01,429 1,19,502 4,558 1,03,441 1,17,087 (C in crore) As at 31st March, 2024 As at 31st March, 2023 2.1 Category-wise Investments – Non-Current Financial Assets measured at Cost Financial Assets measured at Amortised Cost Financial Assets measured at Fair Value through Other Comprehensive Income (FVTOCI) Financial Assets measured at Fair value through Profit & Loss (FVTPL) Total Investments – Non-Current 18,073 16 95,876 5,537 1,19,502 13,646 15 98,216 5,210 1,17,087 3. Loans – Non-Current (Unsecured and Considered Good) Loans and Advances with Related Parties [Refer Note 33 (iv)] Loans and Advances - to Others Total 4. Other Financial Assets – Non-Current Deposits with Related Parties [Refer Note 33 (iv)] Others * Total * Includes fair valuation of interest free deposits. 5. Deferred Tax Component of Deferred Tax Deferred Tax Assets (Net) Less: Deferred Tax Liabilities (Net) Net Deferred Tax Assets / (Liabilities) (C in crore) As at 31st March, 2024 As at 31st March, 2023 559 340 899 470 1,055 1,525 (C in crore) As at 31st March, 2024 As at 31st March, 2023 490 2,132 2,622 504 2,019 2,523 (C in crore) As at 31st March, 2024 As at 31st March, 2023 938 72,241 (71,303) 1,549 60,324 (58,775) (C in crore) As at 1st April, 2023 (Charge)/Credit to Statement of Profit and Loss ^ (Charge)/ Credit to Other Comprehensive Income Others (Including Exchange Difference) As at 31st March, 2024 Deferred Tax Assets (Net) in Relation to: Property, Plant and Equipment and (2,408) (1,344) - (288) (4,040) Intangible Asset Financial Assets Loan and Advances Provisions Disallowances Carried Forward Loss Others Deferred Tax Assets (Net) Deferred Tax Liabilities (Net) in Relation to: 67 1 288 229 3,276 96 1,549 1 (59) 12 (36) 1,007 8 (412) (3) - - 1 - (2) (4) 29 309 - 8 47 (300) (195) 94 251 300 201 4,330 (198) 938 Property, Plant and Equipment and 78,755 12,671 - (177) 91,249 Intangible Asset Financial Assets and Others Loan and Advances Provisions Disallowances Carried Forward Losses Others Deferred Tax Liabilities (Net) Net Deferred Tax Assets / (Liabilities) ^ Refer Note 13. (1,694) (30) (444) 79 (16,052) (290) 60,324 (58,775) 5,000 3 (114) 117 (6,135) 163 11,705 (12,117) 436 - (1) 1 - (31) 405 (409) (15) 309 (3) 6 (316) 3 (193) (2) 3,727 282 (562) 203 (22,503) (155) 72,241 (71,303) 238 Reliance Industries Limited Integrated Annual Report 2023-24 239 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 6. Other Non-Current Assets (Unsecured and Considered Good) Capital Advances Security Deposits @ Advance Income Tax (Net of Provision) # Upfront Fibre Payment Others * Total @ Includes Deposits of C 40 crore (Previous Year C 407 crore) given to Related Parties [Refer Note 33 (iv)]. # Refer Note 13. * Includes advance for acquisition of Right-of-Use assets taken on lease and prepaid expenses. 7. Inventories Raw Materials (Including Material in Transit) Work-in-Progress * Finished Goods Stores and Spares Stock-in-Trade Others ^ Total * Includes land, development cost and inventory on completion of projects. ^ Includes Programming and Film Rights. 8. Investments – Current Investment Measured at Amortised Cost Collateral Borrowing & Lending Obligation – Unquoted In Debentures or Bonds – Unquoted, Fully Paid Up Total of Investment measured at Amortised Cost Investment Measured at Fair Value Through Other Comprehensive Income (FVTOCI) In Government Securities - Quoted, Fully Paid Up * In Mutual Funds - Quoted In Mutual Funds - Unquoted In Debentures or Bonds - Quoted, Fully Paid Up In Debentures or Bonds - Unquoted, Fully Paid Up Total of Investment measured at Fair Value Through Other Comprehensive Income Investment Measured at Fair Value Through Profit and Loss (FVTPL) In Government Securities - Quoted, Fully Paid Up * In Debentures or Bonds - Quoted, Fully Paid Up In Treasury Bills - Quoted In Mutual Funds - Quoted In Mutual Funds - Unquoted In Certificate of Deposits - Quoted In Commercial Papers - Quoted In Commercial Papers - Unquoted (C in crore) As at 31st March, 2024 As at 31st March, 2023 9,027 5,105 2,169 13,890 12,894 43,085 7,225 4,139 3,747 14,435 11,348 40,894 (C in crore) As at 31st March, 2024 As at 31st March, 2023 18,770 58,936 20,274 12,054 32,526 10,210 13,758 51,282 27,885 14,538 26,654 5,891 1,52,770 1,40,008 (C in crore) As at 31st March, 2024 As at 31st March, 2023 999 - 999 8,195 5,625 12,038 18,107 15,395 59,360 23,655 2,278 3,471 271 8,411 2,910 1,831 2,984 - 12,795 12,795 21,848 6,399 15,152 25,679 15,793 84,871 586 380 13,157 170 6,315 - 199 - Total of Investment measured at Fair Value Through Profit and Loss Total Investments - Current 45,811 1,06,170 20,807 1,18,473 * Includes C 8,712 crore (Previous Year C Nil) given as collateral security for borrowings (Refer Note 20) and C 72 crore (Previous Year C 79 crore) given as collateral security for derivatives contracts. 240 Reliance Industries Limited 8.1 Category-Wise Investments – Current Financial Assets measured at Amortised Cost Financial Assets measured at Fair Value Through Other Comprehensive Income Financial Assets measured at Fair Value Through Profit and Loss Total Investments – Current 9. Trade Receivables (Unsecured and Considered Good) (C in crore) As at 31st March, 2024 As at 31st March, 2023 999 59,360 45,811 12,795 84,871 20,807 1,06,170 1,18,473 (C in crore) As at 31st March, 2024 As at 31st March, 2023 31,628 31,628 28,448 28,448 Trade Receivables Total 9.1 Trade Receivables Ageing: Particulars As at 31st March, 2024 Outstanding for following periods from due date of payment * Not Due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years (C in crore) Total Undisputed Trade Receivables – considered good 25,425 5,403 506 89 48 157 31,628 Undisputed Trade Receivables – which have significant increase in credit risk Undisputed Trade Receivables – credit impaired Disputed Trade Receivables – considered good Disputed Trade Receivables – which have significant increase in credit risk Disputed Trade Receivables – credit impaired - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total * Net of provision. 9.2 Trade Receivables Ageing: Particulars As at 31st March, 2023 25,425 5,403 506 89 48 157 31,628 Outstanding for following periods from due date of payment * Not Due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years (C in crore) Total Undisputed Trade Receivables – considered good 24,584 3,222 232 101 121 188 28,448 Undisputed Trade Receivables – which have significant increase in credit risk Undisputed Trade Receivables – credit impaired Disputed Trade Receivables – considered good Disputed Trade Receivables – which have significant increase in credit risk Disputed Trade Receivables – credit impaired - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Total * Net of provision. 24,584 3,222 232 101 121 188 28,448 Integrated Annual Report 2023-24 241 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 10. Cash and Cash Equivalents Cash on Hand Balances with Banks * Others – Deposits / Advances Cash and Cash Equivalents as per Balance Sheet Cash and Cash Equivalents as per Cash Flow Statement (C in crore) As at 31st March, 2024 As at 31st March, 2023 229 93,514 3,482 97,225 97,225 156 67,224 1,284 68,664 68,664 * Includes Unclaimed Dividend of C 172 crore (Previous Year C 187 crore) and Fixed Deposits of C 16,046 crore (Previous Year C 28,900 crore) with maturity of more than 12 months. Fixed Deposits of C 3,513 crore (Previous Year C 34,321 crore) are given as collateral securities. Principal amount of these fixed deposits can be withdrawn or an equivalent amount can be availed against such deposits by the Group at any point of time without prior notice or penalty. 11. Other Financial Assets – Current Deposits # Others ^ Total # Includes Deposit of C 17 crore (Previous Year C 17 crore) given to Related Parties [Refer Note 33 (iv)]. ^ Includes fair valuation of derivatives. 12. Other Current Assets (Unsecured and Considered Good) Balance with Customs, Central Excise, GST and State Authorities Others ** Total ** Includes prepaid expenses, advance to vendors and claims receivable. 13. Taxation Tax Recognised in Statement of Profit and Loss Current Tax Continuing Operations Discontinued Operations (Refer Note 31) Deferred Tax Continuing Operations Discontinued Operations (Refer Note 31) Total Deferred Tax Total Tax Expenses (C in crore) As at 31st March, 2024 As at 31st March, 2023 12,365 11,600 23,965 11,092 8,604 19,696 (C in crore) As at 31st March, 2024 As at 31st March, 2023 41,174 14,651 55,825 37,747 12,084 49,831 (C in crore) Year ended 31st March, 2024 Year ended 31st March, 2023 13,590 - 13,590 8,398 327 8,725 12,117 11,978 - 12,117 25,707 10 11,988 20,713 The tax expenses for the year can be reconciled to the accounting profit as follows: Profit Before Tax and Exceptional Items from Continuing Operations Profit Before Tax and Exceptional Items from Discontinued Operations Profit Before Tax and Exceptional Items from Continuing and Discontinued Operations Applicable Tax Rate Computed Tax Expense Tax Effect of: Exempted Income Expenses Disallowed Additional Allowances net of MAT Credit Non-Taxable Subsidiaries and effect of Differential Tax Rate under various jurisdiction Carried Forward Losses Utilised Others Current Tax Provision (A) Incremental Deferred Tax Liability / (Asset) on account of Property, Plant and Equipment and Other Intangible Assets Incremental Deferred Tax Liability / (Asset) on account of Financial Assets and Other Items Deferred Tax Provision (B) Tax Expenses recognised in Statement of Profit and Loss (A+B) Effective Tax Rate Advance Income Tax (Net of Provision) At start of the year Charge for the year Others * On Demerger (Refer Note 31) Tax paid during the year At end of the year # * Pertains to Provision for Tax on Other Comprehensive Income and Exceptional Item. # Refer Note 6 and Note 24. (C in crore) Year ended 31st March, 2024 Year ended 31st March, 2023 1,04,727 - 1,04,727 25.168% 26,358 94,046 755 94,801 34.944% 33,127 210 4,815 (241) 4,038 (10,446) (19,396) 13 (7,615) 255 13,590 14,502 (2,385) 12,117 25,707 24.55% (3,034) (6,284) 515 8,725 14,187 (2,199) 11,988 20,713 21.85% (C in crore) As at 31st March, 2024 As at 31st March, 2023 3,632 (13,590) 88 - 11,961 2,091 5,861 (8,725) 283 (84) 6,297 3,632 242 Reliance Industries Limited Integrated Annual Report 2023-24 243 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 14. Share Capital Authorised Share Capital: 14,00,00,00,000 Equity Shares of C 10 each (14,00,00,00,000) 1,00,00,00,000 Preference Shares of C 10 each (1,00,00,00,000) Total Issued and Subscribed Capital: 6,76,61,09,014 Equity Shares of C 10 each (6,76,60,94,014) Total Paid Up Capital: 6,76,61,09,014 Equity Shares of C 10 each, fully paid up (6,76,60,94,014) Less: Calls Unpaid [C 27,21,523 (Previous Year C 32,42,410)] (Refer Note 14.7) Total 14.1 3,66,933 Shares held by Associates (3,66,933) Figures in italics represent Previous Year figures. 14.2 The details of shareholders holding more than 5% shares: (C in crore) As at 31st March, 2024 As at 31st March, 2023 14.4 The Reconciliation of the Number of Shares Outstanding is set out below: As at 31st March, 2024 As at 31st March, 2023 No. of Shares No. of Shares 14,000 14,000 Add: Shares issued on exercise of employee stock options (Refer Note 28.2) 15,000 1,00,000 Equity Shares at the end of the year 6,76,61,09,014 6,76,60,94,014 Equity Shares at the beginning of the year 6,76,60,94,014 6,76,59,94,014 1,000 1,000 15,000 15,000 6,766 6,766 6,766 6,766 14.5 Pursuant to ‘Reliance Industries Limited Employees’ Stock Option Scheme 2017’ (ESOS-2017), options granted and remaining to be vested as at the end of the period is 1,82,912. 14.6 Rights, preferences and restrictions attached to shares: The Company has only one class of equity shares having face value of C 10 each. The holder of the equity share is entitled to dividend right and voting right in the same proportion as the capital paid-up on such equity share bears to the total paid-up equity share capital of the Company. The dividend proposed by Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to 6,766 6,766 receive the remaining assets of the Company in the same proportion as the capital paid-up on the equity shares held by them 6,766 6,766 bears to the total paid-up equity share capital of the Company. 14.7 Issue of Shares Under Rights Issue: The Company had issued 42,26,26,894 equity shares of face value of C 10/- each on right basis (‘Rights Equity Shares’). In accordance with the terms of issue, C 314.25 i.e. 25% of the Issue Price per Rights Equity Share, was received from the concerned allottees on application and shares were allotted. The Board had made First call of C 314.25 per Rights Equity Share (including a premium of C 311.75 per share) in May, 2021 and Second and Final call of C 628.50 per Rights Equity Share (including a premium of C 623.50 per share) in November, 2021. As on March 31, 2024, 4,17,418 partly paid-up equity shares are outstanding on which an aggregate amount (including premium) of C 34 crore (Previous Year C 41 crore) is unpaid. Name of the Shareholder Srichakra Commercials LLP Devarshi Commercials LLP Karuna Commercials LLP Tattvam Enterprises LLP Life Insurance Corporation of India 14.3 Shareholding of Promoter: As at 31st March, 2024 As at 31st March, 2023 No. of Shares % held No. of Shares 73,95,99,829 54,55,69,460 54,55,69,460 54,55,69,460 41,54,11,317 10.93 73,95,99,829 8.06 54,55,69,460 8.06 54,55,69,460 8.06 54,55,69,460 6.14 43,41,84,326 % held 10.93 8.06 8.06 8.06 6.42 Sr. No. Class of Equity Share Promoter’s Name No. of shares at the beginning of the year Change during the year No. of shares at the end of the year % of total shares % change during the year As at 31st March, 2024 1. Fully paid-up equity shares of C 10 each Mukesh D Ambani 80,52,020 - 80,52,020 0.12 Total 80,52,020 - 80,52,020 0.12 - - Sr. No. Class of Equity Share Promoter’s Name No. of shares at the beginning of the year Change during the year No. of shares at the end of the year % of total shares % change during the year As at 31st March, 2023 1. Fully paid-up equity shares of C 10 each Total 244 Reliance Industries Limited Mukesh D Ambani 80,52,020 - 80,52,020 0.12 80,52,020 - 80,52,020 0.12 - - 15. Other Equity Capital Reserve As per last Balance Sheet Others Capital Redemption Reserve As per last Balance Sheet On Demerger (Refer Note 31) Debenture Redemption Reserve As per last Balance Sheet Transferred from / (to) Retained Earnings Transferred to General Reserve Share Based Payments Reserve As per last Balance Sheet On Employee Stock Options As at 31st March, 2024 As at 31st March, 2023 (C in crore) 280 - 44 - - 2,314 - - 646 134 280 44 291 (11) 50 (6) 4,705 96 (2,487) 280 44 2,314 2,314 434 212 780 646 Integrated Annual Report 2023-24 245 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Statutory Reserve As per last Balance Sheet Transferred from Retained Earnings On Demerger (Refer Note 31) Special Economic Zone Reinvestment Reserve As per last Balance Sheet Transferred from / (to) Retained Earnings $ Securities Premium As per last Balance Sheet On Employee Stock Options Calls Received / (Unpaid) - Rights Issue (Refer Note 14.7) On Demerger (Refer Note 31) Others General Reserve As per last Balance Sheet Transferred from / (to) Retained Earnings Transferred from Debenture Redemption Reserve On Demerger (Refer Note 31) Retained Earnings As per last Balance Sheet Profit for the year Proceeds from fresh issue of equity by subsidiary On Demerger (Refer Note 31) Others Appropriations Transferred from / (to) General Reserve Transferred from / (to) Statutory Reserve Transferred from / (to) Debentures Redemption Reserve Transferred from / (to) Special Economic Zone Reinvestment Reserve 150 Dividend on Equity Shares Other Comprehensive Income * As per last Balance Sheet Movement during the year On Demerger (Refer Note 31) (6,089) (35,939) 46,992 3,567 - $ Special Economic Zone Reinvestment Reserve created during the year of C Nil (Previous Year C Nil). * Includes net movement in Foreign Currency Translation Reserve. As at 31st March, 2024 As at 31st March, 2023 (C in crore) 445 - - 150 (150) 804 38 (397) 445 445 9,110 (8,960) - 150 99,792 1,14,796 4 6 - - 2,62,704 30,000 - - 2,95,739 69,621 11,184 - (818) 3,75,726 (30,000) - - 22 40 (14,424) (642) 99,802 99,792 2,60,221 - 2,487 (4) 2,92,704 2,62,704 2,47,951 66,702 - (21,867) (790) 2,91,996 - (38) (96) 8,960 (5,083) 3,743 3,39,787 2,95,739 1,34,358 (18,783) (68,583) 50,559 7,86,715 46,992 7,09,106 16. Borrowings – Non-Current Secured – At Amortised Cost Non-Convertible Debentures Term Loans – from Banks Unsecured – At Amortised Cost Non-Convertible Debentures Bonds Term Loans – from Banks Term Loans – from Others Total As at 31st March, 2024 As at 31st March, 2023 Non-Current Current Non-Current Current (C in crore) 21,184 1,188 22,372 13,930 51,407 1,000 424 1,424 2,281 9,006 2,008 1,697 3,705 16,209 59,538 1,33,621 32,260 1,02,347 1,382 2,00,340 2,22,712 297 43,844 45,268 1,377 1,79,471 1,83,176 4,097 451 4,548 14,389 655 27,793 1,147 43,984 48,532 16.1 Secured Non-Convertible Debentures Referred Above to the Extent of: (a) C 20,183 crore (Previous year C Nil) are secured by way of hypothecation of all the movable plant and machinery, electrical equipments, installations and capital work in progress, both present and future, located at Hazira, Dahej, Patalganga, Nagothane and Silvassa Manufacturing Divisions of the Group. (b) C 2,001 crore (Previous year C 6,105 crore) are secured by way of hypothecation of all the movable plant and machinery, both present and future, located at Hazira and Dahej Manufacturing Divisions of the Group. 16.2 Secured Term Loans from Banks Referred above to the Extent of: a) b) C 1,612 crore (Previous Year C 2,144 crore) are secured by way of a first ranking pari passu charge on all the property, plant and equipment (excluding land and / or any interest in the land) relating to the project located at Jamnagar. C Nil (Previous Year C 4 crore) are secured by way of pari passu charge on current assets, movable and immovable property and fixed deposits marked under lien. 16.3 Maturity Profile and Rate of Interest of Non-Convertible Debentures are as set out below: a) Secured: Rate of Interest 8.25% 7.79% Non-Current * 2033-34 2032-33 2025-26 Total (C in crore) Current 2024-25 - - 1,000 1,000 1,000 15,000 15,000 5,000 5,000 - 20,000 - 1,000 21,000 1,000 * Excludes C 184 crore (Non-Current) as fair valuation impact. 246 Reliance Industries Limited Integrated Annual Report 2023-24 247 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 b) Unsecured: Rate of Interest 6.20% 7.40% 8.65% 8.70% 8.95% 9.00% 9.05% 9.25% Non-Current * Year of Maturity (C in crore) Current * 2028-29 2026-27 2025-26 Total 2024-25 - - 2,190 800 1,990 - 2,409 - 5,000 - - - - - - - - 1,650 - - - - - - 5,000 1,650 2,190 800 1,990 - 2,409 - 7,389 5,000 1,650 14,039 - - - - - 850 - 1,437 2,287 * Includes C 30 crore (Non-Current C 24 crore and Current C 6 crore) as prepaid finance charges and C 85 crore (Non-current) as fair valuation impact. 16.4 Maturity Profile and Rate of Interest of Bonds are as set out below: a) Unsecured: 16.5 Maturity Profile of Secured Term Loans are as set out below: Term Loans – from Banks * * Includes C 8 crore as prepaid finance charges. Non-Current 1-5 years Above 5 years 1,196 1,196 - - Total 1,196 1,196 Interest rates on unsecured term loans are in range of 0.66% to 6.50% per annum (Previous Year 0.66% to 5.74% per annum). 16.6 Maturity Profile of Unsecured Term Loans are as set out below: Non-Current 1-5 years Above 5 years Total (C in crore) Current 1 year 424 424 (C in crore) Current 1 year Term Loans – from Banks * Term Loans – from Others 55,824 1,382 57,206 78,881 1,34,706 32,480 - 1,382 297 78,881 1,36,088 32,777 * Includes C 1,274 crore (Non-Current C 1,054 crore and Current C 220 crore) as prepaid finance charges and C 31 crore as fair valuation impact (Non-Current). Interest rates on unsecured term loans are in range of 0.29% to 8.45% per annum (Previous Year 0.31% to 10.50% per annum). Current* 16.7 The Group has satisfied all the covenants prescribed in terms of borrowings. Rate of Interest 1.87% 2.06% 2.44% 2.51% 2.88% 3.63% 3.67% 3.75% 4.13% 4.88% 6.25% 7.63% 8.25% 9.38% Non-Current * Year of Maturity - - - - - - - - - 12,511 2096-97 2061-62 2051-52 2046-47 2044-45 2040-41 2031-32 2027-28 2026-27 2025-26 Total 2024-25 - - - - - - - - - 6,255 - - - - - - - - - - - - - - - - - - - - - - - - - 14,596 - 6,255 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 80 - - - - - - - - - - - 4,170 - - - - - - - - - - - 6,672 - - - - 25 - - - - - - - - - - - - - - - - 283 184 - - 162 159 180 188 - - - - - - - - - - - - 162 159 180 188 12,511 14,596 6,672 6,255 162 159 180 188 - - - - - 8,341 6,255 4,170 25 283 184 104 80 - - - - - - - - - - - - - - - - - - 10.25% 104 10.50% - As at 31st March, 2024 As at 31st March, 2023 Non-Current Current Non-Current Current (C in crore) 17. Deferred Payment Liabilities Unsecured Payable to Department of Telecommunication ("DoT") ^ 1,08,270 4,574 1,12,844 Others Total 2 3 3 1,08,272 4,577 1,12,847 4,423 2 4,425 ^ a) b) The deferred payment liability, related to spectrum acquired in March 2021 auction, of C 34,860 crore is payable in 15 equated annual instalments commencing along with interest @ 7.30% p.a. The deferred payment liability, related to spectrum acquired in August 2022 auction, of C 77,984 crore is payable in 18 equated annual instalments along with interest @ 7.20% p.a. 18. Other Financial Liabilities – Non-Current Other Payables ^ Total 104 6,255 14,596 80 6,255 4,170 12,511 6,697 467 689 51,824 9,030 ^ Includes Interest Accrued but not due on Deferred Payment Liabilities and Creditors for Capital Expenditure. * Includes C 441 crore (Non-Current C 417 crore and Current C 24 crore) as prepaid finance charges and fair valuation impact. 19. Provisions – Non-Current Provision for Annuities Provision for Decommissioning of Assets # Others Total 248 Reliance Industries Limited Integrated Annual Report 2023-24 249 # Provision for Decommissioning of Assets is for Tapti, KGD6 and CBM Block. The increase in provision of C 405 crore (Previous Year decrease of C 302 crore) is towards (i) Decommissioning provision of MJ field in KGD6 Block (ii) changes in the exchange rates (iii) unwinding of discount (iv) change in timing of the activity. (C in crore) As at 31st March, 2024 As at 31st March, 2023 5,667 5,667 7,704 7,704 (C in crore) As at 31st March, 2024 As at 31st March, 2023 76 1,701 267 2,044 61 1,296 250 1,607 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 20. Borrowings – Current Secured – At Amortised Cost Working Capital Loans From Banks Foreign Currency Loans Rupee Loans From Others Rupee Loans Unsecured – At Amortised Cost Other Loans and Advances From Banks Foreign Currency Loans Rupee Loans Commercial Paper ^ Loans from Related Parties [Refer Note 33 (II)] Current maturities of Non-Current Borrowings (Refer Note 16) Total As at 31st March, 2024 As at 31st March, 2023 (C in crore) 71 11,236 1,474 35,109 11,307 8,500 1,583 15,572 822 24,266 17,155 19,595 85 45,268 36,583 - 25,088 20,506 81 48,532 1,01,910 1,30,790 ^ Maximum amount outstanding at any time during the year was C 37,081 crore (Previous Year C 48,717 crore). 20.1 a) Working Capital Loan in foreign currency of C 71 crore (Previous Year C 81 crore) are secured on freehold property. b) Working Capital Loan in foreign currency of C Nil (Previous Year C 995 crore) are secured on leasehold property. c) Working Capital Loan in foreign currency of C Nil (Previous Year C 398 crore) are secured by bank guarantee. d) Working Capital Loans from Banks of C 5,798 crore (Previous Year C 31,372 crore) are secured by hypothecation of present and future stock of raw materials, work-in-progress, finished goods, stores and spares (not relating to plant and machinery), book debts, outstanding monies, receivables, claims, bills, materials in transit, fixed deposit etc. save and except receivables of Oil & Gas segment. e) f) Working Capital Loan repayable on demand from Bank of C 3,300 crore (Previous Year C 2,087 crore) are secured by a first pari passu charge over property, plant and equipment and current assets. Working Capital Loan from Bank of C 2,138 crore (Previous Year C 1,650 crore) are secured by way of hypothecation on current assets. g) Working Capital Loan from Others of C 8,500 crore (Previous Year C NIL) are secured by Government Securities. h) Refer Note 37 B (iv) for maturity profile. 