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Reliance Industries AGM This Month

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Reliance Industries AGM This Month
08 Aug 2022
6 min read


News Synopsis

Mukesh Ambani's Reliance Industries Limited (RIL) has announced that it will hold the 45th Annual General meetings (AGM) in the end of August on 29th. The AGM will be held via video conferencing as well as other audio-visual means. The company has also fixed August 22, which falls on a Monday, as the “cut-off date” for the purpose of determining the members eligible to vote on the resolutions that are set out in the notice of the AGM.

However, Reliance Industries has fixed August 19  to be "the "Record Date" for the purpose of determining which members qualified to receive dividends for the fiscal year 2021-22.“The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM, the company stated.

Reliance Industries reported a 46 percent increase in its net profit of Rs 17,955 crore during the quarter that was completed in June 2022 on the back of strong profits from refining and telecom businesses. The company had posted a net profit of Rs12,273 crore during the previous quarter. Its total profit from operations was Rs 223,113 crore, an increase of 55% from the Rs144,372 crore the previous year period. Reliance also attributed with the EU ban on Russian oil, a rise in gas-to-oil switching as well as a strong demand for travel and lower inventories of products for its impressive performance.

"This together with the resurgence of consumer demand has resulted into the tighter market for fuel, which has increased margins on products. In spite of the significant challenges that are posed by the tight market for crude and the rising energy and freight expenses, O2C business has delivered its highest-ever performance," Mukesh Ambani, chairman and Director of Reliance Industries Limited (RIL) has said.

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