Reliance Jio Infocomm Limited

Annual Report 2024

Table of Contents
2 Company Information
3 Board’s Report
25 Corporate Governance Report
59 Report on Environment, Social and Governance
65 Standalone Financial Statements
66 Independent Auditor’s Report
75 Balance Sheet
76 Statement of Profit and Loss
77 Statement of Changes in Equity
78 Cash Flow Statement
80 Notes on Financial Statements
120 Consolidated Financial Statements
121 Independent Auditor’s Report
128 Balance Sheet
129 Statement of Profit and Loss
130 Statement of Changes in Equity
131 Cash Flow Statement
133 Notes on Financial Statements
171 Salient features of Financial Statements of subsidiaries as per Companies Act, 2013
172 Notice
Company Information

Board of Directors Committees Chief Financial Officer

Rajneesh Jain
Non-Executive Directors Audit Committee
Akash M. Ambani (Chairman) Raminder S. Gujral (Chairman) Company Secretary and
Isha M. Ambani Mohanbir S. Sawhney Compliance Officer
Mahendra Nahata Ranjit V. Pandit Jyoti Jain
Mathew Oommen Pankaj M. Pawar

Nomination and Remuneration Auditors

Managing Director Deloitte Haskins & Sells LLP
Pankaj M. Pawar Committee
Ranjit V. Pandit (Chairman) D T S & Associates LLP
Independent Directors Raminder S. Gujral
Mohanbir S. Sawhney Akash M. Ambani Registered Office
Ranjit V. Pandit Office - 101, Saffron, Nr. Centre Point,
Shumeet Banerji Risk Management Committee Panchwati 5 Rasta, Ambawadi,
Raminder S. Gujral Shumeet Banerji (Chairman) Ahmedabad-380006
Veerayya Chowdary Kosaraju Pankaj M. Pawar CIN: U72900GJ2007PLC105869
Rajneesh Jain Website: www.jio.com
E-mail: [email protected]
Corporate Social Responsibility Tel. : 079-35031200
Committee
Raminder S. Gujral (Chairman) Corporate Office
Isha M. Ambani 5th Floor, Maker Chambers IV, 222,
Pankaj M. Pawar Nariman Point, Mumbai – 400 021
Tel: +91-22-35555000
Stakeholders Relationship
Committee Share Transfer Agent
Raminder S. Gujral (Chairman) KFin Technologies Limited
Pankaj M. Pawar Selenium Tower B,
Mathew Oommen Plot 31-32, Gachibowli,
Financial District, Nanakramguda,
Finance Committee Hyderabad-500 032
Akash M. Ambani Website : www.kfintech.com
Isha M. Ambani E-Mail : [email protected]
Pankaj M. Pawar Toll Free No. : 1800 309 4001
(From 9:00 a.m. to 6:00 p.m. on all working
days)

Debenture Trustee
Axis Trustee Services Limited
The Ruby, 2nd Floor, SW,
29, Senapati Bapat Marg,
Dadar (West), Mumbai – 400 028
Tel: +91-22-62300451
E-mail: [email protected];
[email protected]
Reliance Jio Infocomm Limited
Board’s Report
2023-24
4 Reliance Jio Infocomm Limited

BOARD’S REPORT
Dear Members,

The Board of Directors present the Company’s Seventeenth Annual Report (“Report”) and the Company’s audited financial
statements for the financial year ended March 31, 2024.

FINANCIAL RESULTS

The Company’s financial performance (standalone and consolidated) for the financial year ended March 31, 2024 is
summarised below:
(₹ in crore)
Particulars Standalone Consolidated
2023-24 2022-23 2023-24 2022-23
Revenue from Operations 1,00,119 90,786 1,00,891 91,373
Other Income 458 362 498 368
Total Income 1,00,577 91,148 1,01,389 91,741
Operating Expenses 47,699 44,114 48,224 44,476
EBITDA 52,878 47,034 53,165 47,265
Finance Cost 3,999 4,059 4,000 4,059
Depreciation and Amortisation Expense 21,394 18,546 21,500 18,641
Profit before Tax 27,485 24,429 27,665 24,565
Less: Current Tax - - 19 16
Deferred Tax 7,019 6,222 7,039 6,250
Profit for the year 20,466 18,207 20,607 18,299
Add: Other Comprehensive Income/ (Loss) (94) (0)# (94) 125
Total Comprehensive Income for the year 20,372 18,207 20,513 18,424
“0” represents the amount below the denomination threshold.
#

RESULTS OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

The Company achieved operating revenue of ` 1,00,119 crore for FY 2023-24 registering an increase of 10.3% Y-o-Y from
last year revenue of ` 90,786 crore. EBITDA was at ` 52,878 crore for the year, a growth of 12.4% against last year EBITDA of
` 47,034 crore. EBITDA margin has expanded to 52.8%, an increase of 100 bps over last year EBITDA margin of 51.8% on the
back of operating leverage. Total Comprehensive Income for the year increased to ` 20,372 crore, a jump of 11.9% from last
year income of ` 18,207 crore. This robust growth was driven by industry leading subscriber additions in both mobility and
homes business, ramp-up of enterprise services and uptick in ARPU due to better subscriber mix.

Jio has always endeavoured to build a digital services ecosystem for 1.4 billion Indians – to bring together its pan-India
network and distribution presence with deep technology expertise to benefit consumers, homes, Merchants / Small and
Medium Businesses (SMBs) and large enterprises. A key component of this is to provide high quality connectivity services
to everyone. Jio has completed its planned True5G rollout across India, offering an unmatched customer experience. Jio
is also accelerating the transformation of fixed broadband infrastructure in the country with its JioFiber and JioAirFiber
solutions.

The vision for the Company’s connectivity business is to “Connect everyone and everything, everywhere - always at the highest
quality and the most affordable price”. The Company has been successful in executing this vision by connecting 481.8 million
customers across wireless and wireline services, including ~108 million users who have migrated to 5G networks as of
March 2024.

The four pillars of the Company’s connectivity business are Wireless broadband (4G LTE/ 5G), Home broadband (JioFiber/
JioAirFiber), Jio’s enterprise services and IoT services.