21. Trade Payables Due to Micro and Small Enterprises Other than Micro and Small Enterprises Total 21.1 Trade Payables Ageing: Particulars As at 31st March, 2024 MSME Others Disputed – MSME Disputed – Others Total 21.2 Trade Payables Ageing: Particulars As at 31st March, 2023 MSME Others Disputed – MSME Disputed – Others Total (C in crore) As at 31st March, 2024 As at 31st March, 2023 871 1,758 1,77,506 1,45,414 1,78,377 1,47,172 Outstanding for following periods from due date of payment Not Due Less than 1 year 1-2 years 2-3 years More than 3 years (C in crore) Total 1,450 - 1,68,993 6,326 - - - - - 214 - - - 25 - - - 1,450 1,369 1,76,927 - - - - 1,70,443 6,326 214 25 1,369 1,78,377 Outstanding for following periods from due date of payment Not Due Less than 1 year 1-2 years 2-3 years More than 3 years (C in crore) Total 1,758 - - - - 1,758 1,40,378 3,340 79 1,442 175 1,45,414 - - - - - - - - - - - - 1,42,136 3,340 79 1,442 175 1,47,172 22. Other Financial Liabilities – Current Current maturities of Deferred Payment Liabilities (Refer Note 17) Interest accrued but not due on Borrowings Unclaimed Dividend * Other Payables # Total (C in crore) As at 31st March, 2024 As at 31st March, 2023 4,577 2,180 172 48,673 55,602 4,425 2,817 187 61,072 68,501 * Does not include any amount due and outstanding, to be credited to Investor Education and Protection Fund except C 2 crore (Previous Year C 2 crore) i) In respect of working capital loans, quarterly returns or statements of current assets filed by the Group with banks are in which is held in abeyance due to legal cases pending. agreement with the books of accounts. # Includes Creditors for Capital Expenditure, Security Deposit and Financial Liability at Fair Value. j) The Group has satisfied all the covenants prescribed in terms of borrowings. 23. Other Current Liabilities Contract Liabilities Other Payables ^ Total ^ Includes statutory dues and deferred revenue. (C in crore) As at 31st March, 2024 As at 31st March, 2023 27,866 27,332 55,198 23,268 19,638 42,906 250 Reliance Industries Limited Integrated Annual Report 2023-24 251 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 24. Provisions – Current Provision for Employee Benefits (Refer Note 28.1) * Provision for Income Tax (Net of Advance Tax) ^ Other Provisions @ Total * Includes gratuity, annual leave and vested long service leave entitlement accrued. ^ Refer Note 13. @ Includes Provision for Customs Duty, Excise Duty on Finished Goods and Other Duties and Taxes. 25. Revenue from Operations Disaggregated Revenue Oil to Chemicals Oil and Gas Retail Digital Services Others Total * ^ * Net of GST. ^ Includes Income from Services. (C in crore) As at 31st March, 2024 As at 31st March, 2023 1,313 78 784 2,175 1,241 115 822 2,178 2023-24 (C in crore) 2022-23 5,42,766 5,69,894 18,233 10,564 2,69,118 2,26,014 21,900 62,455 17,928 66,911 9,14,472 8,91,311 Revenue from contract with customers differ from the revenue as per contracted price due to factors such as taxes recovered, volume rebate, discounts, hedge etc. 26. Other Income Interest Bank Deposits Debt Instruments Other Financial Assets measured at Amortised Cost Others Dividend Income Other Non-Operating Income Gain / (Loss) on Financial Assets Realised Gain / (Loss) Unrealised Gain / (Loss) Total 2023-24 2022-23 (C in crore) 4,679 4,905 741 420 1,385 536 10,745 89 3,302 1,921 16,057 1,806 7,886 1,149 399 (998) (304) 11,240 38 1,758 (1,302) 11,734 Above includes income from assets measured at Cost / Amortised cost of C 6,591 crore (Previous Year C 6,001 crore), income from assets measured at Fair Value through Profit and Loss of C 3,283 crore (Previous Year C 348 crore) and income from assets measured at Fair Value Through Other Comprehensive Income of C 2,881 crore (Previous Year C 3,627 crore). 26.1 Other Comprehensive Income – Items that will not be reclassified to Profit and Loss Remeasurement of Defined Benefit Plan Equity Instruments through OCI Total 26.2 Other Comprehensive Income – Items that will be reclassified to Profit and Loss Debentures or Bonds Debt Income Fund Fixed Maturity Plan Commodity Hedge Cash Flow Hedge Government Securities Foreign Currency Translation Total 2023-24 288 3,564 3,852 2023-24 442 152 - 149 (C in crore) 2022-23 (4) (35) (39) (C in crore) 2022-23 (696) 96 (114) 873 (1,207) (9,846) 517 191 244 (375) 559 (9,503) (C in crore) 2023-24 2022-23 27. Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade Inventories (At Close) Finished Goods / Stock-in-Trade Work-in-Progress * Inventories (At Commencement) Finished Goods / Stock-in-Trade Work-in-Progress * Capitalised during the year Opening Stock of Subsidiaries acquired during the year Others Total * Excludes inventory on completion of Projects. 52,800 55,548 54,539 48,183 1,02,722 (27) 703 67 28. Employee Benefits Expense Salaries and Wages Contribution to Provident and Other Funds Staff Welfare Expenses Total 54,539 48,183 1,08,348 1,02,722 1,03,465 (4,883) 41,270 30,388 71,658 (27) 249 579 2023-24 72,459 (30,263) (C in crore) 2022-23 22,089 21,212 1,425 2,165 1,413 2,247 25,679 24,872 252 Reliance Industries Limited Integrated Annual Report 2023-24 253 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 28.1 As per Indian Accounting Standard 19 – “Employee Benefits”, the Disclosures as Defined are given below: V) Expenses recognised during the year I) Defined Contribution Plan Contribution to Defined Contribution Plan, recognised as expense for the year is as under: Employer’s Contribution to Provident Fund Employer’s Contribution to Superannuation Fund Employer’s Contribution to Pension Scheme II) Defined Benefit Plan Reconciliation of opening and closing balances of Defined Benefit Obligation 2023-24 653 56 397 (C in crore) 2022-23 607 40 387 (C in crore) Defined Benefit Obligation at beginning of the year On Acquisition / Transfers / Others Current Service Cost Interest Cost Actuarial (Gain) / Loss Benefits Paid * Liability Transferred Out Defined Benefit Obligation at end of the year Gratuity (Funded) Gratuity (Unfunded) 2023-24 2022-23 2023-24 2022-23 1,878 (125) 195 128 114 (175) 152 2,167 1,429 309 201 109 (1) (166) (3) 1,878 264 103 53 24 (27) (36) (106) 275 519 (292) 60 15 (13) (22) (3) 264 * Includes benefits of C 155 crore (Previous Year C 155 crore) paid directly by Employer Entities. III) Reconciliation of opening and closing balances of Fair Value of Plan Assets Fair Value of Plan Assets at beginning of the year On Acquisition / Transfers / Others Expected Return on Plan Assets Actuarial Loss Employer Contribution Benefits Paid Asset Transferred Out (C in crore) Gratuity (Funded) 2023-24 2022-23 1,879 (139) 166 - 106 (20) 160 1,717 (6) 109 (3) 78 (11) (5) In Income Statement Current Service Cost Interest Cost Return on Plan Assets Net Cost In Other Comprehensive Income Actuarial (Gain) / Loss Return on Plan Assets Net (Income) / Expense for the year recognised in Other Comprehensive Income VI) Investment Details Government of India Securities Insurance Policies Total VII) Actuarial Assumptions Mortality Table (IALM) Discount Rate (per annum) Expected Rate of Return on Plan Assets (per annum) Rate of Escalation in Salary (per annum) Gratuity (Funded) Gratuity (Unfunded) 2023-24 2022-23 2023-24 2022-23 (C in crore) 195 128 (116) 207 114 (50) 64 201 109 (124) 186 (4) 15 11 53 24 - 77 (27) - (27) 60 15 - 75 (13) - (13) As at 31st March, 2024 (K in crore) % Invested As at 31st March, 2023 (K in crore) % Invested - - 2,152 2,152 100.00 100.00 1 1,878 1,879 0.05 99.95 100 Gratuity (Funded) Gratuity (Unfunded) 2023-24 2012-14 (Urban) 7.23% 7.23% 6.00% 2022-23 2012-14 (Urban) 7.60% 7.60% 6.00% 2023-24 2012-14 (Urban) 7.23% 7.23% 6.00% 2022-23 2012-14 (Urban) 7.60% 7.60% 6.00% The estimates of Rate of Escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuaries. The Expected Rate of Return on Plan Assets is determined considering several applicable factors, mainly the composition of Plan Assets held, assessed risks, historical results of return on Plan Assets and the Group’s policy for Plan Assets Management. Fair Value of Plan Assets at end of the year 2,152 1,879 VIII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with financial year 2023-24. IV) Reconciliation of Fair Value of Assets and Obligations IX) These plan’s typically expose the Group to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and (C in crore) Salary Risk. Gratuity (Funded) Gratuity (Unfunded) As at 31st March, 2024 As at 31st March, 2023 As at 31st March, 2024 As at 31st March, 2023 Fair Value of Plan Assets Present Value of Obligation Amount recognised in Balance Sheet Surplus / (Deficit) 2,152 2,167 (15) 1,879 1,878 1 - 275 (275) - 264 (264) Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt investments. Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability. Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability. 254 Reliance Industries Limited Integrated Annual Report 2023-24 255 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 28.2 Share Based Payments 1) Reliance Industries Limited a) Scheme Details The Company has Employees’ Stock Option Scheme i.e. ESOS-2017 under which options have been granted at the exercise price of C 10 per share to be vested from time to time on the basis of performance and other eligibility criteria. Details of number of options outstanding have been tabulated below: Financial Year (Year of Grant) ESOS – 2017 Number of Options Outstanding As at 31st March, 2024 As at 31st March, 2023 Financial Year of Vesting Exercise Price (K) Range of Fair value at Grant Date (K) Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2024 2020-21 2021-22 2023-24 Total 2,00,000 2,00,000 2021-22 to 2024-25 10.00 2,133.40 - 2,151.90 75,000 27,912 90,000 2022-23 to 2025-26 10.00 2,595.20 - 2,613.30 - 2024-25 to 2025-26 10.00 2,836.60 - 2,840.70 3,02,912 2,90,000 2) Jio Platforms Limited a) Scheme Details Jio Platforms Limited, a subsidiary, has introduced Employee Stock Option Scheme ESOS - 2020 under which options have been granted at the exercise price of C 10 per share to be vested from time to time on the basis of performance and other eligibility criteria. Details of number of options outstanding have been tabulated below: Financial Year (Year of Grant) ESOS - 2020 2020-21 2021-22 Sub total Number of Options Outstanding As at 31st March, 2024 As at 31st March, 2023 Financial Year of Vesting Exercise Price (K) Range of Fair value at Grant Date (K) 1,31,20,000 1,33,60,000 2021-22 to 2025-26 - - 2022-23 to 2028-29 10.00 10.00 541.20 - 542.30 541.20 - 542.30 1,31,20,000 1,33,60,000 Exercise Period would commence from the date of Vesting and would expire not later than eight years from the Grant Date or such other period as may be decided by the Nomination and Remuneration Committee. Exercise period would commence from the date of Vesting and would expire not later than seven years from the Grant b) Fair Value on the grant date Date or such other period as may be decided by the Human Resources, Nomination and Remuneration Committee of the Board. b) Fair Value on the grant date The fair value at grant date is determined using “Black Scholes Model” which takes into account the exercise price, term of the option, share price at grant date and expected price volatility of the underlying shares, expected dividend yield and the risk free interest rate for the term of the option. The fair value at grant date is determined using “Black Scholes Model” which takes into account the exercise price, term of the option, share price at grant date and expected price volatility of the underlying shares, expected dividend yield and 2,08,18,375 options have been granted in earlier years under ESOS 2020. The model inputs for options granted during the year ended 31st March, 2021 and 31st March, 2022 are as mentioned below. the risk free interest rate for the term of the option. The model inputs for options granted during the year ended 31st March, 2021, 31st March, 2022 and 31st March, 2024 are mentioned below: a) Weighted average exercise price b) Grant date: c) Vesting year: d) Share Price at grant date: e) Expected price volatility of Company's share: f) Expected dividend yield: g) Risk free interest rate: ESOS - 2017 C 10 05.10.2020 C 10 30.03.2022 C 10 26.03.2024 2021-22 to 2022-23 to 2024-25 to 2024-25 C 2,212 2025-26 C 2,883 30.20% to 31.90% 30.70% to 33.00% 27.27% to 30.50% 2025-26 C 2,673 a) Weighted average exercise price b) Grant date: c) Vesting year: d) Share Price at grant date: e) Expected price volatility of Company's share: f) Risk free interest rate: ESOS-2020 C10 05.10.2020 & 01.07.2021 2021-22 to 2028-29 C 549.31 at 01.07.2021 C 549.31 at 05.10.2020 33.79% to 36.25% 5.1% to 6.0% The expected price volatility is based on the historic volatility (based on remaining life of the options). 0.60% 0.49% 0.30% 5.10% to 5.60% 5.86% to 6.34% 7.00% to 7.01% c) Movement in share options during the year: The expected price volatility is based on the historic volatility (based on remaining life of the options). Particulars As at 31st March, 2024 As at 31st March, 2023 Number of share options Weighted average exercise price Number of share options Weighted average exercise price c) Movement in share options during the year: Particulars As at 31st March, 2024 As at 31st March, 2023 Number of share options Weighted average exercise price Number of share options Weighted average exercise price Balance at the beginning of the year Granted during the year Exercised during the year Balance at the end of the year 2,90,000 27,912 (15,000) 3,02,912 10.00 10.00 10.00 10.00 3,90,000 10.00 - (1,00,000) 2,90,000 - 10.00 10.00 Weighted average remaining contractual life of the share option outstanding at the end of year is 1,533 days (Previous Year 1,817 days). Balance at the beginning of the year 1,33,60,000 10.00 1,34,78,375 10.00 Exercised during the year Granted during the year Lapsed during the year - - - - (2,40,000) (1,18,375) Balance at the end of the year 1,31,20,000 10.00 1,33,60,000 10.00 Weighted average remaining contractual life of the share option outstanding at the end of year is 1,282 days (Previous Year 1,648 days). 256 Reliance Industries Limited Integrated Annual Report 2023-24 257 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 29. Finance Costs Interest Expenses * Interest on Lease Liabilities Other Borrowing Costs Applicable loss on foreign currency transactions and translation Total * Net of Interest Capitalised of C 15,222 crore (Previous Year C 8,830 crore). 2023-24 20,121 1,651 163 1,183 (C in crore) 2022-23 17,309 1,649 124 489 23,118 19,571 (C in crore) 2023-24 2022-23 30. Other Expenses Manufacturing Expenses Stores, Chemicals and Packing Materials Electric Power, Fuel and Water Labour Processing, Production Royalty and Machinery Hire Charges Repairs to Building Repairs to Machinery Exchange Difference (Net) Excise Duty * Lease Rent Land Development and Construction Expenditure Selling and Distribution Expenses Warehousing and Distribution Expenses Sales Tax / VAT Other Selling and Distribution Expenses Establishment Expenses Professional Fees Network Operating Expenses Access Charges (Net) Regulatory Charges General Expenses Programming and Telecast Related Expenses Rent Insurance Rates and Taxes Other Repairs Travelling Expenses Payment to Auditors Loss on Sale / Discard of Property, Plant and Equipment and Other Intangible Assets Charity and Donations Less: Transferred to Project Development Expenditure Total 9,011 22,137 3,547 456 2,447 109 603 114 11,992 2,023 8,997 3,286 28,261 1,066 9,213 11,252 6,325 601 1,521 1,223 1,591 651 94 265 2,294 8,552 25,062 1,977 377 2,106 463 4,460 115 13,005 1,439 6,731 43,112 264 38,424 398 23,012 21,175 2,916 27,682 881 9,132 7,535 3,104 729 1,395 988 1,344 873 91 156 2,028 67,643 1,668 1,27,809 58,854 1,087 1,22,318 30.1 Corporate Social Responsibility (CSR) (a) CSR amount required to be spent by the Companies within the Group as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof during the year is C 1,529 crore (Previous Year C 1,263 crore). (b) Expenditure related to Corporate Social Responsibility is C 1,592 crore (Previous Year C 1,271 crore). Particulars Rural Transformation Healthcare Education and Skill Development Sports for Development Environment, Ecology and Animal Welfare Others including Disaster Management, Women Empowerment, Arts and Culture 2023-24 136 404 792 80 103 77 (C in crore) 2022-23 96 567 472 69 32 35 Total 1,592 1,271 (c) Out of Note (b) above, C 691 crore (Previous Year C 912 crore) is contributed to Reliance Foundation, C 271 crore (Previous Year C Nil) to Sir H N Hospital Trust, C 170 crore (Previous Year C 15 crore) to Jamnaben Hirachand Ambani Foundation, C 105 crore (Previous Year C 207 crore) to Reliance Foundation Institution of Education and Research, C 58 crore (Previous Year C 34 crore) to Reliance Foundation Youth Sports, C 31 crore (Previous Year C Nil) to Sir Hurkisondas Nurrotumdas Hospital & Research Centre, C 21 crore (Previous Year C Nil) to Dhirubhai Ambani Foundation and C 3 crore (Previous Year C 3 crore) to Hirachand Goverdhandas Ambani Public Charitable Trust which are related parties. 31. Discontinued Operations (i) Demerger of Financial Services Business Undertaking: The Company vide the Scheme of arrangement (‘the Scheme’) demerged its financial services business undertaking to Reliance Strategic Investments Limited (Presently known as Jio Financial Services Limited) with effect from the appointed date of March 31, 2023. The Scheme had been sanctioned by the Hon’ble National Company Law Tribunal (Mumbai Bench) vide its order dated June 28, 2023 (Refer Note 43). The Company has de-recognised the net carrying value of assets of C 1,05,281 crore as on appointed date i.e. March 31, 2023 and has adjusted against respective reserves. Accordingly, the demerged undertaking being the separate reportable segment of the Group, represented as discontinued operations and has been accounted for in accordance with the stipulations of Ind AS 105 – Non-current Assets Held for Sale and Discontinued Operations. (ii) Profit from Discontinued Operations for the Year: Particulars Total Income Expenses Tax Expenses Derecognition of net carrying value of assets Adjusted against respective reserves Profit After Tax from Discontinued Operations (iii) Cash flows from Discontinued Operations Particulars Net cash outflows from operating activities Net cash outflows from investing activities 2023-24 - - - - - - 2023-24 - - (C in crore) 2022-23 1,658 (903) (337) (1,05,281) 1,05,281 418 (C in crore) 2022-23 (38) (5,487) * Excise Duty shown under manufacturing expenditure represents the aggregate of excise duty borne by the Group and difference between excise duty on opening and closing stock of finished goods. 258 Reliance Industries Limited Integrated Annual Report 2023-24 259 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 32. Earnings Per Share (EPS) Face Value per Equity Share (C) Continuing Operations Basic Earnings Per Share (C) Diluted Earnings Per Share (C) Discontinued Operations Basic Earnings Per Share (C) Diluted Earnings Per Share (C) Continuing and Discontinued Operations Basic Earnings Per Share (C) Diluted Earnings Per Share (C) Continuing Operations 2023-24 (C in crore) 2022-23 10 10 102.90 102.90 - - 102.90 102.90 97.97 97.97 0.62 0.62 98.59 98.59 Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders (After adjusting Non-Controlling Interest) (C in crore) 69,621 66,284 Discontinued Operations Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders (After adjusting Non-Controlling Interest) (C in crore) - 418 Continuing and Discontinued Operations Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders (After adjusting Non-Controlling Interest) (C in crore) 69,621 66,702 Weighted Average number of Equity Shares used as denominator Basic EPS Diluted EPS 6,76,58,10,816 6,76,55,50,967 6,76,62,40,686 6,76,61,55,766 Reconciliation of Weighted Average Number of Shares Outstanding Weighted Average number of Equity Shares used as denominator for calculating Basic EPS ^ 6,76,58,10,816 6,76,55,50,967 Total Weighted Average Potential Equity Shares * 4,29,870 6,04,799 Weighted Average number of Equity Shares used as denominator for calculating Diluted EPS 6,76,62,40,686 6,76,61,55,766 ^ Refer Note 14.7 * Dilutive impact of Employee Stock Option Scheme and Partly paid Rights Issue Shares. 33. Related Parties Disclosures (i) Transactions during the year ended March 31, 2024 with Related Parties: Sr. No. Nature of Transactions (Excluding Reimbursements) Associate / Joint Venture Key Managerial Personnel / Relative 1 Purchase of Property, Plant and Equipment and Other 190 Intangible Assets 2 3 4 5 6 7 8 9 Purchase / Subscription of Investments Sale / Redemption of Investments Net Loans Taken / (Repaid) Revenue from Operations Other Income Purchase of Goods / Services Electric Power, Fuel and Water Labour Processing and Hire Charges 10 Employee Benefits Expense 11 Payment to Key Managerial Personnel / Relative 12 Selling and Distribution Expenses 13 Rent 14 Professional Fees 15 Programming and Telecast Related Expenses 16 General Expenses * 17 Donations 18 Finance Costs 19 Sale of Property, Plant and Equipment Figures in italic represents balance as on 31st March, 2023. * Does not include sitting fees of Non-Executive Directors. 323 3,797 4,219 1 - 91 (93) 4,866 5,223 230 327 3,241 2,484 4,639 4,669 8 15 1 4 - - 343 284 18 22 26 11 41 33 52 41 - - 4 3 10,901 - - - - - - - - - - - - - - - - - - - - - 99 103 - - - - - - - - - - - - - - - - (C in crore) Others Total 1 191 1 3 80 - - - - 70 36 275 233 1,489 1,577 - - 2 54 1,039 831 - - 2,575 2,266 - - - - - - 58 9 1,360 1,311 - - - - 324 3,800 4,299 1 - 91 (93) 4,936 5,259 505 560 4,730 4,061 4,639 4,669 10 69 1,040 835 99 103 2,918 2,550 18 22 26 11 41 33 110 50 1,360 1,311 4 3 10,901 - 260 Reliance Industries Limited Integrated Annual Report 2023-24 261 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 (ii) Balances as on March 31, 2024 with Related Parties: (C in crore) Particulars Sr. No. Nature of Balances 1 2 3 4 5 6 7 8 9 Loans and Advances Deposits Unsecured Loans Financial Guarantees Investments Trade Receivables Trade and Other Payables Other Financial Assets Other Current Assets Associates / Joint Ventures Key Managerial Personnel / Relative Others Total 559 470 194 575 85 80 5,350 1,900 18,073 13,646 1,017 1,251 744 1,260 214 271 15 2 - - - - - - - - - - - - - - - - - - - - 353 353 - - - - - - 58 39 92 297 - - - - 559 470 547 928 85 80 5,350 1,900 18,073 13,646 1,075 1,290 836 1,557 214 271 15 2 Figures in italic represents balance as on 31st March, 2023. (iii) Disclosure in respect of Major Related Party Transactions during the year ended 31st March, 2024 Particulars 1 Purchase of Property, Plant and Equipment and Other Intangible Assets Associates Dunzo Digital Private Limited Future101 Design Private Limited Jamnagar Utilities & Power Private Limited Sterling and Wilson Renewable Energy Limited Joint Ventures Football Sports Development Limited Sanmina-SCI India Private Limited Sintex Industries Limited Enterprise over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 2 Purchase / Subscription of Investments Associates Circle E Retail Private Limited @ Clayfin Technologies Private Limited Dunzo Digital Private Limited Gaurav Overseas Private Limited Jamnagar Utilities & Power Private Limited Neolync Solutions Private Limited @ Relationship established during the year. * Ceased to be related party during the year. 2023-24 (C in crore) 2022-23 64 - - 12 - 111 3 - 1 1 - 22 299 - 1 1 27 - - - - 20 - 11 200 1 2 20 Joint Ventures Alok Industries Limited BAM DLR Data Center Services Private Limited @ BAM DLR Chennai Private Limited @ BAM DLR Mumbai Private Limited @ BAM DLR Network Services Private Limited @ Clarks Footwear Private Limited (Formerly known as Clarks Reliance Footwear Private Limited) Diesel Fashion India Reliance Private Limited Reliance International Leasing IFSC Limited @ Reliance-Vision Express Private Limited Ryohin-Keikaku Reliance India Private Limited Sanmina-SCI India Private Limited Sintex Industries Limited TCO Reliance India Private Limited Companies under Common Control # Jio Financial Services Limited (Formerly known as Reliance Strategic Investments Limited) @ Jio Payments Bank Limited * Reliance Services and Holdings Limited * 3 Sale / Redemption of Investments Joint Venture Sodium-ion Batteries Pty Limited 4 Loans and Advances, Deposits Given / (Returned) Associates Ashwani Commercials Private Limited * Carin Commercials Private Limited * Centura Agro Private Limited * Chander Commercials Private Limited * Creative Agrotech Private Limited * DEN ADN Network Private Limited Dunzo Digital Private Limited Gujarat Chemical Port Limited Honeywell Properties Private Limited * Kaniska Commercials Private Limited * Netravati Commercials Private Limited * NexWafe GmbH Prakhar Commercials Private Limited * Rakshita Commercials Private Limited * Reliance Realty Limited Joint Ventures Alok Industries Limited Brooks Brothers India Private Limited Diesel Fashion India Reliance Private Limited @ Relationship established during the year. 2023-24 3,300 9 273 134 2 - - 3 10 4 - - 15 3 - - 1 - - - - - (1) 26 (15) (1) - - 87 (10) - (4) 8 - 1 (C in crore) 2022-23 - - - - - 2 4 - 10 3 1,763 1,500 - - 80 703 - (3) (68) (2) 4 1 - - (16) 6 1 1 - (19) 1 - - 1 - # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. * Ceased to be related party during the year. 262 Reliance Industries Limited Integrated Annual Report 2023-24 263 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Particulars 5 Revenue from Operations Associates Big Tree Entertainment Private Limited BookmyShow Live Private Limited DEN ADN Network Private Limited DEN New Broad Communication Private Limited Den Satellite Network Private Limited DL GTPL Cabnet Private Limited Dyulok Technologies Private Limited Eenadu Television Private Limited Future101 Design Private Limited GTPL