RIL IR2023 Standalone

Corporate Overview Management Review Governance Financial Statements
INDEPENDENT AUDITOR’S REPORT Standalone
To The Members of Reliance Industries Limited Basis for Opinion Sr.

Key Audit Matter Auditor’s Response
No.
Report on the Audit of the Standalone We conducted our audit of the Standalone Financial
2. Litigation matters
Financial Statements Statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the The Company has certain significant ongoing legal Our audit procedures included and were not limited to the
proceedings for various complex matters with the following:
Opinion Act. Our responsibilities under those Standards are
Government of India and other parties, continuing from
further described in the Auditor’s Responsibility for the • Tested the design, implementation and operating effectiveness
We have audited the accompanying Standalone Financial earlier years, which are as under:
Audit of the Standalone Financial Statements section of the controls established by the Company in the process of
Statements of RELIANCE INDUSTRIES LIMITED (“the 1. Matters in relation to Oil and Gas:
of our report. We are independent of the Company in evaluation of litigation matters.
Company”) which includes its joint operations, which
accordance with the Code of Ethics issued by the Institute (a) Disallowance of certain costs under the production • Assessed the management’s position through discussions
comprise the Balance Sheet as at 31st March, 2023, sharing contract, relating to Block KG-DWN-98/3
of Chartered Accountants of India (ICAI) together with with the in-house legal expert and external legal opinions
and the Statement of Profit and Loss (including Other and consequent deposit of differential revenue on obtained by the Company (where considered necessary) on
the ethical requirements that are relevant to our audit of
Comprehensive Income), the Statement of Cash Flow gas sales from D1D3 field to the gas pool account both, the probability of success in the aforesaid cases, and the
the Standalone Financial Statements under the provisions maintained by Gail (India) Limited.
and the Statement of Changes in Equity for the year then magnitude of any potential loss.
of the Act and the Rules made thereunder, and we have
ended, and notes to the Standalone Financial Statements (b) Claim against the Company in respect of gas said to • Discussed with the management on the developments in
fulfilled our other ethical responsibilities in accordance have migrated from neighbouring blocks (KGD6).
including a summary of significant accounting policies and respect of these litigations during the year ended 31st March
with these requirements and the ICAI’s Code of Ethics. We (c) Claims relating to limits of cost recovery, profit
other explanatory information. 2023 till the date of approval of the financial statements.
believe that the audit evidence obtained by us is sufficient sharing and audit and accounting provisions of the
• Rolled out of enquiry letters to the Company’s legal counsel
In our opinion and to the best of our information and and appropriate to provide a basis for our audit opinion on public sector corporations etc., arising under two
and assessed the responses received.
according to the explanations given to us, the aforesaid the Standalone Financial Statements. production sharing contracts entered into in 1994.
• Assessed the objectivity and competence of the Company’s
Standalone Financial Statements give the information (d) Suit for specific performance of a contract for supply
legal counsel involved in the process.
of natural gas before the Hon’ble Bombay High Court.
required by the Companies Act, 2013 (“the Act”) in Key Audit Matters • Reviewed the disclosures made by the Company in the
the manner so required and give a true and fair view Refer Notes 36.3, and 36.4 to the Standalone Financial
Key audit matters are those matters that, in our Statements. financial statements.
in conformity with the Indian Accounting Standards
professional judgment, were of most significance in our • Obtained Management representation letter on the
prescribed under section 133 of the Act read with the 2. Matter relating to trading in shares of Reliance
audit of the Standalone Financial Statements of the current Petroleum Limited (‘RPL’): assessment of these matters.
Companies (Indian Accounting Standards) Rules, 2015,
period. These matters were addressed in the context of our Securities Appellate Tribunal judgement dated November
as amended, (”Ind AS”) and other accounting principles
audit of the Standalone Financial Statements as a whole, 5, 2020, dismissing the Company’s appeal made in
generally accepted in India, of the state of affairs of the
and in forming our opinion thereon, and we do not provide relation to Order passed by the Securities and Exchange
Company as at 31st March, 2023, and its profit, total
a separate opinion on these matters. We have determined Board of India (‘SEBI’) under Section 11B of the SEBI
comprehensive income, its cash flows and the changes in Act, 1992 in connection with trades by the Company in
the matters described below to be the key audit matters to
equity for the year ended on that date. the stock exchanges in 2007 in the shares of Reliance
be communicated in our report.
Petroleum Limited, then subsidiary of the Company.
Sr. Refer Note 37.(IV) to the Standalone Financial Statements.
No.
ue to complexity involved in these litigation matters,
D
1. Estimates of Oil and Gas Reserves management’s judgement regarding recognition,
measurement and disclosure of provisions for these legal
Significant judgment and estimates are involved in Our audit procedures included and were not limited to the
proceedings is inherently uncertain and might change over
estimating oil and gas reserves which require consideration of following: time as the outcomes of the legal cases are determined.
factors such as the availability of geological and engineering
data, reservoir performance data, acquisition and divestment • Performed walk-through of the estimation process Accordingly, it has been considered as a key audit matter.
activity, drilling of new wells and commodity prices. The associated with the oil and gas reserves. Tested the design,
3. Fair Valuation of Investments
quantum of oil and gas reserves have a direct impact on implementation and operating effectiveness of the controls
determination of depletion charge for the Company’s oil and established by the Company in the process of estimation of oil As at 31st March, 2023, the Company has investments of Our audit procedures included and were not limited to the following:
gas assets and on the assessment of the recoverability of the and gas reserves. C 78,093 crore in Equity and Preference Shares of Jio Digital • Tested the design, implementation and operating effectiveness
carrying values of development rights. • Assessed the objectivity and competence of the Company’s Fibre Private Limited (‘JDFPL’) which are measured at fair of the controls established by the Company in the process of
internal specialists involved in estimating oil and gas reserves. value as per Ind AS 109 read with Ind AS 113. determination of fair value of the investments.
Accordingly, the estimation of oil and gas reserves has been
considered as a key audit matter in view of the significant • Performed substantive testing of the depletion computation. These investments are Level 3 investments as per the fair • Reviewed the fair valuation reports provided by the
judgements and estimates involved. Involved internal specialists to assess the reasonableness of value hierarchy in Ind AS 113 and accordingly determination management by involvement of internal valuation specialists.
valuation assumptions and appropriateness of the valuation of fair value is based on a high degree of judgement and • Assessed the assumptions around the cash flow forecasts
Refer Notes B.2 (d) and Note C (A) to the Standalone input from data that is not directly observable in the market.
Financial Statements. methodology used in assessing the recoverability of the including discount rates, expected growth rates and its
carrying value of exploration and evaluation assets included in Further, the fair value is significantly influenced by the effect on business and terminal growth rates used and the
intangible assets under development. expected pattern of future benefits of the tangible assets of valuation methodology inter-alia through involvement of the
JDFPL (fibre assets). internal specialists.
• Reviewed the disclosures made by the Company in the
Standalone Financial Statements for compliance with the Accordingly, it has been considered as a key audit matter. • Discussed potential changes in key drivers as compared
applicable authoritative pronouncements. Refer Notes 2 and 39A to the Standalone Financial to previous year / actual performance with management
Statements. 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
financial statements.
• Obtained Management Representation Letter as regards to fair
valuation of these investments
308 Reliance Industries Limited Integrated Annual Report 2022-23 309

Standalone
INDEPENDENT AUDITOR’S REPORT
Sr. in accordance with SAs will always detect a material We consider quantitative materiality and qualitative
No. misstatement when it exists. Misstatements can arise from factors (i) in planning the scope of our audit work and in
4. Information Technology (IT) systems and controls over fraud or error and are considered material if, individually evaluating the results of our work; and (ii) to evaluate the
financial reporting or in the aggregate, they could reasonably be expected to effect of any identified misstatements in the Standalone
We identified IT systems and controls over financial reporting Our procedures included and were not limited to the following: influence the economic decisions of users taken on the Financial Statements.
as a key audit matter for the Company because its financial basis of these Standalone Financial Statements.
• Assessed the complexity of the IT environment by engaging We communicate with those charged with governance
accounting and reporting systems are fundamentally
IT specialists and through discussion with the head of IT and As part of an audit in accordance with SAs, we exercise regarding, among other matters, the planned scope and
reliant on IT systems and IT controls to process significant
transaction volumes, specifically with respect to revenue and internal audit at the Company and identified IT applications professional judgment and maintain professional timing of the audit and significant audit findings, including
raw material consumption. Also, due to such large transaction that are relevant to our audit. skepticism throughout the audit. We also: any significant deficiencies in internal control that we
volumes and the increasing challenge to protect the integrity • Tested the design, implementation and operating effectiveness identify during our audit.
of the Company’s systems and data, cyber security has of IT general controls over program development and changes, • Identify and assess the risks of material misstatement
We also provide those charged with governance with
become more significant. Automated accounting procedures access to program and data and IT operations by engaging of the Standalone Financial Statements, whether due
and IT environment controls, which include IT governance, IT specialists. a statement that we have complied with relevant
to fraud or error, design and perform audit procedures
IT general controls over program development and changes, • Performed inquiry procedures with the head of cybersecurity at ethical requirements regarding independence, and to
responsive to those risks, and obtain audit evidence
access to program and data and IT operations, IT application the Company in respect of the overall security architecture and communicate with them all relationships and other
controls and interfaces between IT applications, are required that is sufficient and appropriate to provide a basis
any key threats addressed by the Company in the current year. matters that may reasonably be thought to bear on our
to be designed and to operate effectively to ensure accurate for our opinion. The risk of not detecting a material
• Tested the design, implementation and operating effectiveness independence, and where applicable, related safeguards.
financial reporting. misstatement resulting from fraud is higher than for
of IT application controls in the key processes impacting
financial reporting of the Company by engaging IT specialists.
one resulting from error, as fraud may involve collusion, From the matters communicated with those charged with
forgery, intentional omissions, misrepresentations, or the governance, we determine those matters that were of
• Tested the design, implementation and operating effectiveness
of controls relating to data transmission through the different
override of internal control. most significance in the audit of the Standalone Financial
Statements of the current year and are therefore the key
IT systems to the financial reporting systems by engaging
IT specialists.
• Obtain an understanding of internal financial control
audit matters. We describe these matters in our auditor’s
relevant to the audit in order to design audit procedures
report unless law or regulation precludes public disclosure
that are appropriate in the circumstances. Under section
about the matter or when, in extremely rare circumstances,
Information Other than the Financial in accordance with the Ind AS and other accounting 143(3)(i) of the Act, we are also responsible for expressing
we determine that a matter should not be communicated
principles generally accepted in India. This responsibility
Statements and Auditor’s Report Thereon also includes maintenance of adequate accounting
our opinion on whether the Company has adequate
in our report because the adverse consequences of doing
internal financial controls with reference to Standalone
• The Company’s Board of Directors is responsible for the records in accordance with the provisions of the Act for Financial Statements in place and the operating
so would reasonably be expected to outweigh the public
other information. The other information comprises the safeguarding the assets of the Company and for preventing interest benefits of such communication.
effectiveness of such controls.
information included in the Annual Report, but does and detecting frauds and other irregularities; selection
not include the Consolidated Financial Statements, and application of appropriate accounting policies; • Evaluate the appropriateness of accounting policies used Other Matter
Standalone Financial Statements and our auditor’s making judgments and estimates that are reasonable and and the reasonableness of accounting estimates and
The Standalone Financial Statements of the Company for
report thereon. prudent; and design, implementation and maintenance of related disclosures made by the management.
the year ended 31st March, 2022, prepared in accordance
• Our opinion on the Standalone Financial Statements adequate internal financial controls, that were operating • Conclude on the appropriateness of management’s use with Ind AS have been audited by the predecessor auditors.
does not cover the other information and we do not effectively for ensuring the accuracy and completeness of the going concern basis of accounting and, based The report of the predecessor auditors dated 6th May, 2022,
express any form of assurance conclusion thereon. of the accounting records, relevant to the preparation on the audit evidence obtained, whether a material expressed an unmodified opinion.
and presentation of the Standalone Financial Statements uncertainty exists related to events or conditions that
• In connection with our audit of the Standalone Financial that give a true and fair view and are free from material
Statements, our responsibility is to read the other misstatement, whether due to fraud or error.
may cast significant doubt on the Company’s ability Report on Other Legal and Regulatory
to continue as a going concern. If we conclude that
information and, in doing so, consider whether the
a material uncertainty exists, we are required to draw
Requirements
other information is materially inconsistent with the In preparing the Standalone Financial Statements,
attention in our auditor’s report to the related disclosures 1. s required by Section 143(3) of the Act, based on our
A
Standalone Financial Statements, or our knowledge management is responsible for assessing the Company’s
in the Standalone Financial Statements or, if such audit, we report that:
obtained during the course of our audit or otherwise ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using disclosures are inadequate, to modify our opinion. Our a) We have sought and obtained all the information
appears to be materially misstated.
the going concern basis of accounting unless the Board conclusions are based on the audit evidence obtained and explanations which to the best of our
• If, based on the work we have performed, we conclude of Directors either intends to liquidate the Company or to up to the date of our auditor’s report. However, future knowledge and belief were necessary for the
that there is a material misstatement of this other cease operations, or has no realistic alternative but to do so. events or conditions may cause the Company to cease purposes of our audit.
information, we are required to report that fact. We have to continue as a going concern.
nothing to report in this regard. The Company’s Board of Directors are also responsible for b) In our opinion, proper books of account as
overseeing the Company’s financial reporting process. • Evaluate the overall presentation, structure and content required by law have been kept by the Company
of the Standalone Financial Statements, including the so far as it appears from our examination of
Responsibilities of Management and disclosures, and whether the Standalone Financial
Those Charged with Governance for the Auditor’s Responsibility for the Audit of Statements represent the underlying transactions and
those books.
Standalone Financial Statements the Standalone Financial Statements events in a manner that achieves fair presentation. c) The Balance Sheet, the Statement of Profit and
Our objectives are to obtain reasonable assurance about Loss including Other Comprehensive Income,
The Company’s Board of Directors is responsible for the the Statement of Cash Flow and Statement of
whether the Standalone Financial Statements as a whole Materiality is the magnitude of misstatements in the
matters stated in section 134(5) of the Act with respect to Changes in Equity dealt with by this Report are in
are free from material misstatement, whether due to fraud Standalone Financial Statements that, individually or
the preparation of these Standalone Financial Statements agreement with the books of account.
or error, and to issue an auditor’s report that includes in aggregate, makes it probable that the economic
that give a true and fair view of the financial position,
our opinion. Reasonable assurance is a high level of decisions of a reasonably knowledgeable user of the
financial performance including other comprehensive
assurance, but is not a guarantee that an audit conducted Standalone Financial Statements may be influenced.
income, cash flows and changes in equity of the Company

Standalone
d) In our opinion, the aforesaid Standalone Financial iv. (a) The Management has represented dividend for the year which is subject to the to the Company w.e.f. 1st April, 2023, and
Statements comply with the Ind AS specified that, to the best of its knowledge and approval of the members at the ensuing accordingly, reporting under Rule 11(g) of
under section 133 of the Act. belief, no funds have been advanced Annual General Meeting. The dividend Companies (Audit and Auditors) Rules, 2014
or loaned or invested (either from proposed is in accordance with section 123 is not applicable for the financial year ended
e) On the basis of the written representations
borrowed funds or share premium or of the Act. 31st March, 2023.
received from the directors as on 31st March, 2023
any other sources or kind of funds)
taken on record by the Board of Directors, none vi. Proviso to Rule 3(1) of the Companies 2. As required by the Companies (Auditor’s Report)
by the Company to or in any other
of the directors is disqualified as on 31st March, (Accounts) Rules, 2014 for maintaining Order, 2020 (“the Order”) issued by the Central
person(s) or entity(ies), including
2023 from being appointed as a director in terms books of account using accounting Government in terms of section 143(11) of the Act,
foreign entities (“Intermediaries”),
of section 164(2) of the Act. software which has a feature of recording we give in “Annexure B” a statement on the matters
with the understanding, whether
audit trail (edit log) facility is applicable specified in paragraphs 3 and 4 of the Order.
f) With respect to the adequacy of the internal recorded in writing or otherwise,
financial controls with reference to Standalone that the Intermediary shall, directly
Financial Statements of the Company and the or indirectly lend or invest in other For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP
operating effectiveness of such controls, refer persons or entities identified in any Chartered Accountants Chartered Accountants
to our separate Report in “Annexure A”. Our manner whatsoever by or on behalf of Firm’s Registration No. 117366W/W-100018 Firm’s Registration No. 101720W/W-100355
report expresses an unmodified opinion on the Company (“Ultimate Beneficiaries”)
the adequacy and operating effectiveness of or provide any guarantee, security Abhijit A. Damle Sandesh Ladha
the Company’s internal financial controls with or the like on behalf of the Partner Partner
reference to Standalone Financial Statement. Ultimate Beneficiaries. Membership No.102912 Membership No. 047841
UDIN: 23102912BGXWAX6993 UDIN: 23047841BGVNMN5908
g) With respect to the other matters to be included (b) The Management has represented,
Place: Mumbai Place: Mumbai
in the Auditor’s Report in accordance with the that, to the best of its knowledge and Date: July 21, 2023 Date: July 21, 2023
requirements of section 197(16) of the Act, as belief, no funds have been received
amended, in our opinion and to the best of our by the Company from any person(s)
information and according to the explanations or entity(ies), including foreign
given to us, the remuneration paid by the entities (“Funding Parties”), with the
Company to its directors during the year is in understanding, whether recorded in
accordance with the provisions of section 197 writing or otherwise, that the Company
read with Schedule V of the Act. shall, whether, directly or indirectly, lend
or invest in other persons or entities
h) With respect to the other matters to be included
identified in any manner whatsoever
in the Auditor’s Report in accordance with Rule
by or on behalf of the Funding Party
11 of the Companies (Audit and Auditors) Rules,
(“Ultimate Beneficiaries”) or provide any
2014, as amended in our opinion and to the
guarantee, security or the like on behalf
best of our information and according to the
of the Ultimate Beneficiaries.
explanations given to us:
(c) Based on the audit procedures
i. The Company has disclosed the impact of
performed that have been considered
pending litigations on its financial position
reasonable and appropriate in the
in its Standalone Financial Statements
circumstances, nothing has come
– Refer Note 37 to the Standalone
to our notice that has caused us
Financial Statements.
to believe that the representations
ii. The Company has made provision, under sub-clause (i) and (ii) of Rule
as required under the applicable law 11(e) of the Companies (Audit and
or accounting standards, for material Auditors) Rules, 2014, as provided
foreseeable losses, if any, on long-term under (a) and (b) above, contain any
contracts including derivative contracts. material misstatement.
iii. There has been no delay in transferring v. The final dividend proposed in the previous
amounts, required to be transferred, to the year, declared and paid by the Company
Investor Education and Protection Fund by during the year is in accordance with section
the Company except for an amount of 123 of the Act.
C 2 crore which are held in abeyance due to
As stated in Note 46 to the Standalone
pending legal cases.
Financial Statements, the Board of Directors
of the Company have proposed final

Standalone
“Annexure A” Inherent Limitations of Internal Financial Opinion

To The Independent Auditor’s Report Controls With reference to Standalone In our opinion, to the best of our information and according
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) Financial Statements to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls
Because of the inherent limitations of internal financial
with reference to Standalone Financial Statements and
controls with reference to Standalone Financial Statements,
such internal financial controls with reference to Standalone
Report on the Internal Financial about whether adequate internal financial controls including the possibility of collusion or improper
Financial Statements were operating effectively as at 31st
with reference to Standalone Financial Statements was management override of controls, material misstatements
Controls with reference to Standalone due to error or fraud may occur and not be detected.
March, 2023, based on the criteria for internal financial
established and maintained and if such controls operated
Financial Statements under Clause (i) effectively in all material respects. Also, projections of any evaluation of the internal financial
control with reference to Standalone Financial Statements
established by the Company considering the essential
of sub‑section 3 of section 143 of the controls with reference to Standalone Financial Statements
components of internal control stated in the Guidance
Our audit involves performing procedures to obtain audit
Companies Act, 2013 (“the Act”) evidence about the adequacy of the internal financial
to future periods are subject to the risk that the internal
Note on Audit of Internal Financial Controls Over Financial
financial control with reference to Standalone Financial
We have audited the internal financial controls with controls with reference to Standalone Financial Statements Reporting issued by the Institute of Chartered Accountants
Statements may become inadequate because of changes
reference to Standalone Ind AS Financial Statements and their operating effectiveness. Our audit of internal of India.
in conditions, or that the degree of compliance with the
of RELIANCE INDUSTRIES LIMITED (“the Company”) financial controls with reference to Standalone Financial policies or procedures may deteriorate.
which includes its joint operations as of 31st March, 2023 Statements included obtaining an understanding of internal
in conjunction with our audit of the Standalone Financial financial controls with reference to Standalone Financial For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP
Statements of the Company for the year ended on Statements, assessing the risk that a material weakness Chartered Accountants Chartered Accountants
that date. exists, and testing and evaluating the design and operating Firm’s Registration No. 117366W/W-100018 Firm’s Registration No. 101720W/W-100355
effectiveness of internal control based on the assessed
Abhijit A. Damle Sandesh Ladha
Management’s Responsibility for Internal risk. The procedures selected depend on the auditor’s
Partner Partner
Financial Controls judgement, including the assessment of the risks of
Membership No.102912 Membership No. 047841
material misstatement of the financial statements, whether UDIN: 23102912BGXWAX6993 UDIN: 23047841BGVNMN5908
The Company’s management is responsible for due to fraud or error.
establishing and maintaining internal financial controls Place: Mumbai Place: Mumbai
based on the internal control with reference to Standalone We believe that the audit evidence we have obtained is Date: July 21, 2023 Date: July 21, 2023
Financial Statements criteria established by the Company sufficient and appropriate to provide a basis for our audit
considering the essential components of internal control opinion on the Company’s internal financial controls with
stated in the Guidance Note on Audit of Internal Financial reference to Standalone Financial Statements.
Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India. These responsibilities Meaning of Internal Financial Controls
include the design, implementation and maintenance of With reference to Standalone Financial
adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of Statements
its business, including adherence to company’s policies, the A company’s internal financial control with reference to
safeguarding of its assets, the prevention and detection of Standalone Financial Statements is a process designed
frauds and errors, the accuracy and completeness of the to provide reasonable assurance regarding the reliability
accounting records, and the timely preparation of reliable of financial reporting and the preparation of financial
financial information, as required under the Act. statements for external purposes in accordance with
generally accepted accounting principles. A company’s
Auditor’s Responsibility internal financial control with reference to Standalone
Financial Statements includes those policies and
Our responsibility is to express an opinion on the procedures that (1) pertain to the maintenance of records
Company’s internal financial controls with reference to that, in reasonable detail, accurately and fairly reflect the
Standalone Financial Statements of the Company based transactions and dispositions of the assets of the company;
on our audit. We conducted our audit in accordance with (2) provide reasonable assurance that transactions are
the Guidance Note on Audit of Internal Financial Controls recorded as necessary to permit preparation of financial
Over Financial Reporting (the “Guidance Note”) issued by statements in accordance with generally accepted
the Institute of Chartered Accountants of India and the accounting principles, and that receipts and expenditures
Standards on Auditing prescribed under -section 143(10) of the company are being made only in accordance
of the Act, to the extent applicable to an audit of internal with authorisations of management and directors of the
financial controls with reference to Standalone Financial company; and (3) provide reasonable assurance regarding
Statements. Those Standards and the Guidance Note prevention or timely detection of unauthorised acquisition,
require that we comply with ethical requirements and plan use, or disposition of the company’s assets that could have
and perform the audit to obtain reasonable assurance a material effect on the financial statements.

Standalone
“Annexure B” d) According to information and explanations (vi) We have broadly reviewed the books of account
given to us and based on the audit procedures maintained by the Company pursuant to the
To the Independent Auditors’ Report of even date on the Standalone Financial Statements of Reliance Industries Limited
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) performed, in respect of loans granted by the Companies (Cost Records and Audit) Rules, 2014,
Company, there is no overdue amount remaining as amended, prescribed by the Central Government
In terms of the information and explanations sought by us and explanations given to us, the coverage outstanding as at the balance sheet date. for the maintenance of cost records under section
and given by the Company and the books of account and and the procedure of such verification by the 148(1) of the Companies Act, 2013, related to the
records examined by us in the normal course of audit and Management is appropriate having regard to size e) No loans granted by the Company which had
manufacturing activities and are of the opinion that,
to the best of our knowledge and belief, we state that: of the Company and the nature of its operations. fallen due during the year, that have been
prima facie, the prescribed cost records have been
In respect of goods in transit, the said goods have renewed or extended or fresh loans granted to
(i) a) (A) The Company has maintained proper made and maintained by the Company.
been received subsequent to the year-end. No settle the overdue of existing loans given to the
records showing full particulars, including same parties. (vii) (a) In respect of statutory dues:
discrepancies of 10% or more in the aggregate for
quantitative details and situation of Property,
each class of inventories were noticed on such f) According to information and explanations Undisputed statutory dues, including goods and
Plant and Equipment.
physical verification when compared with books given to us and based on the audit procedures services tax, provident fund, employees’ state
(B) The Company has maintained proper of account. performed, the Company has not granted any insurance, income tax, sales tax, service tax, duty
records showing full particulars of loans either repayable on demand or without of customs, duty of excise, value added tax, cess
b) According to the information and explanations
Intangible assets. specifying any terms or period of repayment and other material statutory dues applicable
given to us, the Company has been sanctioned
b) The Company has a program of verification of working capital limits in excess of C 5 crore, in during the year. Hence, reporting under clause to the Company have generally been regularly
Property, Plant and Equipment so as to cover aggregate, at points of time during the year, from 3(iii)(f) of the Order is not applicable. deposited by it with the appropriate authority.
all the items once in every three years which, banks on the basis of security of current assets. (iv) The Company has not granted loans or provided any There were no undisputed amounts payable
in our opinion, is reasonable having regard to In our opinion and according to information and guarantees or securities to parties covered under in respect of goods and services tax, provident
the size of the Company and the nature of its explanations given to us, and as disclosed in Note section 185 of the Act. The Company has complied fund, employees’ state insurance, income tax,
assets. Pursuant to the program, certain items 21.4 of the Standalone Financial Statements, with the provisions of section 186 of the Companies sales tax, service tax, duty of customs, duty of
of Property, Plant and Equipment were due for the quarterly returns or statements filed by the Act, 2013 in respect of loans granted, investments excise, value added tax, cess and other material
verification during the year and were physically Company with such banks are in agreement with made and guarantees and securities provided, statutory dues in arrears as at 31st March, 2023 for
verified by the Management during the year. the books of account of the Company of the as applicable. a period of more than six months from the date
According to the information and explanations respective quarters. they became payable.
given to us, no material discrepancies were (v) The Company has neither accepted deposits from the
(iii) The Company has made investments in, provided public nor accepted any amount which are deemed (b) Details of statutory dues referred to in sub-clause
noticed on such verification.
guarantee or security and granted loans or advances to be deposits within the meaning of sections 73 (a) above which have not been deposited as on
c) With respect to immovable properties (other than in the nature of loans, secured or unsecured, to to 76 of the Act and the Rules made thereunder. 31st March, 2023 on account of any dispute are
properties where the Company is the lessee and companies, firms, Limited Liability Partnerships or any Hence, reporting under clause 3(v) of the Order is given below:
the lease agreements are duly executed in favour other parties during the year, in respect of which: not applicable.
of the Company) disclosed in the Standalone
a) The Company has provided loans and guarantee Amount Period to which the amount
Financial Statements included in Property, Plant Name of the statute Nature of the dues Forum where the dispute is pending
(in respect of loans) during the year and details of (K in crore) relates
and Equipment, according to information and
which are given below: Central Excise Act, 1944 Excise Duty and -* FY 1990-91 to FY 1996-97 Commissioner of Central Excise (Appeals)
explanations given to us and based on verification
of the registered sale deed/ Transfer deed/ (C in crore) Service Tax
89 FY 1991-92 to FY 2017-18 The Customs, Excise and Service Tax
Conveyance deed provided to us, we report that, Loans Guarantees Appellate Tribunal
the title deeds of such immovable properties are Aggregate amount granted/ Central Sales Tax Act, 1956 Sales Tax/ VAT/Octroi 26 FY 2000-01 to FY 2017-18 Joint Commissioner / Commissioner
held in the name of the Company as at balance provided during the year and Sales Tax Act of various and Entry Tax (Appeals) of Sales Tax
sheet date, except for leasehold land as disclosed - Subsidiaries 70,297 - States
- Joint Ventures - 1,900 34 FY 1999-00 to FY 2019-20 Sales Tax Appellate Tribunal
in Note 1.7 to the Standalone Financial Statements
in respect of which the allotment letters are Balance outstanding as at 97 FY 2004-05 to FY 2013-14 High Court
received and supplementary agreements entered; balance sheet date Customs Act, 1962 Customs Duty 20 FY 2017-18 The Customs, Excise and Service Tax
however, lease deeds are pending execution. - Subsidiaries 23,043 2,966 Appellate Tribunal
- Joint Ventures - 1,900
d) The Company has not revalued any of its Goods and Services Tax Act, Goods and Services 1 FY 2017-18 to 2021-22 Commissioner (Appeals)
The Company has not provided advances in the 2017 Tax
Property, Plant and Equipment and intangible -* FY 2017-18 to 2021-22 Tribunal
assets during the year. nature of loans or security to any other entity
Income Tax Act, 1961 Income Tax 356 AY 2013-14, AY 2014-15, Commissioner of Income Tax (Appeals)
during the year. AY 2015-16, AY 2016-17,
e) No proceedings have been initiated during
b) The investments made, guarantees provided and AY 2017-18, AY 2021-22,
the year or are pending against the Company
AY 2022-23
as at 31st March, 2023 for holding any benami the terms and conditions of the grant of all the
above-mentioned loans and guarantees provided * Less than C 1 crore
property under the Prohibition of Benami
Property Transactions Act, 1988 and Rules during the year are, in our opinion, prima facie,
made thereunder. not prejudicial to the Company’s interest. (viii) There were no transactions relating to previously (ix) (a) In our opinion, the Company has not defaulted
unrecorded income that were surrendered or disclosed in the repayment of loans or other borrowings or
(ii) a) The inventories except for goods in transit c) In respect of loans granted by the Company, as income in the tax assessments under the Income in the payment of interest thereon to any lender
were physically verified during the year by the schedule of repayment of principal and Tax Act, 1961 (43 of 1961) during the year. during the year.
the Management at reasonable intervals. In payment of interest has been stipulated and the
our opinion and according to the information repayments or receipts are regular.