With consistent increase in customer engagement, the Company’s network carried almost 14 Exabytes of monthly data
traffic in the quarter ending March 2024. Customer engagement on the Jio network increased further with average per
capita data and voice usage at 28.7 GB and 1,008 minutes per month for the quarter ended March 2024. The Company
remains the operator of choice with 469.7 million mobile broadband users as of March 2024.

The Company has also extended its leadership in wired broadband with ~12 million connected premises with average
monthly data consumption of ~300GB. JioAirFiber has been rolled out pan India with encouraging early signs of demand
and engagement. Jio aims to reach 100 million premises through a combination of JioFiber and JioAirFiber.

Board’s Report
Annual Report 2023-24 5

The Company has consistently gained share in enterprise connectivity, with an increasing presence across key industry
verticals like BFSI, Government, and Manufacturing. Jio now offers services to ~85% of large named enterprises in the
country with one-third of the clients using two or more Jio services. Jio has signed marquee deals over the past year with
key government institutions, banks, automotive, and utility companies. SMB remain a large addressable market where Jio
benefits from a deeper network presence with JioFiber and JioAirFiber. Education institutes, retail stores, and professional
services are key SMB cohorts where Jio has significant traction and continues to create the market.

The Company’s pan-India 4G network is also used by Jio Platforms Limited (“JPL”) to offer NB-IoT services and connect
smart sensors in metering, mobility, lighting, security and various other use cases.

The Company’s robust connectivity platform has served as the backbone for offering best-in-class digital experiences to its
consumers. This has been constantly enhanced through partnerships and investment in multiple emerging technologies.

Key highlights of operations of the Company for the financial year ended March 31, 2024 are as under:

• During the year, the Company crossed the twin milestones of ` 100,000 crore revenue and ` 50,000 crore EBITDA.

• During FY 2023-24, the Company has added over 42 million subscribers (net) which is well ahead of peers. Total
subscriber base was 481.8 million as of March 2024.

• Jio has rolled out its True5G network across India, with 108 million+ subscribers migrated to Jio’s 5G network. Jio now
has the largest 5G subscriber base for any operator outside China. The Jio True5G network now carries ~28% of Jio’s
wireless data traffic, with the entire 5G data being carried on Jio’s own 5G+4G combo core.

• Jio has emerged as the #1 Network in India, winning all nine awards for Mobile Networks in the market, including all
awards for 5G networks in Ookla’s Speedtest Awards for 1Q–2Q 2023. This is a first for any service provider anywhere
in the world.

• JioAirFiber has been positioned as an entertainment-first product, and content bundling is driving around a ~30%
higher per capita usage on JioAirFiber compared to JioFiber. AirFiber is seeing healthy demand in Tier2 towns and
beyond which has driven highest ever home connects in Q4 FY 2023-24.

• JioBharat Phone was launched to accelerate the 2G-Mukt Bharat vision by enabling existing 250 million feature
phone users to transition towards internet-enabled phone. JioBharat leverages Jio’s device and network capabilities
to deliver digital services on entry-level phones in partnership with other phone brands. Within the first few months
of its launch, JioBharat has garnered over 50% market share in the sub- ` 1,000 segment.

• During the India Mobile Congress 2023, Jio demonstrated India’s first satellite-based gigabit broadband to connect
the remotest corners of the country. Jio is partnering with SES to access the world’s latest in medium earth orbit
(MEO) satellite technology, to deliver fiber-like services from space.

• Jio has also completed the first-ever FR2 SA mmWave rollout globally at a commercial scale. This indigenously
developed technology extends benefits of low latency and high throughput to the mmWave band through 5G
standalone core. This is being deployed across banks, education hubs, hospitals and government establishments
with speeds of up to 2 Gbps being clocked.

TRANSFER TO RESERVES

The Board of Directors of the Company have not transferred any amount to the Reserves for the financial year under review.

DIVIDEND

The Board of Directors of the Company have not recommended any dividend on the equity shares and preference shares
for the financial year under review.

DETAILS OF MATERIAL CHANGES FROM THE END OF THE FINANCIAL YEAR

There have been no material changes and commitments affecting the financial position of the Company between the end
of the financial year and the date of this Report.

CONSOLIDATED FINANCIAL STATEMENT

In accordance with the provisions of the Companies Act, 2013 (“the Act”) and the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with Indian Accounting
Standard 110 on Consolidated Financial Statements, the consolidated audited financial statement forms part of this Annual
Report.

Board’s Report
6 Reliance Jio Infocomm Limited

SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES

During the year under review, no company has become or ceased to be the Company’s subsidiary or joint venture or
associate company.

A statement providing details of performance and salient features of the financial statements of subsidiary companies, as
per Section 129(3) of the Act, is provided as Annexure A to the consolidated audited financial statement and therefore not
repeated in this Report to avoid duplication.

SECRETARIAL STANDARDS

The Company has followed the applicable Secretarial Standards, with respect to Meetings of the Board of Directors (SS-1)
and General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2024, the applicable accounting standards
read with requirements set out under Schedule III to the Act have been followed and there are no material departures
from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as
at March 31, 2024 and of the profit of the Company for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities;

d) the Directors have prepared the annual accounts on a going concern basis; and

e) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of governance and adheres to the Corporate Governance
requirements set out by the Securities and Exchange Board of India. The Corporate Governance Report as per the Listing
Regulations forms part of this Annual Report. Certificate from the Auditors of the Company confirming compliance with
the conditions of Corporate Governance is attached to the Corporate Governance Report.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the year under review:

(a) all contracts / arrangements / transactions entered by the Company with related parties were in the ordinary course
of business and on an arm’s length basis.

(b) contracts / arrangements / transactions which were material, were entered into with related parties in accordance
with the Policy of the Company on Materiality of Related Party Transactions and on dealing with Related Party
Transactions.