Broadband Private Limited GTPL Hathway Limited GTPL Kolkata Cable & Broad Band Pariseva Limited Gujarat Chemical Port Limited Jamnagar Utilities & Power Private Limited Konark IP Dossiers Private Limited Omnia Toys India Private Limited @ Metro Cast Network India Private Limited @ Reliance Industrial Infrastructure Limited Joint Ventures Alok Industries Limited Brooks Brothers India Private Limited Burberry India Private Limited BVM Overseas Limited CAA Brands Reliance Private Limited (Formerly known as CAA-Global Brands Reliance Private Limited) Canali India Private Limited Clarks Footwear Private Limited (Formerly known as Clarks Reliance Footwear Private Limited) Diesel Fashion India Reliance Private Limited Football Sports Development Limited Hathway Bhawani NDS Network Limited Hathway Cable MCN Nanded Private Limited Hathway Dattatray Cable Network Private Limited Hathway Latur MCN Cable & Datacom Private Limited Hathway MCN Private Limited Hathway Sai Star Cable & Datacom Private Limited IBN Lokmat News Private Limited Iconix Lifestyle India Private Limited India Gas Solutions Private Limited Indospace MET Logistics Park Farukhnagar Private Limited Marks and Spencer Reliance India Private Limited Pipeline Management Services Private Limited Reliance Bally India Private Limited Reliance Paul & Shark Fashions Private Limited Reliance-Vision Express Private Limited Ryohin-Keikaku Reliance India Private Limited Sintex Industries Limited @ Relationship established during the year. 264 Reliance Industries Limited 2023-24 (C in crore) 2022-23 3 3 1 1 23 10 2 29 - 14 208 63 15 280 1 4 9 - 1,978 23 2 102 - 13 15 23 40 1 5 1 4 15 6 4 9 12 - 1 1 24 9 - 19 1 18 172 71 4 350 1 - - 1 3,086 17 2 - 2 9 15 12 69 1 5 2 4 13 6 3 5 1,745 1,169 1 46 - 13 8 4 9 119 2 81 2 4 4 4 6 1 Particulars Sosyo Hajoori Beverages Private Limited TCO Reliance India Private Limited Ubona Technologies Private Limited Zegna South Asia Private Limited Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Jamnaben Hirachand Ambani Foundation Reliance Foundation Reliance Foundation Institution of Education and Research Reliance Foundation Youth Sports Sikka Ports & Terminals Limited Sir HN Hospital Trust Companies under Common Control # Jio Financial Services Limited (Formerly known as Reliance Strategic Investments Limited) @ Jio Insurance Broking Limited (Formerly known as Reliance Retail Insurance Broking Limited) @ Jio Payments Bank Limited * Jio Payments Solutions Limited (Formerly known as Reliance Payment Solutions Limited) @ 6 Other Income Associates BookmyShow Live Private Limited DEN ADN Network Private Limited GTPL Hathway Limited Gujarat Chemical Port Limited Jamnagar Utilities & Power Private Limited NexWafe GmbH Reliance Industrial Infrastructure Limited Reliance Realty Limited Joint Ventures Alok Industries Limited Burberry India Private Limited Clarks Footwear Private Limited (Formerly known as Clarks Reliance Footwear Private Limited) Ethane Crystal LLC Ethane Emerald LLC Ethane Opal LLC Ethane Pearl LLC Ethane Sapphire LLC Ethane Topaz LLC IBN Lokmat News Private Limited India Gas Solutions Private Limited Indospace MET Logistics Park Farukhnagar Private Limited Pipeline Management Services Private Limited Ryohin-Keikaku Reliance India Private Limited Sintex Industries Limited 2023-24 (C in crore) 2022-23 6 3 4 3 2 10 3 - 48 2 1 3 - 1 1 1 17 46 - 8 2 48 66 1 - 4 3 3 4 3 3 2 9 - 7 1 1 - 11 2 2 1 5 2 1 16 4 - - 7 - - 2 18 15 1 - 2 - 13 - 1 4 4 4 4 4 4 1 249 1 - - - # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. @ Relationship established during the year. * Ceased to be related party during the year. Integrated Annual Report 2023-24 265 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Particulars Enterprises over which Key Managerial Personnel / Relatives are able to exercise 2023-24 (C in crore) 2022-23 significant influence Jamnaben Hirachand Ambani Foundation Sikka Ports & Terminals Limited Sir HN Hospital Trust Company under Common Control # Jio Payments Bank Limited * 7 Purchase of Goods / Services Associates Ashwani Commercials Private Limited * Big Tree Entertainment Private Limited Circle E Retail Private Limited @ Gujarat Chemical Port Limited Jamnagar Utilities & Power Private Limited MM Styles Private Limited Neolync Solutions Private Limited Omnia Toys India Private Limited @ Reliance Industrial Infrastructure Limited Sterling and Wilson Renewable Energy Limited Joint Ventures Alok Industries Limited Brooks Brothers India Private Limited Canali India Private Limited Clarks Footwear Private Limited (Formerly known as Clarks Reliance Footwear Private Limited) Diesel Fashion India Reliance Private Limited Football Sports Development Limited Iconix Lifestyle India Private Limited India Gas Solutions Private Limited Marks and Spencer Reliance India Private Limited Reliance Bally India Private Limited Reliance Paul & Shark Fashions Private Limited Reliance-Vision Express Private Limited Ryohin-Keikaku Reliance India Private Limited Sintex Industries Limited Sosyo Hajoori Beverages Private Limited Zegna South Asia Private Limited Companies under Common Control # Jio Payments Bank Limited * Jio Payment Solutions Limited (Formerly known as Reliance Payment Solutions Limited) @ Enterprise over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 8 Electric Power, Fuel and Water Associates Jamnagar Utilities & Power Private Limited Reliance Industrial Infrastructure Limited 5 269 1 - 2 3 6 167 26 7 865 1 20 1 329 22 8 26 15 234 14 1,240 66 13 6 - 6 157 4 1 - 5 5 226 1 1 1 3 - 157 62 - 555 - 21 - 426 24 6 25 14 - 3 1,083 84 4 6 1 8 - - 1 6 - 1,484 1,571 4,626 13 4,657 12 # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. * Ceased to be related party during the year. @ Relationship established during the year. 266 Reliance Industries Limited Particulars 9 Labour Processing and Hire Charges Associate Reliance Industrial Infrastructure Limited Company under Common Control # Jio Payment Solutions Limited (Formerly known as Reliance Payment Solutions Limited) @ Enterprise over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 10 Employee Benefits Expense Associate Future101 Design Private Limited Joint Ventures Alok Industries Limited IBN Lokmat News Private Limited Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Jamnaben Hirachand Ambani Foundation Sir HN Hospital Trust Post Employment Benefit IPCL Employees Provident Fund Trust @@ Jio Platforms Limited Employees Gratuity Fund @@ Reliance Employees Provident Fund Bombay @@ Reliance Industries Limited Staff Superannuation Scheme @@ Reliance Jio Infocomm Limited Employees Gratuity Fund @@ Reliance Retail Limited Employees Gratuity Fund @@ Reliance Retail Limited Employees Provident Fund @@ 11 Payment to Key Managerial Personnel / Relative Key Managerial Personnel Shri Mukesh D. Ambani Shri Nikhil R. Meswani Shri Hital R. Meswani Shri PMS Prasad Shri Pawan Kumar Kapil * (C 47,21,421) Shri Alok Agarwal * Shri Srikanth Venkatachari Smt. Savithri Parekh Relatives of Key Managerial Personnel Smt. Nita M. Ambani ** Ms. Isha M. Ambani # Shri Akash M. Ambani # Shri Anant M. Ambani # 2023-24 (C in crore) 2022-23 8 2 - 1 - - 2 81 119 41 433 26 19 30 288 - 25 25 18 - 5 19 3 1 1 1 1 15 - 54 2 1 1 - 53 121 26 299 20 10 33 269 - 25 25 14 4 13 17 3 2 - - - # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. @ Relationship established during the year. @@ Also includes employee contribution. * Ceased to be related party during the year. ** Cessation of director w.e.f. close of business hours of August 28, 2023. # Appointed as Directors w.e.f. October 27, 2023. Integrated Annual Report 2023-24 267 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Particulars 12 Selling and Distribution Expenses Associates BookmyShow Live Private Limited DEN ADN Network Private Limited Den Satellite Network Private Limited DL GTPL Cabnet Private Limited GTPL Hathway Limited GTPL Kolkata Cable & Broad Band Pariseva Limited Gujarat Chemical Port Limited Metro Cast Network India Private Limited @ Reliance Industrial Infrastructure Limited Reliance Logistics and Warehouse Holdings Limited @ Joint Ventures Hathway Sai Star Cable & Datacom Private Limited IBN Lokmat News Private Limited India Gas Solutions Private Limited Company under Common Control # Jio Payment Solutions Limited (Formerly known as Reliance Payment Solutions Limited) @ Enterprise over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 13 Rent Associates Reliance Industrial Infrastructure Limited Reliance Europe Limited Joint Venture Alok Industries Limited 14 Professional Fees Associates Big Tree Entertainment Private Limited Clayfin Technologies Private Limited Neolync Solutions Private Limited Reliance Europe Limited 15 Programming and Telecast Related Expenses Associate Eenadu Television Private Limited Joint Ventures Hathway Cable MCN Nanded Private Limited Hathway Dattatray Cable Network Private Limited Hathway Latur MCN Cable & Datacom Private Limited Hathway MCN Private Limited Hathway Sai Star Cable & Datacom Private Limited IBN Lokmat News Private Limited @ Relationship established during the year. 2023-24 (C in crore) 2022-23 1 2 5 8 182 49 74 7 3 11 1 - - 1 - 1 3 6 147 57 57 - 3 - 1 4 5 - 2,574 2,266 13 4 1 4 1 1 20 17 5 - - - - 11 26 20 1 1 1 8 1 3 1 1 1 7 1 2 Particulars 16 General Expenses Associates Big Tree Entertainment Private Limited DEN ADN Network Private Limited DEN New Broad Communication Private Limited Den Satellite Network Private Limited Eenadu Television Private Limited Future101 Design Private Limited MM Styles Private Limited Vadodara Enviro Channel Limited Joint Ventures Alok Industries Limited Diesel Fashion India Reliance Private Limited Iconix Lifestyle India Private Limited Pipeline Management Services Private Limited Zegna South Asia Private Limited Company under Common Control # Jio Payment Solutions Limited (Formerly known as Reliance Payment Solutions Limited) @ Enterprise over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited 17 Donations Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Dhirubhai Ambani Foundation Hirachand Govardhandas Ambani Public Charitable Trust Jamnaben Hirachand Ambani Foundation Reliance Foundation Reliance Foundation Institution of Education and Research Reliance Foundation Youth Sports Sir HN Hospital Trust Sir Hurkisondas Nurrotamdas Hospital and Research Centre 18 Finance Costs Associate Reliance Europe Limited 19 Sale of Property Plant and Equipment Associate Reliance Logistics and Warehouse Holdings Limited @ 2023-24 (C in crore) 2022-23 3 1 - 6 7 - 1 5 - 1 28 - - 48 1 1 1 5 1 1 - 2 1 1 20 6 1 - 10 9 21 3 180 691 105 58 271 31 4 10,901 - 3 155 912 207 34 - - 3 - # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. @ Relationship established during the year. (iv) Disclosure in respect of Major Related Party Balances as on 31st March, 2024 Particulars 1 Loans and Advances Associates NexWafe GmbH GTPL Hathway Limited Reliance Realty Limited Joint Venture 2023-24 (C in crore) 2022-23 95 - 464 - 1 468 # Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Ms. Isha M Ambani, Shri Akash M Ambani and Shri Anant M Ambani together and collectively control both RIL and JFS by exercise of voting rights. Brooks Brothers India Private Limited - 1 268 Reliance Industries Limited Integrated Annual Report 2023-24 269 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 2023-24 (C in crore) 2022-23 34.1 Disclosure of Group’s interest in Oil and Gas Joint Arrangements (Joint Operations): Sr. No. Name of the Fields in the Joint Ventures Company’s % Interest 2023-24 2022-23 Partners and their Participating Interest (PI) Country Particulars 2 Deposits Associates Ashwani Commercials Private Limited * Atri Exports Private Limited * Carin Commercials Private Limited * Centura Agro Private Limited * Chander Commercials Private Limited * Creative Agrotech Private Limited * Dunzo Digital Private Limited Einsten Commercials Private Limited * Fame Agro Private Limited * Gaurav Overseas Private Limited Gujarat Chemical Port Limited # Honeywell Properties Private Limited * Jaipur Enclave Private Limited * Jamnagar Utilities & Power Private Limited # Kaniska Commercials Private Limited * Marugandha Land Developers Private Limited * Netravati Commercials Private Limited * Noveltech Agro Private Limited * Parinita Commercials Private Limited * Pepino Farms Private Limited * Prakhar Commercials Private Limited * Rakshita Commercials Private Limited * Rocky Farms Private Limited * Shree Salasar Bricks Private Limited * Vishnumaya Commercials Private Limited * Joint Ventures Alok Industries Limited Diesel Fashion India Reliance Private Limited Marks and Spencer Reliance India Private Limited Enterprises over which Key Managerial Personnel / Relatives are able to exercise significant influence Sikka Ports & Terminals Limited # 3 Unsecured Loans Associate Reliance Europe Limited 4 Financial Guarantees Joint Ventures Sintex Industries Limited Alok Industries Limited * Ceased to be related party during the year. # Fair value of deposit as per Accounting Standard. 33.1 Compensation of Key Managerial Personnel - - - - - - 26 - - 17 19 - - 118 - - - - - - - - - - - 8 1 5 54 19 9 8 36 16 - 36 3 17 33 51 4 118 41 5 7 3 28 1 10 7 29 33 7 - - - 353 353 85 80 1,900 3,450 1,900 - The compensation of directors and other member of Key Managerial Personnel during the year was as follows: Particulars i ii Short-term benefits Post employment benefits Total 270 Reliance Industries Limited 2023-24 93 2 95 (C in crore) 2022-23 99 2 101 1 2 3 4 5 Mid and South Tapti 30.00% 30.00% BG Exploration & Production India Limited - 30% Oil and Natural Gas Corporation Limited - 40% NEC - OSN - 97/2 KG - DWN - 98/3 KG-UDWHP-2018/1 KG-UDWHP-2022/1 66.67% 66.67% 60.00% 60.00% 66.67% BP Exploration (Alpha) Limited - 33.33% 66.67% BP Exploration (Alpha) Limited - 33.33% 60.00% BP Exploration (Alpha) Limited - 40% - BP Exploration (Alpha) Limited - 40% India India India India India 34.2 Quantities of Group’s Interest (on Gross Basis) in Proved Reserves and Proved Developed Reserves: Particulars Oil: Opening Balance Addition to Reserves Revision of estimates Production Closing Balance Particulars Gas: Opening Balance Addition to Reserves Revision of estimates Production Closing Balance Proved Reserves in India (Million MT*) Proved Developed Reserves in India (Million MT*) 2023-24 2022-23 2023-24 2022-23 3.29 - 0.03 (0.59) 2.73 3.31 - - (0.02) 3.29 0.04 3.25 0.03 (0.59) 2.73 0.06 - - (0.02) 0.04 Proved Reserves in India (Million M3*) Proved Developed Reserves in India (Million M3*) 2023-24 2022-23 2023-24 2022-23 49,145 53,211 - 150 (6,852) 42,443 - 895 (4,961) 49,145 23,329 16,727 150 (6,852) 33,354 27,395 - 895 (4,961) 23,329 * 1 cubic meter (M3) = 35.315 cubic feet and 1 cubic feet = 1000 BTU and 1 MT = 7.5 bbl The reserve estimates for producing fields are revised based on the performance of producing fields and with respect to discovered fields, the revision are based on the revised geological and reservoir simulation studies. 34.3 The Government of India (GOI), disallowed certain costs which the Production Sharing Contract (PSC), relating to Block KG- DWN-98/3 (KG-D6) entitles the Company to recover. The Company maintains that the Contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the GOI to disallow the recovery of any Contract Cost. The Company referred the issue to arbitration with GOI for resolution of disputes. The demand from the GOI of $ 165 million (for C 1,373 crore) being the Company’s share (total demand $ 247 million – C 2,060 crore) towards additional Profit Petroleum has been considered as contingent liability in the financial statements for the year ended 31st March, 2024. In supersession of the Ministry’s Gazette notification no. 22011/3/2012-ONG.D.V. dated 10th January, 2014, the GOI notified the New Domestic Natural Gas Pricing Guidelines, 2014 on 26th October, 2014. The GOI had directed the Company to instruct customers to deposit differential revenue on gas sales from D1D3 field on account of the prices determined under the guidelines converted to NCV basis and the prevailing price prior to 1st November, 2014 ($ 4.205 per MMBTU) to be credited to the gas pool account maintained by GAIL (India) Limited. The amount so deposited by customer to Gas Pool Account is C 295 crore (net) as at 31st March, 2024. Revenue has been recognized at the GOI notified prices on GCV basis, in respect of gas quantities sold from D1D3 field from 1st November, 2014. This amount in the Gas Pool Account has also been challenged under cost recovery arbitration and is pending adjudication. 34.4 (a) GOI sent a notice to the KG-D6 Contractor on 4th November, 2016 asking the Contractor to deposit approximately US $1.55 billion on account of alleged gas migration from ONGC’s blocks. RIL, as Operator, for and on behalf of all constituents of the Contractor, initiated arbitration proceedings against the GOI contesting its unfair claim. The Arbitral Integrated Annual Report 2023-24 271 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Tribunal vide its Final Award dated 24th July, 2018 upheld Contractor’s claims. GOI filed an Appeal on 15th November, 2018 before the Single Judge Bench of Hon’ble Delhi High Court (DHC), against the Final Award. Vide Judgment dated 9th May, 2023 the Hon’ble Single Judge of DHC upheld the Arbitration Award and dismissed GOI’s appeal challenging the Award. An appeal was filed by GOI before the Division Bench of DHC to set aside single judge’s judgment which is presently sub-judice. (IV) Hathway Cable and Datacom Limited has received Show Cause cum Demand notices (“SCNs”) from the Department of Telecommunications (“DOT”), Government of India towards license fees aggregating to C 3,202 crore which includes penalty and interest thereon (March 31, 2023: C 3,748 crore including penalty and interest). The Group has made representations to DOT contesting the basis of such demands. Based on opinion of legal expert, the Group is confident that it has good grounds on merit to defend itself in the above matter. Accordingly, the Group is of the view that no provision is necessary in respect of the (b) Arbitration was initiated by BG Exploration and Production India Limited and the Company (together the Claimants) aforesaid matter. against GOI under the PSCs for Panna – Mukta and Tapti blocks due to difference in interpretation of certain PSC provisions between Claimants and GOI. The Arbitration Tribunal has issued a number of final partial awards in this 36. Capital Management The Group adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main objectives are as follows: a) Maintain investment grade ratings for all issuing entities, domestically and internationally by ensuring that the financial strength of their Balance Sheets are preserved. b) Manage foreign exchange, interest rates and commodity price risk, and minimise the impact of market volatility on earnings. c) Diversify sources of financing and spread the maturity across tenure buckets in order to manage liquidity risk. d) Leverage optimally in order to maximise shareholder returns. The Net Gearing Ratio at the end of the reporting period was as follows: Gross Debt Cash and Marketable Securities * Net Debt (A) Total Equity (As per Balance Sheet) (B) Net Gearing Ratio (A/B) (C in crore) As at 31st March, 2024 As at 31st March, 2023 3,24,622 3,13,966 2,08,341 1,88,200 1,16,281 1,25,766 7,93,481 7,15,872 0.15 0.18 * Cash and Marketable Securities include Cash and Cash Equivalents of C 97,225 crore (Previous Year C 68,664 crore), Current Investments of C 1,06,170 crore (Previous Year C 1,18,473 crore), Other Marketable Securities of C 4,980 crore (Previous Year C 1,022 crore) and Share Call money receivable on rights issue of C 34 crore (Previous Year C 41 crore). matter, some of which have (in part) not been in Claimant’s favour. The arbitration is ongoing and a final award is yet to be issued. The arbitration has also led to satellite litigation in India (presently ongoing) and in the UK, which has resulted in court judgments that have not always been entirely in RIL’s favour (c) NTPC filed suit in 2006 for specific performance of contract for supply of natural gas of 132 trillion BTU annually for a period of 17 years. This suit is still pending adjudication in the Bombay High Court and the Company’s fact witnesses in the suit are to be cross examined by NTPC. Considering the complexity of above issues, the Company is of the view that any attempt for quantification of possible exposure to the Company will have an effect of prejudicing Company’s legal position in the ongoing arbitration/ litigations. Moreover, the Company considers above demand/disputes as remote. 35. Contingent Liabilities and Commitments (I) Contingent Liabilities (A) Claims against the Group / disputed liabilities not acknowledged as debts (i) In respect of Joint Arrangements (ii) In respect of Others (B) Guarantees (i) On behalf of Joint Arrangements (ii) On behalf of Associates / Joint Ventures (II) Commitments (A) Estimated amount of contracts remaining to be executed on capital account and not provided for: (i) In respect of Joint Arrangements (ii) In respect of Others (B) Other Commitments (i) Investments 2023-24 (C in crore) 2022-23 1,373 4,953 817 5,350 1,406 5,861 1,947 1,900 436 24,611 1,753 39,063 4,466 4,808 (III) On December 16, 2010, the Securities and Exchange Board of India (SEBI) issued a show cause notice (“SCN”) inter alia to the Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited, then a subsidiary of RIL. By an order dated March 24, 2017, the Whole Time Member (“WTM”) passed directions: (i) prohibiting inter alia RIL from dealing in equity derivatives in the ‘Futures & Options’ segment of stock exchanges, directly or indirectly, for a period of one year from the date of the order; and (ii) to disgorge from RIL an amount of C 447 crore along with interest at the rate of 12% per annum from November 29, 2007, till the date of payment. On an appeal by RIL, Securities Appellate Tribunal (“SAT”) by a majority order (2:1), dismissed the appeal on November 5, 2020, and directed RIL to pay the disgorged amount within sixty days from the date of the order. The appeal of RIL and others had been admitted by the Hon’ble Supreme Court of India. By its order dated December 17, 2020, the Hon’ble Supreme Court of India directed RIL to deposit C 250 crore in the Investors’ Protection Fund, subject to the final result of the appeal and stayed the recovery of the balance, inclusive of interest, pending the appeal. RIL has complied with the order dated December 17, 2020, of the Hon’ble Supreme Court of India. In the above matter, the adjudicating officer of SEBI (“AO”) while adjudicating the show cause notice dated November 21, 2017 issued, inter alia, to RIL passed an order on January 1, 2021 imposing a penalty of C 25 crore on RIL which has been paid under protest. In the appeal filed by RIL, the Hon’ble Securities Appellate Tribunal vide order dated December 4, 2023, did not interfere with the order passed by the AO since the matter was already covered by its earlier decision dated November 5, 2020, which is in appeal by RIL before the Hon’ble Supreme Court. RIL has filed an appeal in the Hon’ble Supreme Court of India against Order dated December 4, 2023 of SAT. 272 Reliance Industries Limited Integrated Annual Report 2023-24 273 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 1,55,236 36,138 31,153 87,945 1,83,087 36,727 50,681 95,679 valuation: Sensitivity of level 3 financial instrument’s fair value to changes in significant unobservable inputs used in their fair 37. Financial Instruments A. Fair Value Measurement Hierarchy As at 31st March, 2024 As at 31st March, 2023 Carrying Amount Level of input used in Level 1 Level 2 Level 3 Carrying Amount Level of input used in Level 1 Level 2 Level 3 (C in crore) 1,015 31,628 Cash and Cash Equivalents 97,225 Loans Other Financial Assets 3,416 24,537 - - - - - - - - - - - - - - - 12,810 28,448 68,664 1,701 19,575 - - - - - - - - - - - - - - - At FVTPL Investments 51,348 38,635 12,371 342 26,017 16,037 9,635 345 Other Financial Assets 2,050 911 1,139 - 2,644 1,312 1,332 - Particulars Financial Assets At Amortised Cost Investments # Trade Receivables At FVTOCI Investments Financial Liabilities At Amortised Cost Borrowings 3,24,622 Deferred Payment Liabilities 1,12,849 Trade Payables Other Financial Liabilities Lease Liabilities At FVTPL 1,78,377 52,381 21,520 - - - - - - - - - - - 3,13,966 - 1,17,272 - 1,47,172 - - 68,849 20,426 - - - - - - - - - - Other Financial Liabilities 4,311 25 4,286 - 2,872 44 2,828 At FVTOCI Other Financial Liabilities - - - - 59 - 59 - - - - - - - # Excludes Investments in Associates and Joint Ventures of C 18,073 crore (Previous Year C 13,646 crore) measured at cost (Refer Note 2.1). Reconciliation of fair value measurement of the investment categorised at Level 3: Particulars Opening Balance Addition during the year Sale/Reduction during the year Total Gain/(Loss) On Demerger (Refer Note 43) Closing Balance Line item in which gain/loss recognised As at 31st March, 2024 As at 31st March, 2023 At FVTPL At FVTOCI At FVTPL At FVTOCI (C in crore) 345 19 (2) (20) - 342 Other Income - C 1 crore unrealised 95,679 1,233 (9,243) 