Standalone
(b) The Company has not been declared willful (xii) The Company is not a Nidhi Company and the evidence supporting the assumptions, nothing has liabilities falling due within a period of one year from
defaulter by any bank or financial institution or hence reporting under clause 3(xii) of the Order is come to our attention, which causes us to believe that the balance sheet date, will get discharged by the
government or any government authority. not applicable. any material uncertainty exists as on the date of the Company as and when they fall due.
audit report that Company is not capable of meeting
(c) To the best of our knowledge and belief, in our (xiii) In our opinion, the Company is in compliance with (xx) The Company has fully spent the required amount
its liabilities existing at the date of balance sheet as
opinion, term loans availed by the Company sections 177 and 188 of the Act, where applicable, towards Corporate Social responsibility (CSR) and
and when they fall due within a period of one year
were, applied by the Company during the year for for all transaction with related parties and details of there are no unspent CSR amounts for the year
from the balance sheet date. We, however, state that
the purposes for which the loans were obtained. related party transactions have been disclosed in the requiring a transfer to a fund specified in Schedule VII
this is not an assurance as to the future viability of the
Standalone Financial Statements as required by the of the Act or special account in compliance with the
(d) On an overall examination of the Standalone Company. We further state that our reporting is based
applicable accounting standards. provision of sub-section (6) of section 135 of the said
Financial Statements of the Company, funds on the facts up to the date of the audit report and we
Act. Accordingly, reporting under clause 3(xx) of the
raised on short-term basis have, prima facie, (xiv) (a) In our opinion, the Company has an adequate neither give any guarantee nor any assurance that all
Order is not applicable for the year.
not been used during the year for long-term internal audit system commensurate with the
purposes by the Company. size and nature of its business. For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP
Chartered Accountants Chartered Accountants
(e) On an overall examination of Standalone (b) We have considered, the internal audit
Firm’s Registration No. 117366W/W-100018 Firm’s Registration No. 101720W/W-100355
Financial Statements of the Company, the reports issued during the year and till the
Company has not taken any funds from any date of the audit report covering period upto Abhijit A. Damle Sandesh Ladha
entity or person on account of or to meet the 31st March, 2023. Partner Partner
obligations of its subsidiaries, associates or Membership No.102912 Membership No. 047841
(xv) In our opinion, during the year, the Company has
joint ventures. UDIN: 23102912BGXWAX6993 UDIN: 23047841BGVNMN5908
not entered into any non-cash transactions with its
(f) The Company has not raised loans during directors or persons connected with its directors and Place: Mumbai Place: Mumbai
the year on the pledge of securities hence provisions of section 192 of the Act are not Date: July 21, 2023 Date: July 21, 2023
held in its subsidiaries, joint ventures or applicable to the Company.
associate companies.
(xvi) (a) The provisions of section 45-IA of the Reserve
(x) (a) In our opinion, monies received during the year Bank of India Act, 1934 (2 of 1934) are not
towards unpaid calls related to right issue of applicable to the Company. Accordingly, the
equity shares in the previous year have been, requirement to report on clause 3(xvi)(a) of the
prima facie, applied by the Company for the Order is not applicable to the Company.
purposes for which they were raised. The
(b) The Company has not conducted any Non-
Company has not raised moneys by way of
Banking Financial or Housing Finance activities
Initial Public Offer/ further public offer through
and is not required to obtain CoR for such
debt instruments.
activities from the Reserve Bank of India.
(b) During the year, the Company has not made any
(c) The Company is not a Core Investment Company
preferential allotment or private placement of
as defined in the regulations made by Reserve
shares or convertible debentures (fully or partly or
Bank of India. Accordingly, the requirement to
optionally) and hence reporting under clause 3 (x)
report on clause 3(xvi)(c) of the Order is not
(b) of the Order is not applicable.
applicable to the Company.
(xi) (a) Based upon the audit procedures performed for
(d) As represented by the management, the
the purpose of reporting the true and fair view
Group does not have more than one Core
of the Standalone Financial Statements and
Investment Company (CIC) as part of the Group
according to the information and explanations
as per the definition of Group contained in the
given by the management, no fraud by the
Core Investment Companies (Reserve Bank)
Company or no material fraud on the Company
Directions, 2016.
has been noticed or reported during the year.
(xvii) The Company has not incurred cash losses during
(b) To the best of our knowledge, no report under
the financial year covered by our audit and the
sub-section (12) of section 143 of the Companies
immediately preceding financial year.
Act, 2013 has been filed by Cost Auditor or
Secretarial Auditor and us, in Form ADT – 4 as (xviii) There has been no resignation of the statutory
prescribed under Rule 13 of Companies (Audit auditors of the Company during the year.
and Auditors) Rules, 2014 with the Central
(xix) On the basis of the financial ratios disclosed in Note
Government, during the year and upto the date
42 to the Standalone Financial Statements, ageing
of this report.
and expected dates of realization of financial assets
(c) We have taken into consideration the whistle and payment of financial liabilities, other information
blower complaints received by the Company and accompanying the Standalone Financial Statements
provided to us during the year when performing and our knowledge of the Board of Directors and
our audit. management plans and based on our examination of

BALANCE SHEET Standalone
As at 31st March, 2023
(C in crore) (C in crore)
As at As at As at As at
Notes Notes
31st March 2023 31st March 2022 31st March 2023 31st March 2022
Assets Equity and Liabilities

Non-Current Assets Equity
Property, Plant and Equipment 1 2,32,238 2,23,824 Equity Share capital 14 6,766 6,765
Intangible Assets 1 12,926 15,802 Other Equity 15 4,72,328 4,64,762
Capital Work-in-Progress 1 30,958 19,267 Total Equity 4,79,094 4,71,527
Intangible Assets Under Development 1 17,957 15,395 Liabilities
Financial Assets Non-Current Liabilities
Investments 2 3,03,558 3,30,493 Financial Liabilities
Loans 3 22,448 41,951 Borrowings 16 1,35,561 1,67,231
Other Financial Assets 4 2,215 2,247 Lease Liabilities 2,786 2,790
Other Non-Current Assets 5 2,333 7,297 Other Financial Liabilities 17 584 3,210
Total Non-Current Assets 6,24,633 6,56,276 Provisions 18 1,296 1,598
Current Assets Deferred Tax Liabilities (Net) 19 33,968 30,832
Inventories 6 48,926 45,923 Other Non-Current Liabilities 20 - 504
Financial Assets Total Non-Current Liabilities 1,74,195 2,06,165
Investments 7 86,074 78,304 Current Liabilities
Trade Receivables 8 16,898 14,394 Financial Liabilities
Cash and Cash Equivalents 9 56,811 21,714 Borrowings 21 80,262 27,332
Loans 10 595 161 Lease Liabilities 97 86
Other Financial Assets 11 49,408 54,901 Trade Payables Due to: 22
Other Current Assets 13 7,220 7,001 Micro and Small Enterprises 210 138
Total Current Assets 2,65,932 2,22,398 Other than Micro and Small Enterprises 1,10,512 1,33,867
Total Assets 8,90,565 8,78,674 Other Financial Liabilities 23 25,611 33,225
Other Current Liabilities 24 19,659 5,438
Provisions 25 925 896
Total Current Liabilities 2,37,276 2,00,982
Total Liabilities 4,11,471 4,07,147
Total Equity and Liabilities 8,90,565 8,78,674
Significant Accounting Policies A-D
See accompanying Notes to the Financial Statements 1 to 48
As per our Report of even date For and on behalf of the Board
For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
(Registration No. (Registration No.
N.R. Meswani H.R. Meswani
117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
Executive Directors
P.M.S. Prasad
DIN: 00012144
Abhijit A. Damle Sandesh Ladha Savithri Parekh
Nita M. Ambani Adil Zainulbhai
Partner Partner Company Secretary
DIN: 03115198 DIN: 06646490
Membership No. 102912 Membership No. 047841
Raminder Singh Gujral Dr. Shumeet Banerji
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Arundhati Bhattacharya
Non-Executive
DIN: 02011213 Directors
His Excellency Yasir Othman H. Al Rumayyan
DIN: 09245977
K.V. Chowdary K.V. Kamath
DIN: 08485334 DIN: 00043501

STATEMENT OF PROFIT AND LOSS Standalone
For the year ended 31st March, 2023
Notes 2022-23 2021-22 Notes 2022-23 2021-22
Income Earnings per Equity Share of Face Value of K 10 Each

Value of Sales 5,62,234 4,63,067 Continuing Operations:
Income from Services 3,113 1,978 Basic (in C) - After / Before Exceptional Item 34 63.58 57.50
Value of Sales & Services (Revenue) 5,65,347 4,65,045 Diluted (in C) - After / Before Exceptional Item 34 63.58 56.77
Less: GST Recovered 23,556 21,050 Discontinued Operations:
Revenue from Operations 26 5,41,791 4,43,995 Basic (in C) - After / Before Exceptional Item 34 1.76 1.74
Other Income 27 11,229 13,843 Diluted (in C) - After / Before Exceptional Item 34 1.76 1.72
Total Income 5,53,020 4,57,838 Continuing and Discontinued operations:
Expenses Basic (in C) - After / Before Exceptional Item 34 65.34 59.24
Cost of Material Consumed 3,91,508 3,20,852 Diluted (in C) - After / Before Exceptional Item 34 65.34 58.49
Purchase of Stock-in-Trade 9,974 10,691 Significant Accounting Policies A-D
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade 28 (6,487) (7,962) See accompanying Notes to the Financial Statements 1 to 48
Excise Duty 13,476 21,672
Employee Benefits Expense 29 5,691 5,419
Finance Costs 30 12,626 9,123 DIN: 00001695 Managing Director
Chartered Accountants Chartered Accountants Chief Financial Officer
Depreciation / Amortisation and Depletion Expense 1 10,118 10,264 (Registration No. (Registration No.
117366W /W-100018) 101720W/W-100355)
Other Expenses 31 61,981 42,383 DIN: 00001620 DIN: 00001623
Executive Directors
P.M.S. Prasad
Total Expenses 4,98,887 4,12,442 DIN: 00012144
Profit Before Exceptional Item and Tax 54,133 45,396 Abhijit A. Damle Sandesh Ladha Savithri Parekh
Exceptional Item (Net of Tax) 32 - - DIN: 03115198 DIN: 06646490
Profit Before Tax * 54,133 45,396 DIN: 07175393 DIN: 02787784
Date: July 21, 2023
Tax Expenses * Arundhati Bhattacharya
Non-Executive
Current Tax 12 6,186 544 His Excellency Yasir Othman H. Al Rumayyan
DIN: 09245977
Deferred Tax 12 4,930 6,915
Profit From Continuing Operations 43,017 37,937 DIN: 08485334 DIN: 00043501
Profit From Discontinued Operations (Net of Tax) 33 1,188 1,147

Profit for the Year 44,205 39,084
Other Comprehensive Income
Continuing Operations:
i. Items that will not be reclassified to Profit or Loss 27.1 11 241
ii. Income tax relating to items that will not be reclassified to Profit or Loss (4) (58)
iii. Items that will be reclassified to Profit or Loss 27.2 (9,949) (2,678)
iv. Income tax relating to items that will be reclassified to Profit or Loss 1,803 537
Total Other Comprehensive Income / (Loss) from Continuing Operations (Net of Tax) (8,139) (1,958)
Discontinued Operations:
i. Items that will be reclassified to Profit or Loss (Net of Tax) 15 (21)
Total Other Comprehensive Income / (Loss)from Discontinued Operations (Net of Tax) 15 (21)
Total Other Comprehensive Income / (Loss) for the Year (Net of Tax) (8,124) (1,979)
Total Comprehensive Income for the Year 36,081 37,105
*Profit before tax is after Exceptional Item and tax thereon. Tax expenses are excluding the Current Tax and Deferred Tax on Exceptional Item.

STATEMENT OF CHANGES IN EQUITY Standalone
A. Equity Share Capital (C in crore)

(C in crore) Total Transfer Transfer On Balance
Balance as
Comprehensive (to)/from (to)/from On Rights Employee as at 31st
Balance as at Change during the Balance as at Change during Balance as at at 1st Dividend Others
Income for the Retained General Issue # Stock March,
1st April, 2021 year 2021-22 31st March, 2022 the year 2022-23 31st March, 2023 April, 2021
Year Earnings Reserve Options 2022
6,445 320 6,765 1 6,766

B. Other Equity Share Call Money Account 39,843 - - - - (39,843) - - -

Reserves and Surplus
(C in crore)
Total Transfer Transfer On Balance

Capital Reserve 403 - - - - - - - 403
Balance as On
Comprehensive (to)/from (to)/from Employee as at 31st Securities Premium 59,442 - - - - 39,447 841 - 99,730
at 1st Dividend Rights Others
Income for the Retained General Stock March,
April, 2022 Issue#
year Earnings Reserve Options 2023 Debenture Redemption Reserve 5,965 - - - (1,795) - - - 4,170
Share Based Payments Reserve 419 - - - - - (386) - 33
$
General Reserve 2,58,410 - - - (34,348) - - - 2,24,062
Reserves and Surplus
Retained Earnings 41,893 39,084 (4,297) (4,135) - - - - 72,545
Capital Reserve 403 - - - - - - - 403
Special Economic Zone 4,975 - - 4,135* - - - - 9,110
Securities Premium 99,730 - - - - 40 22 - 99,792
Reinvestment Reserve
Debenture Redemption Reserve 4,170 - - - (2,487) - - - 1,683
Other Comprehensive Income 56,688 (1,979) - - - - - - 54,709
Share Based Payments Reserve 33 - - - - - 8 - 41
Total 4,68,038 37,105 (4,297) - (36,143) (396) 455 - 4,64,762
General Reserve 2,24,062 - - - 2,487 - - - 2,26,549 #
Refer Note 14.7 & 15
$
Retained Earnings 72,545 44,205 (5,083) 8,960 - - - (23,502) 97,125 $
Includes transfer of C 36,143 crore to statement of profit and loss (Refer Note 32 & 44.2).
Special Economic Zone 9,110 - - (8,960) - - - - 150 * Considers Special Economic Zone Reinvestment Reserve created during the year of C 5,040 crore.
Reinvestment Reserve *
Other Comprehensive Income 54,709 (8,124) - - - - - - 46,585 As per our Report of even date For and on behalf of the Board
Total 4,64,762 36,081 (5,083) - - 40 30 (23,502) 4,72,328 For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
Refer Note 14.7 & 15
#
Transfer to statement of profit and loss on demerger (Refer Note 33 & 44.1).
$
117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
* Special Economic Zone Reinvestment (SEZ) Reserve created during the year of C NIL. Executive Directors
P.M.S. Prasad
DIN: 00012144
DIN: 03115198 DIN: 06646490
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Non-Executive
DIN: 09245977
DIN: 08485334 DIN: 00043501

STATEMENT OF CASH FLOW Standalone
(C in crore) Change in Liability Arising from Financing Activities

2022-23 2021-22 (C in crore)
Foreign exchange
A. Cash Flow from Operating Activities 1st April, 2022 Cash flow 31st March, 2023
movement/Others
Net Profit Before Tax as per Statement of Profit and Loss (After Exceptional item
and Tax thereon) Borrowing - Non-Current (including current maturities) 1,85,165 (15,992) 10,278 1,79,451
Continuing Operations 54,133 45,396 (Refer Note 16)
Discontinued Operations 1,439 1,390 Borrowing - Current (Refer Note 21) 9,398 27,696 (722) 36,372
Adjusted for:
1,94,563 11,704 9,556 2,15,823
Premium on buy back of debentures 33 380
Loss on Sale / Discard of Property, Plant and Equipment and Intangible Assets (Net) 33 80 (C in crore)
Depreciation / Amortisation and Depletion Expense of Continuing Operations 10,118 10,264
Foreign exchange
1st April, 2021 Cash flow 31st March, 2022
Depreciation / Amortisation and Depletion Expense of Discontinued Operations 13 12 movement/ Others
Effect of Exchange Rate Change (3,174) 1,920
Net Loss / (Gain) on Financial Assets # 1,116 (765) Borrowing - Non-Current (including current maturities) 1,88,546 (6,623) 3,242 1,85,165
(Refer Note 16)
Dividend Income #
(92) (276)
Interest Income # (11,060) (12,390) Borrowing - Current (Refer Note 21) 33,152 (23,754) - 9,398
Finance costs #
12,626 9,123 2,21,698 (30,377) 3,242 1,94,563
Operating Profit before Working Capital Changes 65,185 55,134
Adjusted for:
Trade and Other Receivables 3,508 (12,639)
Inventories (3,003) (9,337) Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
Trade and Other Payables (12,725) 35,796 (Registration No. (Registration No.
Cash Generated from Operations 52,965 68,954 117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
Executive Directors
Taxes Paid (Net) (4,915) (1,463) P.M.S. Prasad
Net Cash Flow from Operating Activities* 48,050 67,491 DIN: 00012144
B. Cash Flow from Investing Activities Nita M. Ambani Adil Zainulbhai
Expenditure on Property, Plant and Equipment and Intangible Assets (28,573) (18,154) DIN: 03115198 DIN: 06646490
Proceeds from disposal of Property, Plant and Equipment and Intangible Assets 146 30
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Investments in Subsidiaries (59,983) (37,574) Arundhati Bhattacharya
Non-Executive
Disposal of Investments in Subsidiaries 213 956 DIN: 02011213 Directors
Purchase of Other Investments (2,19,404) (5,21,980)
DIN: 09245977
Proceeds from Sale of Financial Assets 2,78,222 5,02,224 K.V. Chowdary K.V. Kamath
Loans (given) / repaid (net) – Subsidiaries, Associates, Joint Ventures and Others 19,069 22,952 DIN: 08485334 DIN: 00043501
Interest Income # 9,634 5,955

Dividend Income from Subsidiaries / Associates # 92 275
Dividend Income from Others - 1
Net Cash Used in Investing Activities (584) (45,315)
C. Cash Flow From Financing Activities
Proceeds from Issue of Equity Share Capital -@ 5
Net Proceeds from Rights Issue 40 39,762
Payment of Lease Liabilities (77) (109)
Proceeds from Borrowings - Non-Current (including current maturities) 4,260 29,916
Repayment of Borrowings - Non-Current (including current maturities) (20,252) (36,539)
Borrowings - Current (Net) 27,696 (23,754)
Dividends Paid (5,083) (4,297)
Interest Paid # (13,953) (11,019)
Net Cash Used in Financing Activities (7,369) (6,035)
Net Increase in Cash and Cash Equivalents 40,097 16,141
Opening Balance of Cash and Cash Equivalents 21,714 5,573
Less: On Demerger (Refer Note 44.1) 5,000 -
Closing Balance of Cash and Cash Equivalents (Refer Note No. 9) 56,811 21,714
#
Other than Financial Services Segment.
* Includes amount spent in cash towards Corporate Social Responsibility of C 744 crore (Previous Year C 813 crore).
@
C 10,00,000

NOTES Standalone
to the Standalone Financial Statements for the year ended 31st March, 2023
A. Corporate Information A liability is current when: Particular Depreciation (d) Intangible Assets
Reliance Industries Limited (“the Company”) is a listed - It is expected to be settled in normal Fixed Bed Catalyst (useful Over its useful life as Intangible Assets are stated at cost of acquisition
entity incorporated in India. The registered office of operating cycle; life: 2 years or more) technically assessed net of recoverable taxes, trade discount and
the Company is located at 3rd Floor, Maker Chambers Fixed Bed Catalyst (useful 100% depreciated in the rebates less accumulated amortisation/depletion
- It is held primarily for the purpose of trading; and impairment losses, if any. Such cost includes
IV, 222, Nariman Point, Mumbai - 400 021, India. life: up to 2 years) year of addition
- It is due to be settled within twelve months Plant and Machinery (useful Over its useful life as purchase price, borrowing costs, and any cost
The Company is engaged in activities spanning directly attributable to bringing the asset to
after the reporting period, or life: 25 to 50 years) technically assessed
across hydrocarbon exploration and production, Oil to its working condition for the intended use,
Chemicals, Retail and Digital Services. - There is no unconditional right to defer the Buildings (Useful life : 30 to Over its useful life as
65 years) technically assessed
net charges on foreign exchange contracts
settlement of the liability for at least twelve and adjustments arising from exchange rate
B. Significant Accounting Policies: months after the reporting period. The residual values, useful lives and methods of variations attributable to the Intangible Assets.
B.1 Basis of Preparation and Presentation The Company classifies all other liabilities as depreciation of Property, Plant and Equipment
Subsequent costs are included in the asset’s
non‑current. are reviewed at each financial year end and
The Financial Statements have been prepared on carrying amount or recognised as a separate
adjusted prospectively, if appropriate.
the historical cost basis except for following assets Deferred tax assets and liabilities are classified as asset, as appropriate, only when it is probable
and liabilities which have been measured at fair non-current assets and liabilities. Gains or losses arising from derecognition of a that future economic benefits associated with the
value amount: Property, Plant and Equipment are measured as item will flow to the entity and the cost can be
(b) Property, Plant and Equipment the difference between the net disposal proceeds measured reliably.
i) Certain Financial Assets and Liabilities (including
Property, Plant and Equipment are stated at and the carrying amount of the asset and are
derivative instruments), Other Indirect Expenses incurred relating
cost, net of recoverable taxes, trade discount recognised in the Statement of Profit and Loss
to project, net of income earned during
ii) Defined Benefit Plans – Plan Assets and and rebates less accumulated depreciation and when the asset is derecognised.
the project development stage prior to its
iii) Equity settled Share Based Payments impairment losses, if any. Such cost includes intended use, are considered as pre-operative
purchase price, borrowing cost and any cost (c) Leases
expenses and disclosed under Intangible Assets
The Financial Statements of the Company have directly attributable to bringing the assets to The Company, as a lessee, recognises a Under Development.
been prepared to comply with the Indian Accounting its working condition for its intended use, net right‑of‑use asset and a lease liability for its
standards (‘Ind AS’), including the rules notified under charges on foreign exchange contracts and leasing arrangements, if the contract conveys the Gains or losses arising from derecognition of an
the relevant provisions of the Companies Act, 2013, adjustments arising from exchange rate variations right to control the use of an identified asset. Intangible Asset are measured as the difference
(as amended from time to time) and Presentation and attributable to the assets. In case of land the between the net disposal proceeds and the
disclosure requirements of Division II of Schedule III to The contract conveys the right to control the carrying amount of the asset and are recognised
Company has availed fair value as deemed cost use of an identified asset, if it involves the use
the Companies Act, 2013, (Ind AS Compliant Schedule on the date of transition to Ind AS. in the Statement of Profit and Loss when the
III) as amended from time to time. of an identified asset and the Company has asset is derecognised. The Company’s intangible
Subsequent costs are included in the asset’s substantially all of the economic benefits from assets comprises assets with finite useful life
The Company’s Financial Statements are presented in carrying amount or recognised as a separate use of the asset and has right to direct the use which are amortised on a straight-line basis over
Indian Rupees (C), which is also its functional currency asset, as appropriate, only when it is probable of the identified asset. The cost of the right-of- the period of their expected useful life.
and all values are rounded to the nearest crore that future economic benefits associated with the use asset shall comprise of the amount of the
(C00,00,000), except when otherwise indicated. item will flow to the entity and the cost can be initial measurement of the lease liability adjusted A summary of amortisation/depletion policies
measured reliably. for any lease payments made at or before the applied to the Company’s Intangible Assets to
B.2 Summary of Significant Accounting commencement date plus any initial direct costs the extent of depreciable amount is as follows:
Policies Property, Plant and Equipment which are incurred. The right-of-use assets is subsequently
significant to the total cost of that item of Particular Amortisation / Depletion
(a) Current and Non-Current Classification measured at cost less any accumulated
Property, Plant and Equipment and having depreciation/ amortisation, accumulated
Technical Over the useful life of the underlying
The Company presents assets and liabilities different useful life are accounted separately. Know-How assets ranging from 5 years to 35 years.
impairment losses, if any and adjusted for any
in the Balance Sheet based on Current/ Computer Over a period of 5 years.
Other Indirect Expenses incurred relating to remeasurement of the lease liability. The right-
Non‑Current classification. Software
project, net of income earned during the project of-use assets is depreciated/ amortised using the
An asset is treated as Current when it is – development stage prior to its intended use, straight-line method from the commencement Development W.r.t. Oil and Gas, depleted using the
are considered as pre-operative expenses and date over the shorter of lease term or useful life Rights unit of production method. The cost of
- Expected to be realised or intended to be producing wells along with its related
disclosed under Capital Work-in-Progress. of right-of-use asset.
sold or consumed in normal operating cycle; facilities including decommissioning
Depreciation on Property, Plant and Equipment The Company measures the lease liability at costs are depleted in proportion of oil
- Held primarily for the purpose of trading; and gas production achieved vis-à-vis
is provided using written down value method the present value of the lease payments that
- Expected to be realised within twelve are not paid at the commencement date of Proved Developed Reserves. The cost
on depreciable amount except in case of certain
for common facilities including its
months after the reporting period, or assets of Oil to Chemicals and Other segment the lease. The lease payments are discounted
decommissioning costs are depleted
which are depreciated using straight line method. using the interest rate implicit in the lease, if using Proved Reserves. W.r.t. other
- Cash or cash equivalent unless restricted
Depreciation is provided based on useful life of that rate can be readily determined. If that rate development rights, amortized over the
from being exchanged or used to settle a
the assets as prescribed in Schedule II to the cannot be readily determined, the Company uses period of contract.
liability for at least twelve months after the
Companies Act, 2013 except in respect of the incremental borrowing rate. Others In case of Jetty, the aggregate amount
reporting period.
following assets, where useful life is different For short-term and low value leases, the amortised to date is not less than
All other assets are classified as non-current. than those prescribed in Schedule II; the aggregate rebate availed by the
Company recognises the lease payments as an
Company.
operating expense on a straight-line basis over
the lease term.