Details of contracts/arrangements/ transactions with related parties which are required to be reported in Form No.
AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules,
2014 are provided in Annexure I to this Report.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions is available
on the Company’s website and can be accessed at https://jep-asset.akamaized.net/jio/investor-relations-debenture/
rjil/policies-and-codes/policy-on-materiality-of-related-party-transactions-and-on-dealing-with-related-party-
transactions.pdf.

There were no materially significant related party transactions which could have potential conflict with the interests
of the Company at large.

Members may refer to Note 33 to the Standalone Financial Statement which sets out Related Parties Disclosures
pursuant to Indian Accounting Standards.
Board’s Report
Annual Report 2023-24 7

CORPORATE SOCIAL RESPONSIBILITY (“CSR”)

During the year under review, the Board had, based on the recommendation of the CSR Committee, approved amendment
to the CSR Policy of the Company. The CSR Policy is available on the Company’s website and can be accessed at https://jep-
asset.akamaized.net/jio/investor-relations-debenture/rjil/policies-and-codes/corporate-social-responsibility-policy.pdf.

As per the CSR Policy, the focus areas of engagement, inter-alia, are rural transformation, affordable healthcare solutions,
access to quality education, environmental sustainability and protection of national heritage.

During the year under review, the Company has spent ` 403 crore (2% of the average net profits of the preceding three
financial years) towards identified and approved CSR initiatives covered under Schedule VII to the Act, through the
implementing agencies.

The Annual Report on CSR activities including summary of Impact Assessment Report is annexed and marked as Annexure
II to this Report.

RISK MANAGEMENT

The Company has a structured Risk Management Framework (including policy), designed to identify, assess and mitigate
risks appropriately.

The Risk Management Committee has been entrusted with the responsibility to assist the Board in:

(a) overseeing the Company’s enterprise wide risk management framework;

(b) ensuring that all material Strategic and Commercial Risks, including Cybersecurity, Safety and Operations, Compliance,
Control and Financial risks have been identified and assessed; and

(c) ensuring that all adequate risk mitigation measures are in place, to address these risks.

INTERNAL FINANCIAL CONTROLS

The key internal financial controls have been documented, automated wherever possible and embedded in the respective
business processes. Assurance to the Board on the effectiveness of internal financial controls is obtained through Three
Lines of Defence which include:

(a) Management reviews and self-assessment;

(b) Continuous controls monitoring by functional experts; and

(c) Independent design and operational testing by the Group Internal Audit function.

The Company believes that these systems provide reasonable assurance that the Company’s internal financial controls are
adequate and are operating effectively as intended.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Mahendra Nahata and Mr.
Pankaj M. Pawar, Directors of the Company, retire by rotation at the ensuing Annual General Meeting. The Board of Directors
of the Company, based on the recommendation of the Nomination and Remuneration Committee (“NR Committee”), have
recommended their re-appointment.

Post the financial year under review, Mr. Sanjay Mashruwala, Managing Director has tendered his resignation as Director of
the Company, effective from June 9, 2024. The Board places on record its appreciation for the contributions made by Mr.
Sanjay Mashruwala in the transformative journey of the Company.

The Company has received declarations from all the Independent Directors of the Company confirming that:

(i) they meet the criteria of independence as prescribed under the Act and Listing Regulations; and

(ii) they have registered their names in the Independent Directors’ Databank.

The Company has devised, inter-alia, the following policies viz.:

1. Policy for selection of Directors and determining Directors’ independence; and

2. Remuneration Policy for Directors, Key Managerial Personnel and other employees.

Board’s Report
8 Reliance Jio Infocomm Limited

The Policy for selection of Directors and determining Directors’ independence sets out the guiding principles for the NR
Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors,
while considering their appointment as Independent Directors of the Company. The said policy also provides for the factors
in evaluating the suitability of individual board members with diverse background and experience that are relevant for the
Company’s operations. There has been no change in the policy during the year under review. The said policy is available
on the Company’s website and can be accessed at https://jep-asset.akamaized.net/jio/investor-relations-debenture/rjil/
policies-and-codes/policy-for-selection-of-directors-and-determining-directors-independence.pdf.

The Remuneration Policy for Directors, Key Managerial Personnel and other employees sets out the guiding principles for
the NR Committee for recommending to the Board the remuneration of the Directors, Key Managerial Personnel and other
employees of the Company. There has been no change in the policy during the year under review. The said policy is available
on the Company’s website and can be accessed at https://jep-asset.akamaized.net/jio/investor-relations-debenture/rjil/
policies-and-codes/remuneration-policy-for-directors-key-managerial-personnel-and-other-employees.pdf.

PERFORMANCE EVALUATION

The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including
Independent Directors) which includes criteria for performance evaluation of Non-executive Directors and Executive
Directors.

In accordance with the manner of evaluation specified by the NR Committee, the Board carried out annual performance
evaluation of the Board, its Committees and Individual Directors. The Independent Directors carried out annual
performance evaluation of the Chairman, the non-independent directors and the Board as a whole. The Chairman of the
respective Committees shared the report on evaluation with the respective Committee members. The performance of
each Committee was evaluated by the Board, based on the report of evaluation received from respective Committees.

A consolidated report was shared with the Chairman of the Board for his review and giving feedback to each Director.

AUDITORS AND AUDITORS’ REPORT

Auditors

D T S & Associates LLP, Chartered Accountants (ICAI Firm Regn. No. 142412W/W100595) were appointed as the Auditors
of the Company, for a term of 5 (five) consecutive years, at the Thirteenth Annual General Meeting held on September
28, 2020. D T S & Associates LLP, Chartered Accountants have confirmed that they are not disqualified from continuing as
Auditors of the Company.

Deloitte Haskins & Sells LLP, Chartered Accountants (ICAI Firm Regn. No. 117366W/W-100018) hold office as Auditors of the
Company, up to the conclusion of the ensuing Annual General Meeting and they have completed the maximum period for
which they can act as Auditors of the Company.

The Auditors’ Report does not contain any qualification, reservation, adverse remark or disclaimer. The Notes to the financial
statements referred in the Auditors’ Report are self-explanatory and do not call for any further comments.