276 - 87,945 Other Comprehensive Income-Items that will not be reclassified to Profit or Loss 319 25 - 1 - 345 Other Income - C 2 crore unrealised 84,674 11,288 (303) 95 (75) 95,679 Other Comprehensive Income-Items that will not be reclassified to Profit or Loss Particulars Valuation Technique Significant Unobservable Input Change in % (C in crore) Sensitivity of the fair value to change in input 31st March 2024 31st March 2023 Investment in Discounting Discounting rate - 14.49% OCPS (FVTOCI) Cash Flow (Previous Year - 14.29%) +0.10% -0.10% (1,611) 1,635 (1,433) 1,455 The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements as described below: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Inputs based on unobservable market data. Valuation Methodology All financial instruments are initially recognised and subsequently re-measured at fair value as described below: a) The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills, Certificate of Deposits and Mutual Funds is measured at quoted price or NAV. b) The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. c) The fair value of Forward Foreign Exchange contracts and Currency Swaps is determined using observable forward exchange rates and yield curves at the balance sheet date. d) The fair value of over-the-counter Foreign Currency Option contracts is determined using the Black Scholes valuation model. e) Commodity derivative contracts are valued using available information in markets and quotations from exchange, brokers and price index developers. f) The fair value for Level 3 instruments is valued using inputs based on information about market participants assumptions and other data that are available. g) h) The fair value of the remaining financial instruments is determined using discounted cash flow analysis. All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date. 274 Reliance Industries Limited Integrated Annual Report 2023-24 275 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 B. Financial Risk Management ii) Commodity Price Risk The Group’s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk. Within the boundaries of approved Risk Management Policy framework, the Group uses derivative instruments to manage the volatility of financial markets and minimise the adverse impact on its financial performance. i) Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. a) Foreign Currency Risk Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are denominated in currencies other than Indian Rupee. Commodity price risk arises due to fluctuation in prices of crude oil, other feed stock and products and bullion. The Group has a risk management framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs. The Group’s commodity price risk is managed centrally through well-established trading operations and control processes. In accordance with the risk management policy, the Group enters into various transactions using derivatives and uses over-the-counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its commodity and freight exposure. iii) Credit Risk Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the amounts due causing financial loss to the Group. Credit risk arises from Group’s activities in investments, dealing in derivatives and receivables from customers and other financial instruments. The Group ensures that sales of products are made to customers with appropriate creditworthiness. Credit information is regularly shared between businesses and finance The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial instruments function, with a framework in place to quickly identify, respond and recognise cases of credit deterioration. at the end of the reporting period. The exposure to all other foreign currencies are not material. Foreign Currency Exposure (C in crore) Particulars As at 31st March, 2024 As at 31st March, 2023 USD EUR JPY USD EUR JPY Borrowings 1,61,130 12,275 21,476 1,35,702 12,029 11,693 Trade and Other Payables 1,03,383 Trade and Other Receivables (12,353) 435 (116) 107 85,369 (14) (12,251) 745 (280) 76 (22) Derivatives - Forwards and Futures (64,040) (12,190) (21,710) (23,921) (11,806) (11,776) - Options Exposure (47) 1,88,073 (47) 357 168 (4,860) 27 1,80,039 301 989 96 67 b) Interest Rate Risk The Group is also exposed to interest rate risk, changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally debt. The Group issues debt in a variety of currencies based on market opportunities and it uses derivatives to hedge interest rate exposures. The exposure of the Group’s borrowings and derivatives to interest rate changes at the end of the reporting period are as follows: Particulars Borrowings Non-Current - Floating (Includes Current Maturities) * Non-Current - Fixed (Includes Current Maturities) * Current # Total Derivatives Foreign Currency Interest Rate Swaps Rupees Interest Rate Swaps (C in crore) Interest Rate Exposure As at 31st March, 2024 As at 31st March, 2023 1,47,418 1,22,254 56,868 1,21,093 1,11,932 82,577 3,26,540 3,15,602 18,466 66,420 12,079 50,500 * Includes C 1,582 crore (Previous Year C 1,190 crore) as Prepaid Finance Charges and C 110 crore (Previous Year C 127 crore) as fair valuation impact. # Includes C 226 crore (Previous Year C 319 crore) as Commercial Paper Discount. The Group has a prudent and conservative process for managing its credit risk arising in the course of its business activities. Credit risk across the Group, is actively managed through Letters of Credit, Bank Guarantees, Parent Group Guarantees, advance payments, security deposits and factoring and forfaiting without recourse to Group. The Group restricts its fixed income investments in liquid securities carrying high credit rating. iv) Liquidity Risk Liquidity risk arises from the Group’s inability to meet its cash flow commitments on the due date. The Group maintains sufficient stock of cash, marketable securities and committed credit facilities. The Group accesses global and local financial markets to meet its liquidity requirements. It uses a range of products and a mix of currencies to ensure efficient funding from across well-diversified markets and investor pools. Treasury monitors rolling forecasts of the Group’s cash flow position and ensures that the Group is able to meet its financial obligation at all times including contingencies. The Group’s liquidity is managed centrally with operating units forecasting their cash and liquidity requirements. Treasury pools the cash surpluses from across the different operating units and then arranges to either fund the net deficit or invest the net surplus in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified to avoid concentration risk in any one instrument or counterparty. Particulars Borrowings Non-Current #@ Current ^ Total Maturity Profile As at 31st March, 2024 * Below 3 Months 3-6 Months 6-12 Months 1-3 Years 3-5 Years Above 5 Years Total (C in crore) 10,675 5,945 28,897 59,432 96,280 68,443 2,69,672 56,462 253 153 - - - 56,868 67,137 6,198 29,050 59,432 96,280 68,443 3,26,540 Lease Liabilities (Gross) 1,591 1,401 2,692 9,680 4,725 16,854 36,943 Derivative Liabilities Forwards Options Currency Swaps Interest Rate Swaps Total 1,858 62 - 4 820 10 - - 812 23 2 - 1,924 830 837 93 33 34 126 286 62 36 260 - 358 - - 3 - 3,645 164 299 130 3 4,238 * Does not include Trade Payables (Current) amounting to C 1,78,377 crore. # Includes C 1,582 crore as Prepaid Finance Charges and C 110 crore as fair valuation impact. @ Does not include interest thereon (For Interest rate refer Note 16.4). ^ Includes C 226 crore as Commercial Paper Discount. 276 Reliance Industries Limited Integrated Annual Report 2023-24 277 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Maturity Profile as at 31st March, 2023 * Below 3 Months 3-6 Months 6-12 Months 1-3 Years 3-5 Years Above 5 Years Total A. Fair Value Hedge Hedging Instruments (C in crore) Disclosure of effect of Hedge Accounting: Particulars Borrowings Non-Current #@ Current ^ Total 13,449 77,761 8,594 27,254 78,290 42,750 62,688 2,33,025 3,500 1,316 - - - 82,577 91,210 12,094 28,570 78,290 42,750 62,688 3,15,602 Lease Liabilities (Gross) 1,491 1,495 2,877 8,820 6,327 15,153 36,163 Derivative Liabilities Forwards Options Interest Rate Swaps Total 2,658 3,102 405 106 3 20 13 63 44 71 35 97 2,767 3,135 512 203 4 - 139 143 - - 3 3 6,240 224 299 6,763 * Does not include Trade Payables (Current) amounting to C 1,47,172 crore. # Includes C 1,190 crore as Prepaid Finance Charges and C 127 crore as fair valuation impact. @ Does not include interest thereon (For Interest rate refer Note 16.4). ^ Includes C 319 crore as Commercial Paper Discount. C. Hedge Accounting The Group’s business objective includes safe-guarding its earnings against adverse price movements of crude oil and other feedstock, refined products, precious metals, freight costs as well as foreign exchange and interest rates. The Group has adopted a structured risk management policy to hedge all these risks within an acceptable risk limit and an approved hedge accounting framework which allows for Fair Value and Cash Flow hedges. Hedging instruments include exchange traded futures and options, over-the-counter swaps, forwards and options as well as non-derivative instruments to achieve this objective. There is an economic relationship between the hedged items and the hedging instruments. The Group has established a hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Group uses the hypothetical derivative method and Dollar offset method. The hedge ineffectiveness can arise from: - Differences in the timing of the cash flows. - Different indexes (and accordingly different curves). - The counterparties’ credit risk differently impacting the fair value movements. The table below shows the position of hedging instruments and hedged items as on the balance sheet date: Particulars Nominal Value Quantity Carrying Amount (Kbbl) (Kgs) Assets Liabilities Changes in Fair Value Hedge Maturity Line Item in Balance Sheet (C in crore) As at 31st March, 2024 Interest Rate Risk Derivative Contracts 17,362 Investments 20,072 - - - - 155 - 20,253 - (155) April 2025 to March 2029 181 February 2033 to November 2033 Other Financial Liabilities Investments 13,685 53,032 6,017 408 250 158 April 2024 - December 2024 Other Financial Asset/ Liabilities 7,825 - - - 142 (142) October 2023 to January 2027 Other Financial Liabilities - Current 23,536 52,012 - 719 164 293 April 2023 to January 2024 Other Financial Assets / Liabilities Carrying Amount Assets Liabilities Changes in Fair Value (C in crore) Line Item in Balance Sheet - 37,492 (59) Non-Current Borrowings - 408 (408) Other Current Assets / 22 9,221 - - 22 155 Liabilities Other Current Assets Inventories - - 7,701 124 Non-Current Borrowings 378 (12) Other Current Assets / 84 14,872 - - 57 (338) Liabilities Other Current Assets Inventories Commodity Price Risk Derivative Contracts As at 31st March, 2023 Interest Rate Risk Derivative Contracts Commodity Price Risk Derivative Contracts Hedged Items Particulars As at 31st March, 2024 Interest Rate Risk Borrowings Commodity Price Risk Firm Commitments for purchase of feedstock and freight Firm Commitments for sale of products Inventories As at 31st March, 2023 Interest Rate Risk Fixed rate borrowings Commodity Price Risk Firm Commitments for purchase of feedstock and freight Firm Commitments for sale of products Inventories 278 Reliance Industries Limited Integrated Annual Report 2023-24 279 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 B. Cash Flow Hedge Hedging Instruments Particulars As at 31st March, 2024 Foreign Currency Risk Nominal Value Carrying Amount Assets Liabilities Changes in Fair Value (C in crore) Hedge Maturity Line Item in Balance Sheet Foreign Currency Risk 24,291 - 25,022 (331) Components - Trade Payable Foreign Currency Risk 1,69,326 35 1,52,669 (2,623) 30th June 2024 to 31st March 2027 1st April 2024 to 30th September 2034 Trade Payables Borrowings 4,003 - 71 (71) 30th September 2028 to 31st March 2029 Other Financial Liabilities Components - Borrowings Interest Rate Risk Interest Rate Swaps As at 31st March, 2023 Foreign Currency Risk Foreign Currency Risk 23,839 - 24,651 (812) Components - Trade Payable Foreign Currency Risk 1,22,082 - 1,35,844 (10,217) Components - Borrowings 30th June, 2023 to 31st March, 2026 30th June, 2023 to 31st March, 2033 Trade Payables Borrowings Hedged Items Particulars As at 31st March, 2024 Foreign Currency Risk Nominal Value Changes in Fair Value Hedge Reserve (C in crore) Line Item in Balance Sheet Highly Probable Forecasted Exports Foreign Currency Borrowings 1,62,954 30,412 2,777 265 (15,564) Other Equity (119) Non-current Interest accrued but not due on Foreign Currency Borrowings Future Interest liability on Foreign Currency 21 229 - - Borrowings (0) Other Financial Liabilities (1) Other Financial Liabilities 4,003 71 (51) Other Equity Borrowings Interest Rate Risk Borrowings As at 31st March, 2023 Foreign Currency Risk Highly Probable Forecasted Exports 1,45,921 11,029 (14,566) Other Equity C. Movement in Cash Flow Hedge Sr. No. Particulars 2023-24 2022-23 Line Item in Balance Sheet / Statement of Profit and Loss 1 2 3 4 At the beginning of the year (14,501) (4,655) Gain/ (loss) recognised in Other (3,120) (12,340) Items that will be reclassified Comprehensive Income during the year to Profit & Loss Amount reclassified to Profit and Loss 1,913 2,494 Value of Sale and Finance Cost during the year At the end of the year (15,708) (14,501) Other Comprehensive Income (C in crore) 38. Segment Information The Group has four principal operating and reporting segments; viz. Oil To Chemicals (O2C), Oil and Gas, Retail and Digital Services. Financial Services segment has been demerged w.e.f 31st March 2023. (Refer Note 43). The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting. a) Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “Unallocable”. b) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable”. (I) Primary Segment Information 2023-24 O2C ** Oil and Gas Retail ** Digital Services Others Unallocable Total (C in crore) 1 Segment Revenue External Turnover 5,63,608 18,341 3,02,835 41,663 73,675 Inter Segment Turnover 1,141 6,098 4,013 91,275 6,841 Value of Sales and Services (Revenue) * 5,64,749 24,439 3,06,848 1,32,938 80,516 Less: GST Recovered 20,842 108 33,717 19,763 11,220 Revenue from Operations (Net of GST) 5,43,907 24,331 2,73,131 1,13,175 69,296 - 10,00,122 - - - 10,00,122 - 85,650 - 9,14,472 2 Segment Result before 53,617 14,831 17,498 33,124 1,387 (2,187) 1,18,270 Interest and Taxes Finance Cost Interest Income Profit Before Tax Current Tax Deferred Tax Profit after Tax (before adjustment for Non-Controlling Interest) from continuing operations Profit after Tax (before adjustment for Non-Controlling Interest) from discontinued operations Share of (Profit) /Loss transferred to Non-Controlling Interest Profit after Tax (after adjustment for Non-Controlling Interest) 3 Other Information Segment Assets Segment Liabilities Capital Expenditure Spectrum (23,118) 9,575 1,04,727 (13,590) (12,117) 79,020 - (9,399) 69,621 4,16,322 36,625 1,98,765 5,55,269 2,52,435 2,96,570 17,55,986 1,27,177 11,842 74,618 2,37,800 38,759 12,65,790 17,55,986 20,251 3,449 24,506 57,378 2,3705 2,480 1,31,769 - - - - - - - Depreciation / Amortisation and 8,776 5,360 5,584 23,573 7,260 279 50,832 Depletion Expense * Total Value of Sales and Services is after elimination of inter segment turnover of C 1,09,368 crore. ** Segment results includes Interest income / Other Income pertaining to the respective segments. 280 Reliance Industries Limited Integrated Annual Report 2023-24 281 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 2022-23 1 Segment O2C ** Oil and Gas Retail ** Digital Services Others Unallocable Total - Other investments / assets / liabilities, long term resources raised by the Group, business trade financing liabilities managed by the centralised treasury function and related income / expense are considered under Unallocated. (C in crore) - Other business segments which are not separately reportable have been grouped under the Others segment. External Turnover 5,93,319 10,578 2,55,457 35,758 79,752 Inter Segment Turnover 1,331 5,930 4,937 84,033 8,703 Value of Sales and Services (Revenue) * 5,94,650 16,508 2,60,394 1,19,791 88,455 Less: GST Recovered 23,425 14 29,443 17,830 12,841 Revenue from Operations (Net of GST) 5,71,225 16,494 2,30,951 1,01,961 75,614 - 9,74,864 - - - 9,74,864 - 83,553 - 8,91,311 2 Segment Result before Interest and 53,883 10,933 13,994 29,681 1,045 (6,516) 1,03,020 Taxes Finance Cost Interest Income Profit Before Tax Current Tax Deferred Tax Profit after Tax (before adjustment for Non-Controlling Interest) from continuing operations Profit after Tax (before adjustment for Non-Controlling Interest) from discontinued operations Share of (Profit) / Loss transferred to Non-Controlling Interest Profit after Tax (after adjustment for Non-Controlling Interest) 3 Other Information Segment Assets Segment Liabilities Capital Expenditure Spectrum (19,571) 10,597 94,046 (8,398) (11,978) 73,670 418 (7,386) 66,702 3,85,504 37,812 1,68,314 5,06,238 2,17,133 2,92,430 16,07,431 55,757 19,116 6,042 68,221 2,21,920 43,364 12,12,127 16,07,431 4,749 51,413 58,488 4,745 3,298 1,41,809 - - - 93,731 - - 93,731 Depreciation / Amortisation and 8,192 2,656 3,980 20,605 4,566 304 40,303 Depletion Expense Total Value of Sales and Services is after elimination of inter segment turnover of C 1,04,934 crore. ** Segment results includes Interest income / Other Income pertaining to the respective segments. (II) Inter segment pricing are at Arm’s length basis. (III) As per Indian Accounting Standard 108 - Operating Segments, the Company has reported segment information on consolidated basis including businesses conducted through its subsidiaries. (IV) The reportable segments are further described below: - The Oil to Chemicals business includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel and bulk wholesale marketing. It includes breadth of portfolio spanning transportation fuels, polymers, polyesters and elastomers. The deep and unique integration of O2C business includes world-class assets comprising Refinery Off-Gas Cracker, Aromatics, Gasification, multi-feed and gas crackers along with downstream manufacturing facilities, logistics and supply-chain infrastructure. - The Oil and Gas segment includes exploration, development and production of crude oil and natural gas. - The Retail segment includes consumer retail and range of related services. - The Digital Services segment includes provision of a range of digital services. (V) Secondary Segment Information 1 Segment Revenue – External Turnover Within India Outside India Total 2 Non-Current Assets Within India Outside India Total 2023-24 6,49,864 3,50,258 10,00,122 (C in crore) 2022-23 5,79,087 3,95,777 9,74,864 12,57,375 11,58,729 28,511 23,406 12,85,886 11,82,135 39. Enterprises Consolidated as Subsidiary in accordance with Indian Accounting Standard 110 – Consolidated Financial Statements Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest 1 2 3 4 5 6 7 8 9 7-India Convenience Retail Limited Aaidea Solutions Limited Accops Systems FZ-LLC * Accops Systems Private Limited Actoserba Active Wholesale Limited India India United Arab Emirates India India Addverb Technologies B.V. * Netherlands Addverb Technologies Limited India Addverb Technologies Pte. Ltd. * Singapore Addverb Technologies Pty Limited * Australia 10 Addverb Technologies USA Inc. * United States of America 83.56% 82.57% 53.68% 53.68% 71.99% 48.64% 48.64% 48.64% 48.64% 48.64% 11 Adventure Marketing Private Limited India 100.00% 12 AETN18 Media Private Limited India 13 Amante Exports (Private) Limited * Sri Lanka 14 Amante India Limited India 15 Amante Lanka (Private) Limited * Sri Lanka 16 Asteria Aerospace Limited India 17 Bhadohi DEN Entertainment Private India Limited 18 Bismi Connect Limited (Formerly known India as Bismi Connect Private Limited) 19 Bismi Hypermart Limited (Formerly India known as Bismi Hypermart Private Limited) 21.27% 83.56% 83.56% 83.56% 49.54% 33.99% 83.56% 83.56% 20 Catwalk Worldwide Limited (Formerly India 71.05% known as Catwalk Worldwide Private Limited) 21 Channels India Network Private Limited India 22 Chennai Cable Vision Network Private India 50.55% 40.17% Limited 23 Colorful Media Private Limited India 100.00% * Company having 31st December as reporting date. 24 Colosceum Media Private Limited India 25 Columbus Centre Corporation (Cayman) * USA 26 Columbus Centre Holding Company USA LLC * 27 Cover Story Clothing Limited India 28 Cover Story Clothing UK Limited * 29 Crystalline Silica and Mining Limited 30 C-Square Info-Solutions Limited 31 Dadha Pharma Distribution Limited United Kingdom India India India 32 DEN Ambey Cable Networks Private India Limited 33 Den Broadband Limited 34 Den Budaun Cable Network Private Limited India India 35 Den Discovery Digital Networks Private India Limited 36 Den Enjoy Cable Networks Private India Limited 37 Den Enjoy Navaratan Network Private India Limited 38 Den F K Cable TV Network Private India Limited 39 Den Fateh Marketing Private Limited India 40 Den Kashi Cable Network Limited India 41 Den Malayalam Telenet Private Limited India 42 Den Mod Max Cable Network Private India Limited 43 Den Nashik City Cable Network Private India Limited 44 Den Networks Limited India 45 Den Premium Multilink Cable Network India Private Limited 73.15% 100.00% 100.00% 83.56% 83.56% 100.00% 74.74% 83.56% 40.65% 66.64% 33.98% 33.99% 39.54% 20.17% 33.99% 33.98% 33.98% 33.99% 33.99% 33.99% 66.64% 33.99% 282 Reliance Industries Limited Integrated Annual Report 2023-24 283 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest 46 Den Rajkot City Communication Private India 33.97% 88 Enercent Technologies Private Limited India Limited 89 Eternalia Media Private Limited India 47 Den Satellite Cable TV Network Limited India 48 Den Saya Channel Network Limited India 50.31% 33.99% 90 Ethane Coral LLC * 49 Den Supreme Satellite Vision Private India 66.64% 91 Ethane Diamond LLC * Limited 50 Den-Manoranjan Satellite Private India 66.64% 92 Ethane Jade LLC * 100.00% 93 Faradion Limited * Marshall Islands Marshall Islands Marshall Islands United Kingdom Germany India India India 94 Faradion UG * 95 Foodhall Franchises Limited 96 Future Lifestyles Franchisee Limited 97 Futuristic Media and Entertainment Limited 98 Galaxy Den Media & Entertainment India Private Limited 99 Genesis Colors Limited 100 Genesis La Mode Private Limited 101 GLB Body Care Private Limited 102 GLF Lifestyle Brands Private Limited 103 GML India Fashion Private Limited 104 Grab A Grub Services Limited 105 Greycells18 Media Limited 106 Hamleys (Franchising) Limited * 107 Hamleys Asia Limited * 108 Hamleys of London Limited * 109 Hamleys Toys (Ireland) Limited * 110 Hathway Bhaskar CCN Multi Entertainment Private Limited India India India India India India India United Kingdom Hongkong United Kingdom Ireland India 111 Hathway Bhawani Cabletel & Datacom India Limited 112 Hathway Cable and Datacom Limited India 113 Hathway Digital Limited India 114 Hathway Kokan Crystal Cable Network India Limited 115 Hathway Mantra Cable & Datacom India Limited 116 Hathway Nashik Cable Network Private India Limited 117 Hathway VCN Cablenet Private Limited India 118 ICD Columbus Centre Hotel LLC * 119 Independent Media Trust USA India 120 India Mumbai Indians (Pty) Ltd * South Africa 121 IndiaCast Media Distribution Private India Limited 122 IndiaCast UK Limited * 21.26% 55.21% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 42.29% 37.32% 67.22% 123 IndiaCast US Limited * 124 Indiavidual Learning Limited India United Kingdom United States of America Limited 51 Digital Media Distribution Trust 52 Digital18 Media Limited 53 Drashti Cable Network Limited India India India 54 Dronagiri Bokadvira East Infra Limited India 55 Dronagiri Bokadvira North Infra Limited India 56 Dronagiri Bokadvira South Infra Limited India 57 Dronagiri Bokadvira West Infra Limited India 58 Dronagiri Dongri East Infra Limited 59 Dronagiri Dongri North Infra Limited 60 Dronagiri Dongri South Infra Limited 61 Dronagiri Dongri West Infra Limited 62 Dronagiri Funde East Infra Limited 63 Dronagiri Funde North Infra Limited 64 Dronagiri Funde South Infra Limited 65 Dronagiri Funde West Infra Limited 66 Dronagiri Navghar East Infra Limited 67 Dronagiri Navghar North First Infra Limited India India India India India India India India India India 68 Dronagiri Navghar North Infra Limited India 69 Dronagiri Navghar North Second Infra India Limited 70 Dronagiri Navghar South First Infra India 100.00% Limited 71 Dronagiri Navghar South Infra Limited India 72 Dronagiri Navghar South Second Infra India Limited 73 Dronagiri Navghar West Infra Limited India 74 Dronagiri Pagote East Infra Limited 75 Dronagiri Pagote North First Infra India India Limited 76 Dronagiri Pagote North Infra Limited India 77 Dronagiri Pagote North Second Infra India Limited 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 78 Dronagiri Pagote South First Infra India 100.00% Limited 79 Dronagiri Pagote South Infra Limited India 80 Dronagiri Pagote West Infra Limited 81 Dronagiri Panje East Infra Limited 82 