NOTES Standalone
The amortisation period and the amortisation materials, trading and other products are on the provision, is reflected as adjustment to spread over the period during which the benefit is
method for Intangible Assets with a finite useful determined on weighted average basis. the provision and the corresponding asset. The expected to be derived from employees’ services.
life are reviewed at each reporting date. change in the provision due to the unwinding of
Remeasurement gains and losses arising
(i) Impairment of Non-Financial Assets discount is recognised in the Statement of Profit
from adjustments and changes in
(e) Research and Development Expenditure - Property, Plant and Equipment and and Loss.
actuarial assumptions are recognised in
Revenue expenditure pertaining to research is Intangible Assets
the period in which they occur in Other
charged to the Statement of Profit and Loss as The Company assesses at each reporting (k) Contingent Liabilities
Comprehensive Income.
and when incurred. date as to whether there is any indication Disclosure of contingent liability is made when
that any Property, Plant and Equipment and there is a possible obligation arising from past Employee Separation Costs: The Company
Development costs are capitalised as an recognises the employee separation cost when
Intangible Assets or group of Assets, called Cash events, the existence of which will be confirmed
intangible asset if it can be demonstrated that the scheme is announced, and the Company is
Generating Units (CGU) may be impaired. If any only by the occurrence or non-occurrence of
the project is expected to generate future demonstrably committed to it.
such indication exists, the recoverable amount one or more uncertain future events not wholly
economic benefits, it is probable that those
of an asset or CGU is estimated to determine within the control of the Company or a present
future economic benefits will flow to the entity (m) Tax Expenses
the extent of impairment, if any. When it is not obligation that arises from past events where it is
and the costs of the asset can be measured
possible to estimate the recoverable amount of either not probable that an outflow of resources The tax expenses for the period comprises of
reliably, else it is charged to the Statement of
an individual asset, the Company estimates the embodying economic benefits will be required current tax and deferred income tax. Tax is
Profit and Loss.
recoverable amount of the CGU to which the to settle or a reliable estimate of amount cannot recognised in Statement of Profit and Loss,
asset belongs. be made. except to the extent that it relates to items
(f) Cash and Cash Equivalents
recognised in the Other Comprehensive Income.
Cash and cash equivalents comprise of cash on An impairment loss is recognised in the
(l) Employee Benefits Expense In which case, the tax is also recognised in Other
hand, cash at banks, short-term deposits and Statement of Profit and Loss to the extent,
Short-Term Employee Benefits Comprehensive Income.
short-term highly liquid investments that are asset’s carrying amount exceeds its recoverable
readily convertible to known amounts of cash amount. The recoverable amount is higher of an The undiscounted amount of short-term
i. Current Tax
and which are subject to an insignificant risk of asset’s fair value less cost of disposal and value in employee benefits expected to be paid in
use. Value in use is based on the estimated future exchange for the services rendered by employees Current tax assets and liabilities are
changes in value.
cash flows, discounted to their present value are recognised as an expense during the period measured at the amount expected to be
using pre-tax discount rate that reflects current when the employees render the services. recovered from or paid to the Income Tax
(g) Finance Costs
market assessments of the time value of money authorities, based on tax rates and laws that
Borrowing costs include exchange differences are enacted at the Balance sheet date.
and risk specific to the assets. Post-Employment Benefits
arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the The impairment loss recognised in prior Defined Contribution Plans
ii. Deferred Tax
interest cost. Borrowing costs that are directly accounting period is reversed if there has been a The Company recognises contribution payable
Deferred tax is recognised on temporary
attributable to the acquisition or construction of change in the estimate of recoverable amount. to the provident fund scheme as an expense,
differences between the carrying amounts
qualifying assets are capitalised as part of the when an employee renders the related service.
of assets and liabilities in the Financial
cost of such assets. A qualifying asset is one that (j) Provisions If the contribution payable to the scheme for
Statements and the corresponding tax bases
necessarily takes substantial period of time to get Provisions are recognised when the Company service received before the balance sheet date
used in the computation of taxable profit.
ready for its intended use. has a present obligation (legal or constructive) exceeds the contribution already paid, the deficit
as a result of a past event, it is probable that payable to the scheme is recognised as a liability. Deferred tax assets are recognised to
Interest income earned on the temporary
an outflow of resources embodying economic If the contribution already paid exceeds the the extent it is probable that taxable
investment of specific borrowings pending
benefits will be required to settle the obligation contribution due for services received before the profit will be available against which the
their expenditure on qualifying assets is
and a reliable estimate can be made of the balance sheet date, then excess is recognised deductible temporary differences, and the
deducted from the borrowing costs eligible
amount of the obligation. If the effect of the as an asset to the extent that the pre-payment carry forward of unused tax losses can be
for capitalisation.
time value of money is material, provisions are will lead to a reduction in future payment or a utilised. Deferred tax liabilities and assets
All other borrowing costs are charged to the discounted using a current pre-tax rate that cash refund. are measured at the tax rates that are
Statement of Profit and Loss for the period for reflects, when appropriate, the risks specific expected to apply in the period in which
which they are incurred. to the liability. When discounting is used, the Defined Benefit Plans the liability is settled or the asset realised,
increase in the provision due to the passage of The Company pays gratuity to the employees based on tax rates (and tax laws) that have
(h) Inventories time is recognised as a finance cost. who have completed five years of service been enacted or substantively enacted
Items of inventories are measured at lower of with the Company at the time of resignation/ by the end of the reporting period. The
cost and net realisable value after providing Provision for Decommissioning Liability superannuation. The gratuity is paid @15 days carrying amount of Deferred tax liabilities
for obsolescence, if any, except in case of basic salary for every completed year of service and assets are reviewed at the end of each
The Company records a provision for
by-products which are valued at net realisable as per the Payment of Gratuity Act, 1972. The reporting period.
decommissioning costs towards site restoration
value. Cost of inventories comprises of cost of activity. Decommissioning costs are provided gratuity liability amount is contributed to the
purchase, cost of conversion and other costs approved gratuity fund formed exclusively for (n) Share Based Payments
at the present value of future expenditure using
including manufacturing overheads net of a current pre-tax rate expected to be incurred gratuity payment to the employees. The gratuity Equity-settled share based payments to
recoverable taxes incurred in bringing them to to fulfil decommissioning obligations and are fund has been approved by respective Income employees and others providing similar services
their respective present location and condition. recognised as part of the cost of the underlying Tax authorities. The liability in respect of gratuity are measured at the fair value of the equity
assets. Any change in the present value of the and other post-employment benefits is calculated instruments at the grant date. Details regarding
Cost of finished goods, work-in-progress, raw
expenditure, other than unwinding of discount using the Projected Unit Credit Method and the determination of the fair value of equity-
materials, chemicals, stores and spares, packing

NOTES Standalone
settled share based payments transactions are of the item (i.e. translation differences on items where revenue is initially recognised based on B. Subsequent Measurement
set out in Note 29.2. whose fair value gain or loss is recognised in provisional price. a) Financial Assets measured at
Other Comprehensive Income or Statement Amortised Cost (AC)
The fair value determined at the grant date Difference between final settlement price and
of Profit and Loss are also recognised in Other
of the equity-settled share based payments is provisional price is recognised subsequently. The A Financial Asset is measured at
Comprehensive Income or Statement of Profit
expensed on a straight-line basis over the vesting Company does not adjust short-term advances Amortised Cost if it is held within a
and Loss, respectively).
period, based on the Company’s estimate of received from the customer for the effects of business model whose objective is
equity instruments that will eventually vest, In case of an asset, expense or income where a significant financing component if it is expected to hold the asset in order to collect
with a corresponding increase in equity. At the non-monetary advance is paid/received, the date at the contract inception that the promised good contractual cash flows and the
end of each reporting period, the Company of transaction is the date on which the advance or service will be transferred to the customer contractual terms of the Financial Asset
revises its estimate of the number of equity was initially recognised. If there were multiple within a period of one year. give rise to cash flows on specified
instruments expected to vest. The impact of payments or receipts in advance, multiple dates dates that represent solely payments of
the revision of the original estimates, if any, is of transactions are determined for each payment Contract Balances principal and interest on the principal
recognised in Statement of Profit and Loss such or receipt of advance consideration. Trade Receivables amount outstanding.
that the cumulative expenses reflects the revised
A receivable represents the Company’s right to
estimate, with a corresponding adjustment to the (p) Revenue Recognition b) Financial Assets measured at Fair
an amount of consideration that is unconditional.
Share Based Payments Reserve. Revenue from contracts with customers is Value Through Other Comprehensive
recognised when control of the goods or Income (FVTOCI)
The dilutive effect of outstanding options is Contract Liabilities
reflected as additional share dilution in the services are transferred to the customer at an A Financial Asset is measured at
A contract liability is the obligation to transfer
computation of diluted earnings per share. amount that reflects the consideration entitled FVTOCI if it is held within a business
goods or services to a customer for which
in exchange for those goods or services. The model whose objective is achieved by
In case of Group equity-settled share-based the Company has received consideration or
Company is generally the principal as it typically both collecting contractual cash flows
payment transactions, where the Company is due from the customer. If a customer pays
controls the goods or services before transferring and selling Financial Assets and the
grants stock options to the employees of its consideration before the Company transfers
them to the customer. contractual terms of the Financial Asset
subsidiaries, the transactions are accounted by goods or services to the customer, a contract
give rise on specified dates to cash
increasing the cost of investment in subsidiary Generally, control is transferred upon shipment liability is recognised when the payment is made
flows that represents solely payments
with a corresponding credit in the equity. of goods to the customer or when the goods or the payment is due (whichever is earlier).
of principal and interest on the principal
is made available to the customer, provided
Contract liabilities are recognised as revenue amount outstanding.
(o) Foreign Currencies Transactions and transfer of title to the customer occurs and the
when the Company performs under the contract.
Translation Company has not retained any significant risks of
c) Financial Assets measured at
ownership or future obligations with respect to
Transactions in foreign currencies are recorded Interest Income Fair Value Through Profit or Loss
the goods shipped.
at the exchange rate prevailing on the date Interest Income from a Financial Assets is (FVTPL)
of transaction. Monetary assets and liabilities Revenue from rendering of services is recognised recognised using effective interest rate method. A Financial Asset which is not classified
denominated in foreign currencies are translated over time by measuring the progress towards in any of the above categories are
at the functional currency closing rates of complete satisfaction of performance obligations Dividend Income measured at FVTPL. Financial assets
exchange at the reporting date. Exchange at the reporting period. are reclassified subsequent to their
Dividend Income is recognised when the
differences arising on settlement or translation of recognition, if the Company changes
Revenue is measured at the amount of Company’s right to receive the amount has
monetary items are recognised in Statement of its business model for managing
consideration which the Company expects to be been established.
Profit and Loss except to the extent of exchange those financial assets. Changes in
entitled to in exchange for transferring distinct
differences which are regarded as an adjustment business model are made and applied
goods or services to a customer as specified in (q) Financial Instruments
to interest costs on foreign currency borrowings prospectively from the reclassification
the contract, excluding amounts collected on i. Financial Assets
that are directly attributable to the acquisition date following the changes in business
behalf of third parties (for example taxes and
or construction of qualifying assets which A. Initial Recognition and Measurement model in accordance with principles
duties collected on behalf of the government).
are capitalised as cost of assets. Additionally, All Financial Assets are initially recognised at laid down under Ind AS 109 –
Consideration is generally due upon satisfaction
exchange gains or losses on foreign currency fair value. Transaction costs that are directly Financial Instruments.
of performance obligations and a receivable
borrowings taken prior to April 1, 2016 which attributable to the acquisition or issue of
is recognised when it becomes unconditional.
are related to the acquisition or construction of Financial Assets, which are not at Fair Value C. Investment in Subsidiaries, Associates and
Generally, the credit period varies between 0-60
qualifying assets are adjusted in the carrying cost Through Profit or Loss, are adjusted to the Joint Ventures
days from the shipment or delivery of goods
of such assets. fair value on initial recognition. Purchase
or services as the case may be. The Company The Company has accounted for its
Non-monetary items that are measured in provides volume rebates to certain customers and sale of Financial Assets are recognised investments in Subsidiaries, associates and
terms of historical cost in a foreign currency are once the quantity of products purchased during using trade date accounting. However, trade joint venture at cost less impairment loss (if
recorded using the exchange rates at the date of the period exceeds a threshold specified and receivables that do not contain a significant any). The investments in preference shares
the transaction. Non-monetary items measured also accrues discounts to certain customers financing component are measured at with the right of surplus assets which are
at fair value in a foreign currency are translated based on customary business practices which transaction price. in nature of equity in accordance with Ind
using the exchange rates at the date when the is derived on the basis of crude price volatility AS 32 are treated as separate category of
fair value was measured. The gain or loss arising and various market demand – supply situations. investment and measured at FVTOCI.
on translation of non-monetary items measured Consideration are determined based on its most
at fair value is treated in line with the recognition likely amount. Generally, sales of petroleum
of the gain or loss on the change in fair value products contain provisional pricing features

NOTES Standalone
D. Other Equity Investments B. Subsequent Measurement portion of changes in the fair value of v. Offsetting
All other equity investments are measured Financial Liabilities are carried at amortised the derivative is recognised in the cash Financial Assets and Financial Liabilities are
at fair value, with value changes recognised cost using the effective interest method. For flow hedging reserve being part of Other offset and the net amount is presented in
in Statement of Profit and Loss, except trade and other payables maturing within Comprehensive Income. Any ineffective the balance sheet when, and only when, the
for those equity investments for which one year from the balance sheet date, the portion of changes in the fair value of the Company has a legally enforceable right to
the Company has elected to present the carrying amounts approximate fair value due derivative is recognised immediately in the set off the amount and it intends, either to
value changes in ‘Other Comprehensive to the short maturity of these instruments. Statement of Profit and Loss. If the hedging settle them on a net basis or to realise the
Income’. However, dividend on such equity relationship no longer meets the criteria for asset and settle the liability simultaneously.
investments are recognised in Statement of iii. Derivative Financial Instruments and hedge accounting, then hedge accounting
Profit and loss when the Company’s right to Hedge Accounting is discontinued prospectively. If the hedging (r) Non-current Assets Held for Sale
receive payment is established. instrument expires or is sold or terminated
The Company uses various derivative Non-current assets are classified as held for
or exercised, the cumulative gain or loss
financial instruments such as interest sale if their carrying amount will be recovered
E. Impairment of Financial Assets on the hedging instrument recognised in
rate swaps, currency swaps, forwards principally through a sale transaction rather than
cash flow hedging reserve till the period
In accordance with Ind AS 109, the & options and commodity contracts to through continuing use and sale is considered
the hedge was effective remains in cash
Company uses ‘Expected Credit Loss’ mitigate the risk of changes in interest rates, highly probable.
flow hedging reserve until the underlying
(ECL) model, for evaluating impairment of exchange rates and commodity prices.
transaction occurs. The cumulative gain A sale is considered as highly probable when
Financial Assets other than those measured At the inception of a hedge relationship,
or loss previously recognised in the cash decision has been made to sell, assets are
at Fair Value Through Profit and Loss the Company formally designates and
flow hedging reserve is transferred to the available for immediate sale in its present
(FVTPL). documents the hedge relationship to
Statement of Profit and Loss upon the condition, assets are being actively marketed
which the Company wishes to apply hedge
Expected Credit Losses are measured occurrence of the underlying transaction. and sale has been agreed or is expected to
accounting and the risk management
through a loss allowance at an amount If the forecasted transaction is no longer be concluded within 12 months of the date
objective and strategy for undertaking the
equal to: expected to occur, then the amount of classification.
hedge. Such derivative financial instruments
accumulated in cash flow hedging reserve
are initially recognised at fair value on Non-current assets held for sale are neither
• The 12-months expected credit losses
the date on which a derivative contract
is reclassified in the Statement of Profit
depreciated nor amortised.
(expected credit losses that result from and Loss.
is entered into and are also subsequently
those default events on the financial Assets and liabilities classified as held for sale are
measured at fair value.
instrument that are possible within 12 B. Fair Value Hedge measured at the lower of their carrying amount
months after the reporting date); or Derivatives are carried as Financial Assets The Company designates derivative and fair value less cost of disposal and are
when the fair value is positive and as presented separately in the Balance Sheet.
• Full lifetime expected credit losses
Financial Liabilities when the fair value is
contracts or non-derivative Financial
(expected credit losses that result from all Assets/Liabilities as hedging instruments
negative. Any gains or losses arising from to mitigate the risk of change in fair value (s) Accounting for Oil and Gas Activity
possible default events over the life of the
changes in the fair value of derivatives are of hedged item due to movement in The Company has adopted Successful Efforts
financial instrument).
taken directly to Statement of Profit and interest rates, foreign exchange rates and Method (SEM) of accounting for its Oil and Gas
Loss, except for the effective portion of commodity prices. activities. The policy of recognition of exploration
For Trade Receivables the Company
cash flow hedge which is recognised in and evaluation expenditure is considered in
applies ‘simplified approach’ which requires Changes in the fair value of hedging
Other Comprehensive Income and later line with the principle of SEM. Seismic costs,
expected lifetime losses to be recognised instruments and hedged items that are
to Statement of Profit and Loss when the geological and geophysical studies, petroleum
from initial recognition of the receivables. designated and qualify as fair value hedges
hedged item affects profit or loss or is exploration license fees and general and
The Company uses historical default rates to treated as basis adjustment if a hedged are recorded in the Statement of Profit and
administration costs directly attributable to
determine impairment loss on the portfolio forecast transaction subsequently results in Loss. If the hedging relationship no longer
exploration and evaluation activities are expensed
of trade receivables. At every reporting date the recognition of a Non-Financial Assets or meets the criteria for hedge accounting,
off. The costs incurred on acquisition of interest
these historical default rates are reviewed Non-Financial liability. the adjustment to the carrying amount of a
in oil and gas blocks and on exploration and
and changes in the forward-looking hedged item for which the effective interest
Hedges that meet the criteria for hedge evaluation other than those which are expensed
estimates are analysed. method is used is amortised to Statement of
accounting are accounted for as follows: off are accounted for as Intangible Assets Under
Profit and Loss over the period of maturity.
For other assets, the Company uses 12 Development. All development costs incurred
month ECL to provide for impairment loss A. Cash Flow Hedge in respect of proved reserves are also capitalised
iv. Derecognition of Financial Instruments
where there is no significant increase in under Intangible Assets Under Development.
The Company designates derivative The Company derecognises a Financial
credit risk. If there is significant increase in Once a well is ready to commence commercial
contracts or non-derivative Financial Asset when the contractual rights to the
credit risk full lifetime ECL is used. production, the costs accumulated in Intangible
Assets/ Liabilities as hedging instruments cash flows from the Financial Asset expire Assets Under Development are classified as
to mitigate the risk of movement in or it transfers the Financial Asset and the
ii. Financial Liabilities Intangible Assets corresponding to proved
interest rates and foreign exchange rates transfer qualifies for derecognition under developed oil and gas reserves. The exploration
A. Initial Recognition and Measurement for foreign exchange exposure on highly Ind AS 109. A Financial liability (or a part and evaluation expenditure which does not result
All Financial Liabilities are recognised at probable future cash flows attributable to of a Financial liability) is derecognised in discovery of proved oil and gas reserves and all
fair value and in case of borrowings, net of a recognised asset or liability or forecast from the Company’s Balance Sheet when cost pertaining to production are charged to the
directly attributable cost. Fees of recurring cash transactions. the obligation specified in the contract is Statement of Profit and Loss.
nature are directly recognised in the When a derivative is designated as a cash discharged or cancelled or expires.
Statement of Profit and Loss as finance cost. flow hedging instrument, the effective

NOTES Standalone
The Company uses technical estimation of by amortising the remaining carrying value of the regularly and revised to take account of changing recognised, based upon the likely timing and the level
reserves as per the Petroleum Resources asset over the expected future production. Oil and facts and circumstances. of future taxable profits and business developments.
Management System guidelines 2011 and natural gas reserves also have a direct impact on the
standard geological and reservoir engineering assessment of the recoverability of asset carrying (F) Impairment of Financial and (H) Fair Value Measurement
methods. The reserve review and evaluation is values reported in the Financial Statements. Non‑Financial Assets For estimates relating to fair value of financial
carried out annually. instruments refer note 39 of financial statements.
Details on proved reserves and production both The impairment provisions for Financial Assets
Oil and Gas Joint Ventures are in the nature on product and geographical basis are provided in are based on assumptions about risk of default
of joint operations. Accordingly, assets and Note 36.2. and expected cash loss rates. The Company uses D. Standards Issued but not Effective
liabilities as well as income and expenditure are judgement in making these assumptions and On March 23, 2023, the Ministry of Corporate Affairs
accounted on the basis of available information (B) Decommissioning Liabilities selecting the inputs to the impairment calculation, (MCA) has notified Companies (Indian Accounting
on a line-by-line basis with similar items in the The liability for decommissioning costs is recognised based on Company’s past history, existing market Standards) Amendment Rules, 2023. This notification
Company’s Financial Statements, according to when the Company has an obligation to perform site conditions as well as forward-looking estimates at the has resulted into amendments in the following
the participating interest of the Company. restoration activity. The recognition and measurement end of each reporting period. existing accounting standards which are applicable to
of decommissioning provisions involves the use of In case of non-financial assets, assessment of company from April 1, 2023.
(t) Earnings Per Share estimates and assumptions. These include; the timing impairment indicators involves consideration of i. Ind AS 101 – First-time Adoption of Indian
Basic earnings per share is calculated by dividing of abandonment of well and related facilities which future risks. Further, the company estimates asset’s
the net profit after tax by the weighted average Accounting Standards
would depend upon the ultimate life of the field, recoverable amount, which is higher of an asset’s or
number of equity shares outstanding during the expected utilisation of assets by other fields, the scope Cash Generating Units (CGU’s) fair value less costs of ii. Ind AS 102 – Share-based Payment
year adjusted for bonus element in equity share. of abandonment activity and pre-tax rate applied disposal and its value in use.
Diluted earnings per share adjusts the figures iii. Ind AS 103 – Business Combination
for discounting.
used in determination of basic earnings per share In assessing value in use, the estimated future cash iv. Ind AS 107 – Financial Instruments Disclosures
to take into account the conversion of all dilutive flows are discounted to their present value using
(C) Property Plant and Equipment/Intangible v. Ind AS 109 – Financial Instrument
potential equity shares. Dilutive potential equity pre-tax discount rate that reflects current market
Assets assessments of the time value of money and the risks
shares are deemed converted as at the beginning vi. Ind AS 115 – Revenue from Contracts
of the period unless issued at a later date. Estimates are involved in determining the cost specific to the asset. In determining fair value less with Customers
attributable to bringing the assets to the location and costs of disposal, recent market transactions are taken
condition necessary for it to be capable of operating into account, if no such transactions can be identified, vii. Ind AS 1 – Presentation of Financial Statements
C. Critical Accounting Judgements and in the manner intended by the management. an appropriate valuation model is used.
Key Sources Of Estimation Uncertainty viii. Ind AS 8 – Accounting Policies, Changes in
Property, Plant and Equipment/Intangible Assets are
Accounting Estimates and Errors
The preparation of the Company’s Financial depreciated/amortised over their estimated useful (G) Recognition of Deferred Tax Assets and
Statements requires management to make life, after taking into account estimated residual Liabilities ix. Ind AS 12 – Income Taxes
judgement, estimates and assumptions that affect value. Management reviews the estimated useful life
Deferred tax assets and liabilities are recognised for x. Ind AS 34 – Interim Financial Reporting
the reported amount of revenue, expenses, assets and residual values of the assets annually in order to
determine the amount of depreciation/ amortisation temporary differences and unused tax losses for Application of above standards are not expected
and liabilities and the accompanying disclosures.
to be recorded during any reporting period. The which there is probability of utilisation against the to have any significant impact on the company’s
Uncertainty about these assumptions and estimates
useful life and residual values are based on the future taxable profit. The Company uses judgement financial statements.
could result in outcomes that require a material
Company’s historical experience with similar assets to determine the amount of deferred tax that can be
adjustment to the carrying amount of assets or
liabilities affected in next financial years. and take into account anticipated technological and
future risks. The depreciation/amortisation for future
(A) Estimation of Oil and Gas Reserves periods is revised if there are significant changes from
previous estimates.
The determination of the Company’s estimated oil and
natural gas reserves requires significant judgements
and estimates to be applied and these are regularly (D) Recoverability of Trade Receivables
reviewed and updated. Factors such as the availability Judgments are required in assessing the recoverability
of geological and engineering data, reservoir of overdue trade receivables and determining whether
performance data, acquisition and divestment activity, a provision against those receivables is required.
drilling of new wells, and commodity prices all impact Factors considered include the credit rating of the
on the determination of the Company’s estimates of counterparty, the amount and timing of anticipated
its oil and natural gas reserves. The Company bases future payments and any possible actions that can be
it’s proved reserves estimates on the requirement taken to mitigate the risk of non-payment.
of reasonable certainty with rigorous technical and
commercial assessments based on conventional (E) Provisions
industry practice and regulatory requirements. The timing of recognition and quantification of the
Estimates of oil and natural gas reserves are used liability (including litigations) requires the application
to calculate depletion charges for the Company’s of judgement to existing facts and circumstances,
oil and gas properties. The impact of changes in which can be subject to change. The carrying
estimated proved reserves is dealt with prospectively amounts of provisions and liabilities are reviewed

NOTES Standalone
1. Property, Plant & Equipment, Intangible Assets, Capital Work-in-Progress and Intangible Assets Under Development 1.1 Right-of-Use (Land) includes:
(C in crore) 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.
Gross Block Depreciation / Amortisation and Depletion Net Block
Description As at Additions / Deductions / As at As at For the Deductions / As at As at As at
1.2 Buildings includes:
01-04-2022 Adjustments Adjustments^ 31-03-2023 01-04-2022 Year# Adjustments^ 31-03-2023 31-03-2023 31-03-2022
i) Cost of shares in Co-operative Societies of C 2,03,200 (Previous Year C 2,03,700).
Property, Plant
and Equipment ii)
C 88 crore (Previous Year C 135 crore) in shares of Companies / Societies with right to hold and use certain area of Buildings.
Own Assets: 1.3 Intangible Assets - Others include: Jetties amounting to C 812 crore (Previous Year C 812 crore), the Ownership of which vests with
Land 38,961 2 6 38,957 - - - - 38,957 38,961 Gujarat Maritime Board.
Buildings 20,794 5,110 19 25,885 8,506 889 1 9,394 16,491 12,288

1.4 Capital work-in-Progress and Intangible Assets Under Development includes:
Plant & Machinery 2,62,237 8,880 1,030 2,70,087 1,15,026 4,384 882 1,18,528 1,51,559 1,47,211
i)
C 4,868 crore (Previous Year C 3,522 crore) on account of Project Development Expenditure.
Electrical Installations 7,523 752 55 8,220 4,407 507 55 4,859 3,361 3,116
ii)
C 3,358 crore (Previous Year C 1,591 crore) on account of cost of construction materials at site.
Equipments $ 6,050 403 68 6,385 3,898 699 27 4,570 1,815 2,152
Furniture & Fixtures 659 172 2 829 476 38 1 513 316 183 1.5 Additions in Property, Plant & Equipment, Intangible Assets, Capital work-in-progress and Intangible assets under Development
includes C 1,373 crore (net loss) [Previous Year C 635 crore (net loss)] on account of exchange difference during the Year.
Vehicles 778 249 21 1,006 555 106 17 644 362 223
Ships 508 - - 508 361 12 - 373 135 147 1.6 For Assets given as security -Refer Note 16.1.
Aircrafts & Helicopters 46 - - 46 41 1 - 42 4 5
1.7 Details of title deeds of immovable properties not held in name of the Company:
Sub-Total 3,37,556 15,568 1,201 3,51,923 1,33,270 6,636 983 1,38,923 2,13,000 2,04,286
Gross Whether title deed holder is a Reason for not
Right-of-Use Assets: Description Title deeds
Relevant line item in carrying promoter, director or relative of Property held being held in
of item of held in the
Land 17,689 - - 17,689 1,874 171 - 2,045 15,644 15,815 the Balance sheet value promoter /director or employee since which date the name of the
property name of
(K in crore) of promoter /director company
Plant & Machinery 4,630 85 96 4,619 907 214 96 1,025 3,594 3,723
Ships 10 - - 10 10 - - 10 - - Property, Plant and Land 83 Gujarat Industrial No 01/02/2015 Lease deed
Equipment Development execution is
Sub-Total 22,329 85 96 22,318 2,791 385 96 3,080 19,238 19,538 Corporation under process.
Total (A) 3,59,885 15,653 1,297 3,74,241 1,36,061 7,021 1,079 1,42,003 2,32,238 2,23,824
1.8 Capital-Work-in Progress (CWIP)
Intangible Assets *
Ageing as at 31st March, 2023:
Technical Knowhow 4,676 7 18 4,665 3,436 116 18 3,534 1,131 1,240
Fees (C in crore)
Software 1,014 44 16 1,042 914 37 6 945 97 100 Amount in CWIP for a period of
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Development Rights 46,882 283 484 46,681 32,486 2,587 - 35,073 11,608 14,396
Others 1,276 469 - 1,745 1,210 445 - 1,655 90 66 Projects in progress 20,773 5,718 1,831 2,636 30,958
Total (B) 53,848 803 518 54,133 38,046 3,185 24 41,207 12,926 15,802 Projects temporarily suspended - - - - -
Total (A + B) 4,13,733 16,456 1,815 4,28,374 1,74,107 10,206 1,103 1,83,210 2,45,164 2,39,626 Total 20,773 5,718 1,831 2,636 30,958
Previous Year 4,74,714 15,409 76,390 4,13,733 1,67,881 10,347 4,121 1,74,107 2,39,626 3,06,833
Capital Work-in- 30,958 19,267
Progress (C in crore)
Intangible Assets 17,957 15,395 Amount in CWIP for a period of

under Development Less than 1 year 1-2 years 2-3 years More than 3 years Total
^ Includes transfer of assets on demerger of financial services business undertaking (Refer Note 44.1).
Projects in progress 8,236 2,553 2,830 5,648 19,267
#
# Depreciation / Amortisation and Depletion Expense for the year includes depreciation of C 75 crore (Previous Year C 71 crore) capitalised during
the year. Thus, the net amount considered in Statement of Profit and Loss related to continuing operations is C 10,118 crore (Previous Year C 10,264 Projects temporarily suspended - - - - -
crore) and discontinued operations is C 13 crore (Previous Year C 12 crore).
Total 8,236 2,553 2,830 5,648 19,267
$
Includes office equipments.
* Other than internally generated.