Cost Auditor

The Board has appointed Shome & Banerjee, Cost Accountants, as Cost Auditor for conducting the audit of the cost records
relating to Telecommunication Services of the Company for the financial year 2024-25.

In accordance with the provisions of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company
has maintained cost records.

Secretarial Auditor

The Board had appointed BNP & Associates, Company Secretaries, to conduct Secretarial Audit of the Company. The
Secretarial Audit Report for the financial year ended March 31, 2024 is annexed and marked as Annexure III to this Report.
The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

DISCLOSURES

Meetings of the Board

4 (Four) meetings of the Board of Directors were held during the year. The particulars of the meetings held and attendance
of each Director are detailed in the Corporate Governance Report.

Board’s Report
Annual Report 2023-24 9

Audit Committee

The Audit Committee presently comprises Mr. Adil Zainulbhai (Chairman), Prof. Dipak C. Jain, Prof. Mohanbir S. Sawhney,
Mr. Ranjit V. Pandit and Mr. Pankaj M. Pawar. All the recommendations made by the Audit Committee were accepted by
the Board.

Nomination and Remuneration Committee

The NR Committee presently comprises Mr. Ranjit V. Pandit (Chairman), Mr. Adil Zainulbhai and Prof. Dipak C. Jain.

Corporate Social Responsibility Committee

The CSR Committee presently comprises Mr. Adil Zainulbhai (Chairman), Mr. Sanjay Mashruwala and Ms. Isha M. Ambani.

Stakeholders Relationship Committee

The Stakeholders Relationship Committee presently comprises Prof. Dipak C. Jain (Chairman), Mr. Pankaj M. Pawar and Mr.
Kiran M. Thomas.

Risk Management Committee

The Risk Management Committee presently comprises Dr. Shumeet Banerji (Chairman), Mr. Pankaj M. Pawar, Mr. Kiran M.
Thomas and Mr. Rajneesh Jain.

Vigil Mechanism and Whistle-blower Policy

The Company has established a robust Vigil Mechanism and Whistle-blower Policy in accordance with the provisions of
the Act and the Listing Regulations. The Vigil Mechanism is supervised by an ‘Ethics & Compliance Task Force’ comprising
senior executives of the Company. Ethics & Compliance Task Force evaluates incidents of suspected or actual violations
of the Code of Conduct and reports them to the Audit Committee every quarter. Protected disclosures can be made by a
whistle blower through an e-mail or dedicated telephone line or a letter to the Ethics & Compliance Task Force or to the
Chairman of the Audit Committee.

The Vigil Mechanism and Whistle-blower Policy is available on the Company’s website and can be accessed at https://jep-
asset.akamaized.net/jio/investor-relations-debenture/rjil/policies-and-codes/vigil-mechanism-and-whistle-blower-policy.
pdf.

Prevention of sexual harassment at workplace

In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 (“POSH Act”) and Rules made thereunder, the Company has formed Internal Complaints Committee at
its operational locations to address complaints against sexual harassment in accordance with the POSH Act. The Company
has in place Anti-Sexual Harassment Policy which ensures a free and fair enquiry process with clear timelines for resolution.
To build awareness in this area, the Company has been conducting online programme on a continuous basis. There were
no cases/ complaints filed during the year under review.

Particulars of loans given, investments made, guarantees given and securities provided

The Company, being engaged in the business of providing infrastructural facilities as defined under Schedule VI to the Act,
is exempt from the provisions of Section 186 of the Act relating to investments made, loans made, guarantees given, and
securities provided by the Company. Accordingly, disclosures under Section 186(4) of the Act are not required to be given
by the Company.

Conservation of energy, technology absorption, foreign exchange earnings and outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as
required to be disclosed under the Act, are provided in Annexure IV to this Report.

Annual Return

The Annual Return of the Company as on March 31, 2024 is available on the Company’s website and can be accessed
at https://jep-asset.akamaized.net/jio/investor-relations-debenture/rjil/other-documents/annual-return-of-fy-2023-2024.
pdf.

Board’s Report
10 Reliance Jio Infocomm Limited

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no
transactions on these matters during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares and employees stock option scheme) to employees of the Company
under any scheme.

4. The Company does not have any scheme of provision of money for the purchase of its own shares by employees or
by trustees for the benefit of employees.

5. The Managing Director(s) of the Company did not receive any remuneration or commission from any of its
subsidiaries/holding company.

6. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going
concern status and Company’s operations in future.

7. No fraud has been reported by the Auditors to the Audit Committee or the Board.

8. There has been no change in the nature of business of the Company.

9. There is no application made / proceeding pending under the Insolvency and Bankruptcy Code, 2016.

10. There was no instance of one-time settlement with any Bank or Financial Institution.

ACKNOWLEDGEMENT

The Board places on record its deep sense of appreciation for the committed services by all the employees of the Company.
The Board of Directors would also like to express their sincere appreciation for the assistance and co-operation received
from the financial institutions, banks, government and regulatory authorities, stock exchanges, customers, vendors,
members, debenture holders and debenture trustees during the year under review.

For and on behalf of the Board of Directors

Akash M. Ambani
Chairman
DIN: 06984194

Mumbai, April 22, 2024

Board’s Report
Annual Report 2023-24 11

Annexure I to Board’s Report

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies
(Accounts) Rules, 2014)

Disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-
section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso
thereto:

1. Details of contracts or arrangements or transactions not at arm’s length basis: Not Applicable

2. Details of material contracts or arrangement or transactions at arm’s length basis:

a) Name(s) of the related party and nature of relationship:

(i) Reliance Retail Limited (RRL), a Fellow Subsidiary of the Company

(ii) Reliance Industries Limited (RIL), an Ultimate Parent Company

b) Nature of contracts/arrangements/transactions:

(i) RRL:

a. The Company and RRL have entered into master distributor agreement for its Telecom Services
pursuant to which the Company sells recharge vouchers for its mobility and FTTX services to RRL
on principal-to-principal basis for onward sale by RRL to customers through various channels. The
Company also provides telecom services to RRL.

b. RRL undertakes channel distribution, marketing & promotional activities for the Company. This
includes support services by RRL to the Company for (i) acquisition of customers and completing
their Know your customer (KYC) documents required as per applicable law; (ii) collection of
payments from Company’s customers; and (iii) providing other relevant support services to the
Company. RRL also sells customer premise equipment, enterprise devices and other devices to the
Company.