Dronagiri Panje North Infra Limited 83 Dronagiri Panje South Infra Limited 84 Dronagiri Panje West Infra Limited 85 e-Eighteen.com Limited 86 Elite Cable Network Private Limited India India India India India India India 87 Eminent Cable Network Private Limited India * Company having 31st December as reporting date. 284 Reliance Industries Limited 75.51% 42.64% 100.00% 100.00% 100.00% 92.01% 92.01% 83.56% 83.56% 66.64% 66.64% 69.02% 76.08% 79.82% 76.08% 76.08% 68.86% 65.61% 67.53% 67.53% 67.53% 67.53% 52.86% 40.01% 52.86% 52.86% 52.86% 52.86% 47.61% 52.86% 74.87% 100.00% 100.00% 31.48% 31.48% 31.48% 56.72% 125 Indiawin Sports Middle East Limited * United Arab 100.00% 166 Mahadev Den Cable Network Limited India 126 Indiawin Sports Private Limited 127 Indiawin Sports USA Inc. * 128 Infomedia Press Limited 129 Intimi India Limited 130 IPCO Holdings LLP * 131 IW Columbus Centre LLC * 132 Jaisuryas Retail Ventures Limited 133 Jio Cable and Broadband Holdings Private Limited Emirates India USA India India United Kingdom USA India India 167 Mahavir Den Entertainment Private India 100.00% Limited 100.00% 168 Mansion Cable Network Private Limited India 37.08% 169 Mayuri Kumkum Limited India 83.56% 170 Media18 Distribution Services Limited India 51.33% 171 Meerut Cable Network Private Limited India 74.87% 83.56% 172 Mesindus Ventures Limited 173 Metro Cash and Carry India Private India India Limited 134 Jio Content Distribution Holdings India 100.00% 175 Mimosa Networks, Inc. * Private Limited 176 Mindex 1 Limited * USA Gibraltar 100.00% 174 Mimosa Networks Bilişim Teknolojileri Turkey 66.43% Limited Şirketi * 135 Jio Digital Distribution Holdings Private India 100.00% Limited 136 Jio Estonia OÜ * Estonia 137 Jio Futuristic Digital Holdings Private India Limited 138 Jio Haptik Technologies Limited 139 Jio Infrastructure Management India India Services Limited 66.43% 100.00% 66.43% 100.00% 140 Jio Internet Distribution Holdings India 100.00% Private Limited 141 Jio Limited 142 Jio Media Limited 143 Jio Platforms Limited India India India 144 Jio Satellite Communications Limited India 145 Jio Television Distribution Holdings India Private Limited 146 Jio Things Limited 147 Just Dial Limited 148 Kalamboli East Infra Limited 149 Kalamboli North First Infra Limited 150 Kalamboli North Infra Limited India India India India India 151 Kalamboli North Second Infra Limited India 152 Kalamboli North Third Infra Limited 153 Kalamboli South First Infra Limited 154 Kalamboli South Infra Limited 155 Kalamboli West Infra Limited 156 Kalanikethan Fashions Limited 157 Kalanikethan Silks Limited India India India India India India 158 KIKO Cosmetics Retail Private Limited India 159 Kishna Den Cable Networks Private India Limited 100.00% 66.43% 66.43% 66.43% 100.00% 66.43% 53.34% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 83.56% 83.56% 83.56% 33.99% 177 Model Economic Township Limited India 178 Moneycontrol Dot Com India Limited India 179 MYJD Private Limited 180 Netmeds Healthcare Limited 181 Network 18 Media Trust 182 Network18 Media & Investments Limited India India India India 183 New Emerging World of Journalism India Limited 184 New York Hotel, LLC * 185 NextGen Fast Fashion Limited 186 Nilgiris Stores Limited 187 NowFloats Technologies Limited 188 Purple Panda Fashions Limited USA India India India India 189 Radiant Satellite (India) Private Limited India 190 Radisys B.V. * 191 Radisys Canada Inc. * Netherlands Canada 192 Radisys Cayman Limited * Cayman Islands 193 Radisys Convedia (Ireland) Limited * Ireland 194 Radisys Corporation * 195 Radisys GmbH * 196 Radisys India Limited 197 Radisys International LLC * United States of America Germany India United States of America 198 Radisys International Singapore Pte. Singapore 66.43% Ltd. * 199 Radisys Spain S.L.U. * Spain 200 Radisys Systems Equipment Trading China 66.43% 66.43% (Shanghai) Co. Ltd. * 201 Radisys Technologies (Shenzhen) Co., China 66.43% 33.99% 34.09% 43.98% 42.62% 73.15% 33.99% 69.63% 83.56% 66.43% 100.00% 100.00% 67.22% 53.34% 83.56% 73.15% 73.15% 49.82% 74.87% 83.56% 83.56% 73.81% 76.09% 66.64% 66.43% 66.43% 66.43% 66.43% 66.43% 66.43% 66.43% 66.43% 160 Kutch New Energy Projects Limited 161 Libra Cable Network Limited India India 100.00% Ltd. * 33.99% 202 Radisys UK Limited * 162 Lithium Werks China Manufacturing China 87.26% Co., Ltd. * 203 RB Holdings Private Limited 163 Lithium Werks Technology B.V. * Netherlands 87.26% 204 RB Media Holdings Private Limited 164 Lotus Chocolate Company Limited 165 M Entertainments Private Limited India India 42.62% 205 RB Mediasoft Private Limited 83.17% 206 RBML Solutions India Limited United Kingdom India India India India 66.43% 100.00% 100.00% 100.00% 51.00% * Company having 31st December as reporting date. Integrated Annual Report 2023-24 285 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 259 Reliance Innovative Building Solutions India 100.00% Limited Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest 207 REC Americas LLC * United States 100.00% 247 Reliance Exploration & Production United Arab 100.00% 277 Reliance New Energy Limited India 100.00% 314 SankhyaSutra Labs Limited India DMCC * Emirates 278 Reliance New Energy Power Electronics India 100.00% 315 SenseHawk, Inc. * 100.00% 248 Reliance Finance and Investments USA United States 100.00% Limited United States of America 208 REC ScanModule Sweden AB * 209 REC Solar (Japan) Co., Ltd. * 210 REC Solar EMEA GmbH * 211 REC Solar France * 212 REC Solar Holdings AS * 213 REC Solar Norway AS * 214 REC Solar Pte. Ltd. * of America Sweden Japan Germany France Norway Norway Singapore 215 REC Systems (Thailand) Co., Ltd. * Thailand 216 REC Trading (Shanghai) Co., Ltd. * China 217 REC US Holdings, Inc. * United States of America 218 Recron (Malaysia) Sdn. Bhd. * Malaysia 219 Reliance 4IR Realty Development India Limited 220 Reliance A&T Fashions Private Limited India 221 Reliance Abu Sandeep Private Limited India 222 Reliance AK-OK Fashions Limited India 223 Reliance Ambit Trade Private Limited India 224 Reliance Beauty & Personal Care India Limited 225 Reliance Bhutan Limited 226 Reliance Bio Energy Limited 227 Reliance BP Mobility Limited 228 Reliance Brands Eyewear Private Limited (Formerly known as Rod Retail Private Limited) India India India India 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99% 100.00% 100.00% 100.00% 100.00% 63.51% 42.62% 50.14% 100.00% 83.56% 100.00% 100.00% 51.00% 83.56% LLC * of America 249 Reliance GAS Lifestyle India Private India 34.60% Limited 250 Reliance Gas Pipelines Limited India 251 Reliance Global Energy Services Singapore (Singapore) Pte. Limited * 252 Reliance Global Energy Services Limited * United Kingdom 100.00% 100.00% 100.00% 253 Reliance Global Project Services Pte. Singapore 100.00% Ltd. * 254 Reliance Global Project Services UK United 100.00% Limited * Kingdom 255 Reliance Green Hydrogen and Green India 100.00% Chemicals Limited 256 Reliance Hydrogen Electrolysis Limited India 257 Reliance Hydrogen Fuel Cell Limited India 258 Reliance Industries (Middle East) United Arab DMCC * Emirates 100.00% 100.00% 100.00% Private Limited 260 Reliance International Limited * United Arab 100.00% Emirates 261 Reliance Jio Global Resources, LLC * United States 66.43% 262 Reliance Jio Infocomm Limited India 263 Reliance Jio Infocomm Pte. Ltd. * Singapore of America 66.43% 66.43% 66.43% 229 Reliance Brands Holding UK Limited * United 67.53% 264 Reliance Jio Infocomm UK Limited * United 230 Reliance Brands Limited Kingdom India 231 Reliance Brands Luxury Fashion Private India Limited 232 Reliance Carbon Fibre Cylinder Limited India 233 Reliance Chemicals and Materials India Limited 234 Reliance Clothing India Limited India 235 Reliance Commercial Dealers Limited India 236 Reliance Comtrade Private Limited India 237 Reliance Consumer Products Limited India 238 Reliance Content Distribution Limited India 239 Reliance Corporate IT Park Limited 240 Reliance Digital Health Limited India India 241 Reliance Digital Health USA Inc. * United States of America 67.53% 68.60% 100.00% 100.00% 83.56% 100.00% 100.00% 83.56% 100.00% 100.00% 100.00% 100.00% 265 Reliance Jio Infocomm USA, Inc. * United States 66.43% Kingdom of America 266 Reliance Lifestyle Products Private India Limited 267 Reliance Lithium Werks B.V. * Netherlands 268 Reliance Lithium Werks USA LLC * United States of America 269 Reliance Luxe Beauty Limited (Formerly India known as Arvind Beauty Brands Retail Limited) 68.07% 87.26% 87.26% 83.56% 270 Reliance Mappedu Multi Modal India 55.15% Logistics Park Limited 271 Reliance Marcellus LLC * United States 100.00% of America 272 Reliance NeuComm LLC * United States 100.00% of America 243 Reliance Electrolyser Manufacturing India 100.00% Limited Cylinder Limited 244 Reliance Eminent Trading & India 100.00% 275 Reliance New Energy Hydrogen India 100.00% Commercial Private Limited Electrolysis Limited 245 Reliance Ethane Holding Pte. Ltd. * Singapore 246 Reliance Ethane Pipeline Limited India 100.00% 100.00% 276 Reliance New Energy Hydrogen Fuel Cell India 100.00% Limited * Company having 31st December as reporting date. 286 Reliance Industries Limited 279 Reliance New Energy Storage Limited India 280 Reliance New Power Electronics Limited India 281 Reliance New Solar Energy Limited 282 Reliance Petro Marketing Limited 283 Reliance Petro Materials Limited 284 Reliance Polyester Limited 285 Reliance Power Electronics Limited India India India India India 286 Reliance Progressive Traders Private India Limited 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 316 Sensehawk India Private Limited * India 317 Sensehawk MEA Limited * United Arab Emirates 318 Shopsense Retail Technologies Limited India 319 Shri Kannan Departmental Store Limited India 320 skyTran Inc. * ^ United States of America 321 Soubhagya Confectionery Private India Limited 322 Srishti Den Networks Limited India 287 Reliance Projects & Property India 100.00% Management Services Limited 323 Stoke Park Limited * 288 Reliance Prolific Commercial Private India 100.00% Limited 289 Reliance Prolific Traders Private Limited India 290 Reliance Rahul Mishra Fashion Private India Limited 291 Reliance Retail and Fashion Lifestyle India 292 Reliance Retail Limited 293 Reliance Retail Ventures Limited 294 Reliance Ritu Kumar Private Limited 295 Reliance Sibur Elastomers Private Limited 296 Reliance SOU Limited India India India India India 100.00% 42.62% 83.56% 83.56% 83.56% 43.63% 74.90% 324 Strand Life Sciences Private Limited 325 Surajya Services Limited 326 Surela Investment And Trading Limited India 327 Tesseract Imaging Limited India 328 The Indian Film Combine Private Limited India 329 Thodupuzha Retail Private Limited 330 Tira Beauty Limited 331 Tresara Health Limited 332 TV18 Broadcast Limited 333 Ulwe East Infra Limited 334 Ulwe North Infra Limited 100.00% 335 Ulwe South Infra Limited 297 Reliance Strategic Business Ventures India 100.00% 336 Ulwe Waterfront East Infra Limited Limited 298 Reliance Syngas Limited India 299 Reliance TerraTech Holdings LLC * United States of America 100.00% 100.00% 337 Ulwe Waterfront North Infra Limited 338 Ulwe Waterfront South Infra Limited 339 Ulwe Waterfront West Infra Limited 340 Ulwe West Infra Limited 300 Reliance UbiTek LLC * United States 100.00% of America 301 Reliance Universal Traders Private India 100.00% Limited 302 Reliance Vantage Retail Limited 303 Reliance Ventures Limited India India 304 Reliance-GrandOptical Private Limited India 305 Reverie Language Technologies Limited India 100.00% 100.00% 83.56% 56.17% 341 Urban Ladder Home Décor Solutions India Limited 342 VasyERP Solutions Private Limited 343 VBS Digital Distribution Network India India Limited 344 Vengara Retail Private Limited India 345 Viacom 18 Media (UK) Limited * United Kingdom 306 RIL USA, Inc. * United States 100.00% 346 Viacom 18 Media Private Limited India United Kingdom India India India India India India India India India India India India India India 307 RISE Worldwide Limited 308 Ritu Kumar ME (FZE) * of America India United Arab Emirates Cyprus 312 RRB Mediasoft Private Limited 313 Saavn Media Limited India India * Company having 31st December as reporting date. ^ Company was subsidiary for part of the year. 347 Viacom 18 US Inc. * United States of America 348 Vitalic Health Limited India 349 V - Retail Limited (Formerly known as India V - Retail Private Limited) 350 Watermark Infratech Private Limited India 351 Web18 Digital Services Limited India 100.00% 43.63% 21.26% 33.99% 100.00% 100.00% 58.43% 57.66% 79.40% 79.40% 79.40% 72.44% 83.56% 62.83% 42.62% 33.99% 100.00% 90.86% 50.14% 100.00% 62.21% 83.17% 83.56% 83.56% 83.56% 41.70% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 83.56% 84.21% 33.99% 83.56% 21.26% 21.26% 21.26% 67.95% 71.03% 100.00% 73.15% Integrated Annual Report 2023-24 287 242 Reliance Eagleford Upstream LLC * United States 100.00% 273 Reliance New Energy Battery Storage India 100.00% 309 Roptonal Limited * of America Limited 310 Rose Entertainment Private Limited India 274 Reliance New Energy Carbon Fibre India 100.00% 311 RP Chemicals (Malaysia) Sdn. Bhd. * Malaysia Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 40. Enterprises Consolidated as Associates and Joint Ventures in accordance with Indian Accounting Standard 28 – Investments 41. Additional Information, as required under Schedule III to the Companies Act, 2013, of Enterprises Consolidated as in Associates and Joint Ventures Subsidiaries / Associates / Joint Ventures Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest Sr. No. Name of the Enterprise Country of Incorporation Proportion of Ownership Interest 39 Hathway Latur MCN Cable & Datacom India 26.96% Private Limited 40 Hathway MCN Private Limited India 41 Hathway Prime Cable & Datacom Private India 26.96% 26.96% Limited 42 Hathway Sai Star Cable & Datacom Private India 26.96% Limited 43 Hathway Sonali OM Crystal Cable Private India 35.94% United States 22.70% 48 Indian Vaccines Corporation Limited Limited 44 Hathway SS Cable & Datacom LLP 45 IBN Lokmat News Private Limited 46 Iconix Lifestyle India Private Limited 47 India Gas Solutions Private Limited India India India India India 33.62% 17.56% 21.73% 38.41% 50.00% 33.99% 33.32% 33.09% 25.03% 10.22% 50.00% 49 Indospace MET Logistics Park Farukhnagar India Private Limited 50 Jio Space Technology Limited India 51 Marks and Spencer Reliance India Private India Limited 52 MM Styles Private Limited 53 Neolync Solutions Private Limited 54 NexWafe GmbH 55 NW18 HSN Holdings PLC 56 Omnia Toys India Private Limited 57 Pan Cable Services Private Limited 58 Pipeline Management Services Private Limited India India Germany Cyprus India India India 59 Reliance Bally India Private Limited India 60 Reliance Europe Limited United Kingdom 50.00% 61 Reliance Industrial Infrastructure Limited India 62 Reliance International Leasing IFSC Limited India 63 Reliance Logistics and Warehouse Holdings India Limited 1 2 3 4 5 6 7 8 9 Alok Industries Limited BAM DLR Chennai Private Limited BAM DLR Data Center Services Private Limited BAM DLR Kolkata Private Limited BAM DLR Mumbai Private Limited India India India India India BAM DLR Network Services Private Limited India Big Tree Entertainment Private Limited Brooks Brothers India Private Limited Burberry India Private Limited 10 CAA Brands Reliance Private Limited (Formerly known as CAA-Global Brands Reliance Private Limited) 11 Caelux Corporation 12 Canali India Private Limited 13 Circle E Retail Private Limited India India India India of America India India 14 Clarks Footwear Private Limited (Formerly India known as Clarks Reliance Footwear Private Limited) 15 Clayfin Technologies Private Limited India 16 D. E. Shaw India Securities Private Limited India 17 DEN ADN Network Private Limited 18 Den Satellite Network Private Limited 19 Diesel Fashion India Reliance Private Limited 20 Dunzo Digital Private Limited 21 Eenadu Television Private Limited 22 Ethane Crystal LLC 23 Ethane Emerald LLC 24 Ethane Opal LLC 25 Ethane Pearl LLC 26 Ethane Sapphire LLC 27 Ethane Topaz LLC 28 Football Sports Development Limited 29 Future101 Design Private Limited 30 Gaurav Overseas Private Limited India India India India India Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands India India India 31 GenNext Ventures Investment Advisers LLP India 32 GTPL Hathway Limited 33 Gujarat Chemical Port Limited 34 Hathway Bhawani NDS Network Limited 35 Hathway Cable MCN Nanded Private Limited India India India India 40.01% 33.33% 33.33% 33.33% 33.33% 33.33% 28.74% 33.09% 33.82% 33.77% 50.00% 50.00% 50.00% 50.00% 65.00% 29.04% 50.00% 50.00% 20.37% 41.80% 20.40% 23.81% 64 Reliance Paul & Shark Fashions Private India 33.77% Limited 65 Reliance Sideways Private Limited 66 Reliance-Vision Express Private Limited 67 Ritu Kumar Fashion (LLC) India India United Arab Emirates 33.77% 41.78% 21.38% 68 Ryohin-Keikaku Reliance India Private India 33.09% Limited 69 Sanmina-SCI India Private Limited 70 Sintex Industries Limited India India 71 Sodium-ion Batteries Pty Limited Australia 72 Sosyo Hajoori Beverages Private Limited 73 Sterling and Wilson Renewable Energy India India Limited 74 TCO Reliance India Private Limited India 36 Hathway Channel 5 Cable and Datacom India 26.96% 75 Two Platforms Inc. Private Limited United States of America 37 Hathway Dattatray Cable Network Private India 26.96% Limited 38 Hathway ICE Television Private Limited India 26.96% 76 Ubona Technologies Private Limited 77 Vadodara Enviro Channel Limited 78 Zegna South Asia Private Limited India India India 26.96% 20.85% 33.77% 50.00% 33.33% 26.00% 33.88% 40.94% 27.01% 40.00% 23.78% 29.77% 27.01% 17.62% 50.00% 33.77% 50.00% 45.43% 50.00% 55.15% 50.10% 70.00% 45.91% 41.78% 32.54% 33.09% 16.61% 36.58% 28.57% 33.09% Sr. No. Name of the Enterprise PARENT Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) 1 Reliance Industries Limited 64.92% 5,15,095.57 60.39% 42,042.46 1.20% 42.85 57.50% 42,085.31 SUBSIDIARIES Indian 7-India Convenience Retail Limited Aaidea Solutions Limited Accops Systems Private Limited ^ Actoserba Active Wholesale Limited Addverb Technologies Limited Adventure Marketing Private Limited Amante India Limited Asteria Aerospace Limited Bismi Connect Limited (Formerly known as Bismi Connect Private Limited) ^ Bismi Hypermart Limited (Formerly known as Bismi Hypermart Private Limited) ^ Catwalk Worldwide Limited (Formerly known as Catwalk Worldwide Private Limited) Colorful Media Private Limited Cover Story Clothing Limited Crystalline Silica and Mining Limited ^ C-Square Info-Solutions Limited Dadha Pharma Distribution Limited 0.02% 0.00% 0.01% 0.00% 0.06% 0.05% 0.00% 0.00% 194.59 (0.05%) (32.76) (19.40) 51.74 0.01% 0.02% 9.65 15.85 (8.97) (0.06%) (39.45) 441.26 (0.09%) (62.20) 383.28 0.00% 0.01 0.18 (0.03%) (22.80) 21.73 (0.00%) (1.99) (0.01%) (59.00) (0.03%) (20.26) 0.00% 0.01% - 0.03% 0.03% - 0.02% 0.00% 0.00% 0.07 0.49 - 0.98 1.07 (0.04%) (32.69) 0.01% 0.02% 10.14 15.85 (0.05%) (38.47) (0.08%) (61.13) - 0.00% 0.01 0.56 0.14 (0.03%) (22.24) 0.00% (1.85) (0.04) (0.03%) (20.30) (0.01%) (70.34) (0.04%) (27.77) 0.01% 0.19 (0.04%) (27.58) 0.00% 19.59 (0.00%) (1.89) (0.02%) (0.68) 0.00% (2.57) 383.13 0.00% 0.01 - - 0.00% 0.01 4.22 (0.10%) (67.47) 0.00% 0.01 (0.09%) (67.46) 0.05% 0.00% 0.03% 0.01% 0.00% 214.72 (0.00%) (1.72) (6.17) 0.36 212.80 - 0.00% 0.00% 0.02% - 0.13 0.04 0.62 (0.01%) 0.00% 0.31% Den Networks Limited (Consolidated) 0.44% 3,463.48 Digital Media Distribution Trust 0.73% 5,820.69 (0.00%) (0.01) Dronagiri Bokadvira East Infra Limited Dronagiri Bokadvira North Infra Limited Dronagiri Bokadvira South Infra Limited Dronagiri Bokadvira West Infra Limited Dronagiri Dongri East Infra Limited Dronagiri Dongri North Infra Limited Dronagiri Dongri South Infra Limited Dronagiri Dongri West Infra Limited Dronagiri Funde East Infra Limited Dronagiri Funde North Infra Limited Dronagiri Funde South Infra Limited Dronagiri Funde West Infra Limited Dronagiri Navghar East Infra Limited Dronagiri Navghar North First Infra Limited Dronagiri Navghar North Infra Limited Dronagiri Navghar North Second Infra Limited Dronagiri Navghar South First Infra Limited Dronagiri Navghar South Infra Limited Dronagiri Navghar South Second Infra Limited Dronagiri Navghar West Infra Limited 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 58.23 16.00 22.76 15.46 5.90 3.17 2.57 8.28 7.17 13.75 5.23 5.58 3.67 0.03 - - - - - - - - (0.00%) (0.01) - - - - - - - - - - - - - - (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) 23.09 (0.00%) 2.89 (0.00%) 20.21 (0.00%) 2.25 1.79 (0.00%) (0.00%) 13.76 (0.00%) 3.55 1.90 (0.00%) (0.00%) 0.00% (0.01%) 0.00% 0.29% 0.00% (1.72) (6.04) 0.40 213.42 (0.01) - - - - - - - - 0.00% (0.01) - - - - - - - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 288 Reliance Industries Limited Integrated Annual Report 2023-24 289 ^ Company was Subsidiary / Associate / Joint Venture for part of the year. Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) Sr. No. Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 Dronagiri Pagote East Infra Limited Dronagiri Pagote North First Infra Limited Dronagiri Pagote North Infra Limited Dronagiri Pagote North Second Infra Limited Dronagiri Pagote South First Infra Limited Dronagiri Pagote South Infra Limited Dronagiri Pagote West Infra Limited Dronagiri Panje East Infra Limited Dronagiri Panje North Infra Limited Dronagiri Panje South Infra Limited Dronagiri Panje West Infra Limited Enercent Technologies Private Limited Eternalia Media Private Limited Foodhall Franchises Limited Future Lifestyles Franchisee Limited Genesis Colors Limited Genesis La Mode Private Limited GLB Body Care Private Limited GLF Lifestyle Brands Private Limited GML India Fashion Private Limited Grab A Grub Services Limited 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.01% 0.00% 0.01% 0.00% 0.01% 3.10 3.00 9.60 2.74 3.07 4.50 22.42 16.71 0.56 3.78 5.02 0.51 (0.00%) (0.00%) - (0.00%) (0.00%) (0.00%) (0.00%) - - - - (0.00%) 114.77 (0.01%) (0.01) (0.01) (0.00%) (0.00%) (0.01) (0.01) - (0.01) (0.01) (0.01) (0.01) - - - - (2.59) (4.14) (0.02) (0.02) 10.04 (0.03%) (19.89) 101.86 0.35 98.66 30.72 40.28 0.04% 0.00% (0.00%) 25.40 0.01 (0.92) 0.02% 11.00 Independent Media Trust Indiavidual Learning Limited Indiawin Sports Private Limited Intelligent Supply Chain Infrastructure Management Private Limited ^ Intimi India Limited Jaisuryas Retail Ventures Limited Jio Cable and Broadband Holdings Private Limited 0.42% 3,367.25 (0.00%) 108.44 383.19 0.00% 0.16% (0.01) 0.21 109.83 - (0.01%) (4.71) (3.72) (0.01%) 7.50 0.00% 591.13 - (5.35) 0.80 - Jio Content Distribution Holdings Private Limited 0.25% 1,980.27 0.00% 0.13 Jio Digital Distribution Holdings Private Limited 0.07% 553.42 Jio Futuristic Digital Holdings Private Limited 0.17% 1,323.43 Hathway Cable and Datacom Limited (Consolidated) 0.54% 4,291.21 0.14% 99.32 0.02% (0.02%) (13.67) (0.01%) Jio Haptik Technologies Limited Jio Infrastructure Management Services Limited ^ Jio Internet Distribution Holdings Private Limited Jio Limited Jio Media Limited Jio Platforms Limited Jio Satellite Communications Limited Jio Television Distribution Holdings Private Limited Jio Things Limited Just Dial Limited Kalamboli East Infra Limited Kalamboli North First Infra Limited Kalamboli North Infra Limited 0.01% 0.28 - 0.00% 0.02% 0.00% 371.16 1.29 791.11 (0.00%) - (0.00%) - 0.06 11.24 0.37 (0.01) (0.01) (0.15) - 0.06% 497.72 (0.00%) 26.36% 2,09,130.05 1.11% 772.02 68.22 (0.00%) (0.03) 569.74 0.11 0.51% 4,023.50 0.00% 0.00% 0.00% 0.03 13.45 10.96 - 0.00% 0.52% - - - 0.24 0.00% 362.85 (0.05%) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.00% 0.00% - 0.00% 0.00% 0.00% 0.00% - - - - 0.00% 0.00% 0.07 (0.01%) (0.01) (0.01) - (0.01) (0.01) (0.01) (0.01) - - - - (2.59) (4.07) (0.02) (0.02) - - (0.04) (0.10) - (0.01) (0.01) (0.33) 0.76 - 0.02 (0.13) 2.04 - - - - - - - - - 0.05 0.00% 0.00% (0.03%) (19.93) 0.03% 0.00% 0.00% 0.02% 25.30 0.01 (0.93) 10.99 (0.02%) (14.00) 0.14% 0.00% 0.00% 0.15% 0.00% (0.01%) 0.00% - 100.08 (0.01) 0.23 109.70 (2.67) (5.35) 0.80 - 0.00% 0.13 - 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% - 0.06 11.52 0.37 (0.01) (0.01) (0.10) - - 0.00% 0.00% - 0.00% 0.00% - 0.00% 0.00% 0.06% - - - - - - - - - 0.00% 8.68% - - 0.01% 0.05% - 0.00% 0.00% 0.07% 0.05% 0.00% 0.10% - 0.01% 0.07% 0.00% ^ Company was Subsidiary / Associate / Joint Venture for part of the year. 290 Reliance Industries Limited 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 Kalamboli North Second Infra Limited Kalamboli North Third Infra Limited Kalamboli South First Infra Limited Kalamboli South Infra Limited Kalamboli West Infra Limited Kalanikethan Fashions Limited Kalanikethan Silks Limited KIKO Cosmetics Retail Private Limited Kutch New Energy Projects Limited Lotus Chocolate Company Limited ^ M Entertainments Private Limited Mayuri Kumkum Limited Mesindus Ventures Limited 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% - 0.00% 0.00% 0.04% 0.01% 4.17 0.03 1.82 14.68 9.54 50.21 25.92 - - - - - 0.01% 0.00% (12.31) (0.00%) - (0.00%) 36.83 (0.00%) 0.13 (0.00%) - - - - - 5.80 2.74 (0.64) (0.01) (0.96) (0.01) - - - - - - - - - - - - - - - - - - (0.01%) 0.47 - - 344.85 0.04% 24.81 0.00% (0.04) 79.16 (0.00%) (0.11) Metro Cash and Carry India Private Limited ^ 0.17% 1,341.51 (0.09%) (65.21) Model Economic Township Limited 0.02% 180.55 (0.09%) (60.05) MYJD Private Limited - - (0.00%) 100 Netmeds Healthcare Limited 0.00% 36.93 0.01% 101 Network18 Media & Investments Limited (Consolidated) 3.58% 28,392.96 (0.57%) (396.79) 102 New Emerging World of Journalism Limited 103 NextGen Fast Fashion Limited 104 Nilgiris Stores Limited 105 NowFloats Technologies Limited 106 Purple Panda Fashions Limited 107 Radisys India Limited 108 RB Holdings Private Limited 109 RB Media Holdings Private Limited 110 RB Mediasoft Private Limited 111 RBML Solutions India Limited 0.00% 0.00% 0.00% 0.01% 0.03% 0.04% 0.00% 0.05% 0.05% 0.04% 5.93 (0.01) (0.01) (0.00%) (0.00%) (0.00%) 78.92 0.00% (0.32) (0.01) (0.02) 1.19 221.90 (0.04%) (28.53) 296.92 0.25 383.79 414.41 313.75 0.06% 0.00% 0.00% 0.00% 0.03% 112 Reliance 4IR Realty Development Limited 4.80% 38,119.71 (0.00%) 113 Reliance A&T Fashions Private Limited 114 Reliance Abu Sandeep Private Limited 115 Reliance AK-OK Fashions Limited 116 Reliance Ambit Trade Private Limited 117 Reliance Beauty & Personal Care Limited 118 Reliance Bhutan Limited 119 Reliance Bio Energy Limited 120 Reliance BP Mobility Limited 0.00% 0.03% 0.01% 0.12% 0.03% - 13.05 (0.01%) 236.13 0.01% 60.64 (0.00%) 925.91 256.62 - 0.01% 0.01% - 0.08% 604.11 (0.01%) (3.66) 0.24% 1,917.18 1.44% 1,003.99 (0.04%) (0.02) 7.97 44.82 0.01 0.08 0.01 (3.30) (8.20) 5.47 (1.27) 4.68 3.62 - 20.52 0.00% (0.01) - 0.07% 0.00% - 0.00% 0.22% 0.00% - - 0.01% 0.01% 0.03% - - - - 2.46 (0.07) - 0.15 7.84 0.08 - - 0.23 0.49 1.10 - - - - 0.00% 0.06% - - - - - - 0.03 2.04 - - - - - (1.54) (0.01) (0.52) (0.10) - - 0.01 (0.05) - - - - - 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.00% - - - - - 5.80 2.74 (0.64) (0.01) (0.49) (0.01) 24.77 (0.11) (0.09%) (62.75) (0.08%) (60.12) 0.00% 0.01% (0.02) 8.12 (0.53%) (388.95) 0.00% 0.00% 0.00% 0.00% (0.24) (0.01) (0.02) 1.42 (0.04%) (28.04) 0.06% 0.00% 0.00% 0.00% 0.03% 0.00% (0.01%) 0.01% 0.00% 0.01% 0.00% - 45.92 0.01 0.08 0.01 20.51 (3.30) (8.17) 7.51 (1.27) 4.68 3.62 - (0.01%) (3.66) 1.37% 1,002.45 0.00% 1.26 (0.39%) (288.96) 0.02% 0.00% 0.00% 16.48 (0.01) (0.88) (0.03%) (19.23) 0.00% 1.36 Integrated Annual Report 2023-24 291 309.69 1.48% 1,081.71 - - (0.03) (1.63) - - - 0.00% (0.03) - 0.00% 0.49% - 0.21 361.22 - - - - - - 121 Reliance Brands Eyewear Private Limited (Formerly 0.00% 3.00 0.00% 1.27 0.00% known as Rod Retail Private Limited) 122 Reliance Brands Limited (0.06%) (459.88) (0.41%) (288.44) (0.01%) 123 Reliance Brands Luxury Fashion Private Limited 0.03% 204.24 0.02% 16.58 0.00% 124 Reliance Carbon Fibre Cylinder Limited - - (0.00%) 125 Reliance Chemicals and Materials Limited 0.04% 283.15 (0.00%) (0.01) (0.88) 126 Reliance Clothing India Limited (0.02%) (119.55) (0.03%) (19.24) 127 Reliance Commercial Dealers Limited 0.35% 2,775.69 0.00% 1.41 - - 0.00% 0.00% ^ Company was Subsidiary / Associate / Joint Venture for part of the year. Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) Sr. No. Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) 128 Reliance Comtrade Private Limited 0.01% 117.71 (0.00%) 129 Reliance Consumer Products Limited 0.14% 1,090.18 (0.01%) 130 Reliance Content Distribution Limited 0.73% 5,821.84 (0.00%) 131 Reliance Corporate IT Park Limited 3.88% 30,809.71 (0.10) (4.17) (0.06) - - - - - - 498.30 0.01% 0.25 132 Reliance Digital Health Limited 133 Reliance Electrolyser Manufacturing Limited ^ 0.08% 0.00% 640.14 3.40 (0.00%) 4.40 (0.21) 134 Reliance Eminent Trading & Commercial Private 0.58% 4,570.50 0.03% 19.26 - - - 0.72% 0.01% Limited 135 Reliance Ethane Pipeline Limited 136 Reliance GAS Lifestyle India Private Limited 137 Reliance Gas Pipelines Limited 138 Reliance Green Hydrogen and Green Chemicals Limited ^ 139 Reliance Hydrogen Electrolysis Limited 140 Reliance Hydrogen Fuel Cell Limited 0.10% 0.01% 0.11% 0.00% - - 824.12 0.20% 139.80 (0.01%) 107.40 (0.00%) (1.53) 842.06 (0.03%) (17.99) 0.00% 0.00% 3.50 (0.00%) - - (0.00%) (0.00%) (0.21) (0.01) (0.01) (1.21) - - - - - - - (0.30) (0.06) (0.12) - - - - 141 Reliance Innovative Building Solutions Private Limited 0.00% 10.10 (0.00%) 142 Reliance Jio Infocomm Limited 29.79% 2,36,369.37 29.40% 20,465.56 (2.62%) (93.56) 27.83% 20,372.00 143 Reliance Lifestyle Products Private Limited 0.00% 8.74 0.00% 144 Reliance Logistics and Warehouse Holdings Limited ^ - - (0.00%) 0.41 (1.29) 0.00% (0.01) - - 0.00% 0.00% 145 Reliance Luxe Beauty Limited (Formerly known as (0.01%) (43.37) (0.01%) (10.07) 0.00% 0.15 (0.01%) 158 Reliance Polyester Limited (0.01%) (44.88) (0.19%) (133.35) 0.00% (0.01) (0.18%) (133.36) 1.05 (0.00%) (0.06) - - Arvind Beauty Brands Retail Limited) ^ 146 Reliance Mappedu Multi Modal Logistics Park Limited 147 Reliance New Energy Battery Storage Limited 148 Reliance New Energy Carbon Fibre Cylinder Limited 149 Reliance New Energy Hydrogen Electrolysis Limited 150 Reliance New Energy Hydrogen Fuel Cell Limited 0.00% 0.01% 11.28 79.65 - - - - - - 0.00% (0.00%) (0.00%) (0.00%) (0.00%) 0.29 (0.25) (0.01) (0.01) (0.01) 151 Reliance New Energy Limited 2.00% 15,892.22 (0.18%) (123.27) 152 Reliance New Energy Power Electronics Limited 153 Reliance New Energy Storage Limited 154 Reliance New Power Electronics Limited ^ - - - - - - 155 Reliance New Solar Energy Limited 0.93% 7,366.71 156 Reliance Petro Marketing Limited 157 Reliance Petro Materials Limited 0.05% 0.00% 387.21 (0.00%) (0.00%) - 0.00% 0.07% (0.01) (0.01) - 2.80 45.75 159 Reliance Power Electronics Limited 0.00% 25.05 (0.00%) 160 Reliance Progressive Traders Private Limited 0.73% 5,779.29 161 Reliance Projects & Property Management Services 1.66% 13,153.01 Limited 162 Reliance Prolific Commercial Private Limited 0.08% 647.34 163 Reliance Prolific Traders Private Limited 164 Reliance Rahul Mishra Fashion Private Limited 165 Reliance Retail and Fashion Lifestyle Limited 0.36% 2,886.45 0.01% 0.01% 92.16 58.83 0.01% 0.40% 0.01% 0.04% (0.01%) 0.00% 6.85 25.05 (6.91) 0.10 166 Reliance Retail Limited 5.68% 45,077.13 12.75% 8,875.43 167 Reliance Retail Ventures Limited 11.45% 90,878.43 3.86% 2,686.79 168 Reliance Ritu Kumar Private Limited 0.01% 104.23 (0.02%) (11.51) 169 Reliance Sibur Elastomers Private Limited 0.26% 2,073.50 (0.09%) (61.82) 170 Reliance SOU Limited 0.00% (0.25) (0.00%) (0.01) ^ Company was Subsidiary / Associate / Joint Venture for part of the year. - - - - - - - - - - - - - - - - - - - - 0.71% 25.17 - - - - 0.10% 0.12% 0.00% 0.27% - - - - - 3.40 4.20 (0.10) 9.53 (0.97) 5.98 - - - - 280.19 0.77% 27.47 0.00% (0.01%) 0.00% 0.68% 0.01% 0.00% 0.03% 0.19% 0.00% (0.10) (4.17) (0.06) 498.55 4.40 (0.21) 19.26 139.50 (1.59) (0.02%) (18.11) 0.00% 0.00% 0.00% 0.00% (0.21) (0.01) (0.01) (1.21) 0.40 (1.29) (9.92) 0.29 (0.25) (0.01) (0.01) (0.01) 0.00% 0.00% 0.00% 0.00% 0.00% (0.17%) (123.27) 0.00% 0.00% - 0.00% 0.10% 0.00% (0.01) (0.01) - 2.80 70.92 (0.06) 0.00% 0.01% 0.42% 0.01% 0.03% (0.01%) 0.00% (0.97) 5.98 307.66 6.85 25.05 (6.91) 0.10 12.13% 8,878.83 3.68% 2,690.99 (0.02%) (11.61) (0.07%) (52.29) 171 Reliance Strategic Business Ventures Limited 4.87% 38,642.60 (0.20%) (141.63) 87.92% 3,136.05 4.09% 2,994.42 172 Reliance Syngas Limited 1.21% 9,599.59 4.16% 2,897.46 (0.03%) (1.12) 3.96% 2,896.34 190 The Indian Film Combine Private Limited 0.25% 2,001.91 (0.11%) (76.72) 0.00% 0.04 (0.10%) (76.68) 173 Reliance Universal Traders Private Limited 174 Reliance Vantage Retail Limited 175 Reliance Ventures Limited 176 Reliance-GrandOptical Private Limited 177 Reverie Language Technologies Limited 178 RISE Worldwide Limited 179 RRB Mediasoft Private Limited 180 Saavn Media Limited 181 SankhyaSutra Labs Limited 182 Sensehawk India Private Limited * 183 Shopsense Retail Technologies Limited 184 Shri Kannan Departmental Store Limited 185 Soubhagya Confectionery Private Limited ^ 186 Strand Life Sciences Private Limited 187 Surajya Services Limited 188 Surela Investment And Trading Limited 189 Tesseract Imaging Limited 191 Thodupuzha Retail Private Limited ^ 192 Tira Beauty Limited 193 Tresara Health Limited 194 Ulwe East Infra Limited 195 Ulwe North Infra Limited 196 Ulwe South Infra Limited 197 Ulwe Waterfront East Infra Limited 198 Ulwe Waterfront North Infra Limited 199 Ulwe Waterfront South Infra Limited 200 Ulwe Waterfront West Infra Limited 201 Ulwe West Infra Limited 202 Urban Ladder Home Décor Solutions Limited 203 VasyERP Solutions Private Limited 204 Vengara Retail Private Limited ^ 205 Vitalic Health Limited 206 V - Retail Limited (Formerly known as V - Retail Private Limited) 207 Watermark Infratech Private Limited Foreign Accops Systems FZ-LLC * Addverb Technologies B.V. * Addverb Technologies Pte. Ltd. * Addverb Technologies Pty Limited * Addverb Technologies USA Inc. * Amante Exports (Private) Limited * Amante Lanka (Private) Limited * 1 2 3 4 5 6 7 8 0.22% 1,741.41 0.02% 164.35 0.64% 5,065.19 0.01% 0.00% 0.57% 0.00% 0.01% 0.03% 0.04% (0.03) (0.00%) 103.83 248.14 294.19 0.00% 0.03% 0.00% 0.90% 7,121.17 (0.00%) 96.91 3.53 0.00% 0.00% 10.21 2.90 399.16 (0.01) 0.79 23.12 0.02 (0.96) 0.12 2.00 - - - - - - - - (0.01%) (0.01%) - (0.19) (0.32) - 0.00% 0.17 - 0.00% 381.26 (0.01%) (8.79) (0.01%) 247.43 12.06 103.25 54.28 0.01% 0.01% (0.01%) (0.00%) 3.75 0.01% 16.71 (0.00%) 7.39 3.69 (3.71) (3.26) 5.38 (0.14) - 0.00% (0.01%) - - - - 0.06 (0.53) - (0.13) (0.24) - - - 0.01% 0.00% 0.55% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00% 0.00% 10.21 2.90 399.16 (0.01) 0.60 22.80 0.02 (0.79) 0.12 2.06 (0.01%) (9.32) 0.01% 0.00% (0.01%) 0.00% 0.01% 0.00% 7.39 3.56 (3.95) (3.26) 5.38 (0.14) 0.00% 0.00% (6.89) (0.01) (0.00%) (0.00%) (0.01%) (42.54) (0.00%) (2.02) (0.02) (0.55) 0.02% 14.00 0.00% 0.13 0.02% 14.13 - - - - - - - - - - - - - - - - 4.91 2.41 2.29 3.19 12.84 18.30 2.45 0.20 61.73 15.68 - 2.94 2.71 24.80 13.56 13.40 39.28 (0.01%) (4.74) (0.00%) 36.01 46.80 383.13 (0.00%) 0.01% 0.00% (7.28) (1.02) (2.37) 6.51 0.02 - - (0.02%) (12.95) (0.00%) (0.01%) (3.48) (4.22) (0.02%) (12.43) 0.00% 0.00% 0.02% 2.76 0.32 14.15 - - - - - - - - - - - - - - - - - - - - - - 0.00% 0.00% 0.00% (2.02) (0.02) (0.55) - - - - - - - - - - - - - - - - - - (0.00%) 0.03% - - (0.09) 1.19 - - - - - - - - - - - - 0.00% 0.00% 0.21% (0.02) (0.04) 7.52 (0.01%) 0.00% 0.00% 0.01% 0.00% (7.28) (1.02) (2.28) 7.70 0.02 - - (0.02%) (12.95) 0.00% (0.01%) (3.48) (4.22) (0.02%) (12.43) 0.00% 0.00% 0.03% 2.74 0.28 21.67 0.01% 0.00% 0.05% 0.03% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.01% 0.05% - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 292 Reliance Industries Limited Integrated Annual Report 2023-24 293 - 0.00% (0.01) Columbus Centre Corporation (Cayman) * ^ 0.22% 1,755.72 * Company having 31st December as reporting date. ^ Company was Subsidiary / Associate / Joint Venture for part of the year. Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Sr. No. Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) Sr. No. Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) Columbus Centre Holding Company LLC * ^ 0.16% 1,231.36 (0.02%) (11.77) (0.02%) (0.69) (0.02%) (12.46) REC Trading (Shanghai) Co., Ltd. * 0.00% 3.66 (0.00%) (0.34) 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Cover Story Clothing UK Limited * Ethane Coral LLC * ^ Ethane Diamond LLC * ^ Ethane Jade LLC * ^ Faradion Limited * Faradion UG * Hamleys (Franchising) Limited * Hamleys Asia Limited * Hamleys of London Limited * Hamleys Toys (Ireland) Limited * ICD Columbus Centre Hotel LLC * ^ India Mumbai Indians (Pty) Ltd * Indiawin Sports Middle East Limited * Indiawin Sports USA Inc. * ^ IPCO Holdings LLP * ^ IW Columbus Centre LLC * ^ Jio Estonia OÜ * Lithium Werks China Manufacturing Co., Ltd. * Lithium Werks Technology B.V. * Mimosa Networks Bilişim Teknolojileri Limited Şirketi *^ Mimosa Networks, Inc. * ^ Mindex 1 Limited * New York Hotel, LLC * ^ Radisys B.V. * Radisys Canada Inc. * Radisys Cayman Limited * Radisys Convedia (Ireland) Limited * Radisys Corporation * Radisys GmbH * Radisys International LLC * Radisys International Singapore Pte. Ltd. * Radisys Spain S.L.U. * Radisys Systems Equipment Trading (Shanghai) Co. Ltd. * Radisys Technologies (Shenzhen) Co., Ltd. * Radisys UK Limited * REC Americas LLC * REC ScanModule Sweden AB * REC Solar (Japan) Co., Ltd. * REC Solar EMEA GmbH * REC Solar France * REC Solar Holdings AS * REC Solar Norway AS * REC Solar Pte. Ltd. * 0.00% 0.00% 0.00% 0.00% 0.02% 0.00% 0.03% 0.00% 0.95 (0.01) (0.01) (0.01) 0.00% (0.00%) (0.00%) (0.00%) 0.95 (0.01) (0.01) (0.01) 170.64 (0.09%) (65.17) 0.70 263.77 0.00% 0.05% 0.19 38.23 (1.18) (0.00%) (1.08) (0.04%) (286.39) (0.04%) (24.74) - - - 503.04 0.01% 9.48 0.08% 35.39 41.89 (0.02%) (17.11) (0.05%) (0.06%) (44.99) - 0.06% 0.00% 0.01% 0.02% 0.05% - 0.00% 0.02% 0.00% 0.00% 0.06% 0.02% - 0.00% 0.00% 0.00% 0.00% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.12% 0.01% 0.00% 0.01% 0.00% 119.49 (0.03%) (21.91) 423.19 (0.01%) (3.62) - - - 2.96 132.14 28.75 37.66 495.70 192.07 - 7.55 33.14 0.09 0.00% 0.06% (0.00%) 0.00% 0.01% 0.00% - 0.00% 0.00% - 0.89 38.53 (2.01) 0.19 9.52 2.71 - 0.64 0.64 - (0.51) (0.00%) (0.45) 696.53 (0.07%) (48.78) 0.00% 1.16 8.06 0.52 1.40 1.84 14.16 - 0.00% 0.00% 0.00% (9.02) (0.00%) 16.81 948.16 42.27 17.86 106.51 0.03 0.01% 0.02% 0.00% 0.00% 0.01% 0.00% - 0.59 0.18 0.02 (1.71) 3.71 12.58 2.54 0.16 8.21 2.19 - - - - - - - - - - 0.02% 0.06% 0.00% - - - - - - - - - - - - - - - - 2.92 (1.75) 0.62 2.00 0.15 - - - - - - 0.14% 4.90 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.00% 0.00% 0.00% 0.00% 0.95 (0.01) (0.01) (0.01) (0.09%) (65.17) 0.00% 0.05% 0.00% 0.19 38.23 (1.08) (0.03%) (24.74) - - 0.02% 12.40 (0.03%) (18.86) (0.06%) (44.37) (0.03%) (19.91) 0.00% (3.47) - 0.00% 0.05% 0.00% 0.00% 0.01% 0.01% - 0.00% 0.00% - - 0.89 38.53 (2.01) 0.19 9.52 7.61 - 0.64 0.64 - 0.00% (0.45) (0.07%) (48.78) 0.00% 1.16 - 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.00% 0.00% 0.01% 0.00% - 0.59 0.18 0.02 (1.71) 3.71 12.58 2.54 0.16 8.21 2.19 (1.14%) (836.34) (0.64%) (467.94) (1.79%) (1,307.27) 0.00% 0.03 (0.19%) (1,522.79) (1.20%) (836.34) (0.03%) (248.98) (0.67%) (467.94) (0.08%) (607.01) (1.88%) (1,307.27) REC Systems (Thailand) Co., Ltd. * 0.00% 0.79 0.00% 0.03 ^ Company was Subsidiary / Associate / Joint Venture for part of the year. * Company having 31st December as reporting date. 294 Reliance Industries Limited - - - - - - - - 0.00% (0.34) - - 0.21% 1,681.71 (0.06%) (40.75) 0.37% 13.15 (0.04%) (27.60) REC US Holdings, Inc. * Recron (Malaysia) Sdn. Bhd. * Reliance Brands Holding UK Limited * Reliance Digital Health USA Inc. * Reliance Eagleford Upstream LLC * 0.10% 0.00% - 825.76 6.87 - 0.01% 0.00% - 7.08 0.28 - - - - - - - - - Reliance Ethane Holding Pte. Ltd. * 0.18% 1,413.50 0.03% 18.98 Reliance Exploration & Production DMCC * 0.35% 2,745.91 (0.00%) (1.30) 0.45% 16.09 Reliance Finance and Investments USA LLC * 0.05% 407.44 Reliance Global Energy Services (Singapore) Pte. Limited * 0.25% 1,948.79 0.01% 0.62% 8.02 - - 431.78 0.60% 21.50 Reliance Global Energy Services Limited * Reliance Global Project Services Pte. Ltd. * Reliance Global Project Services UK Limited * 0.01% 0.00% - 46.83 (0.00%) 1.13 0.00% - - (2.79) 0.27 - Reliance Industries (Middle East) DMCC * 0.27% 2,173.08 1.80% 1,254.39 (0.16%) (5.65) (0.01%) - - - - - - 1.71% 1,254.39 Reliance International Limited * 0.28% 2,203.60 2.29% 1,593.34 0.47% 16.86 2.20% 1,610.20 Reliance Jio Global Resources, LLC * Reliance Jio Infocomm Pte. Ltd. * Reliance Jio Infocomm UK Limited * Reliance Jio Infocomm USA, Inc. * Reliance Lithium Werks B.V. * 0.01% 53.92 0.19% 1,485.34 0.01% 0.02% 0.06% 74.66 197.00 480.63 0.01% 0.18% 0.00% 0.01% 0.00% 7.38 125.79 1.40 7.77 1.26 Reliance Lithium Werks USA LLC * (0.01%) (77.51) (0.05%) (34.45) - - - - - - 0.01% 0.17% 0.00% (0.42%) (14.93) (0.01%) 0.01% 0.00% - 0.03% 0.02% 0.01% 0.62% 0.00% - 7.08 0.28 - 18.98 14.79 8.02 453.28 (8.44) 0.27 - 7.38 125.79 1.40 (7.14) 1.26 Reliance Marcellus LLC * Reliance NeuComm LLC * Reliance TerraTech Holdings LLC * Reliance UbiTek LLC * RIL USA, Inc. * Ritu Kumar ME (FZE) * RP Chemicals (Malaysia) Sdn. Bhd. * SenseHawk, Inc. * Sensehawk MEA Limited * skyTran Inc. * Stoke Park Limited * - - - - - - - - 0.00% (0.05%) (34.45) 0.00% (3.63) - - 0.00% (34.18) (0.01%) (3.63) - - 0.00% (0.02) - - 0.19% 1,516.80 0.00% 0.07 0.13% 1,049.84 - - - 0.26% 0.00% 0.15% - - - (0.01%) (0.35) 0.00% (0.35) - - 180.55 0.26% 9.14 0.07 - - 104.89 0.14% 5.16 - 0.26% 0.00% 0.15% - 189.69 0.07 110.05 0.01% 0.00% - 55.48 (0.07%) (46.26) (2.68) 0.00% 2.28 - (0.11%) (75.56) - - - - - - (0.06%) (46.26) 0.00% 2.28 (0.10%) (75.56) 0.25% 1,976.93 0.00% 0.24 1.03% 36.82 0.05% 37.06 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 Others 1 2 Non-Controlling Interests (16.67%) (1,32,307.00) (13.50%) (9,399.00) (2.86%) (102.00) (12.98%) (9,501.00) Adjustments due to Consolidation (Elimination) (58.47%) (4,63,911.76) (2.06%) (1,436.63) 1.70% 60.74 (1.88%) (1,375.89) Associates (Investment as per the equity method) Indian Circle E Retail Private Limited Clayfin Technologies Private Limited Dunzo Merchant Services Private Limited (Consolidated) Future101 Design Private Limited Gaurav Overseas Private Limited GenNext Ventures Investment Advisers LLP Gujarat Chemical Port Limited Indian Vaccines Corporation Limited 1 2 3 4 5 6 7 8 * Company having 31st December as reporting date. 0.00% 0.00% 1.41 5.80 (0.00%) (38.86) 0.00% 1.41 - - - - - - - - - - 0.00% 1.41 - - - - 0.00% 0.00% 0.00% 0.11% 0.00% 8.00 0.01% (0.98) (0.00%) 0.10 861.71 (0.08) - 0.21% 0.00% 4.19 (0.87) - 147.90 0.52 0.00% 0.01 - - - - - - - - 0.01% 0.00% - 0.20% 0.00% 4.20 (0.87) - 147.90 0.52 Integrated Annual Report 2023-24 295 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Name of the Enterprise Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) MM Styles Private Limited 0.00% 34.25 Neolync Solutions Private Limited (Consolidated) Omnia Toys India Private Limited Reliance Industrial Infrastructure Limited (0.00%) 0.00% 0.03% 0.02% 0.00% (0.01%) (0.47) (9.49) 225.22 0.01% 16.07 0.87 (9.48) 6.05 (1.29) 0.01% (0.00%) 0.29 (0.02) 0.02% 0.00% - - (0.01%) 0.41% 14.61 - - 0.03% 0.00% 16.36 0.85 (9.48) 20.66 (1.29) Reliance Logistics and Warehouse Holdings Limited ^ - - (0.00%) Sterling and Wilson Renewable Energy Limited (Consolidated) (0.07%) (586.64) (0.10%) (67.21) (0.49%) (17.56) (0.12%) (84.77) 15 Vadodara Enviro Channel Limited 0.00% (0.51) - - - - - 0.00% 0.01% - - (4.22) (0.01%) (4.22) 42.47 0.00% 2.97 - - - - - - - - - - - - - - - - - (0.01%) (4.22) 0.00% 2.97 - - (0.01%) (98.65) (0.02%) (10.99) 0.00% 0.02 (0.01%) (10.97) Foreign Caelux Corporation * Nexwafe Gmbh Reliance Europe Limited (Consolidated) Ritu Kumar Fashion (LLC) Two Platforms Inc. 1 2 3 4 5 Joint Ventures (Investment as per the equity method) Indian Football Sports Development Limited (0.02%) (143.65) (0.01%) Alok Industries Limited (Consolidated) (0.03%) (268.86) - - BAM DLR Chennai Private Limited BAM DLR Data Center Services Private Limited BAM DLR Kolkata Private Limited BAM DLR Mumbai Private Limited BAM DLR Network Services Private Limited Brooks Brothers India Private Limited Burberry India Private Limited CAA Brands Reliance Private Limited (Formerly known as CAA-Global Brands Reliance Private Limited) Canali India Private Limited Clarks Footwear Private Limited (Formerly known as Clarks Reliance Footwear Private Limited ) D. E. Shaw India Securities Private Limited ^ Diesel Fashion India Reliance Private Limited 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% Iconix Lifestyle India Private Limited India Gas Solutions Private Limited Indospace MET Logistics Park Farukhnagar Private Limited Jio Space Technology Limited Marks and Spencer Reliance India Private Limited Pipeline Management Services Private Limited Reliance Bally India Private Limited Reliance International Leasing IFSC Limited Reliance Paul & Shark Fashions Private Limited Reliance Sideways Private Limited Reliance-GrandVision India Supply Private Limited ^ Reliance-Vision Express Private Limited Ryohin-Keikaku Reliance India Private Limited Sanmina-SCI India Private Limited (Consolidated) 0.00% 0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.03% (3.31) (0.00%) (3.31) 0.96 0.02 0.00% 0.00% 0.96 0.02 (1.11) (0.00%) (1.11) 1.03 7.70 42.95 (0.38) 0.00% 0.01% 0.01% - 1.03 6.43 9.38 12.91 0.01% (5.59) (0.01%) 5.16 (5.13) 1.50 - - (32.09) (0.00%) (0.52) (9.32) 13.32 59.09 36.31 353.57 0.02% 0.08% (3.37) (0.00%) (2.74) 5.16 7.07 11.41 4.34 (0.42) (7.65) 0.01 0.00% 0.08 (0.09%) (64.97) 0.00% 0.00% (0.00%) (0.00%) 0.00% 2.44 0.71 (0.42) (0.51) 0.02 - - - - - - - - - - - - 0.00% 0.00% (0.01) (0.04) - 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% - (3.31) 0.96 0.02 (1.11) 1.03 6.42 9.34 - - - - - 0.00% (0.01) 0.01% - - - - - - (0.01%) - 0.00% 0.00% 0.05 (0.01%) - - - - - - - - - - (0.01%) (0.23) - - - - - - - - 5.15 (5.13) - (0.52) (9.27) 13.32 59.09 (2.74) 0.02% 0.08% 0.00% 0.00% 0.08 (0.09%) (64.97) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% (0.01%) 0.00% 0.22% 2.21 0.71 (0.42) (0.51) 0.02 0.90 (8.96) (1.03) 160.07 - - - 0.03% 0.90 (14.11) (0.01%) (18.09) (0.00%) (8.96) (1.03) - - - - 234.78 0.21% 143.19 0.47% 16.88 Sr. No. 9 10 11 12 13 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Sr. No. 29 30 31 32 1 2 3 4 5 6 7 Name of the Enterprise Sintex Industries Limited (Consolidated) Sosyo Hajoori Beverages Private Limited TCO Reliance India Private Limited Zegna South Asia Private Limited Foreign Ethane Crystal LLC Ethane Emerald LLC Ethane Opal LLC Ethane Pearl LLC Ethane Sapphire LLC Ethane Topaz LLC Sodium-ion Batteries Pty Limited Net Assets i.e. Total Assets minus Total Liabilities Share in Profit or Loss Share in Other Comprehensive Income Share in Total Comprehensive Income As % of consolidated Net Assets Amount (K in crore) As % of consolidated Profit or Loss Amount (K in crore) As % of consolidated Other Comprehensive Income Amount (K in crore) As % of consolidated Total Comprehensive Income Amount (K in crore) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% (13.55) (0.02%) (11.94) (0.02%) (0.89) (0.02%) (12.83) 2.44 3.01 (18.10) 38.65 39.35 38.45 37.39 38.87 37.92 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.44 1.77 3.72 2.91 2.84 2.74 2.48 2.48 2.45 (0.07) (0.00%) (0.19) - - 0.00% 0.01 - - - - - - - - - - - - - - - - 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.44 1.78 3.72 2.91 2.84 2.74 2.48 2.48 2.45 (0.19) Grand Total 100.00% 7,93,481.00 100.00% 69,621.00 100.00% 3,567.00 100.00% 73,188.00 42. Other Statutory Information (i) Balances outstanding with nature of transactions with Struck off Companies as per section 248 of the Companies Act, 2013: Sr. No. 1 2 3 4 5 6 Name of Struck off Company Nature of transactions with Struck off Company Balance outstanding (K in crore) Relationship with the Struck off Company ARJ Infrastructure Pvt Ltd (C 64,400) Brahamptra Yarn Procession Pvt Ltd (C 4,00,000) Trade Payables Advance Received from Harasar Reality India Private Limited (C 75,763) Prasad Textiles P Ltd (C 2,772) Customer Trade Receivables Advance Received from Customer Ravi Filaments Private Limited (C 2,164) Advance Received from Customer Surat Silk Industries Pvt Ltd (C 97,425) Advance Received from Customer - - - - - - NA NA NA NA NA NA (ii) The Group has not advanced or loaned or invested funds to any other persons or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries. (iii) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. ^ Company was Subsidiary / Associate / Joint Venture for part of the year. * Company having 31st December as reporting date. 296 Reliance Industries Limited Integrated Annual Report 2023-24 297 Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 43. Significant Arrangements Statement Containing Salient Features of Financial Statements of Subsidiaries / Associates / Joint Ventures as per Companies Annexure “A” Scheme of arrangement between the Company and Reliance Strategic Investments Limited (Presently known as Jio Financial Services Limited): Pursuant to the Scheme of Arrangement between the Company and its shareholders & creditors and Reliance Strategic Investments Limited (Presently known as Jio Financial Services Limited) and its shareholders & creditors (“the Scheme”), sanctioned by the Hon’ble National Company Law Tribunal, Mumbai Bench, vide its order dated June 28, 2023, the Company had demerged its financial services business undertaking to Reliance Strategic Investments Limited (Presently known as Jio Financial Services Limited), on a going concern basis, at carrying value as appearing in the books of the Company on the appointed date i.e. March 31, 2023 as under: Assets Non-Current Assets Current Assets Total Assets (A) Liabilities Non-Current Liabilities Current Liabilities Total Liabilities (B) Excess of Assets over Liabilities (A-B) 44. Events after the Reporting Period (C in crore) 89,393 16,682 1,06,705 (C in crore) 3 791 794 1,05,281 The Board of Directors have recommended dividend of C 10/- per fully paid up equity share of C 10/- each for the financial year 2023-24. 45. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make them comparable. 