Mukesh Ambani to forgo salary amidst other austerity measures at RIL
Apr 30, 2020
Mumbai (Maharashtra) [India], April 30 : Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani has decided to forego his salary as a cost-cutting measure till COVID-19 impact abates.
RIL today reported its financial performance for the year ended March 31 2020. Its annual EBITDA -- earnings before interest, taxes, depreciation, and amortisation -- crossed Rs 100,000 crore for the first time, reads a statement issued by the RIL on Thursday.
Commenting on the results, Mukesh Ambani said: "Today I am pleased to announce that despite the daunting challenges arising from the fallout of the global pandemic, our company has once again delivered a resilient performance for FY 2019-20."
RIL achieved consolidated revenue of Rs 659,205 crore ($ 87.1 billion), an increase of 5.4 per cent as compared to Rs 625,212 crore in the previous year.
"As India and the world grapple with the biggest challenge faced by our generation, I am heartened by the robust response of Reliance to the extraordinary circumstances created by the COVID-19 pandemic," the statement quoted Ambani as saying.
"Indeed, converting the corona crisis into a new opportunity, Reliance will innovatively step up its plans to create much greater societal and shareholder value. I am confident that our India and Reliance will emerge stronger in the post-COVID-19 world. Corona Haarega, India Jeetega," he added.