(ii) RIL:

a. RIL provides to the Company:

- Project execution services on Engineering, Procurement and Construction (EPC) basis -

Installation of Telecommunication equipment, Last mile for National Long Distance (NLD),
Intracity and FTTX, Facilities, Erection of eNodeB Small Cell (ESC) Towers, Operation and
Maintenance of facilities.

- Business Support Services - Manpower services, Jio Centre operations, Call Centre services,
data insights and analytics, among others.

b. The Company provides telecom services to RIL:

Apart from above, the Company also enters into other allied transactions with above parties in the
ordinary course of business.

c) Duration of the contracts/arrangements/transactions:

The above arrangements are continuing business arrangements.

Board’s Report
12 Reliance Jio Infocomm Limited

d) Salient terms of the contracts or arrangements or transactions including the value, if any:

(i) RRL:

- Aggregate Value of Sales by the Company to RRL for FY 2023-24 - ` 89,031 crore.

- Aggregate Value of Purchases by the Company from RRL for FY 2023-24 - ` 4,415 crore.

(ii) RIL:

- Aggregate Value of Sales by the Company to RIL for FY 2023-24 - ` 387 crore.

- Aggregate Value of Purchases by the Company from RIL for FY 2023-24 - ` 10,286 crore.

e) Date(s) of approval by the Board, if any:

Transactions of the Company with RRL and RIL are in the ordinary course of business and on an arm’s length
basis and accordingly, approval of the Board under Section 188 of the Companies Act, 2013 was not applicable.

f) Amount paid as advances, if any: Nil

For and on behalf of the Board of Directors

Akash M. Ambani
Chairman
DIN: 06984194

Mumbai, April 22, 2024

Board’s Report
Annual Report 2023-24 13

Annexure II to Board’s Report

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES FOR THE FINANCIAL YEAR 2023-24

1. Brief outline on CSR Policy of the Company: Refer Section: Corporate Social Responsibility (“CSR”) in the Board’s
Report

2. Composition of CSR Committee:

Sl. Name of Director Designation/ Nature Number of meetings Number of meetings of
No. of Directorship of CSR Committee held CSR Committee attended
during the year during the year
1 Mr. Adil Zainulbhai Chairman 4 4
2 Ms. Isha M. Ambani Member 4 4
3 Mr. Sanjay Mashruwala Member 4 4

3. Provide the web-link(s) Composition of CSR Committee https://jep-asset.akamaized.net/jio/investor-

where Composition of CSR relations-debenture/rjil/other-documents/
Committee, CSR Policy and composition-of-csr-committee.pdf
CSR projects approved by the CSR Policy https://jep-asset.akamaized.net/jio/investor-
Board are disclosed on the relations-debenture/rjil/policies-and-codes/
website of the company. corporate-social-responsibility-policy.pdf
CSR projects approved by the Board https://jep-asset.akamaized.net/jio/investor-
relations-debenture/rjil/other-documents/
csr-approved-projects-fy-2023-24.pdf

4. Provide the executive summary along with web-link(s) The Company has carried out Impact Assessment
of Impact Assessment of CSR Projects carried out in through Independent third party(ies) and the summary
pursuance of sub-rule (3) of rule 8, if applicable. of the report is attached and also available at https://jep-
asset.akamaized.net/jio/investor-relations-debenture/
rjil/other-documents/summary-of-independent-
impact-assessment-2023-2024.pdf

5. (a) Average net profit of the company as per sub-section (5) of section 135. - ` in Crore 20,149.71

(b) Two percent of average net profit of the company as per sub-section (5) of section 135. - ` in Crore 402.99

(c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years. -
- ` in Crore

(d) Amount required to be set-off for the financial year, if any. - ` in Crore -

(e) Total CSR obligation for the financial year [(b)+(c)-(d)]. - ` in Crore 402.99

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project). - 402.50
` in Crore

(b) Amount spent in Administrative Overheads. - ` in Crore -

(c) Amount spent on Impact Assessment, if applicable. - ` in Crore 0.50

(d) Total amount spent for the Financial Year [(a)+(b)+(c)].- ` in Crore 403.00

(e) CSR amount spent or unspent for the Financial Year:

Total Amount Amount Unspent (` in crore)

Spent for the Total Amount transferred to Amount transferred to any fund specified under
Financial Year. Unspent CSR Account as per sub- Schedule VII as per second proviso to sub-section (5)
(` in Crore) section (6) of section 135 of section 135
Amount Date of transfer Name of the Fund Amount Date of transfer
403.00 Nil Not Applicable Not applicable Not Applicable

Board’s Report
14 Reliance Jio Infocomm Limited

(f) Excess amount for set-off, if any:

Sl. Particular Amount

No. (` in crore)
(1) (2) (3)
(i)Two percent of average net profit of the company as per sub-section (5) of section 135 402.99
(ii)Total amount spent for the Financial Year 403.00
(iii)
Excess amount spent for the Financial Year [(ii)-(i)] 0.01
(iv)Surplus arising out of the CSR projects or programmes or activities of the previous Financial -
Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] 0.01

7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:

(1) (2) (3) (4) (5) (6) (7) (8)

Sl. Preceding Amount Balance Amount Amount transferred to a Amount Deficiency, if
No. Financial transferred to Amount in Spent in Fund as specified under remaining any
Year(s) Unspent CSR Unspent the Financial Schedule VII as per to be
Account CSR Account Year second proviso to sub- spent in
under sub- under sub- (` in Crore) section (5) of section 135, succeeding
section (6) of section (6) of if any Financial Years
section 135 section 135 (` in Crore)
(` in Crore) (` in Crore)
Amount Date of
(` in crore) Transfer
Not Applicable

8. Whether any capital assets have been created or acquired through Corporate Social
 Yes  No
Responsibility amount spent in the Financial Year:

If Yes, enter the number of Capital assets created/ acquired Not Applicable

Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:

Sl. Short Pincode of Date of creation Amount of CSR Details of entity/ Authority/
No. particulars of the property amount spent - beneficiary of the registered owner
the property or or asset(s) ` in Crore
asset(s)
[including
complete
address and
location of the
property]
(1) (2) (3) (4) (5) (6)
CSR Name Registered
Registration address
Number, if
applicable
Not Applicable

(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal
Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)

9. Specify the reason(s), if the company has failed to spend two per cent of the average
Not Applicable
net profit as per sub-section (5) of section 135.