46. Approval of Financial Statements The Consolidated Financial Statements were approved for issue by the Board of Directors on April 22, 2024. - - - - - - - - - - - - - - Act,2013 Part “A”: Subsidiaries Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # (C in crore) Foreign Currencies in Million 7-India Convenience Retail Limited 07-04-2021 Aaidea Solutions Limited 19-07-2021 INR INR Accops Systems FZ-LLC * 05-09-2023 AED Accops Systems Private Limited 05-09-2023 Actoserba Active Wholesale Limited 18-02-2021 INR INR INR - - 0.01 1.02 45.00 149.59 220.87 26.28 3.98 55.14 (30.37) 2.39 (32.76) 0.07 (32.69) - 100.00% 0.04 (19.44) 52.71 72.11 80.34 9.85 0.20 9.65 0.49 10.14 - 98.82% - - - - - - - - - - - - - - 51.73 107.31 55.57 40.90 52.53 21.37 5.52 15.85 - - - - - - 100.00% - 15.85 - 80.81% (9.99) 111.99 120.96 - - - 193.05 (41.44) (1.99) (39.45) 0.98 (38.47) - 86.15% 0.93 (1.41) 8.55 (12.96) - - (1.41) (12.96) - - (1.41) (12.96) - 100.00% - 440.72 882.04 440.78 147.05 290.60 (82.78) (20.58) (62.20) 1.07 (61.13) - 58.21% 1 2 3 4 5 6 7 8 Addverb Technologies B.V. * 13-07-2021 EUR 4.00 (3.68) 2.02 1.70 Addverb Technologies Limited 13-07-2021 INR INR Addverb Technologies Pte. Ltd. * 13-07-2021 SGD 0.54 2.66 (2.23) 36.78 (33.84) 18.57 15.63 9 Addverb Technologies Pty Limited * 13-07-2021 AUD 7.43 (3.05) INR 16.76 (14.05) 10 Addverb Technologies USA Inc.* 08-11-2021 USD 7.00 (5.37) 7.90 INR 42.07 (17.27) 28.82 INR 58.25 (44.69) 65.74 52.18 11 Amante Exports (Private) Limited * 11-11-2021 USD 13.22 (11.61) 2.43 12 Amante India Limited 11-11-2021 INR INR 110.01 (96.61) 20.22 49.74 (49.56) 154.96 154.78 13 Amante Lanka (Private) Limited * 11-11-2021 LKR 2,761.31 (1,221.60) 1,965.15 425.44 1.02 6.43 5.09 0.59 3.72 0.71 4.02 6.27 0.82 6.82 0.83 5.23 1.27 7.19 6.00 (0.55) (3.46) 0.01 0.06 (0.56) (3.52) (0.99) (0.24) (0.75) (5.61) (1.36) (4.25) (2.11) (0.62) (1.49) 49.93 (17.56) (5.16) (12.40) - - - - - - - - (0.56) (3.52) (0.75) (4.25) (1.49) - 100.00% - - 100.00% - - 100.00% (12.40) - 0.33 2.75 - 100.00% - 7.06 58.75 0.33 2.75 173.72 (22.80) 1,268.77 12.52 32.37 0.32 0.33 2.75 - - - - - - (22.80) 0.56 (22.24) - 100.00% 12.52 (1.74) 10.78 - 100.00% 0.32 (0.04) 0.28 - (1.99) 0.14 (1.85) - 74.57% 14 Asteria Aerospace Limited 12-12-2019 15 Bismi Connect Limited (Formerly known as Bismi Connect Private Limited) 31-05-2023 INR INR INR 0.08 8.57 70.44 (31.16) 50.13 10.85 21.65 253.59 231.86 0.02 41.57 (1.99) (67.57) 198.16 257.16 - 387.34 (38.31) (4.02) (34.29) (0.05) (34.34) - 100.00% 31-05-2023 INR 9.71 (80.05) 72.93 143.27 0.02 120.36 (32.72) - (32.72) 0.19 (32.53) - 100.00% 16 Bismi Hypermart Limited (Formerly known as Bismi Hypermart Private Limited) 17 Catwalk Worldwide Limited (Formerly known as Catwalk Worldwide Private Limited) 13-05-2022 INR 2.78 16.81 50.33 30.74 - 69.35 (1.89) 18 Columbus Centre Corporation 11-05-2023 USD 153.82 57.17 211.85 0.86 162.59 1.73 1.71 (Cayman) * INR 1,279.96 475.76 1,762.85 7.13 1,352.94 14.40 14.22 19 Columbus Centre Holding 11-05-2023 USD 162.59 (14.61) 148.06 0.08 128.97 0.11 (1.42) Company LLC * 20 Cover Story Clothing Limited 15-06-2022 INR INR 21 Cover Story Clothing UK Limited * 15-06-2022 GBP 22 Crystalline Silica and Mining 31-08-2023 Limited 23 C-Square Info-Solutions Limited 01-03-2019 24 Dadha Pharma Distribution Limited 18-08-2020 25 Dronagiri Bokadvira East Infra 28-01-2019 Limited INR INR INR INR INR 1,352.94 (121.58) 1,232.05 0.69 1,073.19 0.91 (11.82) 8.29 (4.07) 130.95 126.73 - - 0.09 0.95 0.10 1.06 216.44 (1.72) 215.10 0.01 0.11 0.38 - - - - 84.39 (67.47) 0.33 3.49 0.09 0.95 - (1.72) 1.78 0.81 0.05 56.45 73.48 15.25 2.42 36.38 (2.74) 3.43 (6.17) 15.19 74.39 58.39 8.31 197.09 0.21 (0.15) 0.36 22.71 22.76 - - - - - - 0.13 0.04 - (6.04) - 89.45% 0.40 - 100.00% - - 100.00% - - - - - - - - - (1.89) (0.68) (2.57) - 85.03% 1.71 14.22 (1.42) (11.82) - - - - 1.71 - 100.00% 14.22 (1.42) - - 100.00% (11.82) - (67.47) 0.01 (67.46) - 100.00% 0.09 0.95 (1.72) - - - 0.09 0.95 - 100.00% - (1.72) - 100.00% 298 Reliance Industries Limited Integrated Annual Report 2023-24 299 As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. Notesto the Consolidated Financial Statements for the year ended 31st March, 2024 Annexure “A” Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # (C in crore) Foreign Currencies in Million (C in crore) Foreign Currencies in Million 26 Dronagiri Bokadvira North Infra 24-01-2019 INR 0.05 15.41 15.46 Limited 27 Dronagiri Bokadvira South Infra 24-01-2019 INR 0.05 5.85 5.90 Limited 28 Dronagiri Bokadvira West Infra 24-01-2019 INR 0.05 3.12 3.17 Limited 29 Dronagiri Dongri East Infra Limited 31-01-2019 30 Dronagiri Dongri North Infra 24-01-2019 INR INR 0.05 0.05 2.52 8.23 2.57 8.28 Limited 31 Dronagiri Dongri South Infra 24-01-2019 INR 0.05 7.12 7.17 Limited 32 Dronagiri Dongri West Infra Limited 04-02-2019 33 Dronagiri Funde East Infra Limited 28-01-2019 34 Dronagiri Funde North Infra 31-01-2019 INR INR INR 0.05 0.05 0.05 13.70 13.75 5.18 5.53 5.23 5.58 Limited 35 Dronagiri Funde South Infra 24-01-2019 INR 0.05 3.62 3.67 Limited 36 Dronagiri Funde West Infra Limited 31-01-2019 37 Dronagiri Navghar East Infra 04-02-2019 INR INR 0.05 0.05 (0.02) 0.03 23.04 23.09 Limited 38 Dronagiri Navghar North First 29-01-2019 INR 0.05 2.84 2.89 Infra Limited 39 Dronagiri Navghar North Infra 30-01-2019 INR 0.05 20.16 20.21 Limited 40 Dronagiri Navghar North Second 01-02-2019 INR 0.05 2.20 2.25 Infra Limited 41 Dronagiri Navghar South First 01-02-2019 INR 0.05 1.74 1.79 Infra Limited 42 Dronagiri Navghar South Infra 29-01-2019 INR 0.05 13.71 13.76 Limited 43 Dronagiri Navghar South Second 01-02-2019 INR 0.05 3.50 3.55 Infra Limited 44 Dronagiri Navghar West Infra 29-01-2019 INR 0.05 1.85 1.90 Limited 45 Dronagiri Pagote East Infra Limited 16-01-2019 46 Dronagiri Pagote North First Infra 01-02-2019 INR INR 0.05 0.05 3.05 2.95 3.10 3.00 Limited 47 Dronagiri Pagote North Infra 24-01-2019 INR 0.05 9.55 9.60 Limited 48 Dronagiri Pagote North Second 01-02-2019 INR 0.05 2.69 2.74 Infra Limited - - - - - - - - - - - - - - - - - - - - - - - 49 Dronagiri Pagote South First Infra 01-02-2019 INR 0.05 3.02 3.08 0.01 Limited 50 Dronagiri Pagote South Infra 29-01-2019 INR 0.05 4.45 4.50 Limited 51 Dronagiri Pagote West Infra Limited 24-01-2019 52 Dronagiri Panje East Infra Limited 31-01-2019 53 Dronagiri Panje North Infra Limited 28-01-2019 54 Dronagiri Panje South Infra Limited 28-01-2019 55 Dronagiri Panje West Infra Limited 04-02-2019 56 Enercent Technologies Private 23-11-2021 INR INR INR INR INR INR Limited 0.05 0.05 0.05 0.05 0.05 0.16 22.37 22.42 16.66 16.71 0.51 3.73 4.97 0.35 0.56 3.78 5.02 3.92 - - - - - - 3.41 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (0.01) - - - - - - - (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) - (0.01) (0.01) (0.01) (0.01) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (0.01) - - - - - - - (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) - (0.01) (0.01) (0.01) (0.01) - - - - 11.58 (2.62) (0.03) (2.59) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 100.00% - 100.00% - 100.00% (0.01) - 100.00% - - - - - - - - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) (0.01) - 100.00% - 100.00% - - 100.00% (0.01) - 100.00% (0.01) - 100.00% (0.01) - 100.00% - - - - - 100.00% - 100.00% - 100.00% - 100.00% (2.59) - 59.18% 58 Ethane Coral LLC * 04-12-2023 USD INR 59 Ethane Diamond LLC * 04-12-2023 USD 60 Ethane Jade LLC * 04-12-2023 USD INR INR 61 Faradion Limited * 04-01-2022 GBP 62 Faradion UG * 04-01-2022 EUR INR 63 Foodhall Franchises Limited 20-01-2022 64 Future Lifestyles Franchisee 02-02-2022 Limited 65 Genesis Colors Limited 07-09-2018 66 Genesis La Mode Private Limited 07-09-2018 67 GLB Body Care Private Limited 07-09-2018 68 GLF Lifestyle Brands Private 07-09-2018 Limited 69 GML India Fashion Private Limited 07-09-2018 70 Grab A Grub Services Limited 07-03-2019 INR INR INR INR INR INR INR INR INR 71 Hamleys (Franchising) Limited * 16-07-2019 GBP INR 72 Hamleys Asia Limited * 16-07-2019 HKD INR - - - - - - - - - - 0.03 0.03 12.57 12.00 4.99 0.06 - - - - - (0.01) - (0.01) - (0.01) - - - - - - 16.14 18.14 - 0.01 - 0.01 - 0.01 2.00 - - - - - - - - - - - - - (0.01) - (0.01) - (0.01) 1.04 1.13 (6.33) 170.64 191.77 21.13 11.01 11.99 (66.91) 0.08 0.70 (0.04) (0.04) 0.18 1.66 - - 0.10 0.96 0.01 0.01 - - - - 0.52 4.76 - - 0.03 0.27 (0.02) (0.02) (2.53) 178.10 168.06 52.56 38.99 (19.89) - - - - - - - - 0.01 0.08 - - - - (0.01) - (0.01) - (0.01) (6.33) (66.91) 0.02 0.19 (0.02) (0.02) - - - - - - - - - - - - - - 100.00% (0.01) - - - 100.00% (0.01) - - - 100.00% (0.01) (6.33) - - 92.01% (66.91) - 0.02 0.19 (0.02) (0.02) - 100.00% - - 100.00% - 100.00% (19.89) (0.04) (19.93) - 91.06% 89.86 367.77 265.91 1.57 (1.22) 0.40 0.05 - - 368.69 33.85 8.45 25.40 (0.10) 25.30 - 100.00% 0.02 0.01 - 0.01 - 0.01 - 100.00% 89.94 8.72 173.26 74.60 0.15 148.51 (0.65) 0.27 (0.92) (0.01) (0.93) - 100.00% 25.73 165.71 134.99 - 137.45 14.47 3.47 11.00 (0.01) 10.99 - 100.00% 40.22 121.20 80.92 16.82 330.25 (17.43) (3.76) (13.67) (0.33) (14.00) - 82.41% 24.95 27.61 2.66 263.77 291.89 28.12 (1.11) (1.18) 0.83 0.88 1.94 2.06 - - - - - - - - 284.39 223.94 2,366.49 1,863.45 73 Hamleys of London Limited * 16-07-2019 GBP 2.00 (29.09) 126.32 153.41 INR 21.14 (307.53) 1,335.42 1,621.81 74 Hamleys Toys (Ireland) Limited * 16-07-2019 EUR INR - - 75 ICD Columbus Centre Hotel LLC * 11-05-2023 USD 60.45 76 India Mumbai Indians (Pty) Ltd * 30-08-2022 77 Indiavidual Learning Limited 11-06-2018 INR ZAR INR INR 503.04 234.60 (155.80) 135.13 56.33 105.39 (70.00) 60.71 25.32 0.54 107.90 3,161.25 3,052.81 78 Indiawin Sports Middle East 28-07-2022 USD 10.50 (5.47) 8.37 3.34 Limited * 79 Indiawin Sports Private Limited 07-04-2010 INR INR 82 IPCO Holdings LLP * 04-10-2023 GBP 40.00 0.03 48.04 8.01 INR 422.87 0.32 507.87 84.68 83 IW Columbus Centre LLC * 11-05-2023 USD 84 Jaisuryas Retail Ventures Limited 02-11-2021 INR INR 85 Jio Estonia OÜ * 22-11-2018 EUR 86 Jio Haptik Technologies Limited 22-09-2014 INR INR - - - - - - 13.74 (6.24) 13.46 0.05 0.46 0.27 2.50 0.50 4.59 - - 5.96 0.18 1.63 7.47 4.44 78.97 46.94 3.21 3.42 (1.02) (1.09) 0.83 8.77 - - 48.12 (3.45) (1.11) 3.61 38.17 (1.02) (1.09) (2.34) 508.71 (36.47) (11.73) (24.74) - - - - 111.11 (1.91) 924.55 (15.89) 42.01 (38.72) 18.87 (17.40) - - - - - - - - (1.91) (15.89) (38.72) (17.40) - - - - - - - - - - - - 3.61 38.17 (1.02) (1.09) (2.34) - 100.00% - - 100.00% - - 100.00% (24.74) - - - (1.91) (15.89) (38.72) (17.40) - 100.00% - - 74.87% - - 100.00% - 0.30 0.09 0.21 0.02 0.23 - 93.21% 1.74 3.92 (5.45) - - (5.45) (45.32) - - (5.45) - 100.00% (45.32) - 4.65 (2.64) 38.69 (21.97) 26.37 (5.35) 0.04 0.42 - - 1.36 0.03 0.32 - - 0.80 0.09 - - - - - - - - - (2.64) (21.97) (5.35) 0.03 0.32 - - 0.80 0.09 0.89 - - - - - - - - - - (2.64) (21.97) (5.35) 0.03 0.32 - - 0.80 0.09 0.89 - 100.00% - - 100.00% - 76.00% - - 100.00% - - 100.00% - 100.00% - 0.97 13.67 12.54 0.86 (0.03) - - - - - - - - - - - - - - - - - - - - - - - - 87.37 (45.48) 69.68 27.79 32.62 (45.32) 2.65 380.54 691.08 307.89 233.51 737.02 148.28 38.45 109.83 (0.13) 109.70 - 100.00% (0.01) - 100.00% 81 Intimi India Limited 11-11-2021 INR INR 141.46 (21.97) 127.22 6.52 (10.24) 14.12 17.84 80 Indiawin Sports USA Inc. * 06-07-2023 USD 17.00 (2.64) 15.29 0.93 7.73 57 Eternalia Media Private Limited 05-09-2023 INR 0.14 114.63 126.97 12.20 98.76 12.46 (17.60) - (17.60) 0.07 (17.53) - 51.03% As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. 300 Reliance Industries Limited Integrated Annual Report 2023-24 301 49.13 322.03 578.77 207.61 1.51 156.55 16.62 5.38 11.24 0.28 11.52 - 100.00% Annexure “A” Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation (C in crore) Foreign Currencies in Million 87 Jio Infrastructure Management 04-09-2017 INR 0.06 1.23 2.61 1.32 4.87 0.49 0.12 0.37 Services Limited 88 Jio Limited 89 Jio Media Limited 90 Jio Platforms Limited 15-11-2019 11-11-2020 15-11-2019 91 Jio Satellite Communications 21-10-2021 Limited 92 Jio Things Limited 93 Just Dial Limited 18-11-2020 01-09-2021 94 Kalamboli East Infra Limited 24-01-2019 95 Kalamboli North First Infra Limited 25-01-2019 96 Kalamboli North Infra Limited 24-01-2019 97 Kalamboli North Second Infra 25-01-2019 Limited 98 Kalamboli North Third Infra Limited 25-01-2019 99 Kalamboli South First Infra Limited 24-01-2019 100 Kalamboli South Infra Limited 01-02-2019 101 Kalamboli West Infra Limited 21-01-2019 102 Kalanikethan Fashions Limited 25-11-2021 103 Kalanikethan Silks Limited 25-11-2021 104 KIKO Cosmetics Retail Private 08-02-2024 Limited INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR INR 0.03 5.00 (0.03) - - - (0.01) 492.72 517.75 20.03 1.80 0.04 (0.15) - - (0.01) (0.15) 8,939.03 2,00,191.02 2,12,515.57 3,385.52 1,87,266.05 7,665.89 1,036.65 264.63 772.02 309.69 1,081.71 - 66.43% 70.00 (1.78) 124.78 56.56 - 0.27 (0.03) 1.00 (0.89) 46.41 46.30 0.51 56.38 0.24 - - (0.03) - (0.03) - 100.00% 0.24 (0.03) 0.21 - 100.00% 85.04 3,938.46 4,860.97 837.47 4,607.68 1,348.37 466.49 103.64 362.85 (1.63) 361.22 - 63.84% - - 0.37 - 100.00% (0.01) - 100.00% 0.05 (0.10) - 100.00% 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 10.00 16.00 (0.02) 0.03 13.40 13.45 10.91 10.96 4.12 4.17 (0.02) 1.77 0.03 1.82 14.63 14.68 9.49 9.54 - - - - - - - - - - - - - - - - 40.21 129.22 79.01 9.92 40.35 14.43 4.17 3.37 22.43 (34.74) 7.69 20.00 - - - - - - - - 44.47 17.31 10.47 - - - - - - - - - - - - - - - - 0.13 (5.67) 0.46 (2.28) 4.93 - (0.01) 156.69 33.01 182.90 38.53 0.14 1.19 (0.24) (2.01) - - - - - - - - - - - - - - 5.80 2.74 4.93 (0.01) 33.01 38.53 (0.24) (2.01) - - - - - - - - - - - - - - - - - - - - - - - - 5.80 2.74 4.93 (0.01) 33.01 - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% 38.53 - (0.24) (2.01) - 100.00% - 0.01 0.20 0.06 0.12 0.15 0.02 - 0.01 (0.01) - (0.01) - (0.01) - 100.00% 344.65 378.07 33.22 69.58 162.29 15.13 (9.68) 24.81 (0.04) 24.77 - 51.00% 79.10 129.84 50.68 - 0.02 (0.11) - (0.11) - (0.11) - 83.33% 1,345.63 (4.12) 3,320.08 1,978.57 67.57 8,461.79 (100.62) (21.59) (79.03) 2.46 (76.57) - 100.00% - - - - - - - - - - - 105 Kutch New Energy Projects Limited 17-06-2021 INR 0.01 (0.01) - - 106 Lithium Werks China 26-07-2022 CNY 509.45 (396.24) 242.68 129.47 Manufacturing Co., Ltd. * INR 594.65 (462.51) 283.26 151.12 - - 3.46 3.74 28.75 31.12 0.28 2.37 107 Lithium Werks Technology B.V. * 26-04-2022 USD 108 Lotus Chocolate Company Limited 24-05-2023 109 M Entertainments Private Limited 17-04-2018 110 Mayuri Kumkum Limited 30-08-2022 111 Mesindus Ventures Limited 18-08-2020 112 Metro Cash and Carry India Private 11-05-2023 Limited INR INR INR INR INR INR 113 Mimosa Networks Bilişim 11-08-2023 USD - 4.52 4.66 0.14 Teknolojileri Limited Şirketi * INR 0.03 37.63 38.78 1.12 5.53 0.24 0.05 114 Mimosa Networks, Inc. * 11-08-2023 USD INR 115 Mindex 1 Limited * 21-05-2018 GBP - - - 59.57 100.31 40.74 24.57 1.29 495.70 834.66 338.96 0.02 204.45 10.77 18.17 18.20 0.02 192.05 192.35 0.03 0.28 - - 0.28 2.98 0.26 2.76 0.19 1.14 9.52 0.26 2.76 0.15 1.25 - - - - - - - - 0.19 1.14 9.52 0.26 2.76 - - 100.00% - - 100.00% - 97.00 83.55 8,254.17 8,073.62 44.98 1,089.24 (61.47) (1.42) (60.05) (0.07) (60.12) - 100.00% 116 Model Economic Township Limited 09-10-2006 117 MYJD Private Limited 01-09-2021 118 Netmeds Healthcare Limited 18-08-2020 119 New Emerging World of Journalism 26-11-2018 Limited INR INR INR INR INR 120 New York Hotel, LLC * 11-05-2023 USD INR 0.07 9.29 0.04 - - 27.64 56.19 19.26 20.16 68.91 8.08 0.11 7.97 5.89 61.23 55.30 - - - - - - - - - 17.96 (0.32) - - - - - - - (0.32) - - 0.15 0.08 - - 8.12 - 100.00% (0.24) - 75.00% - - - 100.00% - (C in crore) Foreign Currencies in Million Other Compre- hensive Income - - Total Compre- hensive Income (0.01) (0.02) Proposed Dividend % of Share- holding # - 100.00% - 100.00% 1.19 0.23 1.42 - 88.33% (28.53) 0.49 (28.04) - 91.06% 0.85 7.82 1.15 10.59 0.27 2.53 - - 2.49 22.85 0.19 1.71 0.06 0.55 0.13 1.16 296.71 579.02 282.10 10.00 903.71 67.05 22.23 44.82 1.10 45.92 - 100.00% - 0.03 - - - - - - - - 0.68 0.10 0.01 0.09 121 NextGen Fast Fashion Limited 22-12-2022 122 Nilgiris Stores Limited 19-01-2022 123 NowFloats Technologies Limited 11-12-2019 124 Purple Panda Fashions Limited 14-04-2022 INR INR INR INR 125 Radisys B.V. * 11-12-2018 EUR INR 126 Radisys Canada Inc. * 11-12-2018 USD INR 127 Radisys Cayman Limited * 11-12-2018 USD 0.01 0.03 0.20 0.25 0.03 0.27 - - - INR 0.03 128 Radisys Convedia (Ireland) 11-12-2018 USD Limited * INR - - (0.02) (0.04) 0.01 - 0.02 0.01 78.72 95.96 17.04 - - - - - (0.01) (0.02) 24.93 1.19 221.65 336.32 114.42 8.85 262.93 (28.53) - - - - (0.01) (0.02) 0.79 7.28 3.98 0.96 8.78 4.17 33.14 34.70 0.01 0.06 (0.06) 0.01 0.08 0.44 0.14 1.23 0.19 1.56 - (0.01) 0.03 0.24 - - - - 0.50 0.42 (0.51) 3.65 4.16 3.49 0.64 5.90 1.26 0.08 0.74 0.01 0.10 0.06 (0.02) 10.50 0.50 (0.14) - - - - - - (0.05) (0.45) - - - - 0.07 0.64 0.08 0.64 - - (0.05) (0.45) 129 Radisys Corporation * 11-12-2018 USD 166.12 (82.42) 235.35 151.65 68.82 145.28 (1.32) 4.54 (5.86) INR 1,382.33 (685.80) 1,958.41 1,261.88 572.69 1,208.89 (11.02) 37.76 (48.78) 130 Radisys GmbH * 11-12-2018 EUR 131 Radisys India Limited 24-12-2018 INR INR 132 Radisys International LLC * 11-12-2018 USD 0.03 0.24 0.21 5.26 133 Radisys International Singapore 11-12-2018 SGD Pte. Ltd. * INR 134 Radisys Spain S.L.U. * 11-12-2018 EUR 135 Radisys Systems Equipment Trading (Shanghai) Co. Ltd. * INR 11-12-2018 CNY - - - 0.03 3.48 INR 43.76 (43.24) (5.20) 0.22 1.40 0.20 1.81 0.06 0.52 0.47 2.97 0.25 2.34 8.65 12.16 - - 0.25 1.57 0.05 0.50 0.03 INR 4.06 10.10 14.20 0.04 Co., Ltd. * INR 48.19 (57.21) 80.77 89.79 137 Radisys UK Limited * 11-12-2018 GBP 138 RBML Solutions India Limited 16-03-2021 INR INR 0.19 2.01 1.40 2.06 14.80 21.82 0.47 5.01 - - - - - - - - - - 4.29 0.34 3.10 0.16 0.64 0.03 0.23 0.02 0.19 0.02 8.66 (1.47) 10.11 (1.71) 2.00 21.12 0.46 4.90 140 REC ScanModule Sweden AB * 01-12-2021 SEK INR 141 REC Solar (Japan) Co., Ltd. * 01-12-2021 INR JPY INR 142 REC Solar EMEA GmbH * 01-12-2021 EUR INR INR - - 0.06 0.05 113.94 118.91 4.97 948.16 989.51 41.35 50.94 81.35 30.35 42.22 67.42 25.15 60.00 244.59 318.62 14.03 3.52 0.05 0.46 0.05 0.46 14.34 18.68 11.53 12.98 0.82 1.40 106.05 119.32 12.81 (0.05) (0.43) 0.01 0.08 0.01 0.05 - - - - - - - - - - 5.47 4.53 311.73 18.28 67.89 3.92 3.25 6.21 0.36 1.14 624.22 10.49 - - 0.24 2.19 144 REC Solar Holdings AS * 01-12-2021 USD 450.41 (633.41) 64.86 247.86 42.81 2.69 (101.24) INR 3,747.94 (5,270.73) 539.68 2,062.47 356.19 22.39 (842.44) 145 REC Solar Norway AS * 01-12-2021 NOK 992.31 (1,296.78) 270.24 574.71 INR 811.46 (1,060.44) 220.99 469.97 - - 57.43 (586.24) 46.96 (479.39) 0.59 0.02 0.18 0.02 0.02 (1.47) (1.71) 0.36 3.80 0.05 0.01 0.05 - - - - 0.10 1.10 4.06 2.77 0.86 0.71 3.36 0.20 0.07 0.62 - - - - - - 3.06 2.54 2.85 0.16 1.07 9.87 0.24 2.19 (101.24) (842.44) (586.24) (479.39) - - - - - - - - - - - - 0.07 0.64 0.08 0.64 - - - 100.00% - - 100.00% - - 100.00% - (0.05) - 100.00% (0.45) (5.86) - - 100.00% (48.78) - 0.13 1.16 - 100.00% - - - - - - - - - - - - - - - - 100.00% - 0.09 - 100.00% 0.59 0.02 0.18 0.02 - - 100.00% - - 100.00% 0.02 - (1.47) - 100.00% (1.71) - 0.36 3.80 - 100.00% - - - - - - - - - - - - - - - 1.51 12.58 3.06 2.54 2.85 0.16 1.07 9.87 0.24 2.19 (101.24) (842.44) (586.24) (479.39) - 100.00% - - 100.00% - - 100.00% - - 100.00% - - 100.00% - - 100.00% - - 100.00% - 12.84 23.99 58.81 21.98 18.00 145.14 (0.88) (0.46) (0.42) (0.31) (0.73) - 51.00% 136 Radisys Technologies (Shenzhen) 11-12-2018 CNY 41.28 (49.01) 69.20 76.93 0.66 0.03 0.01 0.02 0.02 - 100.00% 139 REC Americas LLC * 01-12-2021 USD 300.00 13.75 430.52 116.77 298.47 759.12 24.58 20.52 (0.01) 20.51 - 100.00% 295.26 4.28 1.51 2,456.89 35.65 23.07 12.58 (0.07) - - - - (0.02) - (0.02) - (0.02) - 100.00% 143 REC Solar France * 01-12-2021 EUR As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. 302 Reliance Industries Limited Integrated Annual Report 2023-24 303 Annexure “A” Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # 146 REC Solar Pte. Ltd. * 01-12-2021 USD 328.80 (401.75) 871.64 944.59 0.31 470.39 (159.25) (1.00) (158.25) - (158.25) - 100.00% (C in crore) Foreign Currencies in Million 2,736.06 (3,343.07) 7,253.16 7,860.17 2.54 3,914.27 (1,325.13) (8.32) (1,316.81) - (1,316.81) - 147 REC Systems (Thailand) Co., Ltd. * 01-12-2021 INR THB INR 148 REC Trading (Shanghai) Co., Ltd. * 01-12-2021 CNY INR 149 REC US Holdings, Inc. * 01-12-2021 USD INR 12.00 2.90 1.57 1.84 - - (8.71) (2.11) 1.56 1.82 - - 3.66 0.89 10.01 11.68 - - 0.37 0.10 6.88 8.02 - - 150 Recron (Malaysia) Sdn. Bhd. * 20-07-2007 MYR 542.99 385.62 1,385.29 456.68 151 Reliance 4IR Realty Development 15-04-2019 Limited INR INR 983.35 698.36 2,508.76 827.05 100.00 38,019.71 44,316.96 6,197.25 32,256.22 860.05 (3.30) 152 Reliance A&T Fashions Private 23-02-2022 INR 1.14 11.91 33.24 20.19 - 5.99 (8.20) Limited - - - - - - - - 3.35 0.81 16.50 19.26 - - 0.16 0.04 (1.42) (1.65) - - 0.04 0.01 - - - - 0.12 0.03 (1.42) (1.65) - - - - - - - - 0.12 0.03 (1.42) (1.65) - - - 99.99% - - 100.00% - - 100.00% - 2,306.13 (40.63) (18.13) (22.50) 40.93 18.43 - 100.00% 4,176.40 (73.58) (32.83) (40.75) 74.12 33.37 - - - (3.30) - (3.30) - 100.00% (8.20) 0.03 (8.17) - 76.00% The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # (C in crore) Foreign Currencies in Million 31-03-2009 INR 10.00 4,560.50 5,036.07 465.57 248.51 52.00 19.26 Sr. No. Name 176 Reliance Eminent Trading & Commercial Private Limited Pte. Ltd. * 178 Reliance Ethane Pipeline Limited 18-06-2019 INR INR USA LLC * 181 Reliance GAS Lifestyle India Private 09-08-2017 Limited INR INR 177 Reliance Ethane Holding 04-09-2014 USD 155.67 14.19 169.87 0.01 155.62 2.29 2.28 1,295.39 118.11 1,413.57 0.07 1,294.96 19.09 18.99 0.01 18.98 50.05 774.07 2,673.40 1,849.28 69.07 9,004.47 188.01 48.21 139.80 (0.30) 139.50 - 100.00% 179 Reliance Exploration & Production 06-12-2006 USD 453.62 (123.63) 347.64 17.65 DMCC * INR 3,774.67 (1,028.76) 2,892.76 146.85 - - 6.63 (0.16) 55.17 (1.31) 180 Reliance Finance and Investments 22-12-2022 USD 48.00 0.96 49.28 0.32 45.64 1.36 0.96 - - 19.26 2.28 - - - 19.26 - 100.00% 2.28 - 100.00% 18.98 - - - - - (0.16) (1.31) 0.96 8.02 - - - - (0.16) - 100.00% (1.31) - 0.96 - 100.00% 8.02 - 399.42 8.02 410.08 2.64 379.78 11.28 8.02 100.00 7.40 161.28 53.88 7.04 108.62 (2.02) (0.49) (1.53) (0.06) (1.59) - 51.00% 182 Reliance Gas Pipelines Limited 26-11-2012 INR 261.10 580.96 858.29 16.23 32.53 72.18 (25.09) (7.10) (17.99) (0.12) (18.11) - 100.00% 153 Reliance Abu Sandeep Private 10-10-2022 INR 1.03 235.10 331.18 95.05 144.21 130.56 7.74 2.27 5.47 2.04 7.51 - 51.00% Limited 154 Reliance AK-OK Fashions Limited 02-08-2022 155 Reliance Ambit Trade Private 31-03-2009 INR INR 1.00 1.00 59.64 86.84 26.20 45.13 16.63 (1.27) 924.91 926.90 0.99 138.91 9.27 4.68 - - (1.27) 4.68 Limited 156 Reliance Beauty & Personal Care 28-11-2022 INR 0.01 256.61 258.86 2.24 123.25 4.87 4.84 1.22 3.62 183 Reliance Global Energy Services (Singapore) Pte. Limited * 18-08-2008 USD 1.18 233.02 780.05 545.85 - 9,647.33 54.95 2.76 52.19 INR 9.78 1,939.01 6,490.96 4,542.17 - 80,277.87 457.26 22.96 434.30 184 Reliance Global Energy Services 20-06-2008 GBP 3.00 1.43 19.67 15.24 18.45 1.98 (0.27) (0.01) (0.26) Limited * INR 31.72 15.11 207.94 161.11 195.06 20.91 (2.90) (0.06) (2.84) 0.05 (0.05) 200.07 200.07 200.00 - - - - 492.00 112.11 773.95 169.84 - 0.28 (3.80) (0.14) (3.66) 0.10 1,917.08 6,720.68 4,803.50 1,528.68 37,753.09 1,339.65 335.66 1,003.99 (1.54) 1,002.45 - 51.00% 1.00 2.00 221.53 218.53 - 275.50 1.99 0.72 1.27 (0.01) 1.26 - 100.00% - - - - - (1.27) 4.68 - 60.00% - 100.00% 3.62 - 100.00% - - 100.00% (3.66) - 100.00% Limited 157 Reliance Bhutan Limited 22-12-2022 158 Reliance Bio Energy Limited 13-03-2023 159 Reliance BP Mobility Limited 23-03-2015 160 Reliance Brands Eyewear Private Limited (Formerly known as Rod Retail Private Limited) 25-05-2022 INR INR INR INR Limited* 162 Reliance Brands Limited 12-10-2007 163 Reliance Brands Luxury Fashion 07-09-2018 Private Limited INR INR INR Limited 166 Reliance Clothing India Limited 26-09-2013 167 Reliance Commercial Dealers 10-01-2017 Limited 168 Reliance Comtrade Private Limited 31-03-2009 169 Reliance Consumer Products 30-11-2022 Limited INR INR INR INR Limited 171 Reliance Corporate IT Park Limited 30-03-2009 172 Reliance Digital Health Limited 01-08-2008 INR INR 173 Reliance Digital Health USA Inc. * 26-03-2012 USD INR 175 Reliance Electrolyser Manufacturing Limited INR INR 22-08-2023 164 Reliance Carbon Fibre Cylinder 29-07-2021 INR 0.01 (0.01) - - Limited 165 Reliance Chemicals and Materials 02-11-2022 INR 287.03 (3.88) 336.00 52.85 - - - - (0.01) - (0.01) 0.55 (1.05) (0.17) (0.88) - - (0.01) - 100.00% (0.88) - 100.00% 30.47 (19.24) - (19.24) 0.01 (19.23) - 100.00% 0.05 (119.60) 37.47 157.02 15.00 2,760.69 2,900.17 124.48 7.71 839.84 1.97 0.56 1.41 (0.05) 1.36 - 100.00% 170 Reliance Content Distribution 04-09-2017 INR 0.05 5,821.79 5,821.89 0.05 5,820.72 0.08 (0.06) - (0.06) 1.00 116.71 118.08 0.37 - - (0.10) - 0.01 1,090.17 1,120.79 30.61 303.92 11.34 (4.18) (0.01) (0.10) (4.17) - - - (0.10) (4.17) - 100.00% - 100.00% (0.06) - 100.00% 174 Reliance Eagleford Upstream LLC * 16-06-2010 USD 3,392.55 (3,392.55) 238.00 30,570.48 36,496.11 5,687.63 - 3,371.04 667.47 169.14 498.33 0.24 498.57 - 100.00% 161.72 478.42 787.53 147.39 535.11 (0.30) (4.70) 0.01 0.08 0.82 6.79 28,230.30 (28,230.30) 0.83 6.87 - - - - - - 4.42 0.25 2.07 - - 0.03 0.28 - - 0.19 1.57 - - - 4.40 0.03 0.28 - - (0.21) - - - - - - 4.40 0.03 0.28 - - - 100.00% - 100.00% - - 100.00% - (0.21) - 100.00% - - - - - 3.61 (0.21) 4.99 1.59 0.01 (0.21) As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. - - - - - - - - - - - - - - - - - - - - 52.19 - 100.00% 434.30 - (0.26) - 100.00% (2.84) - 0.03 - 100.00% 0.27 - - - - 100.00% - (0.21) - 100.00% (0.01) - 100.00% (0.01) - 100.00% 150.75 - 100.00% 1,254.39 - - - - 100.00% - (1.21) - 100.00% 192.60 - 100.00% 1,602.67 - 0.89 7.38 - 100.00% - 185 Reliance Global Project Services 04-11-2022 USD 0.10 0.04 0.15 0.01 Pte. Ltd. * INR 0.83 0.30 1.22 0.09 186 Reliance Global Project Services 04-11-2022 GBP UK Limited * 187 Reliance Green Hydrogen and Green Chemicals Limited 24-08-2023 INR INR - - - - - - - - 3.71 (0.21) 5.05 1.55 - - - - - - - 0.42 0.03 3.48 0.27 - - - - 0.02 (0.21) - - (0.01) (0.01) 190 Reliance Industries (Middle East) 11-05-2005 USD 207.13 54.02 650.72 389.57 397.04 213.49 150.75 DMCC * INR 1,723.58 449.50 5,414.82 3,241.74 3,303.84 1,776.48 1,254.39 191 Reliance Industries Uruguay Petroquimica S.A. (En Liquidacion) *^ 21-08-2017 USD 192 Reliance Innovative Building Solutions Private Limited 30-03-2015 INR INR - - - - - - - - 69.69 (59.59) 24.73 14.63 - - - - - - - 0.09 (1.21) 193 Reliance International Limited * 16-06-2021 USD 25.00 239.82 7,539.60 7,274.78 - 31,289.86 192.60 INR 208.03 1,995.57 62,738.90 60,535.30 - 2,60,370.75 1,602.67 - - - - - - - - - - - - - - 0.03 0.27 - - (0.21) (0.01) (0.01) 150.75 1,254.39 - - (1.21) 192.60 1,602.67 194 Reliance Jio Global Resources, LLC * 15-01-2015 USD 195 Reliance Jio Infocomm Limited 17-06-2010 INR INR - - 6.48 10.62 4.14 53.92 88.37 34.45 - - 16.43 136.72 1.12 9.33 0.23 1.95 0.89 7.38 45,000.00 1,91,369.37 4,87,405.34 2,51,035.97 3,631.13 1,00,577.00 27,485.56 7,020.00 20,465.56 (93.56) 20,372.00 - 100.00% 196 Reliance Jio Infocomm Pte. Ltd. * 01-02-2013 USD 129.40 49.10 520.30 341.80 INR 1,076.77 408.57 4,329.52 2,844.18 197 Reliance Jio Infocomm UK Limited * 30-07-2013 GBP 6.00 1.06 10.83 3.77 INR 63.43 11.23 114.48 39.82 - - - - 120.20 19.66 4.54 15.12 1,000.21 163.57 37.78 125.79 22.92 242.31 0.19 1.98 0.06 0.58 0.13 1.40 - - - - 15.12 - 100.00% 125.79 - 0.13 1.40 - 100.00% - As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. ^ The Company is under Liquidation. 