Key takeaways from Reliance Industries’ annual general meeting

On August 28, Reliance Industries conducted its annual general meeting (AGM) where the company’s chairman, Mukesh Ambani went into detail about Reliance Jio’s performance this year. He mentioned that the company has posted an “all-time high revenue of ₹1,19,791 crore and an EBITDA [earnings before interest, taxes, depreciation and amortization] of ₹ 50,286 crore.” He added that the company has also experienced a rise in data usage, with its customers consuming 1100 crore GB of data on a monthly basis. Ambani mentioned that the company is providing 5G services to 96% of census towns in India and has 50 million customers. 

During the AGM, Ambani also said that JioPlatforms will work towards developing “India-specific AI models” and AI-powered solutions across domains. 

Launch of JioAirFiber: As discussed in Reliance’s earnings call for the first quarter of 2023 (April 2023-June 2023) the company plans to launch a fixed wireless broadband offering Jio AirFiber. Ambani said that the service would be in operation starting September 19 and would help provide internet services to 150,000 connections per day. 

Launch of JioSmartHome services: “ Imagine a seamlessly connected home where multiple devices and digital services work harmoniously. Jio Smart Home makes this possible,” Kiran Thomas, the President of Reliance Jio Infocomm Limited said. Thomas and Akash Ambani (Head of Reliance Jio) explained that the JioSmartHome is an ecosystem created by the combination of Jio Fiber service, Jio Home smartphone app, Jio set top box, JioCinema, and so on.

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Developments on the 5G front: Reliance also announced that it is launching a Jio True5G platform which will provide enterprises, “the control and options to activate network slices on demand, deploy applications on Jio’s multi-access Edge-compute locations, and access a diverse ecosystem of partner applications,” Akash Ambani mentioned. Reliance also announced that it will be launching a Jio True5G Lab where its technology partners and enterprise customers will be able to develop industry-specific solutions. 

 JioMart sees success on WhatsApp: Isha Ambani, who heads Reliance Retail, mentioned that since its launch on WhatsApp in 2022, JioMart’s customer base has grown nine-fold.