For and on behalf of the Board of Directors

Adil Zainulbhai Sanjay Mashruwala Akash M. Ambani

Chairman, CSR Committee Managing Director Chairman
DIN: 06646490 DIN: 01259774 DIN: 06984194
Mumbai, April 22, 2024

Board’s Report
Annual Report 2023-24 15

Summary of Independent Impact Assessment Studies Conducted

Year 2023-24
1. Study – End line Evaluation of WomenConnect Challenge (Round 1)

Impact Study Agency – SoulAce Consulting Private Limited

Background

The WomenConnect Challenge India by Reliance Foundation and USAID aims to empower women by improving
access to and use of digital technology and the project has digitally connected over 3 lakh women.

Objectives

• To assess women’s access to different digital tools and services; measure the impact of technology use on
women’s economic empowerment; evaluate the impact of digital literacy training on women’s proficiency and
comfort with technology; and measure shifts in attitudes of family members and the community regarding
women’s technology use.

Key findings

• 76% women reported increased access to internet. Over half of the women participants reported increased
access to digital tools, services and access to a feature or Android phone, post intervention.

• 74%, 88%+ and 59% of the women, reported increased comfort with digital tools, using a mobile device
independently and using the internet independently, respectively, post-intervention.

• 78% women reported an increase in their contribution to household expenses. Overall, 41% women reported
an increase in livelihood opportunities, income generation, and savings potential post-intervention. 13%
women reported they had begun new entrepreneurial ventures. Qualitative data suggests that the women
value the role of increased access to information and knowledge, improved market access, and the ability to
leverage technology to expand their businesses or income generating activities.

• 76% women reported agreement with the idea of men and women having equal access to social, economic,
and political resources and opportunities. 54% women reported increased freedom to spend their money
post-intervention. 70% women reported increased participation in economic decisions in the family and 76%
women reported a positive change in men’s perception of the family. The consistent design and implementation
strategy of the programme enhanced its replicability in other contexts,scalability to reach a larger population
and contributed to a shift in gender norms and reduced gender inequality.

2. Study: Evaluating the Impact of Disaster Preparedness and Response Interventions of Reliance Foundation
Disaster Management Program

Impact Assessment Agency – Centre for Environment and Regional Development (CERD)

Background

Reliance Foundation’s interventions in Disaster Management cover immediate response and encompass
preparedness, capacity building, and awareness campaign in close collaboration with government bodies and
partners.

Objective

• To provide a comprehensive and systematic assessment of the various disaster management programmes
related to ‘Disaster Preparedness and Response; gauge the impact of these interventions on rural communities;
and assess the alignment of the programme to national and international priorities.

Key findings

• 91% stakeholders reported improvement in reach and impact due to timely interventions. 1,732 volunteers
have been trained in 14 states.

• 94% farmers reported an increase in annual income due to weather and expert livelihood advisories provided.
96% beneficiaries reported improved vaccination schedule for livestock against seasonal diseases due to
weather advisories. 88% livestock rearers took decisions related to fodder management based on advisories
while 87% modified sheds and shelters.

Board’s Report
16 Reliance Jio Infocomm Limited

• 90% of the beneficiaries reported improved preparedness levels in dealing with disaster after RF’s capacity
building initiatives. More than 75% of partner stakeholders including grassroot level partners reported a rating
of 4 or 5 on a scale of 1 to 5 on Response Coordination and Resource Mobilization, which ensures sustainability
of the interventions and exchange of information between service providers and beneficiaries at crucial hours
of disasters.

3. Study: Impact Assessment of Reliance Foundation Sports Programme – Promoting Grassroot Sports Initiatives

Impact Assessment Agency – Kantar Public

Background

Reliance Foundation Sports for Development programme nurtures sporting talent from grassroots and helps them
grow into high performers. The sports initiatives are free and open to all and have reached the remotest parts of the
country.

Objective

• To evaluate the impact of programme on skills, performance, opportunities, access to sports, and experience
of the athletes associated with the programme.

Key findings

• 98% RF athletes reported that RF provides superior training. Over 94% non-RF athlete respondents consider
RF as competitive in comparison to other competitive programmes or foundations and expressed satisfaction,
specifically in relation to programmes, competitions, and tournaments organized by RF.

Across the eight sports programmes within RF, a majority (87% - 93%) of athletes perceive the benefits –
encompassing improved mental and physical health, social cohesion, access to sports, and career development
– as good or very good. 95% agree that RF offers a high-quality learning environment for athletes.

Over 95% of respondents consider RF sports programme effective in enhancing their skills and performance.
Over 92% agree that competitions organized by RF offer valuable opportunities to showcase their skills and
abilities.

In the case of RF Young Champs (RFYC), the achievement and competitiveness rating rose notably from 42%
before RF enrollment to 93% post-enrollment. Athletes in RFYS and RFDL (Reliance Foundation Development
League) witnessed a surge from initial ratings of 47% and 43%, to 94% and 93%, respectively, after associating
with RF.

• Over 53% perceive the management staff at Reliance Foundation as very good. In assessing the performance
of foundation programmes, a substantial 96% of Reliance Foundation (RF) athletes agree that RF outperforms;
among non-RF athletes, 69% agree that RF’s programme performance is superior.

• Over 91% of athletes reported strong alignment with the values and vision of RF leadership.