161 Reliance Brands Holding UK 26-06-2019 GBP 80.96 (2.85) 122.16 44.05 102.49 0.67 - 100.00% - - 2.52 1.85 0.67 26.64 19.56 7.08 - - 855.89 (30.13) 1,291.44 465.68 1,083.50 7.08 - 188 Reliance Hydrogen Electrolysis 29-09-2021 INR 0.01 (0.01) 105.38 (565.26) 5,502.08 5,961.96 1,951.26 2,302.97 (381.49) (93.05) (288.44) (0.52) (288.96) - 80.82% 17.50 186.74 363.63 159.39 65.90 322.53 22.32 5.74 16.58 (0.10) 16.48 - 100.00% Limited 189 Reliance Hydrogen Fuel Cell 29-09-2021 INR 0.01 (0.01) Limited - - - - 304 Reliance Industries Limited Integrated Annual Report 2023-24 305 Annexure “A” Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # (C in crore) Foreign Currencies in Million (C in crore) Foreign Currencies in Million - - - - 0.14 1.26 - 87.26% - (4.14) - 100.00% (34.45) - - - - - - - - - - - - - - - 0.29 - @ (0.44) (3.63) - - - 100.00% - - 100.00% - (0.25) - 100.00% (0.01) - 100.00% (0.01) - 100.00% (123.27) - 100.00% (0.01) - 100.00% (0.01) - 100.00% - - 100.00% 2.80 - 100.00% 198 Reliance Jio Infocomm USA, Inc. * 05-06-2013 USD 38.55 (14.87) 26.13 2.45 4.95 13.13 0.65 (0.28) 0.93 (1.79) (0.86) - 100.00% 199 Reliance Lifestyle Products Private 05-10-2020 Limited INR INR 320.77 (123.77) 217.44 20.44 41.19 109.24 5.44 (2.33) 7.77 (14.91) (7.14) - 17.49 (8.75) 24.77 16.03 1.82 17.42 0.55 0.14 0.41 (0.01) 0.40 - 100.00% 200 Reliance Lithium Werks B.V. * 12-04-2022 EUR 0.08 52.19 71.47 19.20 56.18 9.24 0.19 0.05 INR 0.74 479.89 657.15 176.52 516.51 84.98 1.77 0.51 0.14 1.26 201 Reliance Lithium Werks USA LLC * 19-04-2022 USD 202 Reliance Luxe Beauty Limited 03-11-2023 (Formerly known as Arvind Beauty Brands Retail Limited) INR INR - - (9.31) 10.00 19.31 (77.51) 83.20 160.71 8.94 (52.31) 254.78 298.15 203 Reliance Mappedu Multi Modal 21-12-2022 INR 1.01 10.27 11.53 0.25 Logistics Park Limited - - - - 14.65 (4.14) 121.87 (34.45) - - (4.14) (34.45) 365.70 (39.22) (0.15) (39.07) 0.11 (38.96) - 100.00% 0.47 0.40 0.11 0.29 204 Reliance Marcellus LLC * 29-03-2010 USD 4,926.34 (4,930.45) 61.12 65.23 51.63 5.78 (0.44) INR 40,993.33 (41,027.51) 508.55 542.73 429.62 48.11 (3.63) 205 Reliance NeuComm LLC * 26-11-2022 USD 206 Reliance New Energy Battery 26-07-2022 Storage Limited INR INR - - - - 2.85 2.85 23.70 23.70 80.87 (1.22) 96.19 16.54 207 Reliance New Energy Carbon Fibre 24-06-2021 INR 0.01 (0.01) Cylinder Limited 208 Reliance New Energy Hydrogen 02-07-2021 INR 0.01 (0.01) Electrolysis Limited 209 Reliance New Energy Hydrogen 05-08-2021 INR 0.01 (0.01) Fuel Cell Limited - - - - - - - - - - - - - - - - 0.03 (0.25) - - - (0.01) (0.01) (0.01) 6,450.40 9,441.82 15,893.25 1.03 14,854.12 49.42 (123.27) 210 Reliance New Energy Limited 07-06-2021 211 Reliance New Energy Power 14-07-2021 Electronics Limited INR INR 0.01 (0.01) 212 Reliance New Energy Storage 15-06-2021 INR 0.01 (0.01) Limited 213 Reliance New Power Electronics 14-09-2023 INR 0.01 (0.01) 0.01 0.01 - - - - - - - - - - (0.01) (0.01) - - - - - - - - - - - - - (0.44) (3.63) - - (0.25) (0.01) (0.01) (0.01) (123.27) (0.01) (0.01) - Limited 214 Reliance New Solar Energy Limited 07-06-2021 215 Reliance Petro Marketing Limited 31-03-2009 216 Reliance Petro Materials Limited 26-10-2022 217 Reliance Polyester Limited 21-06-2019 218 Reliance Power Electronics Limited 29-07-2021 219 Reliance Progressive Traders 31-03-2009 Private Limited INR INR INR INR INR INR 5,000.00 2,366.71 8,322.97 956.26 216.46 19.65 3.44 0.64 2.80 0.05 387.16 655.48 268.27 499.65 2,441.64 62.18 16.43 45.75 25.17 70.92 - 100.00% 1.11 (0.06) 2.60 1.55 100.00 (144.88) 1,703.87 1,748.75 - - 0.02 (0.06) - (0.06) - (0.06) - 100.00% 2,500.25 (178.15) (44.80) (133.35) (0.01) (133.36) - 100.00% 26.03 (0.98) 28.11 3.06 0.01 - (0.97) 10.00 5,769.29 8,279.94 2,500.65 - 82.05 5.98 - - (0.97) 5.98 - - (0.97) - 100.00% 5.98 - 100.00% 220 Reliance Projects & Property Management Services Limited 19-06-2019 INR 100.00 13,053.01 15,915.13 2,762.12 1,038.34 14,557.37 333.50 53.31 280.19 27.47 307.66 - 100.00% 221 Reliance Prolific Commercial 31-03-2009 INR 1.00 646.34 648.27 0.93 4.13 13.20 6.85 Private Limited 222 Reliance Prolific Traders Private 31-03-2009 INR 10.00 2,876.45 2,898.00 11.55 91.64 59.26 25.05 - - 6.85 25.05 Limited 223 Reliance Rahul Mishra Fashion 04-01-2023 INR 3.06 89.10 123.34 31.18 75.75 29.06 (6.79) 0.12 (6.91) Private Limited 224 Reliance Retail and Fashion 11-08-2020 INR 1.00 57.83 59.05 0.22 53.10 0.73 0.14 0.04 0.10 Lifestyle Limited - - - - 6.85 - 100.00% 25.05 - 100.00% (6.91) - 51.00% 0.10 - 100.00% 225 Reliance Retail Limited 20-11-2006 INR 8,986.97 36,090.16 1,56,321.28 1,11,244.15 267.14 2,58,474.16 11,840.08 2,964.65 8,875.43 3.40 8,878.83 - 100.00% As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. @ Subsidiary by virtue of control over composition of Board of Directors. 226 Reliance Retail Ventures Limited 24-04-2007 227 Reliance Ritu Kumar Private 14-10-2021 INR INR Limited 7,011.24 83,867.19 1,06,787.37 15,908.94 39,711.32 10,008.82 3,614.96 928.17 2,686.79 4.20 2,690.99 - 83.56% 2.01 102.22 412.61 308.38 0.30 289.59 (11.51) - (11.51) (0.10) (11.61) - 52.21% 228 Reliance Sibur Elastomers Private 21-02-2012 INR 2,354.53 (281.03) 5,413.49 3,339.99 35.83 2,977.92 (139.29) (77.47) (61.82) 9.53 (52.29) - 74.90% Limited 229 Reliance SOU Limited 20-02-2023 230 Reliance Strategic Business 21-06-2019 Ventures Limited INR INR 0.01 (0.26) 0.01 0.26 - - (0.01) - (0.01) - (0.01) - 100.00% 100.00 38,542.60 43,443.47 4,800.87 38,243.41 1,524.36 (76.84) 64.79 (141.63) 3,136.05 2,994.42 (2.67) 100.00% 231 Reliance Syngas Limited 01-11-2021 INR 0.10 9,599.49 34,330.17 24,730.58 107.91 6,030.86 3,873.77 976.31 2,897.46 (1.12) 2,896.34 - 100.00% 232 Reliance TerraTech Holdings LLC * 17-06-2010 USD INR 233 Reliance UbiTek LLC * 26-11-2022 USD 234 Reliance Universal Traders Private 31-03-2009 Limited 235 Reliance Vantage Retail Limited 27-12-2007 236 Reliance Ventures Limited 07-10-1999 237 Reliance-GrandOptical Private 17-03-2008 Limited INR INR INR INR INR 0.30 2.47 - - (0.30) 2.85 2.85 (2.49) 23.69 23.71 - - - - - - - - - - - 0.01 - - - - - - 10.00 1,731.41 1,741.61 0.20 43.62 13.64 10.21 - - - - - - - - - 10.21 0.56 163.79 170.49 6.14 - 5.47 3.61 0.71 2.90 2.69 5,062.50 5,097.82 32.63 1,289.04 492.69 486.22 87.06 399.16 0.05 (0.08) 0.04 0.07 - - - - - - - - - - - - - 100.00% - - 100.00% - 10.21 - 100.00% 2.90 - 100.00% 399.16 (7.32) 100.00% (0.01) - 100.00% - - 0.01 (0.01) 14.23 0.79 - - (0.01) 0.79 (0.19) 0.60 - 84.56% 238 Reverie Language Technologies 22-03-2019 INR 0.02 103.81 147.78 43.95 Limited 239 RIL USA, Inc. * 26-02-2009 USD 3.00 179.28 508.36 326.08 - 3,864.99 21.74 (0.12) 21.86 24.96 1,491.84 4,230.21 2,713.41 - 32,161.57 180.88 (0.99) 181.87 - - 21.86 - 100.00% 181.87 - INR INR 241 Ritu Kumar ME (FZE) * 14-10-2021 AED INR 0.15 0.34 (0.12) (0.27) 1.00 2.27 0.97 2.20 242 RP Chemicals (Malaysia) Sdn. 11-02-2016 MYR 1,574.14 (994.44) 980.67 400.97 Bhd. * 243 Saavn Media Limited 05-04-2018 244 SankhyaSutra Labs Limited 12-03-2019 INR INR INR 245 SenseHawk, Inc. * 21-10-2022 USD INR 246 Sensehawk India Private Limited 21-10-2022 USD INR 247 Sensehawk MEA Limited * 21-10-2022 USD 248 Shopsense Retail Technologies 13-08-2019 Limited INR INR 2,850.77 (1,800.93) 1,775.99 726.15 0.08 7,121.09 7,659.72 538.55 0.11 96.81 100.52 - - 0.22 1.82 0.01 0.11 6.67 6.86 55.48 57.07 0.20 1.71 (0.33) (2.79) 0.60 5.01 0.34 2.80 3.60 0.19 1.59 0.18 1.48 0.66 5.48 - - - - - 0.36 0.26 2.19 - - - - 1.96 4.44 0.03 0.07 - - 0.03 0.07 - - 0.03 0.07 - 100.00% - 2,250.11 59.14 1.23 57.91 22.70 80.61 37.12 100.00% 4,074.95 107.10 2.23 104.87 41.10 145.97 67.22 0.33 0.86 2.61 (5.56) 21.69 (46.26) 2.02 16.83 5.10 42.45 0.24 2.00 0.27 2.28 (0.96) - (0.96) 0.17 (0.79) - 87.95% 0.25 0.13 0.12 - - - - - - (5.56) (46.26) 0.24 2.00 0.27 2.28 - - - 0.01 0.06 - - 0.12 - 85.62% (5.56) - 79.40% (46.26) - 0.25 2.06 0.27 2.28 - 100.00% - - 100.00% - 1.82 379.44 506.53 125.27 18.63 117.97 (11.81) (3.02) (8.79) (0.53) (9.32) - 86.69% 249 Shri Kannan Departmental Store 03-03-2020 INR 8.49 238.94 284.90 37.47 19.50 48.05 7.39 Limited 250 skyTran Inc. *^ 26-02-2021 USD 251 Soubhagya Confectionery Private 25-05-2023 Limited INR INR - - - - - - - - 1.48 10.58 21.58 9.52 252 Stoke Park Limited * 22-04-2021 GBP 99.31 87.69 199.01 12.01 INR 1,049.91 927.02 2,103.84 126.91 - - - - - - - - 7.39 - - - - - 7.39 - 100.00% - - - 73.17% - - - - - 78.73 4.86 1.17 3.69 (0.13) 3.56 - 100.00% 42.20 446.12 0.02 0.24 - - 0.02 0.24 - - 0.02 0.24 - 100.00% - As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. ^ The Company is under Liquidation. (0.01) - 100.00% 240 RISE Worldwide Limited 28-12-2020 106.72 141.42 285.32 37.18 210.31 116.60 24.33 1.21 23.12 (0.32) 22.80 - 100.00% 306 Reliance Industries Limited Integrated Annual Report 2023-24 307 Annexure “A” (C in crore) Foreign Currencies in Million Name of Subsidiaries which are yet to commence operations Sr. No. Name The date since which Subsidiary was acquired Currency Equity Share Capital Other Equity $ Total Assets Total Liabilities Investments Total Income Profit Before Taxation Provision for Taxation Profit After Taxation Other Compre- hensive Income Total Compre- hensive Income Proposed Dividend % of Share- holding # 253 Strand Life Sciences Private 06-09-2021 INR 23.47 79.78 134.15 30.90 24.19 97.14 (4.84) (1.13) (3.71) (0.24) (3.95) - 90.86% Limited 254 Surajya Services Limited 09-05-2019 255 Surela Investment And Trading 07-05-2012 Limited 256 Tesseract Imaging Limited 07-05-2019 257 The Indian Film Combine Private 17-04-2018 Limited 258 Thodupuzha Retail Private Limited 31-05-2023 259 Tira Beauty Limited 260 Tresara Health Limited 261 Ulwe East Infra Limited 01-12-2021 18-08-2020 04-02-2019 262 Ulwe North Infra Limited 28-01-2019 263 Ulwe South Infra Limited 28-01-2019 264 Ulwe Waterfront East Infra Limited 29-01-2019 265 Ulwe Waterfront North Infra 29-01-2019 Limited INR INR INR INR INR INR INR INR INR INR INR INR Limited 267 Ulwe Waterfront West Infra Limited 30-01-2019 268 Ulwe West Infra Limited 04-02-2019 269 Urban Ladder Home Décor 13-11-2020 Solutions Limited 270 VasyERP Solutions Private Limited 10-08-2021 271 Vengara Retail Private Limited 31-05-2023 272 Vitalic Health Limited 273 V - Retail Limited (Formerly known as V - Retail Private Limited) 18-08-2020 21-10-2022 INR INR INR INR INR INR INR 0.04 0.05 54.24 59.20 4.92 - 3.70 26.94 23.19 7.30 0.32 5.21 (3.26) - (3.26) 4.47 (0.91) 5.38 0.01 16.70 117.12 100.41 - 0.13 (0.14) - (0.14) - - - (3.26) - 75.48% 5.38 - 100.00% (0.14) - 92.41% 6.90 1,995.01 3,279.32 1,277.41 20.96 199.81 (122.26) (45.54) (76.72) 0.04 (76.68) - 83.17% 0.01 0.03 4.12 0.05 0.05 0.05 0.05 0.05 (6.90) (0.04) 3.91 0.01 10.80 0.02 (46.66) 258.91 301.45 4.86 2.36 2.24 3.14 4.91 2.41 2.29 3.19 12.79 12.84 0.05 0.05 2.40 0.15 2.45 0.20 - - - - - - - - - - - 4.17 (2.52) - (0.02) - - (2.52) (0.02) 376.40 (0.53) 0.02 (0.55) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (2.52) (0.02) (0.55) - - - - - - - - - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - 100.00% - - - - - - - - 25.07 36.66 106.24 44.51 6.50 154.60 18.91 4.91 14.00 0.13 14.13 - 100.00% 0.63 0.01 16.73 14.00 15.05 21.97 (4.75) 2.33 6.29 7.07 - - 7.36 1.36 (9.81) (2.53) (7.28) (1.56) - (1.56) - - (7.28) (1.56) - 84.21% - 100.00% 19.28 46.75 10.74 41.65 29.93 (1.52) 0.85 (2.37) 0.09 (2.28) - 81.32% 32.80 318.03 271.23 - 332.55 9.49 2.98 6.51 1.19 7.70 - 85.00% 266 Ulwe Waterfront South Infra 15-01-2019 INR 0.05 18.25 18.30 As on 31.12.2023 1 USD=83.2125 I, 1 GBP=105.7175 I, 1 EUR=91.9450 I, 1 SGD=62.9975 I, 1 HKD=10.6525 I, 1 MYR=18.1100 I, 1 CNY=11.6725 I, 1 AUD=56.6175 I, 1 AED=22.6575 I, 100 LKR=25.5090 I, 1 THB=2.4200 I, 1 SEK=8.2875 I, 100 JPY=58.6350 I, 1 NOK=8.1775 I, 1 ZAR=4.4925 I As on 31.03.2024 1 USD=83.4050 I, 1 GBP=105.0325 I, 1 EUR=89.8775 I, 1 SGD=61.7350 I, 1 HKD=10.6600 I, 1 MYR=17.6225 I, 1 CNY=11.4825 I, 1 AUD=54.1125 I, 1 AED=22.7125 I, 100 LKR=27.5870 I, 1 THB=2.2850 I, 1 SEK=7.7850 I, 100 JPY=55.0700 I, 1 NOK=7.6850 I, 1 ZAR=4.3700 I # Representing aggregate % of voting power held by the Company and / or its subsidiaries. $ Includes Reserves and Surplus. * Company having 31st December as reporting date. The above statement also indicates performance and financial position of each of the subsidiaries. Sr. No. Name of the Company Sr. No. Name of the Company 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Dronagiri Bokadvira East Infra Limited Dronagiri Bokadvira North Infra Limited Dronagiri Bokadvira South Infra Limited Dronagiri Bokadvira West Infra Limited Dronagiri Dongri East Infra Limited Dronagiri Dongri North Infra Limited Dronagiri Dongri South Infra Limited Dronagiri Dongri West Infra Limited Dronagiri Funde East Infra Limited Dronagiri Funde North Infra Limited Dronagiri Funde South Infra Limited Dronagiri Funde West Infra Limited Dronagiri Navghar East Infra Limited Dronagiri Navghar North First Infra Limited Dronagiri Navghar North Infra Limited Dronagiri Navghar North Second Infra Limited Dronagiri Navghar South First Infra Limited Dronagiri Navghar South Infra Limited Dronagiri Navghar South Second Infra Limited Dronagiri Navghar West Infra Limited Dronagiri Pagote East Infra Limited Dronagiri Pagote North First Infra Limited Dronagiri Pagote North Infra Limited Dronagiri Pagote North Second Infra Limited Dronagiri Pagote South First Infra Limited Dronagiri Pagote South Infra Limited Dronagiri Pagote West Infra Limited Dronagiri Panje East Infra Limited Dronagiri Panje North Infra Limited Dronagiri Panje South Infra Limited Dronagiri Panje West Infra Limited Ethane Coral LLC Ethane Diamond LLC Ethane Jade LLC Foodhall Franchises Limited Future Lifestyles Franchisee Limited 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 Jio Limited Jio Space Technology Limited Kalamboli East Infra Limited Kalamboli North First Infra Limited Kalamboli North Infra Limited Kalamboli North Second Infra Limited Kalamboli North Third Infra Limited Kalamboli South First Infra Limited Kalamboli South Infra Limited Kalamboli West Infra Limited Kutch New Energy Projects Limited MYJD Private Limited NextGen Fast Fashion Limited Nilgiris Stores Limited Reliance Carbon Fibre Cylinder Limited Reliance Global Project Services UK Limited Reliance Hydrogen Electrolysis Limited Reliance Hydrogen Fuel Cell Limited Reliance New Energy Carbon Fibre Cylinder Limited Reliance New Energy Hydrogen Electrolysis Limited Reliance New Energy Hydrogen Fuel Cell Limited Reliance New Energy Power Electronics Limited Reliance New Energy Storage Limited Reliance New Power Electronics Limited Reliance SOU Limited Reliance UbiTek LLC Tira Beauty Limited Ulwe East Infra Limited Ulwe North Infra Limited Ulwe South Infra Limited Ulwe Waterfront East Infra Limited Ulwe Waterfront North Infra Limited Ulwe Waterfront South Infra Limited Ulwe Waterfront West Infra Limited Ulwe West Infra Limited 308 Reliance Industries Limited Integrated Annual Report 2023-24 309 Annexure “A” Name of the Subsidiaries which have ceased to be subsidiary / liquidated / sold / merged during the year- Part “B”: Associates and Joint Ventures Sr. No. Name of the Company 1 2 3 4 5 6 7 8 9 Intelligent Supply Chain Infrastructure Management Private Limited JD International Pte Ltd @ Reliance Eagleford Upstream Holding LP ^ Reliance Infratel Limited # Reliance Jio Media Limited * Reliance SMSL Limited # Saavn Holdings, LLC ** Saavn, LLC *** skyTran Israel Ltd. @@ @ Liquidated ^ Merged with Reliance Marcellus LLC. # Merged with Reliance Projects & Property Management Services Limited. * Ceased to be a subsidiary pursuant to the Scheme of Amalgamation of Reliance Jio Media Limited with Reliance Corporate IT Park Limited and their respective shareholders and creditors (the Scheme). The Appointed Date of the Scheme was opening business hours of 1st April, 2023. ** Merged with Saavn Media Limited. *** Merged with Saavn Holdings, LLC. @@ Liquidated, certificate of liquidation awaited. Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associates and Joint Ventures Latest Audited Balance Sheet Date The date on which the Associate or Joint Venture was associated or acquired Share of Associate / Joint Venture held by the Company on the year end No. Amount of Investment in Associate / Joint Venture (K in crore) Extent of Holding % * Net worth attributable to shareholding as per latest Audited Balance Sheet # (K in crore) Profit / Loss for the year Considered in consolidation (K in crore) Not Considered in Consolidation Description of how there is Significant Influence Reason why Associate / Joint Venture is not consolidated Sr. No. Name of Associate / Joint Venture Associates & Joint Ventures 1 2 3 4 5 6 7 8 9 Alok Industries Limited 31.03.2024 28.02.2020 1,98,65,33,333 268.81 40.01 (7,912.33) - BAM DLR Chennai Private Limited BAM DLR Data Center Services Private Limited BAM DLR Kolkata Private Limited BAM DLR Mumbai Private Limited BAM DLR Network Services Private Limited 31.03.2024 12.12.2023 1,52,58,850 209.85 33.33 176.89 (3.31) 31.03.2024 12.12.2023 24,70,000 9.16 33.33 5.21 0.96 31.03.2024 12.12.2023 2,05,000 0.34 33.33 0.16 0.02 31.03.2024 12.12.2023 12,02,86,182 133.64 33.33 121.41 (1.11) 31.03.2024 12.12.2023 19,84,000 1.98 33.33 0.95 1.03 BVM Overseas Limited ^ 31.03.2024 28.03.2023 45,00,000 - 70.00 $ - - Football Sports Development Limited ^ Gujarat Chemical Port Limited 31.03.2024 28.12.2020 14,85,711 232.45 65.00 $ 93.34 (9.32) 31.03.2023 01.04.2006 64,29,20,000 64.29 41.80 726.63 133.16 10 India Gas Solutions Private Limited 31.03.2024 26.08.2019 2,25,00,000 22.50 50.00 343.55 59.09 11 Indian Vaccines 31.03.2023 27.03.1989 62,63,125 0.61 33.33 2.04 0.52 Corporation Limited 12 Jio Space Technology 31.03.2024 02.05.2022 38,25,000 3.83 33.88 $ 1.75 - Limited ^ 13 Pipeline Management 31.03.2023 29.03.2019 5,00,000 0.50 50.00 9.71 2.07 Services Private Limited 14 Reliance Europe Limited 31.12.2023 10.06.1993 11,08,500 3.93 50.00 15 Reliance Industrial 31.03.2024 19.05.1994 68,60,064 16.30 45.43 76.19 214.14 3.16 6.05 Infrastructure Limited 16 Reliance Logistics and 31.03.2023 19.12.2022 5,53,98,112 235.07 55.15 $ 1.35 - Warehouse Holdings Limited @ 17 Sanmina-SCI India Private 31.03.2024 03.10.2022 9,81,37,159 1,763.03 50.10 1,303.93 142.36 Limited ^ 18 Sanmina-SCI Technology 31.03.2024 03.10.2022 8,57,38,719 - 50.10 $ - - India Private Limited ^ 19 Sintex Industries Limited ^ 31.03.2024 28.03.2023 6,00,00,00,000 600.00 70.00 1,771.18 (11.94) 20 Vadodara Enviro Channel 31.03.2023 01.04.2019 14,302 0.01 28.57 10.51 0.02 Limited 21 Balaji Telefilms Limited 31.03.2023 22.08.2017 2,52,00,000 93.49 24.82 280.03 22 Jamnagar Utilities & Power Private Limited 31.03.2023 07.05.2018 54,52,000 2.64 27.26 $ 0.55 - - * Representing aggregate % of voting power held by the Company. $ Including aggregate % of voting power held by the subsidiaries / joint ventures. # Includes other comprehensive income. ^ Joint Venture as per Accounting Standard. @ Associate as per Accounting Standard. - - - - - - - - - - - - - - - - - - - - - - Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A Note-A - - - - - - - - - - - - - - - - - - - - - - Note-B Note-C 310 Reliance Industries Limited Integrated Annual Report 2023-24 311 Annexure “A” Notes: A. B. C. There is significant influence due to percentage (%) of voting power. Accounted as per requirement of Ind AS 109- Financial Instruments. The Company holds 26% of Equity Shares with Voting Rights, with No Right to Dividend and No Right to Participate in the Surplus Assets of the Company. The above statement also indicates performance and financial position of each of the associates and joint ventures. Name of the Associate or Joint Venture which is yet to commence operations – Nil Name of the Associate or Joint Venture which have ceased to be Associate or Joint Venture / liquidated / sold / merged during the year – Nil As per our Report of even date For and on behalf of the Board For Deloitte Haskins & Sells LLP Chartered Accountants For Chaturvedi & Shah LLP Chartered Accountants Srikanth Venkatachari Chief Financial Officer M.D. Ambani DIN: 00001695 (Registration No. (Registration No. 117366W/W-100018) 101720W/W-100355) Abhijit A. Damle Partner Sandesh Ladha Partner Savithri Parekh Company Secretary Membership No. 102912 Membership No. 047841 Date: April 22, 2024 N.R. Meswani DIN: 00001620 P.M.S. Prasad DIN: 00012144 H.R. Meswani DIN: 00001623 Akash M. Ambani DIN: 06984194 Isha M. Ambani DIN: 06984175 Anant M. Ambani DIN: 07945702 Raminder Singh Gujral DIN: 07175393 Chairman and Managing Director Executive Directors Dr. Shumeet Banerji DIN: 02787784 Arundhati Bhattacharya DIN: 02011213 Non-Executive Directors K.V. Chowdary DIN: 08485334 Haigreve Khaitan DIN: 00005290 K.V. Kamath DIN: 00043501 312 Reliance Industries Limited Bankers Bank of America N.A. Bank of Baroda Bank of India Canara Bank Central Bank of India Citibank Credit Agricole Corporate and Investment Bank Deutsche Bank The Hong Kong and Shanghai Banking Corporation Limited HDFC Bank Limited ICICI Bank Limited IDBI Bank Limited Indian Bank Punjab National Bank Standard Chartered Bank State Bank of India Union Bank of India Registrar & Transfer Agent KFin Technologies Limited Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad – 500 032 Toll Free No.: 1800 309 401 (From 9:00 a.m. to 6:00 p.m.) e-mail: rilinvestor@kfintech.com Website: www.kfintech.com Company Information Board of Directors Chairman and Managing Director Mukesh D. Ambani Non-Executive Directors Raminder Singh Gujral Dr. Shumeet Banerji Arundhati Bhattacharya His Excellency Yasir Othman H. Al-Rumayyan K. V. Chowdary K. V. Kamath Haigreve Khaitan Isha M. Ambani Akash M. Ambani Anant M. Ambani Executive Directors Nikhil R. Meswani Hital R. Meswani P. M. S. Prasad Chief Financial Officer Srikanth Venkatachari Company Secretary and Compliance Officer Savithri Parekh Auditors Deloitte Haskins & Sells LLP, Chartered Accountants Chaturvedi & Shah LLP, Chartered Accountants Registered office 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400 021 Tel: +91 22 3555 5000 Fax: +91 22 2204 2268 e-mail: investor.relations@ril.com Website: www.ril.com Committees Audit Committee Raminder Singh Gujral (Chairman) K. V. Chowdary Haigreve Khaitan Stakeholders' Relationship Committee K. V. Chowdary (Chairman) Nikhil R. Meswani Hital R. Meswani Arundhati Bhattacharya Risk Management Committee Raminder Singh Gujral (Chairman) Dr. Shumeet Banerji K. V. Chowdary Hital R. Meswani P. M. S. Prasad Srikanth Venkatachari Finance Committee Mukesh D. Ambani (Chairman) Nikhil R. Meswani Hital R. Meswani Human Resources, Nomination and Remuneration Committee Dr. Shumeet Banerji (Chairman) Raminder Singh Gujral K. V. Chowdary Corporate Social Responsibility and Governance Committee Dr. Shumeet Banerji (Chairman) K. V. Chowdary Nikhil R. Meswani Environmental, Social and Governance Committee Hital R. Meswani (Chairman) Arundhati Bhattacharya P. M. S. Prasad . s k r o w p u r r i t s @ p u s t a h w | i t a n g s e D d n a y c n a t l u s n o C Follow us at /RelianceIndustriesLimited /relianceupdates /RIL_Updates /company/reliance /@RelianceUpdates(cid:8) rd