NOTES Standalone
1.9 Intangible Assets Under Development (IAUD): (C in crore)

Ageing as at 31st March, 2023: As at As at
31st March, 2023 31st March, 2022
(C in crore)
Units Amount Units Amount
Amount in IAUD for a period of
Less than 1 year 1-2 years 2-3 years More than 3 years Total In Government Securities
Projects in progress 10,127 2,530 1,616 3,684 17,957 Unquoted
Projects temporarily suspended - - - - - 6 Years National Savings Certificates (Deposited with Sales Tax - -
Department and Other Government Authorities)
Total 10,127 2,530 1,616 3,684 17,957 [C 39,087 (Previous Year C 39,087)]
- -
Total of Investments measured at Amortised Cost 15 30,874
(C in crore)
Investments Measured at Cost
Amount in IAUD for a period of
Less than 1 year 1-2 years 2-3 years More than 3 years Total
In Equity Shares of Associate Companies
Quoted, fully paid up
Projects in progress 6,565 3,971 851 4,008 15,395
Reliance Industrial Infrastructure Limited of C 10 each 68,60,064 16 68,60,064 16
Projects temporarily suspended - - - - -
16 16
Total 6,565 3,971 851 4,008 15,395
In Equity Shares of Joint Ventures
The Company does not have any Capital-work-in progress or intangible assets under development, whose completion is overdue Quoted, fully paid up
or has exceeded its cost compared to its original plan. Alok Industries Limited of C 1 each 1,98,65,33,333 269 1,98,65,33,333 269
269 269
(C in crore)
In Equity Shares of Associate Companies
As at As at
31st March, 2023 31st March, 2022 Unquoted, fully paid up
Units Amount Units Amount Gujarat Chemical Port Limited of C 1 each 64,29,20,000 64 64,29,20,000 64
Indian Vaccines Corporation Limited of C 10 each $ 62,63,125 1 62,63,125 1
2. Investments - Non-Current
Reliance Europe Limited of Sterling Pound 1 each 11,08,500 4 11,08,500 4
Investments Measured at Amortised Cost
Jamnagar Utilities & Power Private Limited Class 'A' shares of 52,00,000 - 52,00,000 -
In Debentures of Other Companies
C 1 each [C 40,40,000; (Previous Year C 40,40,000)]
Quoted, fully paid up
Vadodara Enviro Channel Limited of C 10 each 14,302 - 14,302 -
Secured Redeemable Non-Convertible Debentures - Series 5 of - - 53,360 5,372 [C 143,020; (Previous Year C 143,020)]
Summit Digitel Infrastructure Limited (Formerly known as Summit
Digitel Infrastructure Private Limited) of C 10 lakh each 69 69
- 5,372 In Equity Shares of Joint Venture Companies
Unquoted, fully paid up Unquoted, fully paid up
Secured Redeemable Non-Convertible Debentures - Series PPD1 - - 60,000 6,035 Jio Payments Bank Limited of C 10 each ^ - - 18,45,20,000 185
of Jio Digital Fibre Private Limited of C 10 lakh each Pipeline Management Services Private Limited of C 10 each 5,00,000 1 5,00,000 1
Secured Redeemable Non-Convertible Debentures - Series PPD2 - - 1,00,000 10,057 [C 50,00,000; (Previous Year C 50,00,000)]
of Jio Digital Fibre Private Limited of C 10 lakh each India Gas Solution Private Limited of C 10 each 2,25,00,000 23 2,25,00,000 23
Secured Redeemable Non-Convertible Debentures - Series PPD3 - - 93,420 9,396 Football Sports Development Limited of C 10 each 10,80,141 134 10,80,141 134
of Jio Digital Fibre Private Limited of C 10 lakh each
Sintex Industries Limited of C 1 each 6,00,00,00,000 600 - -
- 25,488
758 343
In Preference Shares of Other Company
In Preference Shares of Joint Venture Companies
Unquoted, fully paid up
0% Redeemable, Non-Participating, Non-Cumulative and 5,00,00,000 15 5,00,00,000 14
Non‑Convertible Preference Shares of Summit Digitel 9% Optionally Convertible Preference Shares of Alok Industries 2,50,00,00,000 250 2,50,00,00,000 250
Infrastructure Limited (Formerly known as Summit Digitel Limited of C 1 each
Infrastructure Private Limited) of C 10 each 250 250
15 14 $
Net of provision for impairment.
^ Refer Note 44.1

NOTES Standalone
31st March, 2023 31st March, 2022 31st March, 2023 31st March, 2022
Units Amount Units Amount Units Amount Units Amount
In Debentures of Joint Venture Companies In Preferred Shares of Subsidiary Companies

Unquoted, fully paid up Unquoted, fully paid up
6% Unsecured Optionally Fully Convertible Debenture of Sintex 9,00,00,00,000 900 - - SenseHawk Inc. of USD 0.00001 each - Series B 21,18,803 106 - -
Industries Limited of C 1 each.
106 -
900 -
In Preference Shares of Subsidiary Companies
In Equity Shares of Subsidiary Companies
9% Non-Cumulative Compulsorily Convertible Preference Shares - - 4,02,800 113
Reliance BP Mobility Limited of C10 each [C 4,95,790; (Previous 49,579 - 49,579 -
of Reliance Strategic Investments Limited of C 1 each ^
Year C 4,95,790)]
Reliance Content Distribution Limited of C 10 each 50,000 - 50,000 - 6% Non-Cumulative Optionally Convertible Preference Shares of 36,76,50,000 253 36,76,50,000 253
Reliance Gas Pipelines Limited of C 7 each
[C 5,00,000; (Previous Year C 5,00,000)]
0.6% Non-Cumulative Optionally Convertible Preference Shares of - - 4,72,41,72,954 11,628
Reliance Ethane Holding Pte Limited of USD 1 each 15,56,72,113 992 15,56,72,113 992
Reliance Industrial Investments and Holdings Limited of C 10 each ^
Reliance Gas Pipelines Limited of C 7 each 37,30,00,000 257 37,30,00,000 257
9% Non-Cumulative Optionally Convertible Preference Shares of 1,71,64,000 103 1,71,64,000 103
Reliance Global Energy Services (Singapore) Pte. Limited of SGD 1 each 15,00,000 65 15,00,000 65 Reliance Universal Traders Private Limited of C 10 each
Reliance Global Energy Services Limited of GBP 1 each 30,00,000 54 30,00,000 54 9% Non-Cumulative Optionally Convertible Preference Shares of 14,39,92,000 1,296 14,39,92,000 1,296
Reliance Industrial Investments and Holdings Limited of C 10 each^ - - 21,98,93,170 475 Reliance Prolific Traders Private Limited of C 10 each
Reliance Industries (Middle East) DMCC of AED 1,000 each 7,62,235 1,366 7,62,235 1,366 6% Non-Cumulative Optionally Convertible Preference Shares of 5,34,00,60,000 5,340 5,34,00,60,000 5,340
Reliance O2C Limited of C 10 each - - 50,000 - Reliance Content Distribution Limited of C 10 each
[C Nil; (Previous Year C 5,00,000)] 9% Non-Cumulative Optionally Convertible Preference Shares of 22,49,96,000 225 24,99,96,000 250
Indiawin Sports Private Limited of C 10 each
Reliance Retail Ventures Limited of C 10 each 5,83,77,58,520 17,317 5,83,77,58,520 17,317
6% Non-Cumulative Optionally Convertible Preference Shares of 27,75,000 288 27,75,000 288
Reliance Sibur Elastomers Private Limited of C10 each 1,76,35,43,119 1,764 1,76,35,43,119 1,764
Reliance Strategic Business Ventures Limited of C 10 each
Reliance Strategic Investments Limited of C 10 each ^ - - 20,20,200 2
6% Non-Cumulative Optionally Convertible Preference Shares of 18,55,00,000 182 18,55,00,000 182
Reliance Ventures Limited of C 10 each 26,91,150 2,351 26,91,150 2,351 Reliance Ethane Pipeline Limited of C 10 each
Reliance New Energy Limited of C 10 each 6,24,73,00,000 6,247 5,54,90,00,000 5,549 5% Non-Cumulative Compulsorily Convertible Preference Shares 14,90,700 2,449 - -
Reliance Syngas Limited of C 10 each 1,00,000 - 1,00,000 - of Reliance Exploration & Production DMCC of AED 1,000 each
[C 10,00,000; (Previous Year C 10,00,000] 0.01% Non-Cumulative Optionally Convertible Preference Shares 6,07,51,270 12,510 4,88,29,270 10,010
Reliance Commercial Dealers Limited of C 10 each 1,50,00,000 25 1,50,00,000 25 of Reliance 4IR Realty Development Limited of C 10 each
Indiawin Sports Private Limited of C 10 each 26,50,000 3 26,50,000 3 0.01% Non-Cumulative Optionally Convertible Preference Shares 9,79,52,40,000 50,500 4,44,44,40,000 20,000
of Reliance Projects & Property Management Services Limited of
Reliance Petro Marketing Limited of C 10 each 50,000 299 - -
C 10 each
Reliance Projects & Property Management Services Limited of 10,00,00,000 32 10,00,00,000 32
C 10 each 73,146 49,463
Reliance 4IR Realty Development Limited of C 10 each 10,00,00,000 17,614 10,00,00,000 17,614 Members Contribution in Subsidiary Companies, Unquoted
Reliance Strategic Business Ventures Limited of C 10 each 10,00,00,000 10,035 10,00,00,000 10,035 Reliance Marcellus LLC $ 166 -
Jio Platforms Limited of C 10 each 5,93,78,41,645 54,846 5,93,78,41,645 54,685 Reliance Eagleford Upstream LLC $ - -
Jio Limited of C 10 each 30,000 - 10,000 - Reliance Marcellus II LLC @
- -$
[C 3,00,000; (Previous Year C 1,00,000)] Aurora Algae LLC # - -$
Reliance Digital Health Limited of C 10 each 16,17,18,500 186 7,50,00,000 86 Affinity USA LLC #
- -
Reliance International Limited of USD 1 each 2,50,00,000 189 2,50,00,000 189 166 -
Reliance Ethane Pipeline Limited of C 10 each 5,00,50,000 49 5,00,00,000 49 In Debentures of Subsidiary Companies
Reliance Exploration & Production DMCC of AED 1,000 each 1,76,200 289 - - Unquoted, fully paid up
Reliance Mappedu Multi Modal Logistics Park Limited of C 10 1 - - - Zero Coupon Unsecured Optionally Fully Convertible Debentures 3,11,10,000 31 3,11,10,000 31
each [C 10; (Previous Year C Nil)] of Reliance Ambit Trade Private Limited of C 10 each
Reliance SOU Limited of C 10 each 10,000 - - - Zero Coupon Unsecured Optionally Fully Convertible Debentures 3,75,70,000 38 3,75,70,000 38
[C 1,00,000; (Previous Year C Nil)] of Reliance Prolific Commercial Private Limited of C 10 each
Rise Worldwide Limited of C 10 each 10,67,20,148 253 10,67,20,148 253 Zero Coupon Unsecured Optionally Fully Convertible Debentures 2,00,000 - 2,00,000 -
SenseHawk Inc. of USD 0.0001 each 32,12,690 158 - - of Reliance Comtrade Private Limited of C 10 each
1,14,391 1,13,163 [C 20,00,000; (Previous Year C 20,00,000)]

^ Refer Note 44.1
^ Refer Note 44.1 $
@
Merged with Reliance Marcellus LLC.
#
Liquidated during the year.

NOTES Standalone
Units Amount Units Amount Units Amount Units Amount
Zero Coupon Unsecured Optionally Fully Convertible Debentures of 2,12,00,000 21 2,12,00,000 21 Other Investments
Reliance Eminent Trading & Commercial Private Limited of C 10 each In Membership Share in LLP, Unquoted
Zero Coupon Unsecured Optionally Fully Convertible Debentures 48,51,52,700 485 57,10,52,700 571 Labs 02 Limited Partnership 46 47
of Reliance Content Distribution Limited of C 10 each
Breakthrough Energy Ventures II L.P. 288 129
Zero Coupon Unsecured Optionally Fully Convertible Debentures 11,61,53,165 13,787 1,43,36,715 1,570
of Reliance Strategic Business Ventures Limited of C 10 each In Membership Interest in LLC, Unquoted
Zero Coupon Unsecured Compulsorily Convertible Debentures of 22,50,00,000 225 - - BreakThrough Energy Ventures LLC 758 612
Reliance New Energy Limited of C 10 each In Debentures or Bonds - Quoted fully paid up - 28,507
Zero Coupon Unsecured Optionally Fully Convertible Debentures 56,00,00,000 392 - - In Government Securities - Quoted fully paid up - 22,769
of Reliance Gas Pipelines Limited of C 7 each 1,092 52,064
Zero Coupon Unsecured Optionally Fully Convertible Debenture of 33,54,49,000 369 - - Total of Investments measured at Fair Value Through Other 88,231 1,30,199
Reliance Digital Health Limited of C 10 each Comprehensive Income
Zero Coupon Unsecured Optionally Fully Convertible Debenture 3,10,69,300 6,276 - - Investments Measured at Fair Value Through Profit
Reliance 4IR Development Limited of C 10 each and Loss (FVTPL)
21,624 2,231 In Equity Shares of Other Companies - Unquoted, fully paid up 250 250
In Corpus of Trust Total of Investments measured at Fair Value Through Profit 250 250
Unquoted and Loss
Investment in Corpus of Independent Media Trust 3,367 3,366 Total Investments Non-Current 3,03,558 3,30,493
3,367 3,366 Aggregate amount of Quoted Investments 378 57,116
Total of Investments measured at Cost 2,15,062 1,69,170 Market Value of Quoted Investments 2,934 62,401
Investments Measured at Fair Value Through other Aggregate amount of Unquoted Investments 3,03,180 2,73,377
Comprehensive Income (FVTOCI)
In Equity Shares of Other Companies (C in crore)
Unquoted, fully paid up As at As at
Petronet India Limited of C 0.10 each 1,00,00,000 - 1,00,00,000 -
[C 10,00,000; (Previous Year C 10,00,000)] 2.1 Category-Wise Investments - Non-Current
Petronet VK Limited of C 10 each $
1,49,99,990 - 1,49,99,990 - Financial assets measured at Amortised Cost 15 30,874
[C 20,000; (Previous Year C 20,000)] Financial assets measured at Cost 2,15,062 1,69,170
Ahmedabad Mega Clean Association of C 10 each 10,000 - 10,000 - Financial assets measured at Fair Value through Other Comprehensive Income 88,231 1,30,199
[C 1,00,000; (Previous Year C 1,00,000)] Financial assets measured at Fair Value through Profit and Loss 250 250
VAKT Holdings Limited of USD 0.001 each 58,009 58 58,009 58 Total Investments-Non-Current 3,03,558 3,30,493
58 58
2.2 The list of subsidiaries, joint ventures and associates along with proportion of ownership interest held and country of incorporation
Quoted, fully paid up are disclosed in Note 40 and Note 41 of Consolidated Financial Statement.
Balaji Telefilms Limited of C 2 each 2,52,00,000 93 2,52,00,000 179
Eros STX Global Corporation of GBP 0.30 each [C 12,78,191] 31,11,088 - 31,11,088 4 (C in crore)
93 183 As at As at
In Preference Shares of Other Companies
Unquoted, fully paid up 3. Loans - Non-Current
0.01% Optionally Convertible Preference Shares of Jio Digital Fibre 77,70,11,98,375 77,842 77,70,11,98,375 77,893 Unsecured and Considered Good
Private Limited of C 10 each
Loans and advances to Related parties (Refer Note 35 (V)) 22,448 41,951
0.001% Cumulative Compulsory Convertible Preference Shares of 9,14,50,00,000 9,145 - -
Reliance Storage Limited of C 10 each* Total 22,448 41,951
0.01% Cumulative Redeemable Preference Shares of Jio Digital 12,50,000 1 12,50,000 1
Fibre Private Limited of C 10 each
86,988 77,894
$
* Merged with Viacom 18 Media Private Limited w.e.f. 13th April, 2023.

NOTES Standalone
A. Loans and Advances in the Nature of Loans given to Subsidiaries: Sr. No. Name of the Company No. of Shares
(C in crore)
20 Dronagiri Navghar West Infra Limited 50,000
Sr. As at Maximum Balance As at Maximum Balance
Name of the Company 21 Dronagiri Pagote East Infra Limited 50,000
No. 31st March, 2023 during the year 31st March, 2022 during the year
22 Dronagiri Pagote North First Infra Limited 50,000

Loans - Non-Current ^
23 Dronagiri Pagote North Infra Limited 50,000
1 Reliance 4IR Realty Development Limited 2,084 3,849 2,867 2,911
24 Dronagiri Pagote North Second Infra Limited 50,000
2 Reliance Corporate IT Park Limited 2,723 4,009 3,293 12,291
25 Dronagiri Pagote South First Infra Limited 50,000
3 Reliance Ethane Pipeline Limited 403 623 623 838
4 Reliance Gas Pipelines Limited - 395 395 420 26 Dronagiri Pagote South Infra Limited 50,000
5 Reliance Industrial Investments and Holdings Limited - 10,802 7,148 17,249 27 Dronagiri Pagote West Infra Limited 50,000
6 Reliance New Energy Limited 426 471 - - 28 Dronagiri Panje East Infra Limited 50,000
7 Reliance Projects & Property Management Services 1,369 31,197 20,576 33,061 29 Dronagiri Panje North Infra Limited 50,000
Limited
30 Dronagiri Panje South Infra Limited 50,000
8 Reliance Strategic Business Ventures Limited 15,443 16,128 7,049 7,049
31 Dronagiri Panje West Infra Limited 50,000
22,448 41,951
32 Kalamboli East Infra Limited 50,000
Loans - Current
33 Kalamboli North First Infra Limited 50,000
1 Reliance Content Distribution Limited - 700 - -
34 Kalamboli North Infra Limited 50,000
2 Reliance Corporate IT Park Limited - 161 161 990
35 Kalamboli North Second Infra Limited 50,000
3 Reliance New Energy Limited - - - 1,849
36 Kalamboli North Third Infra Limited 50,000
4 Reliance Sibur Elastomers Private Limited 595 595 - -
37 Kalamboli South First Infra Limited 50,000
595 161
38 Kalamboli South Infra Limited 50,000
Total 23,043 42,112
39 Kalamboli West Infra Limited 50,000
All the above loans and advances have been given for business purposes.
40 Reliance Ambit Trade Private Limited 10,00,000
^Loans and Advances that fall under the category of ‘Loans - Non-Current’ are re-payable after more than 1 year.
41 Reliance Comtrade Private Limited 10,00,000
Note 1 Investment by Reliance 4IR Realty Development Limited in Subsidiaries: 42 Reliance Corporate IT Park Limited 2,37,99,94,480
In Equity Shares:
43 Reliance Eminent Trading & Commercial Private Limited 1,00,00,000
Sr. No. Name of the Company No. of Shares 44 Reliance Progressive Traders Private Limited 1,00,00,000
1 Dronagiri Bokadvira East Infra Limited 50,000 45 Reliance Prolific Commercial Private Limited 10,00,000
2 Dronagiri Bokadvira North Infra Limited 50,000 46 Reliance Prolific Traders Private Limited 1,00,00,000
3 Dronagiri Bokadvira South Infra Limited 50,000 47 Reliance Universal Traders Private Limited 1,00,00,000
4 Dronagiri Bokadvira West Infra Limited 50,000 48 Reliance Vantage Retail Limited 5,60,000
5 Dronagiri Dongri East Infra Limited 50,000 49 Surela Investment and Trading Limited 5,000
6 Dronagiri Dongri North Infra Limited 50,000 50 The Indian Film Combine Private Limited 5,73,751
7 Dronagiri Dongri South Infra Limited 50,000 51 Ulwe East Infra Limited 50,000
8 Dronagiri Dongri West Infra Limited 50,000 52 Ulwe North Infra Limited 50,000
9 Dronagiri Funde East Infra Limited 50,000 53 Ulwe South Infra Limited 50,000
10 Dronagiri Funde North Infra Limited 50,000 54 Ulwe Waterfront East Infra Limited 50,000
11 Dronagiri Funde South Infra Limited 50,000 55 Ulwe Waterfront North Infra Limited 50,000
12 Dronagiri Funde West Infra Limited 50,000 56 Ulwe Waterfront South Infra Limited 50,000
13 Dronagiri Navghar East Infra Limited 50,000 57 Ulwe Waterfront West Infra Limited 50,000
14 Dronagiri Navghar North First Infra Limited 50,000 58 Ulwe West Infra Limited 50,000
15 Dronagiri Navghar North Infra Limited 50,000

16 Dronagiri Navghar North Second Infra Limited 50,000
17 Dronagiri Navghar South First Infra Limited 50,000
18 Dronagiri Navghar South Infra Limited 50,000
19 Dronagiri Navghar South Second Infra Limited 50,000

NOTES Standalone
In Preference Shares of Subsidiaries: Note 5 Investment by Reliance Strategic Business Ventures Limited in Subsidiaries:
Sr. No. Name of the Company No. of Shares

In Equity Shares:

1 Reliance Corporate IT Park Limited 5,37,66,63,246
2 Reliance Eminent Trading & Commercial Private Limited 17,37,000 1 Reliance Innovative Building Solutions Private Limited 6,46,93,950
3 Reliance Progressive Traders Private Limited 2,03,06,000 2 Reliance Polyester Limited 10,00,00,000
4 Reliance Universal Traders Private Limited 7,20,00,000 3 Stoke Park Limited 1,459
4 India Mumbai Indians (Pty) Ltd 23,46,00,001
Note 2 Investment by Reliance Corporate IT Park Limited in Subsidiaries:
5 Indiawin Sports Middle East Limited 1,05,00,000
In Equity Shares:
6 VasyERP Solutions Private Limited 5,33,333
7 Enercent Technologies Private Limited 95,667
1 Reliance Jio Media Limited 8,60,10,000
In Preferred Shares:
Note 3 Investment by Reliance New Energy Limited in Subsidiaries:
In Equity Shares:
1 skyTran Inc. 4,46,64,684
1 Faradion Limited 2,76,087

(C in crore)
2 REC Solar Holdings 1,000 As at As at
3 Reliance Lithium Werks B.V. 70,11,976 31st March, 2023 31st March, 2022
4 Reliance New Energy Battery Storage Limited 87,50,000 4. Other Financial Assets - Non-Current
5 Reliance New Energy Storage Limited 10,000 Deposits with Related Parties (Refer Note 35 (V)) 577 601
6 Reliance New Solar Energy Limited 44,27,80,000 Others* 1,638 1,646
7 Reliance Bio Energy Limited 10,000 2,215 2,247
8 Reliance Power Electronics Limited 10,000 * Includes fair valuation of interest free deposits.
In Preference Shares: (C in crore)
Sr. No. Name of the Company No. of Shares As at As at

1 Reliance Lithium Werks B.V. 15,25,862
5. Other Non-Current Assets (Unsecured and Considered Good)
Note 4 Investment by Reliance Projects & Property Management Services Limited in Subsidiaries: Capital Advances 594 4,028
In Equity Shares: Advance Income Tax (Net of Provision) 1,384 2,906
Sr. No. Name of the Company No. of Shares Others * 355 363
Total 2,333 7,297
1 Kutch New Energy Projects Limited 10,000
* Includes C 295 crore (Previous Year C 295 crore) deposited in Gas pool account (Refer Note 36.3).
2 Reliance Carbon Fibre Cylinder Limited 10,000
3 Reliance Chemicals and Materials Limited 4,80,10,000 (C in crore)
As at As at
4 Reliance Hydrogen Electrolysis Limited 10,000
5 Reliance Hydrogen Fuel Cell Limited 10,000
Advance Income Tax (Net of Provision)
6 Reliance Infratel Limited 50,00,000
At start of year 2,906 2,230
7 Reliance New Energy Carbon Fibre Cylinder Limited 10,000
Charge for the year - Current Tax (6,437) (787)
8 Reliance New Energy Hydrogen Electrolysis Limited 10,000
Tax paid (Net) during the year 4,915 1,463
9 Reliance New Energy Hydrogen Fuel Cell Limited 10,000
At end of year 1,384 2,906
10 Reliance New Energy Power Electronics Limited 10,000
11 Reliance Petro Materials Limited 10,000
12 Reliance SMSL Limited 50,000

NOTES Standalone
6. Inventories 7.1 Category-wise Investments - Current

Raw Materials (Including Material in Transit) 12,712 16,325 Financial assets measured at Amortised Cost 12,795 -
Work-in-Progress * 11,049 9,479 Financial assets measured at Fair Value through Other Comprehensive Income 59,287 50,456
Finished Goods 19,564 15,356 Financial Assets measured at Fair value through Profit and Loss 13,992 27,848
Stock-in-Trade 247 63 Total Investments - Current 86,074 78,304
Stores and Spares 5,354 4,700
Total 48,926 45,923 (C in crore)
*Includes land, development cost and inventory on completion of projects. As at As at

(C in crore) 8. Trade Receivables (Unsecured and Considered Good)

As at As at Trade Receivables 16,898 14,394
Total 16,898 14,394
7. Investments - Current
Investments Measured at Amortised Cost 8.1 Trade Receivables ageing:
In Debentures or Bonds - Unquoted, fully paid up 12,795 - (C in crore)
Total of Investments measured at Amortised Cost 12,795 - Outstanding for following periods from due date of payment*
Particulars Less than 6 months - 1-2 2-3 More than Total
Investments Measured at Fair Value Through Other Comprehensive Income (FVTOCI) Not due
6 months 1 year years years 3 years
In Fixed Maturity Plan - Quoted, fully paid up - 1,431
As at 31st March, 2023:
In Government Securities - Quoted fully paid up * 21,586 -
(i) Undisputed Trade Receivables - considered good 14,696 2,154 28 6 9 5 16,898
In Debentures or Bonds Quoted, fully paid up 25,430 -
(ii) Undisputed Trade Receivables - which have - - - - - - -
In Mutual Fund - Quoted 4,977 4,685 significant increase in credit risk
In Mutual Fund - Unquoted 7,294 44,340 (iii) Undisputed Trade Receivables - credit impaired - - - - - - -
Total of Investments measured at Fair Value Through Other Comprehensive Income 59,287 50,456 (iv) Disputed Trade Receivables - considered good - - - - - - -
Investments Measured at Fair Value through Profit and Loss (FVTPL) (v) Disputed Trade Receivables - which have - - - - - - -
significant increase in credit risk
In Government Securities - Quoted fully paid up * 583 2,540
(vi) Disputed Trade Receivables - credit impaired - - - - - - -
In Debentures or Bonds Quoted, fully paid up 52 75
Total 14,696 2,154 28 6 9 5 16,898
In Treasury Bills - Quoted 13,157 10,819
*Net of provision.
In Mutual Fund - Unquoted 1 12,493
In Certificate of Deposit - Quoted - 1,921 Trade Receivables ageing:
In Commercial Papers - Quoted 199 - (C in crore)
Total of Investments measured at Fair Value Through Profit and Loss 13,992 27,848 Outstanding for following periods from due date of payment*
Particulars Less than 6 months - 1-2 2-3 More than Total
Total Investments - Current 86,074 78,304 Not due
6 months 1 year years years 3 years
Aggregate amount of Quoted Investments 65,984 21,471
As at 31st March, 2022:
Market Value of Quoted Investments 65,984 21,471
(i) Undisputed Trade Receivables - considered good 13,251 1,068 55 14 1 5 14,394
Aggregate amount of Unquoted Investments 20,090 56,833
(ii) Undisputed Trade Receivables - which have - - - - - - -
* Includes C 79 crore (Previous Year C 61 crore) given as collateral security for derivatives contracts. 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 13,251 1,068 55 14 1 5 14,394
*Net of provision.