• 52.13% of participants consider the sports program effective, while an additional 43.25% deem it highly
effective in enhancing their skills and performance. These combined responses reiterates the significant
perception among respondents that the sports program excels in contributing to the improvement of their
abilities and overall performance. Increased awareness and interest in sports scholarships among athletes.
Better quality of coaching delivered by trained PE teachers in schools.

These impacts collectively contribute to the overall success and effectiveness of the Reliance Foundation
Sports programme in nurturing talent and promoting sports development across different levels.

4. Study: Impact Assessment Study of Reliance Foundation’s Drishti Programme for Improving Vision Care
among underprivileged communities

Impact Assessment Agency – Sustainable Outcomes Private Limited

Background

RF’s Drishti programme aims to enhance and restore the vision of individuals from underprivileged segments of
society.

Board’s Report
Annual Report 2023-24 17

Objective

• Measure the overall impact of the programme on the quality of lives of the visually impaired; quantify the
economic benefits of the beneficiaries achieved through the programme.

Key findings

• Corneal transplants have proven instrumental in enhancing the quality of life for the beneficiaries. Individuals
reporting ‘severe or extreme pain’ decreased from 48% before the surgery to 13.2% after the surgery. The
percentage of beneficiaries reporting ‘good or very good’ in carrying out daily activities increased from 16.3%
to 34.7%. Assessment of Vision-Related Quality of Life (VFQOL) Index, which asseses general functioning,
visual functioning and psychosocial wellbeing of the patients on a scale of 10, showed an increase in quality
from point 5 before intervention to point 8 after intervention. Social participation increased from 17% to 44%.
69% of the individuals expressed satisfaction with the quality of service they received.

• The programme saved ` 4.3 crore in potential out-of-pocket expenses of beneficiaries on corneal transplants.
It has averted 3347 DALYs (Disability-adjusted life year is sum of life years lost due to disability).

5. Study: Social Impact Assessment of Infrastructure Project at National Cancer Institute, Nagpur

Impact Assessment Agency – Indian Institute of Management (IIM), Nagpur

Background

To help vulnerable sections of the society to avail affordable cancer treatment, Reliance Foundation established
modern facilities at the National Cancer Institute (NCI), Nagpur, for diagnosis, prevention, and treatment of various
types of cancers.

Objective

• Assess impact of RF’s support in improving access to and quality of healthcare services provided through
NCI-Nagpur. Analyse the impact of medical care on patient health outcomes, quality of life and treatment
effectiveness in medical specialties.

Key findings

• More than 87 % of the patients or their relatives are satisfied with the NCI infrastructure and other facilities.

• Apart from Maharashtra, patients also come from nearby states such as Madhya Pradesh and Chattisgarh.

• Close to 92% of the patients’ families have an annual income of less than Rs. 7 lakhs out of which 68% have
incomes less than Rs. 3 lakh per annum.

• 85% believe that the treatments and other costs like diagnostic tests are lower at NCI compared to other
similar institutions.

• Over 95% respondents are satisfied with the quantity and quality of free food given to patients and their
attenders.

Board’s Report
18 Reliance Jio Infocomm Limited

Annexure III to Board’s Report

FORM NO. MR-3
SECRETARIAL AUDIT REPORT
For the Financial Year ended March 31, 2024
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial personnel) Rules, 2014]

To
The Members
Reliance Jio Infocomm Limited,
Office – 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi,
Ahmedabad 380006
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by Reliance Jio Infocomm Limited, (CIN: U72900GJ2007PLC105869) (hereinafter called the
‘Company’) for the financial year ended March 31, 2024 (‘period under audit’). Secretarial Audit was conducted in a manner
that provided us with a reasonable basis for evaluating the Company’s corporate conducts/statutory compliances and for
expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained and provided to us including through access to the Company’s in-house portal as also the information provided
by the Company, its officers, agents and authorized representatives, during the conduct of Secretarial Audit, we hereby
report that in our opinion, the Company has, during the period under audit, complied with the statutory provisions listed
hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in
the manner and subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company
for the period under audit according to the provisions of:
I. The Companies Act, 2013 (“the Act”) and the Rules made thereunder;
II. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
III. The Securities Contracts (Regulation) Act, 1956 and the Rules made thereunder;
IV. The Foreign Exchange Management Act, 1999 and the Rules/ Regulations made thereunder to the extent of Overseas
Direct Investments and External Commercial Borrowings;
V. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
VI. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
As on March 31, 2024, 50,000 6.20% Unsecured Redeemable Non-Convertible Debentures of face value of ` 10 lakh
each, aggregating to ` 5,000 Crores, were listed for trading on BSE Limited and the National Stock Exchange of India
Limited.
VII. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, including maintenance
of a ‘Structural Digital Database’.
We have also examined compliance by the Company with the applicable clauses of the Secretarial Standard on Meetings
of Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company
Secretaries of India and notified by Central Government under Section 118(10) of the Act which are mandatorily applicable
to the company.
During the period under audit, the Company has complied with the provisions of the Act, Rules, Regulations, Standards, as
mentioned above.
We have also examined, on test-check basis, the relevant documents and records maintained by the Company according
to the following laws applicable specifically to the Company:
1. The Indian Telegraph Act, 1885 & Indian Telegraph Right of Way Rules, 2016;
2. The Indian Wireless Telegraphy Act, 1933;
3. The Telecom Regulatory Authority of India Act, 1997;
4. The Information Technology Act, 2000;
5. The Aadhaar and Other Laws (Amendment) Act, 2019.