NOTES Standalone
(C in crore) Tax expenses for the year can be reconciled to the accounting profit as follows:
As at As at (C in crore)
31st March, 2023 31st March, 2022 Year ended Year ended
9. Cash and Cash Equivalents
Profit Before Tax and Exceptional Items from Continuing Operations 54,133 45,396
Cash on Hand 17 17
Profit Before Tax and Exceptional Items from Discontinued Operations 1,439 1,390
Balances with Banks* 56,794 21,697 Profit Before Tax and Exceptional Items from Continuing Operations and Discontinued 55,572 46,786
Cash and Cash Equivalents as per Balance Sheet 56,811 21,714 Operations
Cash and Cash Equivalents as per Cash Flows Statement 56,811 21,714 Applicable Tax Rate 34.944% 34.944%
Computed Tax Expense 19,419 16,349
* Includes Unclaimed Dividend of C 187 crore (Previous Year C 202 crore), Fixed Deposits of C 27,775 crore (Previous Year C 14,620 crore) with maturity
of more than 12 months. Fixed Deposits of C 33,842 crore (Previous Year C 2,186 crore) given as collateral security. Principal amount of these Fixed Tax Effect of:
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 Exempted income - (1,574)
penalty. Expenses disallowed 1,154 5,716
Additional allowances net of MAT Credit (14,136) (19,704)
(C in crore) Current Tax Provision (A) 6,437 787
As at As at Incremental Deferred tax Liability / (Asset) on account of Property, Plant and Equipment and 2,668 771
31st March, 2023 31st March, 2022 Intangible Assets
Incremental Deferred tax Liability / (Asset) on account of Financial Assets and Other items 2,262 6,144
10. Loans - Current
Deferred Tax Provision (B) 4,930 6,915
Secured and Considered Good
Tax Expenses Recognised in Statement of Profit and Loss (A+B ) 11,367 7,702
Loans and Advances to Related Parties (Refer Note 35 (V))# - 161 Effective Tax Rate 20.45% 16.46%
- 161 Tax on Exceptional Item* - (6,386)
Unsecured and Considered Good * Refer Note 32
Loans and Advances to Related Parties (Refer Note 35 (V))# 595 -

(C in crore)
595 - As at As at
Total 595 161 31st March, 2023 31st March, 2022
#
Refer Note 3.A for details of Loans. 13. Other Current Assets (Unsecured and Considered Good)
Balance with Customs, Central Excise, GST and state authorities 3,874 3,461
(C in crore) Others #
3,346 3,540
As at As at Total 7,220 7,001
31st March, 2023 31st March, 2022 #
Includes prepaid expenses and claims receivable.
11. Other Financial Assets - Current (C in crore)
Deposits to Related Parties (Refer Note 35 (V)) 12,018 12,018 As at As at

Other Deposits 1,437 1,292
14. Share Capital
Receivables from Related Parties (Refer Note 35 (V)) 30,271 34,454
Authorised Share Capital:
Others* 5,682 7,137
14,00,00,00,000 Equity Shares of C 10 each 14,000 14,000
Total 49,408 54,901 (14,00,00,00,000)
* Includes fair valuation of derivatives. 1,00,00,00,000 Preference Shares of C 10 each 1,000 1,000
(1,00,00,00,000)
(C in crore) 15,000 15,000
Issued and Subscribed Capital:
Year ended Year ended
31st March, 2023 31st March, 2022 6,76,60,94,014 Equity Shares of C 10 each 6,766 6,766
(6,76,59,94,014)
12. Taxation Total 6,766 6,766
Tax Expenses Recognised in Statement of Profit and Loss Paid Up Capital:
Current tax 6,76,60,94,014 Equity Shares of C 10 each fully paid up 6,766 6,766
(6,76,59,94,014)
Continuing Operations 6,186 544
Less: Calls Unpaid [C 32,42,410] (Refer Note 14.7) - (1)
Discontinued Operations (Refer Note 33) 251 243 Total 6,766 6,765
6,437 787
Deferred tax 4,930 6,915 14.1 3,66,933 Shares held by Associates
(41,31,91,759)
Tax expenses recognised in the current year 11,367 7,702
Figures in italic represents previous year’s figure.

NOTES Standalone
As at As at 14.7 Issue of Shares Under Rights Issue:

Name of the Shareholder 31st March, 2023 31st March, 2022 The Company had issued 42,26,26,894 equity shares of face value of C 10/- each on right basis (‘Rights Equity Shares’).
No. of Shares % held No. of Shares % held 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
14.2 The Details of Shareholders Holding More 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
Than 5% Shares: Share (including a premium of C 623.50 per share) in November, 2021. As on March 31, 2023, 5,02,595 partly paid-up equity
shares are outstanding on which an aggregate amount of C 41 crore (Previous Year C 81 crore) is unpaid.
Srichakra Commercials LLP 73,95,99,829 10.93 73,95,99,829 10.93
Devarshi Commercials LLP 54,55,69,460 8.06 54,55,69,460 8.06 (C in crore)
Karuna Commercials LLP 54,55,69,460 8.06 54,55,69,460 8.06 As at As at
Tattvam Enterprises LLP 54,55,69,460 8.06 54,55,69,460 8.06
Life Insurance Corporation of India 43,41,84,326 6.42 41,35,42,219 6.11 15. Other Equity
Share Call Money Account
14.3 Shareholding of Promoter
As per last Balance Sheet - 39,843
No. of
change No. of shares % change
Sr.
Class of Equity Share Promoter’s Name
shares at the
during the at the end of
% of total
during the
Reduction during the year (Refer Note 14.7) - (39,843)
No. beginning of shares
year the year year - -
the year
Capital Reserve
As per last Balance Sheet 403 403
1 Fully paid-up equity shares of C 10 Mukesh D Ambani 80,52,020 - 80,52,020 0.12 -
each Securities Premium
Total 80,52,020 - 80,52,020 0.12 As per last Balance Sheet 99,730 59,442
On Employee stock option 22 841
No. of
change No. of shares % change Premium on Shares issued under Rights Issue (Refer Note 14.7) - 39,527
Sr. shares at the % of total
Class of Equity Share Promoter’s Name during the at the end of during the
No. beginning of shares Calls Received / (Unpaid) - Right Issue (Refer Note 14.7) 40 (80)
year the year year
the year
99,792 99,730
As at 31st March, 2022 Debentures Redemption Reserve
1 Fully paid-up equity shares of C 10 Mukesh D Ambani 75,00,000 5,52,020 80,52,020 0.12 - As per last Balance Sheet 4,170 5,965
each
Transferred to General Reserves (2,487) (1,795)
2 Partly paid-up equity shares of C 10 Mukesh D Ambani 5,52,020 (5,52,020) - - -
each, C 2.5 paid-up 1,683 4,170
Total 80,52,020 - 80,52,020 0.12 Share Based Payments Reserve

As per last Balance Sheet 33 419
As at As at On Employee Stock Option 8 (386)

Particulars 41 33
No. of Shares No. of Shares
Special Economic Zone Reinvestment Reserve
14.4 The Reconciliation of the Number of Shares Outstanding is set out below: As per last Balance Sheet 9,110 4,975
Equity Shares at the beginning of the year 6,76,59,94,014 6,76,20,68,814 Transferred (to) / from Retained Earnings* (8,960) 4,135
Add: Shares issued on exercise of employee stock options (Refer Note 29.2) 1,00,000 39,25,200 150 9,110
Equity Shares at the end of the year 6,76,60,94,014 6,76,59,94,014 General Reserve
As per last Balance Sheet 2,24,062 2,58,410
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 2,75,000. Transferred from Debenture Redemption Reserve 2,487 1,795
Transferred to Statement of Profit and Loss [Refer Note 32]. - (36,143)
14.6 Rights, Preferences and Restrictions Attached to Shares:
2,26,549 2,24,062
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 Retained Earnings
paid-up equity share capital of the Company. The dividend proposed by Board of Directors is subject to approval of the As per last Balance Sheet 72,545 41,893
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 Profit for the year 44,205 39,084
equity shares held by them bears to the total paid-up equity share capital of the Company. Transferred to Statement of Profit and Loss (Refer Note 33 & 44.1). (23,502) -
93,248 80,977
* Considers Special Economic Zone Reinvestment Reserve created during the year of C Nil (Previous Year C 5,040 crore).

NOTES Standalone
(C in crore) b) Unsecured:
(C in crore)
As at As at
31st March, 2023 31st March, 2022 Non-Current * Current*
Rate of Interest
2028-29 2025-26 2024-25 Total 2023-24
Appropriations MIBOR+2.90% - - - - 3,600
Dividend on Equity Shares (5,083) (4,297) REPO+2.80% - - - - 4,500
[Dividend per Share C 8 (Previous Year C 7)] 6.95% - - - - 550
Transferred from/(to) Special Economic Zone Reinvestment Reserve 8,960 (4,135) 7.05% - - - - 2,340
97,125 72,545 7.20% - - - - 3,405
Other Comprehensive Income (OCI) 7.40% - 1,650 - 1,650 -
As per last Balance Sheet 54,709 56,688 8.65% 2,190 - - 2,190 -
8.70% 800 - - 800 -
Movement in OCI (Net) during the year (8,124) (1,979)
8.95% 1,990 - - 1,990 -
46,585 54,709
9.00% - - 850 850 -
Total 4,72,328 4,64,762
9.05% 2,409 - - 2,409 -
9.25% - - 1,437 1,437 -
(C in crore)
Total 7,389 1,650 2,287 11,326 14,395
As at As at
*Includes C 11 crore (Non-Current C 5 crore and Current C 6 crore) as prepaid finance charges and fair valuation impact.
Non-Current Current Non-Current Current
16.3 Maturity Profile and Interest Rate of Bonds are as set out below:
16. Borrowings (C in crore)
Secured - At Amortised cost Rate of Non-Current * Current*

Interest 2096-97 2061-62 2051-52 2046-47 2044-45 2040-41 2031-32 2027-28 2026-27 2025-26 2024-25 Total 2023-24
Non-Convertible Debentures 2,008 4,097 6,626 1,000
1.87% - - - - - - - - - 159 159 318 159
2,008 4,097 6,626 1,000
2.06% - - - - - - - - - 157 157 314 157
Unsecured - At Amortised Cost
2.44% - - - - - - - - - 177 177 354 177
Non-Convertible Debentures 11,321 14,389 26,902 12,114
2.51% - - - - - - - - - 185 185 370 185
Bonds 59,538 655 55,549 605 2.88% - - - - - - 12,326 - - - - 12,326 -
Term Loans- from Banks 62,597 24,444 77,752 3,675 3.63% - - 14,380 - - - - - - - - 14,380 -
Term Loans - from Others 97 305 402 540 3.67% - - - - - - - 6,574 - - - 6,574 -
1,33,553 39,793 1,60,605 16,934 3.75% - 6,163 - - - - - - - - - 6,163 -
Total 1,35,561 43,890 1,67,231 17,934 4.13% - - - - - - - - - - 8,217 8,217 -

4.88% - - - - 6,163 - - - - - - 6,163 -
16.1 Secured Non-Convertible Debentures referred above to the extent of: 6.25% - - - - - 4,109 - - - - - 4,109 -

C 6,105 crore (Previous Year C 7,626 crore) are secured by hypothecation of all the movable plant and machinery, both 7.63% - - - - - - - 25 - - - 25 -
present and future, located at Hazira and Dahej Manufacturing Divisions of the Company. 8.25% - - - - - - - - 279 - - 279 -
9.38% - - - - - - - - 182 - - 182 -
16.2 Maturity Profile and Interest Rate of Non-Convertible Debentures are as set out below:
10.25% 102 - - - - - - - - - - 102 -
a) Secured:
10.50% - - - 79 - - - - - - - 79 -
(C in crore)
Total 102 6,163 14,380 79 6,163 4,109 12,326 6,599 461 678 8,895 59,955 678
Non-Current * Current
Rate of Interest * Includes C 440 crore (Non-Current C 417 crore and Current C 23 crore) as prepaid finance charges.
2025-26 2024-25 Total 2023-24
8.00% - - - 3,097 16.4 Maturity Profile of Unsecured Term Loans are as set out below:
8.25% 1,000 1,000 2,000 1,000 (C in crore)
Total 1,000 1,000 2,000 4,097 Non-Current Current

Above 5 years 1-5 years Total 2023-24
*Excludes C 8 crore (Non-Current) as fair valuation impact.
Term Loans- from Banks * 8,525 54,524 63,049 24,599
Term Loans- from Others - 97 97 305
8,525 54,621 63,146 24,904
* Includes C 607 crore (Non-Current C 452 crore and Current C 155 crore) as prepaid finance charges.
Interest rates on unsecured term loans are in range of 0.31% to 8.34% per annum
16.5 The Company has satisfied all the covenants prescribed in terms of borrowings.

NOTES Standalone
17. Other Financial Liabilities - Non-Current 21. Borrowings - Current

Other Payables* 584 3,210 Secured - at Amortised Cost
Total 584 3,210 Working Capital Loans
* Includes Creditors for Capital Expenditure. From Banks
Rupee Loans 31,372 3,579
(C in crore)
31,372 3,579
As at As at
31st March, 2023 31st March, 2022 Unsecured - at Amortised Cost
Other Loans and Advances
18. Provisions - Non-Current
From Banks
Provision for decommissioning of Assets # 1,296 1,598
Rupee Loans 5,000 2,999
Total 1,296 1,598
From Others
#
rovision for Decommissioning of Assets is for Tapti, KGD6 and CBM Block. The decrease in provision of C 302 crore (Previous Year increase of C 99
P
crore) is towards (i) Utilisation for Tapti facilities and D6-MA well decommissioning (ii) changes in the exchange rates (iii) Unwinding of discount (iv)
Commercial paper * - 2,820
change in estimate. 5,000 5,819
(C in crore) Current maturities of Non-Current Borrowings (Refer Note 16) 43,890 17,934
As at As at Total 80,262 27,332
*Maximum amount outstanding at any time during the year was C 2,840 crore (Previous Year C 31,596 crore).
19. Deferred Tax Liabilities (Net)
21.1 Working Capital Loans from Banks of C 31,372 crore (Previous Year C 3,579 crore) are secured by hypothecation of present
The movement on the deferred tax account is as follows: and future stock of raw materials, work-in-progress, finished goods, stores and spares (not relating to plant and machinery),
At the start of the year 30,832 30,788 book debts, outstanding monies, receivables, claims, bills, materials in transit, fixed deposit etc. save and except receivables
of Oil & Gas segment (Refer Note 9).
Charge to Statement of Profit and Loss [Net of Deferred Tax on exceptional item of C Nil; 4,930 529
(Previous Year C 6,386 crore)] ^
21.2 Refer note 39 B (iv) for maturity profile.
Charge / (Credit) to Other Comprehensive Income* (1,794) (485)
At the end of year 33,968 30,832 21.3 The Company has satisfied all the covenants prescribed in terms of borrowings.
^
Refer Note 12 and 32
* Includes C 5 crore [Previous Year (C 6 crore)] pertaining to discontinued operations. 21.4 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 accounts.
(C in crore)
Charge / (Credit) to (C in crore)
Other As at As at As at
As at Statement of 31st March, 2023 31st March, 2023 31st March, 2022
Comprehensive
31st March, 2022 Profit and Loss
Income
22. Trade Payables Due to
Component Of Deferred Tax Liabilities / (Asset)
Micro and Small Enterprises 210 138
Deferred tax liabilities / (asset) in relation to:
Other than Micro and Small Enterprises 1,10,512 1,33,867
Property, Plant and Equipment and Intangible Asset 31,312 2,668 - 33,980
Total 1,10,722 1,34,005
Financial Assets and Others (Net) (8) 2,185 (1,794) 383
Loan and Advances (31) 1 - (30) 22.1 There are no overdue amounts to Micro, Small and Medium Enterprises as at 31st March, 2023.
Provisions (441) 76 - (365)

30,832 4,930 (1,794) 33,968
(C in crore)
As at As at
20. Other Non-Current Liabilities

Advance from Related Parties (Refer Note 35 (III)) - 504
Total - 504

NOTES Standalone
22.2 Trade Payables Ageing (C in crore)
(C in crore) As at As at
Outstanding for following Periods from due date of payment
Less than More than Total 25. Provisions - Current

Not due 1-2 years 2-3 years
1 year 3 years
Provisions for Employee Benefits (Refer Note 29.1)** 232 289
As at 31st March, 2023: Other Provisions #
693 607
(i) MSME 210 - - - - 210 Total 925 896
(ii) Others 1,09,098 - - 1,338 76 1,10,512 ** The provision for employee benefits includes annual leave and vested long service leave entitlement accrued.
#
he Company had recognised liability for excise duty payable on clearance of goods lying in stock as on 31st March, 2022 of C 243 crore as per the
T
(iii) Disputed dues- MSME - - - - - - estimated pattern of dispatches. During the year, C 243 crore was utilised for clearance of goods. Provision recognised under this class for the year is
(iv) Disputed dues- Others - - - - - - C 394 crore which is outstanding as on 31st March, 2023. 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 148 crore as at 31st March, 2022. During the year, further provision of
Total 1,09,308 - - 1,338 76 1,10,722 C 637 crore was made and sum of C 608 crore were reversed on fulfilment of export obligation. Closing balance on this account as at 31st March, 2023
is C 177 crore.
Outstanding for following Periods from due date of payment 2022-23 2021-22
Less than More than Total

Not due 1-2 years 2-3 years 26. Revenue from Operations
1 year 3 years
Disaggregated Revenue
As at 31st March, 2022: Oil to Chemicals 5,22,152 4,35,657
(i) MSME 138 - - - - 138 Oil & Gas 16,457 6,319
(ii) Others 1,32,453 - 1,338 76 - 1,33,867 Retail 28 26
(iii) Disputed dues- MSME - - - - - - Others 946 650
(iv) Disputed dues- Others - - - - - - Value of Sales 5,39,583 4,42,652
Total 1,32,591 - 1,338 76 - 1,34,005 Income from Other Services 2,208 1,343
Value of Services 2,208 1,343
(C in crore)
Total ^^ 5,41,791 4,43,995
As at As at ^^ Net of GST
Revenue from contract with customers differ from the revenue as per contracted price due to factors such as taxes recovered, volume
23. Other Financial Liabilities - Current rebate, discounts, hedge etc.
Interest accrued but not due on Borrowings 2,484 2,689
(C in crore)
Unclaimed Dividends # 187 202
2022-23 2021-22
Advance / Deposit from Related Parties (Refer Note 35 (III)) - 24
Other Payables * 22,940 30,310 27. Other Income
Total 25,611 33,225 Interest

Bank deposits 1,709 54
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. Debt instruments 9,174 12,247
* Includes Creditors for Capital Expenditure, Security Deposit and Financial Liability at Fair Value. Other Financial Assets measured At Amortised Cost 84 89
Others 93 -
(C in crore)
11,060 12,390
As at As at
Dividend Income 92 248
Other Non-Operating Income 1,193 440
24. Other Current Liabilities Gain / (Loss) on Financial Assets
Contract Liabilities 15,355 615 Realised (Loss) / Gain (1,189) 647
Other Payables ^ 4,304 4,823 Unrealised Gain 73 118
Total 19,659 5,438 (1,116) 765
^ Includes statutory dues. Total 11,229 13,843
Above includes income from assets measured at Cost / Amortised Cost of C 6,634 crore (Previous Year C 7,027 crore), income from
assets measured at Fair Value Through Profit and Loss of C 152 crore (Previous Year C 619 crore) and income from assets measured at
Fair Value Through Other Comprehensive Income of C 3,250 crore (Previous Year C 5,757 crore).

NOTES Standalone
2022-23 2021-22 2022-23 2021-22
27.1 Other Comprehensive Income - Items that will not be Reclassified to Profit and Loss 29. Employee Benefits Expense
Remeasurement loss of Defined Benefit Plan (22) (42) Salaries and Wages 4,267 4,087
Equity instruments through OCI 33 283 Contribution to Provident Fund and Other Funds 266 246
Staff Welfare Expenses 1,158 1086
Total 11 241
Total 5,691 5,419
(C in crore) 29.1 As per Indian Accounting Standard 19 “Employee Benefits”, the disclosures as defined are given below:
2022-23 2021-22 Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for the year is as under:
27.2 Other Comprehensive Income - Items that will be Reclassified to Profit and Loss (C in crore)
Government Securities (394) (121) Particulars 2022-23 2021-22
Debenture or Bonds (701) (146)

Employer’s Contribution to Provident Fund 138 124
Debt Income Fund 79 (659)
Employer’s Contribution to Superannuation Fund 21 19
Fixed Maturity Plan (91) (344) Employer’s Contribution to Pension Scheme 59 55
Commodity Hedge 874 91
The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund and Miscellaneous
Cash flow Hedge (9,716) (1,499)
Provisions Act, 1952.
Total (9,949) (2,678)
Defined Benefit Plan
I) Reconciliation of opening and closing balances of Defined Benefit Obligation
(C in crore)
(C in crore)
2022-23 2021-22
Gratuity (Funded)
Particulars
28. Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade 2022-23 2021-22
A) Inventories (At Close) Defined Benefit Obligation at beginning of the year 1,001 954
Finished Goods / Stock-in-Trade 19,811 15,419 Current Service Cost 46 45
Work-in-Progress * 7,951 5,883 Interest Cost 71 66
27,762 21,302 Actuarial Loss 12 39

Benefits Paid * (110) (100)
B) Inventories (At Commencement)
Liability Transferred (Out) (Net) (5) (3)
Finished Goods / Stock-in-Trade 15,419 9,364
Defined Benefit Obligation at end of the year 1,015 1,001
Work-in-Progress * 5,883 4,009
* Includes benefits of C 108 crore (Previous Year C 94 crore) paid by the Company
21,302 13,373
C) Capitalised during the year 27 33 II) Reconciliation of opening and closing balances of fair value of Plan Assets
Total (B-A-C) (6,487) (7,962) (C in crore)
Gratuity (Funded)
* Excludes inventory on completion of projects. Particulars
2022-23 2021-22
Fair value of Plan Assets at beginning of the year 1,071 1013

Return on Plan Assets 66 67
Benefits Paid (3) (6)
Assets Transferred (Out) (Net) (5) (3)
Fair value of Plan Assets at end of the year 1,129 1,071
III) Reconciliation of fair value of Assets and Obligations

(C in crore)
Gratuity (Funded)
Particulars As at As at
31st March, 2023 31st March,2022
Fair value of Plan Assets 1,129 1,071

Present value of Obligation 1,015 1,001
Amount recognised in Balance Sheet (Surplus) 114 70

NOTES Standalone
IV) Expenses recognised during the year These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and
(C in crore) Salary Risk.
Gratuity (Funded)
Particulars
2022-23 2021-22
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.
In Income Statement
Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset
Current Service Cost 46 45
by an increase in the return on the plan's debt investments.
Interest Cost 71 66
Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate
Return on Plan Assets (76) (70) of the mortality of plan participants both during and after their employment. An increase in the life
Net Cost 41 41 expectancy of the plan participants will increase the plan's liability.
In Other Comprehensive Income (OCI) Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan
Actuarial Loss 12 39 participants. As such, an increase in the salary of the plan participants will increase the plan's liability.
Return on Plan Assets 10 3

29.2 Share Based Payments
Net Expense for the year recognised in OCI 22 42
a) Scheme details
The Company has Employees’ Stock Option Scheme i.e. ESOS-2017 under which options have been granted at the
V) Investment Details: exercise price of C 10 per share to be vested from time to time on the basis of performance and other eligibility criteria.
As at 31st March, 2023 As at 31st March, 2022 Details of number of options outstanding have been tabulated below:
Particulars
C in crore % Invested C in crore % Invested
Number of Options Outstanding
Financial Year Exercise Range of Fair value at
GOI Securities 1 0.09 1 0.09 As at As at Financial Year of Vesting
(Year of Grant) Price (K) Grant Date (K)
31st March 2023 31st March 2022
Insurance Policies 1,128 99.91 1,070 99.91
1,129 100.00 1,071 100.00 ESOS - 2017
Details of Employee Stock Options granted from 1st April, 2020 to 31st March, 2023
VI) Actuarial assumptions
Gratuity (Funded)
2020-21 2,00,000 3,00,000 2021-22 to 2024-25 10.00 2,133.40 -2,151.90
Mortality Table (IALM) 2022-23 2021-22 2021-22 90,000 90,000 2022-23 to 2025-26 10.00 2,595.20-2,613.30
2012-14 2012-14
(Urban) (Urban)
Total 2,90,000 3,90,000
Discount Rate (per annum) 7.60% 7.09% Exercise period would commence from the date of Vesting and would expire not later than seven years from the Grant
Expected rate of return on Plan Assets (per annum) 7.60% 7.09% Date or such other period as may be decided by the Human Resources, Nomination and Remuneration Committee of
the Board.
Rate of escalation in Salary (per annum) 6% 6%
Rate of employee turnover (per annum) 3% 2% 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,
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, term of the option, share price at grant date and expected price volatility of the underlying shares, expected dividend
promotion and other relevant factors including supply and demand in the employment market. The above information yield and the risk free interest rate for the term of the option.
is certified by the actuary.
The model inputs for options granted during the year ended 31st March, 2021 and 31st March, 2022 included as
The Expected Rate of Return on Plan Assets is determined considering several applicable factors, mainly the mentioned below.
composition of Plan Assets held, assessed risks, historical results of return on Plan Assets and the Company’s policy for
Plan Assets Management. ESOS - 2017
a) Weighted average exercise price C 10 C 10

VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2022-23.
b) Grant date: 05.10.2020 30.03.2022
VIII) Sensitivity Analysis c) Vesting year: 2021-22 to 2024-25 2022-23 to 2025-26
Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount rate, expected d) Share Price at grant date: C 2,212 C 2,673
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 e) Expected price volatility of Company's share: 30.2% to 31.9% 30.7% to 33%
constant. The result of Sensitivity analysis is given below: f) Expected dividend yield: 0.60% 0.49%
As at 31st March, 2023 As at 31st March, 2022 g) Risk free interest rate: 5.1% to 5.6% 5.86% to 6.34%
Decrease Increase Decrease Increase
The expected price volatility is based on the historic volatility (based on remaining life of the options).
Change in rate of discounting (delta effect of +/- 0.5%) 21 22 24 26
Change in rate of salary increase (delta effect of -/+ 0.5%) 22 23 25 26
Change in rate of employee turnover (delta effect of -/+ 2 2 2 2
0.5%)

NOTES Standalone
c) Movement in share options during the year: (C in crore)

As at 31st March, 2023 As at 31st March, 2022 Particulars 2022-23 2021-22
Number of share Weighted average Number of share Weighted average
options exercise price options exercise price 31.1 Payment to Auditors as:
(a) Fees as Auditors 30 34
Balance at the beginning of the year 3,90,000 10.00 42,25,200 13.14
(b) Tax Audit Fees 2 1
Granted during the year - - 90,000 10.00
(c) Fees for Other Services 3 5
Exercised during the year (1,00,000) 10.00 (39,25,200) 13.38
(d) Cost Audit Fees 1 1
Balance at the end of the year 2,90,000 10.00 3,90,000 10.00
Total 36 41
Weighted average remaining contractual life of the share option outstanding at the end of year is 1,817 days (Previous
Year 2,138 days). Fees for Other Services includes certification fees paid to auditors. Statute and other regulations require auditors to certify
export / import documentation and transfer pricing among others.
(C in crore)
31.2 Corporate Social Responsibility (CSR)
2022-23 2021-22
(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by
30. Finance Costs the Company during the year is C 739 crore (Previous Year C 737 crore).
Interest Expenses* 11,962 8,807
(b) Expenditure related to Corporate Social Responsibility is C 744 crore (Previous Year C 813 crore).
Interest on Lease Liabilities 227 234
(C in crore)
Applicable loss on foreign currency transactions and translation 437 82
Particulars 2022-23 2021-22
Total 12,626 9,123
* Net of Interest Capitalised of C 2,023 crore (Previous Year C 1,316 crore). Rural Transformation 105 101
Health (including COVID-19) 282 475
(C in crore)
2022-23 2021-22
Education 281 202
Sports for Development 56 27
31. Other Expenses
Disaster Response (including COVID-19) 3 4
Manufacturing Expenses
Stores, Chemicals and Packing Materials 7,201 7,158 Arts ,Culture, Heritage and Urban Renewal 17 4
Electric Power, Fuel and Water 23,590 17,117 Total 744 813
Labour Processing, Production Royalty and Machinery Hire Charges 7,075 1,125
Repairs to Building 115 91 (c) Out of note (b) above, C 397 crore (Previous Year C 494 crore) contributed to Reliance Foundation, C 34 crore
Repairs to Machinery 1,475 1,307 (Previous Year C 22 crore) to Reliance Foundation Youth Sports and C 207 crore (Previous Year C 142 crore) to Reliance
Exchange Difference (Net) 399 354 Foundation Institution of Education and Research which are related parties.
Excise Duty # 4,460 (40)
Lease Rent 81 43 (C in crore)
44,396 27,155 Particulars 2022-23 2021-22
Selling and Distribution Expenses
Warehousing and Distribution Expenses 9,033 7,553 32. Exceptional Items (Net of Tax)
Sales Tax / VAT 1,438 1,290 a) (i) Loss on measurement of gasification undertaking as - 42,529
Other Selling and Distribution Expenses 1,070 599 held for sale
11,541 9,442 (ii) Deferred Tax reversal - (6,386)
Establishment Expenses
(iii) Net Loss on measurement of gasification undertaking - 36,143
Professional Fees 826 447
as held for sale (i) – (ii)
General Expenses 2,598 2,699
Rent 127 113 (iv) Withdrawal from General Reserve - (36,143)
Insurance 626 639 Total - -
Rates & Taxes 679 811
Other Repairs 369 357 For the year ended 31st March, 2022
Travelling Expenses 250 92 i. The Company has recognised loss of C 36,143 crore (net of deferred tax) in the Statement of Profit and Loss as Exceptional
Payment to Auditors 36 41 Item on measurement of gasification undertaking as held for sale pursuant to Ind AS 105, which requires assets to be
Loss on Sale / Discard of Property, Plant and Equipment and Intangible Assets 90 93 measured at lower of its carrying amount and fair value less costs to sell.
Charity and Donations 1,523 1,217
ii. Further, the Company has withdrawn from General Reserves, an amount of C 36,143 crore equal to the loss recognised
7,124 6,509
in the Statement of profit and loss, and credited the same to the Statement of Profit and Loss. This is in accordance with
Less: Transferred to Project Development Expenditure 1,080 723 Scheme approved by Hon’ble National Company Law Tribunal, Mumbai bench and Ahmedabad bench, overriding the Indian
Total 61,981 42,383 Accounting Standards (Ind AS), (Refer Note 44.2).
#
E xcise 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.

NOTES Standalone
33. Discontinued Operations 35. Related Parties Disclosures

(i) Demerger of Financial Services Business Undertaking: As per Ind AS 24, the disclosures of transactions with the related parties are given below:
The Company vide the Scheme of arrangement (‘the Scheme’) demerged its financial services business undertaking to
Reliance Strategic Investments Limited (wholly owned subsidiary of the Company) with effect from the appointed date of (I) List of Related Parties where control Exists And Relationships:
March 31, 2023. The Scheme has been sanctioned by the Hon’ble National Company Law Tribunal (Mumbai Bench) vide its
Sr. No. Name of the Related Party Relationship
Order dated June 28, 2023 (Refer Note 44.1).
The Company has derecognised the net carrying value of assets of C 23,502 crore as on appointed date i.e. March 31, 2023 1 7-India Convenience Retail Limited
to the Statement of Profit and Loss. Further, in accordance with the Scheme net amount of C 23,502 crore so derecognised 2 Aaidea Solutions Limited
has been adjusted against / withdrawn from retained earnings.
3 ABC Cable Network Private Limited @
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 4 Actoserba Active Wholesale Limited
stipulations of Ind AS 105 - Non-current assets held for sale and discontinued operations. The corresponding numbers in the 5 Addverb Technologies BV
financial statements for the previous year have been presented as if these operations were discontinued in the prior year as well.
6 Addverb Technologies Limited (Formerly known as Addverb Technologies Private Limited)
(ii) Profit from Discontinued Operations for the Year:
7 Addverb Technologies Pte Limited
(C in crore)
8 Addverb Technologies Pty Limited
9 Addverb Technologies USA Inc.
Total Income 1,459 1,409
Expenses (20) (19) 10 Adventure Marketing Private Limited #
Tax Expenses (251) (243) 11 AETN18 Media Private Limited #
Derecognition of net carrying value of assets (23,502) -
12 Affinity USA LLC @
Adjusted against retained earnings 23,502 - - -
13 Amante Exports (Private) Limited (Formerly known as MAS Brands Exports (Private) Limited)
Profit after tax from discontinued operations 1,188 1,147
14 Amante India Limited (Formerly known as Amante India Private Limited)
(iii) Cash flows from Discontinued Operations 15 Amante Lanka (Private) Limited (Formerly known as MAS Brands Lanka (Private) Limited)
(C in crore) 16 Angel Cable Network Private Limited @
17 Asteria Aerospace Limited
Net cash inflows from operating activities 2,284 269
18 Aurora Algae LLC @
Net cash inflows / (outflows) from investing activities 5,760 (7,274)
19 Bali Den Cable Network Limited @
(C in crore)
2022-23 2021-22
20 Bhadohi DEN Entertainment Private Limited
Subsidiary
21 Cab-i-Net Communications Private Limited @
34. Earnings Per Share (EPS)
Face Value Per Equity Share (K) 10 10 22 Catwalk Worldwide Private Limited^
Continuing Operations 23 Centro Brands Private Limited^ @
Basic Earnings Per Share (C) - After / Before Exceptional Item 63.58 57.50
Diluted Earnings Per Share (C) - After / Before Exceptional Item 63.58 56.77 24 Channels India Network Private Limited
Discontinued Operations 25 Chennai Cable Vision Network Private Limited
Basic Earnings Per Share (C) - After / Before Exceptional Item 1.76 1.74 26 Colorful Media Private Limited #
Diluted Earnings Per Share (C) - After / Before Exceptional Item 1.76 1.72
Continuing Operations and Discontinued Operations 27 Colosceum Media Private Limited #
Basic Earnings Per Share (C) - After / Before Exceptional Item 65.34 59.24 28 Cover Story Clothing Limited (Formerly known as Future Style Lab Limited)^
Diluted Earnings Per Share (C) - After / Before Exceptional Item 65.34 58.49
29 Cover Story Clothing UK Limited (Formerly known as Future Style Lab UK Limited)^
Continuing Operations
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders 43,017 37,937 30 C-Square Info-Solutions Limited (Formerly known as C-Square Info-Solutions Private Limited)
(C in crore) - After / Before Exceptional Item 31 Dadha Pharma Distribution Limited (Formerly known as Dadha Pharma Distribution Private
Discontinued Operations Limited)
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders 1,188 1,147
32 DEN Ambey Cable Networks Private Limited
(C in crore) - After / Before Exceptional Item
Continuing Operations and Discontinued Operations 33 DEN BCN Suncity Network Limited @
Net Profit after Tax as per Statement of Profit and Loss attributable to Equity Shareholders 44,205 39,084 34 Den Broadband Limited
(C in crore) - After / Before Exceptional Item
Weighted Average number of Equity Shares used as denominator 35 Den Budaun Cable Network Private Limited
Basic EPS 6,76,55,50,967 6,59,81,11,978 36 Den Digital Cable Network Limited @
Diluted EPS 6,76,61,55,766 6,68,16,52,444 37 Den Discovery Digital Networks Private Limited
Reconciliation of Weighted Average Number of Shares Outstanding
Weighted Average number of Equity Shares used as denominator for calculating Basic EPS^ 6,76,55,50,967 6,59,81,11,978 38 Den Enjoy Cable Networks Private Limited
Total Weighted Average Potential Equity Shares * 6,04,799 8,35,40,466 39 Den Enjoy Navaratan Network Private Limited
Weighted Average number of Equity Shares used as denominator for calculating Diluted EPS 6,76,61,55,766 6,68,16,52,444 #
Control by Independent Media Trust of which the Company is the sole beneficiary.
^ Refer Note 14.7 ^ Relationships established during the year.
* Dilutive impact of Employee Stock Option Scheme and Partly paid Rights Issue Shares. @
Ceased to be related party during the year.

NOTES Standalone
Sr. No. Name of the Related Party Relationship Sr. No. Name of the Related Party Relationship
40 DEN Enjoy SBNM Cable Network Private Limited @ 83 Dronagiri Pagote East Infra Limited
41 Den F K Cable TV Network Private Limited 84 Dronagiri Pagote North First Infra Limited
42 Den Fateh Marketing Private Limited 85 Dronagiri Pagote North Infra Limited
43 Den Kashi Cable Network Limited 86 Dronagiri Pagote North Second Infra Limited
44 Den Maa Sharda Vision Cable Networks Limited @
87 Dronagiri Pagote South First Infra Limited
45 Den Mahendra Satellite Private Limited @
88 Dronagiri Pagote South Infra Limited
46 Den Malabar Cable Vision Limited @ 89 Dronagiri Pagote West Infra Limited
47 Den Malayalam Telenet Private Limited 90 Dronagiri Panje East Infra Limited
48 Den Mod Max Cable Network Private Limited 91 Dronagiri Panje North Infra Limited
49 Den Nashik City Cable Network Private Limited 92 Dronagiri Panje South Infra Limited
50 Den Networks Limited 93 Dronagiri Panje West Infra Limited
51 DEN Pawan Cable Network Limited @
94 e-Eighteen.com Limited #
52 Den Premium Multilink Cable Network Private Limited 95 Elite Cable Network Private Limited
53 Den Rajkot City Communication Private Limited 96 Eminent Cable Network Private Limited
54 Den Satellite Cable TV Network Limited 97 Enercent Technologies Private Limited
55 Den Saya Channel Network Limited 98 Faradion Limited
56 DEN STN Television Network Private Limited @ 99 Faradion UG
57 Den Supreme Satellite Vision Private Limited 100 Foodhall Franchises Limited
58 Den Varun Cable Network Limited @
101 Future Lifestyles Franchisee Limited
59 Den-Manoranjan Satellite Private Limited 102 Futuristic Media and Entertainment Limited
60 Digital18 Media Limited #
103 Galaxy Den Media & Entertainment Private Limited
61 Divya Drishti Den Cable Network Private Limited @
Subsidiary 104 Genesis Colors Limited Subsidiary
62 Drashti Cable Network Limited 105 Genesis La Mode Private Limited
63 Dronagiri Bokadvira East Infra Limited 106 GLB Body Care Private Limited
64 Dronagiri Bokadvira North Infra Limited 107 GLF Lifestyle Brands Private Limited
65 Dronagiri Bokadvira South Infra Limited 108 GML India Fashion Private Limited
66 Dronagiri Bokadvira West Infra Limited 109 Grab A Grub Services Limited (Formerly known as Grab A Grub Services Private Limited)
67 Dronagiri Dongri East Infra Limited 110 Greycells18 Media Limited #
68 Dronagiri Dongri North Infra Limited 111 Hamleys (Franchising) Limited
69 Dronagiri Dongri South Infra Limited 112 Hamleys Asia Limited
70 Dronagiri Dongri West Infra Limited 113 Hamleys of London Limited
71 Dronagiri Funde East Infra Limited 114 Hamleys Toys (Ireland) Limited
72 Dronagiri Funde North Infra Limited 115 Hathway Bhaskar CCN Multi Entertainment Private Limited^
73 Dronagiri Funde South Infra Limited 116 Hathway Bhawani Cabletel & Datacom Limited
74 Dronagiri Funde West Infra Limited 117 Hathway Cable and Datacom Limited
75 Dronagiri Navghar East Infra Limited 118 Hathway Digital Limited
76 Dronagiri Navghar North First Infra Limited 119 Hathway Kokan Crystal Cable Network Limited
77 Dronagiri Navghar North Infra Limited 120 Hathway Mantra Cable & Datacom Limited
78 Dronagiri Navghar North Second Infra Limited 121 Hathway Nashik Cable Network Private Limited
79 Dronagiri Navghar South First Infra Limited 122 India Mumbai Indians (Pty) Ltd^
80 Dronagiri Navghar South Infra Limited 123 IndiaCast Media Distribution Private Limited #
81 Dronagiri Navghar South Second Infra Limited 124 IndiaCast UK Limited #
82 Dronagiri Navghar West Infra Limited 125 IndiaCast US Limited #
#
Control by Independent Media Trust of which the Company is the sole beneficiary. #
@
Ceased to be related party during the year. ^
Relationships established during the year.

NOTES Standalone
126 Indiavidual Learning Limited 166 Lithium Werks Technology B. V.^

127 Indiawin Sports Middle East Limited^ 167 M Entertainments Private Limited
128 Indiawin Sports Private Limited 168 Mahadev Den Cable Network Limited
129 Infomedia Press Limited #
169 Mahavir Den Entertainment Private Limited
130 Intelligent Supply Chain Infrastructure Management Private Limited $
170 Maitri Cable Network Private Limited @
131 Intimi India Limited (Formerly known as Intimi India Private Limited) 171 Mansion Cable Network Private Limited
132 Jaisuryas Retail Ventures Limited (Formerly known as Jaisuryas Retail Ventures Private 172 Mayuri Kumkum Limited^
Limited)
173 Media18 Distribution Services Limited #
133 JD International Pte. Ltd.
174 Meerut Cable Network Private Limited
134 Jio Cable and Broadband Holdings Private Limited $
175 Mesindus Ventures Limited
135 Jio Content Distribution Holdings Private Limited $
176 Mindex 1 Limited
136 Jio Digital Distribution Holdings Private Limited $
177 Model Economic Township Limited
137 Jio Estonia OÜ
178 Moneycontrol Dot Com India Limited #
138 Jio Futuristic Digital Holdings Private Limited $
179 Multitrack Cable Network Private Limited @
139 Jio Haptik Technologies Limited
180 MYJD Private Limited
140 Jio Information Aggregator Services Limited @**
181 Netmeds Healthcare Limited (Formerly known as Netmeds Marketplace Limited)
141 Jio Infrastructure Management Services Limited @**
182 Network18 Media & Investments Limited #
142 Jio Internet Distribution Holdings Private Limited $
183 New Emerging World of Journalism Limited
143 Jio Limited
184 NextGen Fast Fashion Limited^
144 Jio Media Limited
185 Nilgiris Stores Limited
145 Jio Platforms Limited Subsidiary 186 NowFloats Technologies Limited (Formerly known as NowFloats Technologies Private
146 Jio Satellite Communications Limited Limited) Subsidiary
147 Jio Space Technology Limited @ 187 Purple Panda Fashions Limited (Formerly known as Purple Panda Fashions Private Limited)^
148 Jio Television Distribution Holdings Private Limited $ 188 Radiant Satellite (India) Private Limited
149 Jio Things Limited 189 Radisys B.V.
150 Just Dial Inc. @
190 Radisys Canada Inc.
151 Just Dial Limited 191 Radisys Cayman Limited
152 Kalamboli East Infra Limited 192 Radisys Convedia (Ireland) Limited
153 Kalamboli North First Infra Limited 193 Radisys Corporation
154 Kalamboli North Infra Limited 194 Radisys GmbH
155 Kalamboli North Second Infra Limited 195 Radisys India Limited
156 Kalamboli North Third Infra Limited 196 Radisys International LLC
157 Kalamboli South First Infra Limited 197 Radisys International Singapore Pte. Ltd.
158 Kalamboli South Infra Limited 198 Radisys Spain S.L.U.
159 Kalamboli West Infra Limited 199 Radisys Systems Equipment Trading (Shanghai) Co. Ltd.
160 Kalanikethan Fashions Limited (Formerly known as Kalanikethan Fashions Private Limited) 200 Radisys Technologies (Shenzhen) Co. Ltd.
161 Kalanikethan Silks Limited (Formerly known as Kalanikethan Silks Private Limited) 201 Radisys UK Limited
162 Kishna Den Cable Networks Private Limited 202 RB Holdings Private Limited #
163 Kutch New Energy Projects Limited 203 RB Media Holdings Private Limited #
164 Libra Cable Network Limited 204 RB Mediasoft Private Limited #
165 Lithium Werks China Manufacturing Co., Ltd.^ 205 RBML Solutions India Limited
#
Control by Independent Media Trust of which the Company is the sole beneficiary. 206 REC Americas LLC
$
ontrol by Digital Media Distribution Trust of which Reliance Content Distribution Limited is the sole beneficiary, which is a wholly-owned
C
subsidiary of the Company.
207 REC ScanModule Sweden AB
^ Relationships established during the year. #
@
Ceased to be related party during the year. ^
Relationships established during the year.
** Refer Note 44.1 @

NOTES Standalone
208 REC Solar (Japan) Co., Ltd. 250 Reliance Global Energy Services Limited
209 REC Solar EMEA GmbH 251 Reliance Global Project Services Pte Ltd^
210 REC Solar France SAS 252 Reliance Global Project Services UK Limited^
211 REC Solar Holdings AS 253 Reliance Hydrogen Electrolysis Limited
212 REC Solar Norway AS 254 Reliance Hydrogen Fuel Cell Limited
213 REC Solar Pte. Ltd. 255 Reliance Industrial Investments and Holdings Limited @**
214 REC Systems (Thailand) Co., Ltd. 256 Reliance Industries (Middle East) DMCC
257 Reliance Infratel Limited^
215 REC Trading (Shanghai) Co., Ltd.
258 Reliance Innovative Building Solutions Private Limited
216 REC US Holdings, Inc.
259 Reliance International Limited
217 Recron (Malaysia) Sdn. Bhd.
260 Reliance Jio Global Resources, LLC
218 Reliance 4IR Realty Development Limited
261 Reliance Jio Infocomm Limited
219 Reliance A&T Fashions Private limited (Formerly known as Abraham and Thakore Exports
Private Limited) 262 Reliance Jio Infocomm Pte. Ltd.
220 Reliance Abu Sandeep Private Limited (Formerly known as ABSA Fashions Private Limited)^ 263 Reliance Jio Infocomm UK Limited
221 Reliance AK-OK Fashions Limited^ 264 Reliance Jio Infocomm USA, Inc.
265 Reliance Jio Media Limited
222 Reliance Ambit Trade Private Limited
266 Reliance Jio Messaging Services Limited @
223 Reliance Beauty & Personal Care Limited^
267 Reliance Lifestyle Products Private Limited
224 Reliance Bhutan Limited^
268 Reliance Lithium Werks B. V.^
225 Reliance Bio Energy Limited^
269 Reliance Lithium Werks USA LLC^
226 Reliance BP Mobility Limited
270 Reliance Logistics and Warehouse Holdings Limited^
227 Reliance Brands Holding UK Limited
271 Reliance Mappedu Multi Modal Logistics Park Limited^
228 Reliance Brands Limited Subsidiary
272 Reliance Marcellus II LLC @ Subsidiary
229 Reliance Brands Luxury Fashion Private Limited
273 Reliance Marcellus LLC
230 Reliance Carbon Fibre Cylinder Limited
274 Reliance Neucomm LLC^
231 Reliance Chemicals and Materials Limited^
275 Reliance New Energy Battery Storage Limited^
232 Reliance Clothing India Limited (Formerly known as Reliance Clothing India Private Limited)
276 Reliance New Energy Carbon Fibre Cylinder Limited
233 Reliance Commercial Dealers Limited 277 Reliance New Energy Hydrogen Electrolysis Limited
234 Reliance Comtrade Private Limited 278 Reliance New Energy Hydrogen Fuel Cell Limited
235 Reliance Consumer Products Limited^ 279 Reliance New Energy Limited
236 Reliance Content Distribution Limited 280 Reliance New Energy Power Electronics Limited
237 Reliance Corporate IT Park Limited 281 Reliance New Energy Storage Limited
238 Reliance Digital Health Limited 282 Reliance New Solar Energy Limited
239 Reliance Digital Health USA Inc. 283 Reliance O2C Limited @
240 Reliance Eagleford Upstream Holding LP 284 Reliance Payment Solutions Limited @**
241 Reliance Eagleford Upstream LLC 285 Reliance Petro Marketing Limited
242 Reliance Eminent Trading & Commercial Private Limited 286 Reliance Petro Materials Limited^
243 Reliance Ethane Holding Pte Limited 287 Reliance Polyester Limited (Formerly known as Reliance Petroleum Retail Limited)
244 Reliance Ethane Pipeline Limited 288 Reliance Power Electronics Limited
245 Reliance Exploration & Production DMCC 289 Reliance Progressive Traders Private Limited
246 Reliance Finance and Investments USA LLC^ 290 Reliance Projects & Property Management Services Limited
291 Reliance Prolific Commercial Private Limited
247 Reliance GAS Lifestyle India Private Limited
292 Reliance Prolific Traders Private Limited
248 Reliance Gas Pipelines Limited
293 Reliance Rahul Mishra Fashion Private Limited (Formerly known as Rahul Mishra Fashion
249 Reliance Global Energy Services (Singapore) Pte. Limited
Private Limited)^
^
Relationships established during the year. ^ Relationships established during the year.
@
** Refer Note 44.1

NOTES Standalone
294 Reliance Retail and Fashion Lifestyle Limited 337 Surajya Services Limited
295 Reliance Retail Finance Limited ** @ 338 Surela Investment and Trading Limited
296 Reliance Retail Insurance Broking Limited ** @ 339 Tesseract Imaging Limited
297 Reliance Retail Limited 340 The Indian Film Combine Private Limited
298 Reliance Retail Ventures Limited 341 Tira Beauty Limited

342 Tresara Health Limited
299 Reliance Ritu Kumar Private Limited
343 TV18 Broadcast Limited #
300 Reliance Sibur Elastomers Private Limited
344 Ulwe East Infra Limited
301 Reliance SMSL Limited
345 Ulwe North Infra Limited
302 Reliance SOU Limited ^
346 Ulwe South Infra Limited
303 Reliance Storage Limited @
347 Ulwe Waterfront East Infra Limited
304 Reliance Strategic Business Ventures Limited
348 Ulwe Waterfront North Infra Limited
305 Reliance Strategic Investments Limited @**
349 Ulwe Waterfront South Infra Limited Subsidiary
306 Reliance Syngas Limited 350 Ulwe Waterfront West Infra Limited
307 Reliance TerraTech Holding LLC (Formerly known as Reliance Eagleford Upstream GP LLC) 351 Ulwe West Infra Limited
308 Reliance UbiTek LLC ^ 352 Urban Ladder Home Décor Solutions Limited
309 Reliance Universal Traders Private Limited 353 V - Retail Private Limited^
310 Reliance Vantage Retail Limited 354 VasyERP Solutions Private Limited
311 Reliance Ventures Limited 355 VBS Digital Distribution Network Limited
312 Reliance-GrandOptical Private Limited 356 Viacom 18 Media (UK) Limited #
313 Reverie Language Technologies Limited 357 Viacom 18 Media Private Limited #
314 RIL USA, Inc. 358 Viacom 18 US Inc. #
315 RISE Worldwide Limited Subsidiary 359 Vitalic Health Limited (Formerly known as Vitalic Health Private Limited)
316 Ritu Kumar M.E. (FZE) 360 Watermark Infratech Private Limited #
361 Web18 Digital Services Limited #
317 Rod Retail Private Limited^
362 Digital Media Distribution Trust
318 Roptonal Limited # Company / Subsidiary is
363 Independent Media Trust
319 Rose Entertainment Private Limited a beneficiary
364 Network18 Media Trust
320 RP Chemicals (Malaysia) Sdn. Bhd.
365 Alok Industries Limited
321 RRB Mediasoft Private Limited #
366 Football Sports Development Limited
322 Saavn Holdings, LLC (Formerly known as Saavn, Inc.)
367 IBN Lokmat News Private Limited #
323 Saavn LLC
368 India Gas Solutions Private Limited
324 Saavn Media Limited Joint Venture
369 Jio Payments Bank Limited @**
325 SankhyaSutra Labs Limited 370 Pipeline Management Services Private Limited
326 Sensehawk Inc^ 371 Sintex Industries Limited^
327 Sensehawk India Private Limited^ 372 Zegna South Asia Private Limited
328 Sensehawk MEA Limited^ 373 Big Tree Entertainment Private Limited #
329 Shopsense Retail Technologies Limited 374 Future101 Design Private Limited
330 Shri Kannan Departmental Store Limited 375 Gaurav Overseas Private Limited
331 Silverline Television Network Limited @ 376 Gujarat Chemical Port Limited
332 skyTran Inc. 377 Indian Vaccines Corporation Limited
333 skyTran Israel Ltd. @ 378 Jamnagar Utilities & Power Private Limited Associates
334 Srishti Den Networks Limited 379 Reliance Europe Limited

380 Reliance Industrial Infrastructure Limited
335 Stoke Park Limited
381 Reliance Services and Holdings Limited @**
336 Strand Life Sciences Private Limited
382 Sikka Ports & Terminals Limited
#
Control by Independent Media Trust of which the Company is the sole beneficiary. 383 Vadodara Enviro Channel Limited
^ Relationships established during the year.
@
#
** Refer Note 44.1 ^ Relationships established during the year.
@
** Refer Note 44.1

NOTES Standalone
Sr. No. Name of the Related Party Relationship (C in crore)
Key Managerial
384 Shri Mukesh D. Ambani Sr.
Nature of Transactions (Excluding Reimbursements)
Subsidiaries/ Associates /
Personnel/ Others Total
No. Beneficiary Joint Ventures
385 Shri Nikhil R. Meswani Relative
386 Shri Hital R. Meswani 9 Electric Power, Fuel and Water 104 4,569 - - 4,673
387 Shri P. M. S. Prasad Key Managerial 88 4,517 - - 4,605
388 Shri Pawan Kumar Kapil $$ Personnel
10 Labour Processing and Hire Charges 5,457 69 - - 5,526
389 Shri Alok Agarwal $$$ 316 113 - - 429
390 Shri Srikanth Venkatachari 11 Employee Benefit Expenses 361 3 - 492 856
391 Smt. Savithri Parekh 434 6 - 466 906
392 Smt. Nita M. Ambani Relative of Key 12 Payment to Key Managerial Personnel/Relative - - 103 - 103
Managerial Personnel
- - 97 - 97
393 Dhirubhai Ambani Foundation
13 Selling and Distribution Expenses 265 2,331 - - 2,596
394 Hirachand Govardhandas Ambani Public Charitable Trust
90 2,109 - - 2,199
395 Jamnaben Hirachand Ambani Foundation Enterprises over
14 Rent 1 17 - - 18
396 Reliance Foundation which Key Managerial
Personnel are able to - 15 - - 15
397 Reliance Foundation Institution of Education and Research exercise significant
15 Professional Fees 137 11 - - 148
398 Reliance Foundation Youth Sports influence
141 11 - - 152
399 Sir HN Hospital Trust
16 General Expenses #
651 14 - - 665
400 Sir Hurkisondas Nurrotamdas Hospital and Research Centre
649 11 - 5 665
401 IPCL Employees Provident Fund Trust
17 Travelling Expenses 130 - - - 130
402 Reliance Employees Provident Fund Bombay Post Employment
69 - - - 69
403 Reliance Industries Limited Employees Gratuity Fund Benefit
18 Donations - - - 796 796
404 Reliance Industries Limited Staff Superannuation Scheme
- - - 766 766
(II) Transactions during the year with Related Parties: 19 Sale of Business (Through Slump Sale) - - - - -
(C in crore) 30,490 - - - 30,490
Key Managerial 20 Payment of Call Money on Equity Shares - - - - -
Sr. Subsidiaries/ Associates /
Nature of Transactions (Excluding Reimbursements) Personnel/ Others Total
No. Beneficiary Joint Ventures - 2 160 - 162
Relative
Note: Figures in italic represents Previous Year’s amounts.
1 Purchase of Property, Plant and Equipment and 3,891 2 - - 3,893 # Does not include sitting fees of Non- Executive Directors .
Intangible Assets
3,537 2 - - 3,539
2 Purchase / Subscription of Investments 66,496 2,283 - - 68,779
38,254 22 - - 38,276
3 Sale / Redemption of Investments 213 - - - 213
1,950 - - - 1,950
4 Net Loans and Advances, Deposits Given / (Returned) (19,077) (16) - - (19,093)
(23,101) 1 - - (23,100)
5 Deposit (Refund) / Received (24) - - - (24)
24 - - - 24
6 Revenue from Operations 2,99,408 4,607 - 1 3,04,016
1,22,358 4,134 - 6 1,26,498
7 Other Income 2,500 283 - 6 2,789
4,446 19 - 5 4,470
8 Purchase of Goods / Services 25,259 2,957 - - 28,216
8,793 2,786 - - 11,579
$$
Ceased to be related party w.e.f. 15th May, 2023.
$$$
Ceased to be related party w.e.f. 1st June, 2023.

NOTES Standalone
(III) Balances as at 31st March, 2023 (C in crore)

(C in crore)
Particulars Relationship 2022-23 2021-22
Key Managerial
Sr. Subsidiaries/ Associates /
Nature of Balances Personnel/ Others Total 2 Purchase / Subscription of Investments
No. Beneficiary Joint Ventures
Relative
Independent Media Trust Subsidiary 2 -
1 Investments 2,12,800 2,262 - - 2,15,062 Jio Payments Bank Limited ** @
Joint Venture 80 22
1,68,223 947 - - 1,69,170 Reliance 4IR Realty Development Limited Subsidiary 8,776 10,010
2 Trade Receivables 11,232 990 - - 12,222 Reliance Content Distribution Limited Subsidiary - 460
8,517 705 - - 9,222 Reliance Digital Health Limited Subsidiary 369 86
3 Loans and Advances 23,043 - - - 23,043 Reliance Gas Pipelines Limited Subsidiary 392 -
42,112 - - - 42,112 Reliance Industrial Investments and Holdings Limited @** Subsidiary 604 -
4 Deposits 12,074 521 - - 12,595 Reliance Industries (Middle East) DMCC Subsidiary - 1,207
12,082 537 - - 12,619 Reliance International Limited Subsidiary - 189
5 Other Financial Assets-Current 30,271 - - - 30,271 Reliance Marcellus LLC Subsidiary 166 -
34,454 - - - 34,454 Reliance New Energy Limited Subsidiary 923 5,549
6 Trade and Other Payables 1,989 1,159 - - 3,148 Reliance Projects & Property Management Services Limited Subsidiary 39,645 20,000
1,542 1,128 - - 2,670 Reliance Retail Limited Subsidiary 299 -
7 Other Non-Current Liabilities - - - - - Reliance Services and Holdings Limited ** @
Associate 703 -
504 - - - 504 Reliance Strategic Business Ventures Limited Subsidiary 15,056 753
8 Other Financial Liabilities - Current - - - - - SenseHawk Inc.^ Subsidiary 264 -
24 - - - 24 Sintex Industries Limited^ Joint Venture 1,500 -
9 Other Current Liabilities 12,656 - - - 12,656 3 Sale / Redemption of Investments
4 - - - 4 Indiawin Sports Private Limited Subsidiary 25 25
10 Financial Guarantees 8,949 1,900 - - 10,849 Jio Platforms Limited Subsidiary 102 -
12,293 - - - 12,293 Reliance Content Distribution Limited Subsidiary 86 931
11 Performance Guarantees 1,965 - - - 1,965 Reliance Industries (Middle East) DMCC Subsidiary - 994
1,866 - - - 1,866 4 Net Loans and Advances, Deposits Given / (Returned)
Figures in italic represents Previous Year’s amounts. Gujarat Chemical Port Limited Associate (16) 1
Reliance 4IR Realty Development Limited Subsidiary (783) 562
(IV) Disclosure in Respect of Major Related Party Transactions during the year
Reliance Commercial Dealers Limited Subsidiary (8) (160)
(C in crore)
Reliance Corporate IT Park Limited Subsidiary (731) (9,827)
Particulars Relationship 2022-23 2021-22
Reliance Ethane Pipeline Limited Subsidiary (190) (215)
1 Purchase of Property, Plant and Equipment and
Reliance Gas Pipelines Limited Subsidiary (395) (25)
Intangible Assets
Reliance Industrial Investments and Holdings Limited **
@
Subsidiary (7,148) (5,129)
Asteria Aerospace Limited Subsidiary 1 -
Reliance New Energy Limited Subsidiary 426 -
Jamnagar Utilities & Power Private Limited Associate 1 1
Reliance O2C Limited @ Subsidiary (30) 10
Jio Platforms Limited Subsidiary 1,080 945
Reliance Projects & Property Management Services Limited Subsidiary (19,207) (10,035)
Reliance Brands Limited Subsidiary 1 -
Reliance Sibur Elastomers Private Limited Subsidiary 595 -
Reliance Corporate IT Park Limited Subsidiary 2,677 2,454
Reliance Strategic Business Ventures Limited Subsidiary 8,394 1,718
Reliance Lifestyle Products Private Limited Subsidiary 2 2 5 Deposit Received / (Refund)
Reliance Projects & Property Management Services Limited Subsidiary 85 93 Reliance New Energy Limited Subsidiary (24) 24
Reliance Retail Limited Subsidiary 31 36 6 Revenue from Operations
Reliance Sibur Elastomers Private Limited Subsidiary 14 7 Alok Industries Limited Joint Venture 3,085 3,082
Sikka Ports & Terminals Limited Associate 1 1 Gujarat Chemical Port Limited Associate 4 11
@
** Refer Note 44.1

NOTES Standalone
Particulars Relationship 2022-23 2021-22 Particulars Relationship 2022-23 2021-22
India Gas Solutions Private Limited Joint Venture 1,167 779 7 Other Income
Jamnagar Utilities & Power Private Limited Associate 349 257 Alok Industries Limited Joint Venture 13 -
Jio Payments Bank Limited @** Joint Venture 1 1 E-Eighteen.Com Limited Subsidiary 6 5
Jio Platforms Limited Subsidiary 1,000 798 Gujarat Chemical Port Limited Associate 15 15
IBN Lokmat News Private Limited Joint Venture 1 -
Model Economic Township Limited Subsidiary 1 1
India Gas Solutions Private Limited Joint Venture 248 -
RBML Solutions India Limited Subsidiary 306 259
Jamnaben Hirachand Ambani Foundation Other 5 4
Recron (Malaysia) Sdn. Bhd. Subsidiary 2,084 2,025
Jamnagar Utilities & Power Private Limited Associate - 1
Reliance BP Mobility Limited Subsidiary 13,485 35,977
Jio Payments Bank Limited ** @
Joint Venture 1 -
Network18 Media & Investments Limited Subsidiary 1 1
Reliance Chemicals and Materials Limited Subsidiary 1 -
Recron (Malaysia) Sdn. Bhd. Subsidiary 3 6
Reliance Commercial Dealers Limited Subsidiary 41 11
Reliance 4IR Realty Development Limited Subsidiary 230 197
Reliance Corporate IT Park Limited Subsidiary - 1 Reliance BP Mobility Limited Subsidiary 66 257
Reliance Ethane Pipeline Limited Subsidiary 3,414 312 Reliance Corporate IT Park Limited Subsidiary 201 963
Reliance Foundation Other - 5 Reliance Ethane Pipeline Limited Subsidiary 41 53
Reliance Gas Pipelines Limited Subsidiary 42 11 Reliance Gas Pipelines Limited Subsidiary 10 31
Reliance Global Energy Services (Singapore) Pte. Limited Subsidiary 28,721 42,381 Reliance Global Energy Services (Singapore) Pte. Limited Subsidiary 1 13
Reliance Industrial Investments and Holdings Limited @** Subsidiary 347 1,082 Reliance Industrial Infrastructure Limited Associate 2 2
Reliance Industries (Middle East) DMCC Subsidiary - 406 Reliance Industrial Investments and Holdings Limited **
@
Subsidiary - 28
Reliance International Limited Subsidiary 2,35,672 27,215 Reliance Industries (Middle East) DMCC Subsidiary 1 1
Reliance Jio Infocomm Limited Subsidiary 4 2 Reliance International Limited Subsidiary 4 2

Reliance Jio Infocomm Limited Subsidiary 16 13
Reliance Marcellus LLC Subsidiary - 3
Reliance New Energy Limited Subsidiary 7 27
Reliance New Solar Energy Limited Subsidiary 114 -
Reliance New Solar Energy Limited Subsidiary 8 -
Reliance O2C Limited @ Subsidiary 3,099 2,519
Reliance Projects & Property Management Services Limited Subsidiary 1,098 2,424
Reliance Petro Marketing Limited Subsidiary 600 514
Reliance Retail Limited Subsidiary 2 -
Reliance Polyester Limited (Formerly known as Reliance Subsidiary 121 -
Petroleum Retail Limited) Reliance Sibur Elastomers Private Limited Subsidiary 23 3
Reliance Strategic Business Ventures Limited Subsidiary 677 404
Reliance Projects & Property Management Services Limited Subsidiary 584 430
Reliance Syngas Limited Subsidiary 3 -
Reliance Retail Limited Subsidiary 44 26
Reliance Ventures Limited Subsidiary 67 -
Reliance Sibur Elastomers Private Limited Subsidiary 1,136 787
RIL USA, Inc. Subsidiary 6 4
Reliance Strategic Investments Limited @** Subsidiary 889 -
Rise Worldwide Limited Subsidiary 3 4
Reliance Syngas Limited Subsidiary 497 -
Saavn Media Limited Subsidiary 2 3
RIL USA, Inc. Subsidiary 5,764 7,540
Sir HN Hospital Trust Other 1 1
RP Chemicals (Malaysia) Sdn. Bhd. Subsidiary 885 -
Skytran Inc Subsidiary 17 -
Sikka Ports & Terminals Limited Associate 1 3 TV18 Broadcast Limited Subsidiary 7 6
Sir HN Hospital Trust Other 1 - 8 Purchase of Goods / Services
Viacom 18 Media Private Limited Subsidiary 552 55 Alok Industries Limited Joint Venture 64 86
@
Ceased to be related party during the year. Gujarat Chemical Port Limited Associate 157 142
** Refer Note 44.1
India Gas Solutions Private Limited Joint Venture 1,083 1,094
Jamnagar Utilities & Power Private Limited Associate 62 25
Reliance BP Mobility Limited Subsidiary 2 2
@
** Refer Note 44.1

NOTES Standalone
Particulars Relationship 2022-23 2021-22 Particulars Relationship 2022-23 2021-22
Reliance Brands Limited Subsidiary - 4 12 Payment To Key Managerial Personnel / Relative
Reliance Corporate IT Park Limited Subsidiary 1 - Shri Mukesh D. Ambani Key Managerial - -
Personnel
Reliance Ethane Pipeline Limited Subsidiary 5,080 336
Shri Nikhil R. Meswani Key Managerial 25 24
Reliance Global Energy Services (Singapore) Pte. Limited Subsidiary 429 283 Personnel
Reliance Industrial Infrastructure Limited Associate 20 22 Shri Hital R. Meswani Key Managerial 25 24
Personnel
Reliance Industries (Middle East) DMCC Subsidiary 1,531 1,342
Shri P.M.S. Prasad Key Managerial 14 12
Reliance International Limited Subsidiary 8,088 1,908 Personnel
Reliance O2C Limited @ Subsidiary 5,318 4,877 Shri Pawan Kumar Kapil $$ ~ Key Managerial 4 4
Personnel
Reliance Polyester Limited (Formerly known as Reliance Subsidiary 9 -
Petroleum Retail Limited) Shri Alok Agarwal $$$ Key Managerial 13 12
Personnel
Shri Srikanth Venkatachari Key Managerial 17 15
Reliance Sibur Elastomers Private Limited Subsidiary 135 18 Personnel
Reliance Syngas Limited Subsidiary 35 - Shri K. Sethuraman## Key Managerial - 2

Personnel
RIL USA, Inc. Subsidiary 4,618 11
Smt. Savithri Parekh Key Managerial 3 2
Sikka Ports & Terminals Limited Associate 1,571 1,417 Personnel
9 Electric Power, Fuel and Water Smt. Nita M. Ambani Relative of Key 2 2
Managerial
Jamnagar Utilities & Power Private Limited Associate 4,557 4,503 Personnel
Reliance Corporate IT Park Limited Subsidiary 93 78 13 Selling and Distribution Expenses
Reliance Industrial Infrastructure Limited Associate 12 14 Gujarat Chemical Port Limited Associate 57 66
Reliance Sibur Elastomers Private Limited Subsidiary 11 10 India Gas Solutions Private Limited Joint Venture 5 -
10 Labour Processing and Hire Charges
Reliance Ethane Pipeline Limited Subsidiary 319 314
Reliance Global Energy Services (Singapore) Pte. Ltd. Subsidiary - 2
Reliance Gas Pipelines Limited Subsidiary - 2
Reliance Industrial Infrastructure Limited Associate 3 4
Reliance Industrial Infrastructure Limited Associate 15 12 Reliance International Limited Subsidiary 90 -
Reliance Syngas Limited Subsidiary 5,138 - Reliance Projects & Property Management Services Limited Subsidiary 1 1
Sikka Ports & Terminals Limited Associate 54 101 Reliance Retail Limited Subsidiary 1 11
11 Employee Benefit Expenses RIL USA, Inc. Subsidiary - 1

Sikka Ports & Terminals Limited Associate 2,266 2,039
Alok Industries Limited Joint Venture 1 6
14 Rent
Future101 Design Private Limited Associate 2 -
Reliance BP Mobility Limited Subsidiary 1 -
IPCL employees Provident fund Trust Other* 121 126
Reliance Industrial Infrastructure Limited Associate 17 15
Jio Platforms Limited Subsidiary 82 73 15 Professional Fees
Reliance Corporate IT Park Limited Subsidiary 83 177 Jio Platforms Limited Subsidiary 38 32
Reliance Employees Provident Fund Bombay Other* 299 279 Reliance Brands Limited Subsidiary 1 -
Reliance Industries Limited Staff superannuation scheme Other* 20 19 Reliance Corporate IT Park Limited Subsidiary 29 59
Reliance Digital Health USA Inc. Subsidiary 8 8
Reliance Industries Limited Vadodara Unit Employees Other* - 1
superannuation Fund Reliance Europe Limited Associate 11 11
Reliance Projects & Property Management Services Limited Subsidiary 162 160 Reliance Global Energy Services (Singapore) Pte. Limited Subsidiary 2 2
Reliance Industries (Middle East) DMCC Subsidiary - 1
Reliance Projects & Property Management Services Limited Subsidiary 55 35
Sir HN Hospital Trust Other 52 41
RIL USA, Inc. Subsidiary 4 4
Tresara Health Limited Subsidiary 1 5
$$
@
Ceased to be related party during the year. $$$
* Also include employee contribution. ##
Ceased to be related party during the previous year.
~ Does not include rent free accommodation provided by the Company.

NOTES Standalone
(C in crore) (V) Balances as at 31st March, 2023
Particulars Relationship 2022-23 2021-22 (C in crore)
As at As at
16 General Expenses Particulars Relationship
Alok Industries Limited Joint Venture - 1
1 Loans and Advances
Big Tree Entertainment Private Limited Associate 1 -
Reliance 4IR Realty Development Limited Subsidiary 2,084 2,867
Future101 Design Private Limited Associate 1 -
Reliance Corporate IT Park Limited Subsidiary 2,723 3,454
Reliance Brands Limited Subsidiary - 1 Reliance Ethane Pipeline Limited Subsidiary 403 623
Reliance Commercial Dealers Limited Subsidiary 542 424 Reliance Gas Pipelines Limited Subsidiary - 395
Reliance Digital Health Limited Subsidiary - 1 Reliance Industrial Investments and Holdings Limited **
@
Subsidiary - 7,148
Reliance Foundation Other - 5 Reliance New Energy Limited Subsidiary 426 -
Reliance GAS Lifestyle India Private Limited Subsidiary - 1 Reliance Projects & Property Management Services Limited Subsidiary 1,369 20,576
Reliance Global Energy Services (Singapore) Pte. Limited Subsidiary 1 - Reliance Sibur Elastomers Private Limited Subsidiary 595 -
Reliance Industries (Middle East) DMCC Subsidiary 1 5 Reliance Strategic Business Ventures Limited Subsidiary 15,443 7,049
Reliance Jio Infocomm Limited Subsidiary 34 36 2 Deposits
Non-Current
Sikka Ports & Terminals Limited Associate 9 8
Gujarat Chemical Port Limited* Associate 33 49
Vadodara Enviro Channel Limited Associate 2 2
Jamnagar Utilities & Power Private Limited* Associate 118 118
Zegna South Asia Private Limited Joint Venture 1 -
Reliance Commercial Dealers Limited* Subsidiary 43 51
17 Travelling Expenses
Reliance Ethane Pipeline Limited Subsidiary 30 -
Stoke Park Limited Subsidiary 130 69
Reliance O2C Limited @
Subsidiary - 30
18 Donations
Hirachand Govardhandas Ambani Public Charitable Trust Other 3 3 Sikka Ports & Terminals Limited* Associate 353 353
Jamnaben Hirachand Ambani Foundation Other 155 101 Current
Reliance Foundation Other 397 498 Gaurav Overseas Private Limited Associate 17 17
Reliance Foundation Institution of Education and Research Other 207 142 Reliance Jio Infocomm Limited Subsidiary 1 1
Reliance Foundation Youth Sports Other 34 22 Reliance Projects & Property Management Services Limited Subsidiary 12,000 12,000
19 Sale of Business (Through Slump Sale) 3 Other Financial Assets-Current
Reliance Syngas Limited Subsidiary - 30,490 Reliance Corporate IT Park Limited Subsidiary - 866
20 Payment of Call Money on Equity Shares Reliance Industrial Investments and Holdings Limited **
@
Subsidiary - 971
Shri Mukesh D. Ambani Key Managerial - 52
Reliance Projects & Property Management Services Limited Subsidiary 2,811 2,127
Personnel
Shri Nikhil R. Meswani Key Managerial - 21 Reliance Syngas Limited Subsidiary 27,460 30,490
Personnel 4 Other Financial Liabilities
Shri Hital R. Meswani Key Managerial - 20 Reliance New Energy Limited Subsidiary - 24
Personnel
5 Financial Guarantees
Shri P.M.S. Prasad Key Managerial - 4
Personnel Model Economic Township Limited Subsidiary 171 -
Shri Pawan Kumar Kapil Key Managerial - - Recron (Malaysia) Sdn. Bhd. Subsidiary 639 568
[C Nil; (Previous Year C 33,30,735)] $$ Personnel
Reliance Global Energy Services (Singapore) Pte. Limited Subsidiary 332 291
Shri Alok Agarwal $$$ Key Managerial - 9
Personnel Reliance Industries (Middle East) DMCC Subsidiary 630 581
Shri Srikanth Venkatachari Key Managerial - 2 Reliance International Limited Subsidiary - 3,069
Personnel
Reliance Jio Infocomm Limited Subsidiary 5,021 5,072
Shri K. Sethuraman [C Nil; (Previous Year C 2,77,797)]## Key Managerial - -
Personnel Reliance Sibur Elastomers Private Limited Subsidiary 2,156 2,308
Smt. Nita M. Ambani Relative of Key - 52 RIL USA, Inc. Subsidiary - 404
Managerial
Sintex Industries limited^ Joint Venture 1,900 -
Personnel
Reliance Industrial Infrastructure Limited Associate - 2 * Fair value of deposit as per Accounting Standard.
$$
@ Ceased to be related party during the year.
$$$
## Ceased to be related party during the previous year. ** Refer Note 44.1

NOTES Standalone
35.1 Compensation of Key Managerial Personnel In supersession of the Ministry’s Gazette notification no. 22011/3/2012-ONG.D.V. dated 10th January, 2014, the GOI notified
The compensation of directors and other member of Key Managerial Personnel during the year was as follows: 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
(C in crore) the guidelines converted to NCV basis and the prevailing price prior to 1st November 2014 ($ 4.205 per MMBTU) to be
Particulars 2022-23 2021-22 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, 2023. Revenue has been recognized at the GOI notified prices on GCV basis, in
i Short-term benefits 99 93 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.
ii Post employment benefits 2 2
101 95 36.4 (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. The Company, as Operator, for and on
36.1 Disclosure of The Company’s Interest in Oil and Gas Joint Arrangements (Joint Operation): 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
Sr. Name of the Fields in the Company’s % Interest on 15th November, 2018 before the Hon’ble Delhi High Court, under section 34 of the Arbitration Act, against the
Partners and their Participating Interest (PI) Country
No. Joint Ventures 2022-23 2021-22 Final Award of the Arbitral Tribunal. Vide Judgment dated 9th May, 2023, the Hon’ble Delhi High Court upheld the
Arbitration Award dated 24th July, 2018 in the Gas Migration dispute and dismissed GOI’s appeal.
1 Mid and South Tapti 30% 30% BG Exploration & Production India Limited - 30%; India
(b) Arbitration was initiated by BG Exploration and Production India Limited and the Company (together the Claimants)
Oil and Natural Gas Corporation Limited - 40%
against GOI on 16th December, 2010 under Production Sharing Contracts (‘PSCs’) for Panna – Mukta and Tapti blocks
2 NEC - OSN - 97/2 66.67% 66.67% BP Exploration (Alpha) Limited - 33.33% India due to difference in interpretation of certain PSC provisions between Claimants and GOI. The Arbitral Tribunal by
majority issued a final partial award (‘2016 FPA’), and separately, two dissenting opinions in the matter on 12th October,
3 KG - DWN - 98/3 66.67% 66.67% BP Exploration (Alpha) Limited - 33.33% India 2016. Claimants challenged certain parts of the 2016 FPA before the English Courts, which delivered its judgment on
4 KG-UDWHP-2018/1 60.00% 60.00% BP Exploration (Alpha) Limited - 40% India 16th April, 2018 and remitted one of the challenged issues back to the Arbitral Tribunal for reconsideration. The Arbitral
Tribunal decided in favour of the Claimants in large part vide its final partial award dated 1st October, 2018 (‘2018
36.2 Quantities of Company’s Interest (On Gross Basis) in proved reserves and proved developed reserves: FPA’). GOI and Claimants filed an appeal before the English Commercial Court against this 2018 FPA. The English
Commercial Court rejected GOI’s challenges to 2018 FPA and upheld Claimants’ challenge in February 2020 and
Proved Reserves in India Proved Developed Reserves in India remitted the underlying issue in challenge back to the Arbitration Tribunal for determination. Tribunal gave favorable
Particulars (Million MT*) (Million MT*) award on 29th January, 2021 (“EPOD Agreements Case Award”). Government challenged the EPOD Agreements
2022-23 2021-22 2022-23 2021-22 Case Award before the English High Court which was dismissed on 9th June, 2022. Claimants have filed an application
before the Arbitral Tribunal seeking increase in the PSC Cost Recovery Limits and the same is sub-judice. Arbitral
Oil: Tribunal is yet to schedule the final re-computation of accounts and the quantification phase of the arbitration, which
will take place post determination of Claimants’ request for increase in cost recovery limit under the PSCs.
Opening Balance 3.31 3.24 0.06 -
Revision of estimates - 0.09 - 0.08 GOI has also filed an execution petition before the Hon’ble Delhi High Court under sections 47 and 49 of the
Arbitration and Conciliation Act, 1996 and Section 151 of the Civil Procedure Code, 1908 seeking enforcement and
Production (0.02) (0.02) (0.02) (0.02)
execution of the 2016 FPA, ignoring the judgments of English High Court and the subsequent Tribunal Awards. The
Closing balance 3.29 3.31 0.04 0.06 Claimants contend that GOI’s Execution Petition is not maintainable. The hearing in Government’s Execution Petition
before the Delhi High Court has concluded. Hon’ble Court ruled that Government of India’s execution petition seeking
enforcement and execution of the Arbitration Tribunal’s Final Partial Award dated 12th October, 2016 (“2016 FPA”)
Proved Reserves in India Proved Developed Reserves in India relating to disputes under Panna-Mukta and Tapti Production Sharing Contracts is not maintainable.
Particulars (Million M3*) (Million M3*)
2022-23 2021-22 2022-23 2021-22 (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
Gas: in the suit are to be cross examined by NTPC.
Opening Balance 53,211 57,739 27,395 24,277
Considering the complexity of above issues, the Company is of the view that any attempt for quantification of possible
Revision of estimates 895 (3) 895 7,643 exposure to the Company will have an effect of prejudicing Company’s legal position in the ongoing arbitration/
Production (4,961) (4,525) (4,961) (4,525) litigations. Moreover, the Company considers above demand/disputes as remote.
Closing balance 49,145 53,211 23,329 27,395 36.5 Exploration for and Evaluation of Oil and Gas Resources
*1 cubic meter (M3) = 35.315 cubic feet, 1 cubic feet = 1000 BTU and 1 MT = 7.5 bbl 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.
The reserve estimates for producing fields are revised based on the performance of producing fields and with respect to (C in crore)
discovered fields, the revision are based on the revised geological and reservoir simulation studies.
As at As at
Particulars
he Government of India (GOI), by its letters dated 2 May, 2012, 14 November, 2013, 10 July, 2014 and 3 June 2016
36.3 T nd th th rd
has disallowed certain costs which the Production Sharing Contract (PSC), relating to Block KG-DWN-98/3 entitles the
Exploration & Evaluation (E&E) Cost
Company to recover. The Company continues to maintain 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 as defined Exploration Expenditure written off - 102
in the PSC. The Company referred the issue to arbitration with GOI for resolution of disputes. The demand from the GOI Other Exploration Cost 4 79
of $ 165 million (C 1,353 crore) being the Company`s share (total demand $ 247 million – C 2,029 crore) towards additional
Profit Petroleum has been considered as contingent liability in the financial statements for the year ended 31st March, 2023. Exploration Cost for the year 4 181
The next date of hearing is awaited.

NOTES Standalone
(C in crore) 38. Capital Management

2022-23 2021-22 The Company adheres to a disciplined Capital Management framework in order to maintain a strong balance sheet. The main
objectives are as follows:
37. Contingent Liabilities and Commitments a) Maintain AAA rating domestically and investment grade rating internationally.
(I) Contingent Liabilities b) Manage foreign exchange, interest rates and commodity price risk, and minimise the impact of market volatility on earnings.
(A) Claims against the Company / disputed liabilities not acknowledged as debts* c) Diversify sources of financing and spread the maturity across tenure buckets in order to manage liquidity risk.
(i) In respect of Joint Ventures 1,406 1,458 d) Leverage optimally in order to maximise shareholder returns.
(ii) In respect of Others 1,091 2,163 The Net Gearing Ratio at end of the reporting period was as follows:
(B) Guarantees (C in crore)
(i) Guarantees to Banks and Financial Institutions against credit facilities extended As at As at
to third parties and other Guarantees Particulars
- In respect of Others 10,849 12,293
Gross Debt 2,15,823 1,94,563
(ii) Performance Guarantees
Cash and Marketable Securities* 1,42,926 1,82,235
- In respect of Others 1,965 1,866
Net debt (A) 72,897 12,328
(iii) Outstanding Guarantees furnished to Banks and Financial Institutions including
in respect of Letters of Credits Total Equity (As per Balance Sheet) (B) 4,79,094 4,71,527
- In respect of Joint Ventures 1,947 1,580 Net Gearing (A/B) 0.15 0.03
- In respect of Others 3,447 4,397 * Cash & Marketable Securities include cash and cash equivalents of C 56,811 crore (Previous Year C 21,714 crore), current investments of C 86,074
(II) Commitments crore (Previous Year C 78,304 crore), other marketable securities of C Nil (Previous Year C 82,136 crore including investments in Jio Digital Fibre
Private Limited and Summit Digitel Infrastructure Limited) and Share Call money receivable on rights issue of C 41 crore (Previous Year C 81 crore).
(A) Estimated amount of contracts remaining to be executed on capital account and
not provided for:
39. Financial Instruments
(i) In respect of Joint Ventures 1,753 4,395
A. Fair Value Measurement Hierarchy
(ii) In respect of Others 4,547 1,764 (C in crore)
(B) Other Commitments As at 31st March, 2023 As at 31st March, 2022
(i) Other Commitments - Investments 416 510 Particulars Level of input used in Level of input used in
Carrying Carrying
*T
he Company has been advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision is considered Amount Level 1 Level 2 Level 3 Amount Level 1 Level 2 Level 3
necessary.
Financial Assets
(III) The Income -Tax Assessments of the Company have been completed up to Assessment Year 2019-20. The total outstanding
demand upto AY 2019-20 is C 356 crore as on date. Based on the decisions of the Appellate authorities and the interpretations of At Amortised Cost
other relevant provisions of the Income tax Act, 1961, the company has been legally advised that the demand raised is likely to be Investments* 12,810 - - - 30,874 - - -
either deleted or substantially reduced and accordingly no provision is considered necessary.
Trade Receivables 16,898 - - - 14,394 - - -
(IV) On December 16, 2010, the Securities and Exchange Board of India (SEBI) issued a show cause notice (“SCN”) inter alia to the Cash and Cash Equivalents 56,811 - - - 21,714 - - -
Company (RIL) in connection with the trades by RIL in the stock exchanges in 2007 in the shares of Reliance Petroleum Limited, Loans 23,043 - - - 42,112 - - -
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 Other Financial Assets 50,293 - - - 55,428 - - -
‘Futures & Options’ segment of stock exchanges, directly or indirectly, for a period of one year from the date of the order; and At FVTPL
(ii) to RIL to disgorge an amount of C 447 crore along with interest at the rate of 12% per annum from November 29, 2007 till
Investments 14,242 9,223 4,769 250 28,098 24,825 3,023 250
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 Other Financial Assets 1,330 - 1,330 - 1,720 - 1,720 -
amount within sixty days from the date of the order. The appeal of RIL and other noticees has been admitted by the Hon’ble At FVTOCI
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 Investments 1,47,518 24,931 34,450 88,137 1,80,655 68,724 33,191 78,740
interest, pending the appeal. RIL has complied with the order dated December 17, 2020 of the Hon’ble Supreme Court of India. Other Financial Assets - - - - - - - -
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
Financial Liabilities
why inquiry should not be held in terms of SEBI (Procedure for Holding Inquiry and Imposing 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 At Amortised Cost
Adjudicating Officer of SEBI passed an order on January 1, 2021 imposing a penalty of C 25 crore on RIL. RIL has paid the penalty Borrowings 2,15,823 - - - 1,94,563 - - -
under protest and has filed an appeal before the SAT against this order.
Trade Payables 1,10,722 - - - 1,34,005 - - -
Lease Liabilities 2,883 2,876
Other Financial Liabilities 24,345 - - - 31,034 - - -
At FVTPL
Other Financial Liabilities 1,791 - 1,791 - 4,951 - 4,951 -
At FVTOCI
Other Financial Liabilities 59 - 59 - 450 - 450 -
* Exclude Group Company investments C 2,15,062 crore (Previous Year C 1,69,170 crore) measured at cost (Refer Note 2.1).

NOTES Standalone
A.1 Reconciliation of fair value measurement of the investment categorised at level 3: f) The fair value for level 3 instruments is valued using inputs based on information about market participants
(C in crore) assumptions and other data that are available.
As at 31st March, 2023 As at 31st March, 2022 g) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.
Particulars
At FVTPL At FVTOCI At FVTPL At FVTOCI h) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
Opening Balance 250 78,740 250 78,272 B. Financial Risk Management

Addition during the year - 9,276 - 232 The company’s activities expose it to variety of financial risks: market risk, credit risk, interest rate risk and liquidity risk.
Sale/Reduction during the year - - - 94 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.
Total Gain/(Loss) - 121 - 330
Closing Balance 250 88,137 250 78,740 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
Line item in which gain/(loss) recognised Other Other in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as
Comprehensive Comprehensive equity price risk and commodity risk.
Income- Items Income-Items
that will not be that will not be
a) Foreign Currency Risk
reclassified to reclassified to
Foreign currency risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of
Profit or Loss Profit or Loss
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.
A.2 Sensitivity of level 3 financial instrument’s fair value to changes in significant unobservable inputs used in their
fair valuation: The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial
(C in crore) instruments at the end of the reporting period. The exposure to all other foreign currencies are not material.
Sensitivity of the fair value to (C in crore)
Valuation change in input
Particulars Significant Unobservable Input Change in %
Technique Foreign Currency Exposure
Particulars As at 31st March, 2023 As at 31st March, 2022
Investment in Discounting Discounting rate - 14.29% +0.10% (1,433) (1,547) USD EUR JPY USD EUR JPY
OCPS (FVTOCI) Cash Flow (Previous Year - 14.51%)
-0.10% 1,455 1,573
Borrowings 1,25,748 12,027 10,505 1,15,850 11,993 10,731
A.3 The below table summaries the fair value of borrowings which are carried at amortised cost: Trade and Other Payables 80,498 575 14 1,30,415 1,154 -
(C in crore) Trade and Other Receivables (10,262) (72) (7) (13,639) (244) (13)
Particulars Level 31st March, 2023 31st March, 2022 Derivatives
Non-current borrowings (including current maturities) Level 1 83,789 1,03,546 - Forwards & Futures (15,137) (11,816) (10,588) (54,958) (12,500) (10,927)
Level 2 85,375 79,857 - Options (4,860) 301 96 (2,877) 126 (319)
Level 3 2,626 3,137 Exposure 1,75,987 1,015 20 1,74,791 529 (528)
Sensitivity analysis of 1% change in exchange rate at the end of reporting period net of hedges*
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 (C in crore)
measurements as described below: Foreign Currency Sensitivity
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
USD EUR JPY USD EUR JPY
directly or indirectly; and
Level 3: Inputs based on unobservable market data. 1% Depreciation in INR
Impact on Equity (172) - - (165) - -
Valuation Methodology
All financial instruments are initially recognised and subsequently re-measured at fair value as described below: Impact on P&L (1) (10) - (114) (5) 5
a) The fair value of investment in quoted Equity Shares, Bonds, Government Securities, Treasury Bills, Certificate of Total (173) (10) - (279) (5) 5
Deposit and Mutual Funds is measured at quoted price or NAV. 1% Appreciation in INR
b) The fair value of Interest Rate Swaps is calculated as the present value of the estimated future cash flows based on Impact on Equity 172 - - 165 - -
observable yield curves.
Impact on P&L 1 10 - 114 5 (5)
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. Total 173 10 - 279 5 (5)
d) The fair value of over-the-counter Foreign Currency Option contracts is determined using the Black Scholes * Includes natural hedges arising from foreign currency denominated earnings, for which hedge accounting may be
implemented.
valuation model.
e) Commodity derivative contracts are valued using available information in markets and quotations from exchange,
brokers and price index developers.

NOTES Standalone
b) Interest Rate Risk iv) Liquidity Risk

The Company is also exposed to interest rate risk, changes in interest rates will affect future cash flows or the fair Liquidity risk arises from the Company’s inability to meet its cash flow commitments on the due date. The company
values of its financial instruments, principally debt. The Company issues debt in a variety of currencies based on maintains sufficient stock of cash, marketable securities and committed credit facilities. The company accesses global
market opportunities and it uses derivatives to hedge interest rate exposures. 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
The exposure of the company’s borrowings and derivatives to interest rate changes at the end of the reporting of the company’s cash flow position and ensures that the company is able to meet its financial obligation at all times
period are as follows: including contingencies.
(C in crore) The company’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
Interest Rate Exposure
deficit or invest the net surplus in a range of short-dated, secure and liquid instruments including short-term bank
Particulars As at As at deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified
31st March, 2023 31st March, 2022 to avoid concentration risk in any one instrument or counterparty.
Borrowings (C in crore)
Non-Current - Floating (includes Current Maturities)* 93,073 86,216 Maturity Profile as at 31st March, 2023
Non-Current - Fixed (includes Current Maturities)* 87,426 99,978 Particulars ^ Below 3
3-6 Months 6-12 Months 1-3 Years 3-5 Years Above 5 Years Total
Months
Current # 36,372 9,418
Total 2,16,871 1,95,612 Borrowings
Derivatives Non-Current *@ 12,633 7,389 24,053 56,150 21,040 59,234 1,80,499
Foreign Currency Interest Rate Swaps Current $ 33,985 2,387 - - - - 36,372
- Receive Fix 2,136 5,647
Total 46,618 9,776 24,053 56,150 21,040 59,234 2,16,871
- Pay Fix 9,943 1,516
Lease Liabilities (Gross) 81 81 161 587 552 4,301 5,763
Rupees Interest Rate Swaps
Derivative Liabilities
- Receive Fix 20,790 32,495
Forwards 645 389 314 71 4 - 1,423
- Pay Fix 20,510 14,525
Options 103 20 63 35 - - 221
* Include C 1,048 crore (Previous Year C 1,029 crore) as Prepaid Finance Charges and fair valuation impact.
Interest Rate Swaps 3 13 44 38 46 3 147
# Include C Nil (Previous Year C 20 crore) as Commercial Paper Discount.
Total 751 422 421 144 50 3 1,791
Sensitivity analysis of 1% change in Interest rate ^ Does not include Trade Payables (Current) C 1,10,722 crore.
(C in crore) * Include C 1,048 crore as Prepaid Financial Charges and fair valuation impact.
@
Does not include interest thereon (For Interest rate refer Note 16.2).
Interest rate Sensitivity $
Interest rate on current borrowings ranges from 5.6% to 8.5%.
Up Move Down Move Up Move Down Move (C in crore)
Maturity Profile as at 31st March, 2022

Impact on Equity (357) 316 (187) 182
Particulars ^ Below 3
3-6 Months 6-12 Months 1-3 Years 3-5 Years Above 5 Years Total
Impact on P&L (500) 438 (976) 920 Months
Total Impact (857) 754 (1,163) 1,102

Borrowings
ii) Commodity Price Risk Non-Current *@ 2,169 6,416 9,517 74,969 32,724 60,399 1,86,194
Commodity price risk arises due to fluctuation in prices of crude oil, other feed stock and products. The company has Current #$ 9,328 90 - - - - 9,418
a risk management framework aimed at prudently managing the risk arising from the volatility in commodity prices and
freight costs. Total 11,497 6,506 9,517 74,969 32,724 60,399 1,95,612
The Company’s commodity risk is managed centrally through well-established trading operations and control processes. Lease Liabilities (Gross) 85 79 148 552 552 4,577 5,993
In accordance with the risk management policy, the Company enters into various transactions using derivatives and uses Derivative Liabilities
over-the-counter as well as Exchange Traded Futures, Options and Swap contracts to hedge its commodity and freight
exposure. Forwards 3,033 601 677 390 - - 4,701
Options 151 2 20 - - - 173
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 Interest Rate Swaps - - 4 43 30 - 77
causing financial loss to the company. Credit risk arises from company’s activities in investments, dealing in derivatives
Total 3,184 603 701 433 30 - 4,951
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 ^ Does not include Trade Payables (Current) C 1,34,005 crore.
information is regularly shared between businesses and finance function, with a framework in place to quickly identify * Include C 1,029 crore as Prepaid Financial Charges.
and respond to cases of credit deterioration. @
Does not include interest thereon.
#
Include C 20 crore of Commercial Paper Discount.
The company has a prudent and conservative process for managing its credit risk arising in the course of its business $
Interest rate on current borrowings ranges from 2.5% to 8.6%.
activities. Credit risk is actively managed through Letters of Credit, Bank Guarantees, Parent Company Guarantees,
advance payments and factoring & forfeiting without recourse to the company to avoid concentration of risk. The
company restricts its fixed income investments to liquid securities carrying high credit rating.

NOTES Standalone
C. Hedge Accounting B. Cash Flow Hedge

The Company’s business objective includes safe-guarding its earnings against adverse price movements of crude oil and Hedging Instruments
other feedstock, refined products, freight costs as well as foreign exchange and interest rates. The Company has adopted a (C in crore)
structured risk management policy to hedge all these risks within an acceptable risk limit and an approved hedge accounting
Nominal Carrying amount Changes in Line Item in
framework which allows for Fair Value and Cash Flow hedges. Hedging instruments include exchange traded futures and Particulars Hedge Maturity
options, over-the-counter swaps, forwards and options as well as non-derivative instruments to achieve this objective. Value Assets Liabilities Fair Value Balance Sheet
There is an economic relationship between the hedged items and the hedging instruments. The Company has established As on 31st March, 2023
a hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Company uses the hypothetical
derivative method and critical term matching method. Foreign Currency Risk
Foreign Currency Risk Component 23,839 - 24,651 (812) 30th June, 2023 to Trade Payables
The hedge ineffectiveness can arise from: - Trade Payables 31st March, 2026
- Differences in the timing of the cash flows.
Foreign Currency Risk Component- 1,20,434 - 1,34,057 (10,078) 31st December, Borrowings
- Different indexes (and accordingly different curves). Borrowings 2023 to
- The counterparties’ credit risk differently impacting the fair value movements. 31st March, 2033
The table below shows the position of hedging instruments and hedged items as on the balance sheet date:
As on 31st March, 2022
Disclosure of effects of hedge accounting
Foreign Currency Risk
A. Fair Value Hedge
Foreign Currency Risk Component 22,301 - 22,738 (437) 1st April, 2022 to Trade Payables
Hedging Instrument
- Trade Payables 31st March, 2025
(C in crore)
Foreign Currency Risk Component- 1,20,017 - 1,23,697 (3,685) 30th September, Non-Current
Nominal Quantity Carrying Amount Changes in Line Item in Borrowings 2022 to Liabilities-Financial
Particulars Hedge Maturity
Value (Kbbl) Assets Liabilities Fair Value Balance Sheet 30th September, Liabilities-
2033 Borrowings
Commodity Price Risk Hedged Items
(C in crore)
Derivative Contracts 19,876 44,005 709 84 285 April 2023 to Other Financial
January 2024 Assets / Liabilities Line Item in
Particulars Nominal Value Changes in Fair Value Hedge Reserve
Balance Sheet
As on 31st March, 2022 As on 31st March, 2023

Commodity Price Risk Foreign Currency Risk
Derivative Contracts 33,663 1,58,884 1,274 2,114 (1,094) April 2022 to Other Financial Highly Probable Forecasted Exports 1,44,273 10,890 (14,435) Other Equity
December 2023 Assets / Liabilities
Hedged Items As on 31st March, 2022

(C in crore) Foreign Currency Risk
Carrying Amount
Changes in Fair
Line Item in Balance Sheet
Highly Probable Forecasted Exports 1,42,318 4,122 (4,810) Other Equity
Particulars Value
Assets Liabilities C. Movement in Cash Flow Hedge

(C in crore)
Sr. Line Item in Balance Sheet /
Commodity Price Risk Particulars 2022-23 2021-22
Statement of Profit and Loss
No.
Firm Commitments for purchase of - 378 (12) Other Current Assets /
feedstock and freight Liabilities 1 At the beginning of the year (4,655) (3,156)
Firm Commitments for sale of products 84 - 57 Other Current Assets 2 Gain/ (loss) recognised in other (12,202) (4,334) Items that will be
comprehensive income during the year. reclassified to Profit & Loss
Inventories 10,804 - (330) Inventories
3 Amount reclassified to Profit and Loss 2,486 2,835 Value of Sale and
during the year Finance Cost
4 At the end of the year (14,371) (4,655) Other Comprehensive Income
Commodity Price Risk
Firm Commitments for purchase of - 1,010 (943) Other Current Assets /
feedstock and freight Liabilities
Firm Commitments for sale of products 2,114 - 2,301 Other Current Assets
Inventories 3,807 - (264) Inventories

NOTES Standalone
40. As per Ind AS 108- “Operating Segment”, segment information has been provided under the Notes to Consolidated 42.1 Formula for computation of ratios are as follows:
Financial Statements.
Sr. No. Particulars Formula
41. Details of Loans given, Investments made and Guarantee given covered u/s 186 (4) of the Companies Act, 2013. Current Assets
Loans given and Investments made are given under the respective heads. 1 Current Ratio
Current Liabilities
Corporate Guarantees given by the Company in respect of loans as at 31 March, 2023
st
Total Debt
2 Debt-Equity Ratio
Total Equity
(C in crore)
Earnings before Interest, Tax and Exceptional Items
Sr. As at As at
Particulars 3 Debt Service Coverage Ratio
No. 31st March, 2023 31st March, 2022 Interest Expense + Principal Repayments made during the year
for long term loans
1 Reliance Global Energy Services Limited - 7
Profit After Tax^
2 Reliance Industries (Middle East) DMCC 1,325 1,222 4 Return on Equity Ratio
Average Net Worth
3 Reliance Sibur Elastomers Private Limited 2,156 2,365
Cost of Goods Sold (Cost of Material Consumed + Purchases + Changes in
4 RIL USA, Inc. - 663 Inventory + Manufacturing Expenses)
5 Inventory Turnover Ratio
5 Sintex Industries Limited 1,900 -
Average Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade
6 Model Economic Township Limited 200 -
Value of Sales & Services
6 Trade Receivables Turnover Ratio
All the above Corporate Guarantees have been given for business purpose. Average Trade Receivables
Cost of Materials Consumed (after adjustment of RM Inventory) +
42. Ratio Analysis: Purchases of Stock-in-Trade + Other Expenses
7 Trade Payables Turnover Ratio
Sr. No. Particulars 2022-23 2021-22 % Changes Average Trade Payables
1 Current Ratio 1.12 1.11 0.9 Value of Sales & Services

8 Net Capital Turnover Ratio
2 Debt-Equity Ratio 0.45 0.41 9.8 Working Capital (Current Assets - Current Liabilities)
3 Debt Service Coverage Ratio a

2.03 1.19 70.6 Profit After Tax (after exceptional items)^
9 Net Profit Margin
4 Return on Equity Ratio^ 10.4% 9.8% 5.9 Value of Sales & Services
5 Inventory Turnover Ratio 15.76 16.71 (5.7) Net Profit After Tax^ + Deferred Tax Expense/(Income) +
6 Trade Receivables Turnover Ratio b
36.13 50.13 (27.9) 10 Return on Capital Employed Finance Cost (-) Other Income
7 Trade Payables Turnover Ratio 3.76 3.40 10.6 Average Capital Employed**
8 Net Capital Turnover Ratio 19.73 21.71 (9.1) Other Income (Excluding Dividend)
11 Return on Investment
9 Net Profit Margin^ 7.8% 8.4% (7.0) Average Cash, Cash Equivalents & Other Marketable Securities
10 Return on Capital Employed^ c
21.1% 14.9% 41.0 ^ Including Profit From Discontinued Operations
** C
apital employed includes Equity, Borrowings, Deferred Tax Liabilities, Creditor for Capital Expenditure and reduced by Investments,
11 Return on Investment 6.9% 7.5% (8.2) Cash and Cash Equivalents, Capital Work-in-Progress and Intangible Assets under Development.
a) Debt Service Coverage Ratio increased due to lower principal repayments of loans during the year.
b) Trade Receivables Turnover Ratio decreased primarily due to increase in average trade receivables. 43. Details of Research and Development Expenditure
c) Return on Capital Employed increased due to higher operating profit. (C in crore)
Sr. No. Particulars 2022-23 2021-22
a) Capital 1,270 1,487

b) Revenue 1,731 1,121
Total 3,001 2,608

NOTES Standalone
44. Significant Arrangements 46. Events after the Reporting Period

44.1 Scheme of arrangement between the Company and Reliance Strategic Investments Limited:
The Board of Directors have recommended dividend of C 9/- per fully paid up equity share of C 10/- each for the financial year
Pursuant to the Scheme of Arrangement between the Company and its shareholders & creditors and Reliance Strategic
2022-23.
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
47. The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make them comparable.
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: 48. Approval of Financial Statements
Assets K in crore
The financial statements were approved for issue by the Board of Directors on July 21, 2023.
Property, Plant and Equipment 39

Intangible Assets 10 As per our Report of even date For and on behalf of the Board
Investments - Non-Current 13,790 For Deloitte Haskins & Sells LLP For Chaturvedi & Shah LLP Srikanth Venkatachari M.D. Ambani Chairman and
Current Assets 10,408 Chartered Accountants Chartered Accountants Chief Financial Officer DIN: 00001695 Managing Director
Total Assets (A) 24,247 117366W /W-100018) 101720W/W-100355)
DIN: 00001620 DIN: 00001623
Executive Directors
P.M.S. Prasad
Liabilities K in crore DIN: 00012144
Borrowings - Current 743 Partner Partner Company Secretary
DIN: 03115198 DIN: 06646490
Other Current Liabilities 2 Raminder Singh Gujral Dr. Shumeet Banerji
Date: July 21, 2023 DIN: 07175393 DIN: 02787784
Total Liabilities (B) 745
Non-Executive
Excess of assets over liabilities (A-B) 23,502 DIN: 02011213 Directors
44.2 Scheme of arrangement between the Company and Reliance Syngas Limited (wholly–owned subsidiary): DIN: 09245977
Pursuant to the Scheme of Arrangement between the Company and its shareholders & creditors and Reliance Syngas DIN: 08485334 DIN: 00043501
Limited (a wholly-owned subsidiary of the Company) and its shareholders & creditors (the Scheme), sanctioned by the
Hon’ble by National Company Law Tribunal, Mumbai bench and Ahmedabad bench, vide their orders dated March 30, 2022,
the Company had transferred its gasification undertaking (Part of Oil to Chemicals Segment) to Reliance Syngas Limited, as
a going concern on a slump sale basis, at carrying value as appearing in the books of the Company on the appointed date
i.e. March 31, 2022, for a consideration of C 30,490 crore.
45. Other Statutory Information

(i) Balances outstanding with Nature of transaction with struck off companies as per section 248 of the Companies Act, 2013:
Sr. Nature of transactions with Balance Relationship with

Name of struck off Company
No. struck-off Company outstanding (K in crore) the Struck off company
1 Brahamptra Yarn Procession Pvt Ltd Advance Received from - NA

(C 4,00,000) Customer
2 Surat Silk Industries Pvt Ltd (C 97,425) Advance Received from - NA
Customer
3 Prasad Textiles P Ltd (C 2,772) Advance Received from - NA
Customer
4 Ravi Filaments Private Limited (C 2,164) Advance Received from - NA
Customer
(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 that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

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Corporate Overview Management Review Governance Financial Statements

INDEPENDENT AUDITOR’S REPORT Standalone

To The Members of Reliance Industries Limited Basis for Opinion Sr.

308 Reliance Industries Limited Integrated Annual Report 2022-23 309

310 Reliance Industries Limited Integrated Annual Report 2022-23 311

312 Reliance Industries Limited Integrated Annual Report 2022-23 313

“Annexure A” Inherent Limitations of Internal Financial Opinion

314 Reliance Industries Limited Integrated Annual Report 2022-23 315

316 Reliance Industries Limited Integrated Annual Report 2022-23 317

318 Reliance Industries Limited Integrated Annual Report 2022-23 319

As at 31st March, 2023

Assets Equity and Liabilities

320 Reliance Industries Limited Integrated Annual Report 2022-23 321

For the year ended 31st March, 2023

Notes 2022-23 2021-22 Notes 2022-23 2021-22

Income Earnings per Equity Share of Face Value of K 10 Each

Profit From Discontinued Operations (Net of Tax) 33 1,188 1,147

322 Reliance Industries Limited Integrated Annual Report 2022-23 323

For the year ended 31st March, 2023

A. Equity Share Capital (C in crore)

6,445 320 6,765 1 6,766

B. Other Equity Share Call Money Account 39,843 - - - - (39,843) - - -

Total Transfer Transfer On Balance

324 Reliance Industries Limited Integrated Annual Report 2022-23 325

For the year ended 31st March, 2023

(C in crore) Change in Liability Arising from Financing Activities

Interest Income # 9,634 5,955

326 Reliance Industries Limited Integrated Annual Report 2022-23 327

328 Reliance Industries Limited Integrated Annual Report 2022-23 329

330 Reliance Industries Limited Integrated Annual Report 2022-23 331

332 Reliance Industries Limited Integrated Annual Report 2022-23 333

334 Reliance Industries Limited Integrated Annual Report 2022-23 335

336 Reliance Industries Limited Integrated Annual Report 2022-23 337

Buildings 20,794 5,110 19 25,885 8,506 889 1 9,394 16,491 12,288

Intangible Assets 17,957 15,395 Amount in CWIP for a period of

338 Reliance Industries Limited Integrated Annual Report 2022-23 339

1.9 Intangible Assets Under Development (IAUD): (C in crore)

Projects in progress 10,127 2,530 1,616 3,684 17,957 Unquoted

- 5,372 In Equity Shares of Joint Venture Companies

Unquoted, fully paid up Unquoted, fully paid up

340 Reliance Industries Limited Integrated Annual Report 2022-23 341

Units Amount Units Amount Units Amount Units Amount

In Debentures of Joint Venture Companies In Preferred Shares of Subsidiary Companies

1,14,391 1,13,163 [C 20,00,000; (Previous Year C 20,00,000)]

342 Reliance Industries Limited Integrated Annual Report 2022-23 343

Units Amount Units Amount Units Amount Units Amount

3,367 3,366 Aggregate amount of Quoted Investments 378 57,116

344 Reliance Industries Limited Integrated Annual Report 2022-23 345

22 Dronagiri Pagote North First Infra Limited 50,000

15 Dronagiri Navghar North Infra Limited 50,000

346 Reliance Industries Limited Integrated Annual Report 2022-23 347

Sr. No. Name of the Company No. of Shares

Sr. No. Name of the Company No. of Shares

1 Faradion Limited 2,76,087

In Preference Shares: (C in crore)

Sr. No. Name of the Company No. of Shares As at As at

348 Reliance Industries Limited Integrated Annual Report 2022-23 349

6. Inventories 7.1 Category-wise Investments - Current

*Includes land, development cost and inventory on completion of projects. As at As at