Board’s Report
Annual Report 2023-24 19

Based on such examination and having regard to the compliance system prevailing in the Company, we report that, the
Company has complied with the provisions of the above laws during the period under audit.
During the period under audit, provisions of the following Acts, Rules and Regulations were not applicable to the Company:
1. Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder with respect to Foreign
Direct Investment.
2. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992:
(a) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 relating to the Companies Act, 2013 and dealing with clients;

(b) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;

(d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations,
2021;

(e) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021;

(f) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Director, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the
period under audit were carried out in compliance with the provisions of the Act.
Adequate notice was given to all directors of the Company as regards the schedule of the meetings of the Board (including
meetings of the Committees) except where consent of directors was received for holding the meeting at a shorter notice.
Agenda and detailed notes on Agenda were also sent to all the directors of the company at least seven days in advance,
except in cases where consent of directors was received for circulation of the agenda and notes on Agenda at a shorter
notice. A system exists for seeking and obtaining further information and clarifications on the agenda items before the
meetings and for meaningful participation by the directors at the meetings.
All decisions at the meetings of the Board and the meetings of the Committees were carried out unanimously as recorded
in the minutes of the meetings of the Board of Directors or Committees of the Board, as the case may be.
We further report that there are adequate systems and processes in the Company, which are commensurate with its size
and operations, to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the period under audit, the following specific events / actions having major bearing on the
Company’s affairs have taken place in pursuance of the above referred laws, rules, regulations and standards:
i) The Company has raised External Commercial Borrowings by way of foreign currency syndicated term loans of up to
USD 2976 Million, Euro 90.599 Million and JPY 86736.6 Million.
ii) The Company had issued Commercial Papers (“CPs”), in one or more tranches, which were listed on the BSE Limited
in accordance with the provisions of SEBI Operational Circular bearing no. SEBI/HO/DDHS/P/CIR/2021/613 dated
August 10, 2021. As on March 31, 2024, CPs amounting to ` 2500 crores were outstanding.

Board’s Report
20 Reliance Jio Infocomm Limited

iii) As per the recommendation made by the Board of Directors of the company, at their meeting held on April 21,
2023, the shareholders of the Company at their 16th Annual General Meeting of the company, held on September
26, 2023, have approved by special resolution an amendment in the Articles of Association AOA of the company,
through insertion of new Article 90A after the existing Article 90.
For BNP & Associates
Company Secretaries
[Firm Reg No: P2014MH037400]
PR No : 637/2019

Kalidas Ramaswami
Partner
Date: April 22, 2024 FCS : 2440 / COP: 22856
Place: Mumbai UDIN: F002440F000203291

Note: This report is to be read with our letter of even date which is annexed as Annexure-A and forms an integral part of this
report.

Board’s Report
Annual Report 2023-24 21

Annexure - A
To
The Members,
Reliance Jio Infocomm Limited
Office - 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi
Ahmedabad, 380006

Re: Secretarial Audit Report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the Management. Our responsibility is to express an
opinion on the secretarial records based on our audit.

2. We have followed the audit practices and processes as were considered appropriate to obtain reasonable assurance
about the correctness of the contents of the secretarial records. The verification was done on test-check basis to
ensure that correct facts are reflected in secretarial records. We believe that the process and practices, we followed
provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, we have obtained Management representation about the compliance of laws, rules and
regulations and happening of material events, etc.

5. The compliance of the provisions or corporate and other applicable laws, rules, regulations, standards, is the
responsibility of the Management. Our examination was limited to the verification of procedures on test-check basis.

6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.

For BNP & Associates

Company Secretaries
[Firm Reg No: P2014MH037400]
PR No : 637/2019

Kalidas Ramaswami
Partner
Date: April 22, 2024 FCS : 2440 / COP: 22856
Place: Mumbai UDIN: F002440F000203291

Board’s Report
22 Reliance Jio Infocomm Limited

Annexure IV to Board’s Report

Particulars of energy conservation, technology absorption, foreign exchange earnings and outgo required under
the Companies (Accounts) Rules, 2014

A. CONSERVATION OF ENERGY

(i) Steps taken or impact on conservation of energy:

Energy conservation is about how efficiently a company can reduce energy utilisation in its operations
while continuing normal operations. The Company has recognized the importance of energy conservation
in decreasing the deleterious effects of global warming and climate change. The Company carries out its
operations in an environmental friendly manner and is on the look-out for different way and means to reduce
the consumption of energy in its operations.

(a) The energy conservation measures since inception of the project:

i. Electronic equipment for the Small facilities like Towers is selected for suitability of operation at
non-air-conditioned environment, resulting into less energy consumption with added advantage
of Capex & Opex optimization.

ii. Li-Ion batteries suitable for operation at ambient temperature are installed at small facilities
(Towers) resulting into lower run hours of Diesel Generators and thus lower carbon emissions &
Opex optimization. Li-ion Batteries, being more compact due to higher energy density occupy less
space for the same power backup as compared to VRLA / Lead Acid Batteries. This also results into
saving on account of reduced enclosure (Outdoor Cabinets) size.

iii. Use of Motion sensors controlled, high efficiency LED lighting in Server Halls of Large Facilities
(Aggregators), automated BMS (Building Management System) installed in IDCs (Internet Data
Centers) for controlling the lights and switching them off, when not needed, resulting into power
saving & lower carbon emission.

iv. Jio is using ‘Energy Saving Technology’ to save the total electronic power consumed by turning
off specific Time Division Duplex band, based on dynamic load at non-peak hour (2 am to 5 am).
Depending on the dynamic load of site and time duration, the software turns off the Time Division
Duplex Band (TDD) to reduce power consumption.

v. In view of poor power availability/ electrical supply in many parts of the country, use of Diesel
Generator becomes necessary. Sophisticated automation and monitoring and control systems
have been installed for all diesel Generators to continuously monitor and reduce the Diesel
Generators run hours thus reduce carbon emission and also optimize Opex on account of lower
diesel consumption.

(b) Energy conservation measures during Steady State Operation:

i. Cold containment provided in IDC-1 facility at Mumbai. Also increased chilled water operating
temperature from 8 deg C to 13.5 deg C, resulting in reduced power consumption and emission
reduction.

ii. IDC cooling operation at Jamnagar & Nagpur fine-tuned to run in free cooling mode, using water
from the Cooling tower (instead of chillers) throughout the year, thus reducing power consumption
and emissions.

iii. Dehumidifier provided in IDC hall to control humidity increase due to moisture ingress.

iv. Remote monitoring and control of air-conditioning units and fine-tuning operation of Air
Conditioning units installed at Large facilities (Aggregators) to ensure optimum performance.

v. Demobilisation of under-utilised DG Sets by installing additional Li-ion Battery modules, to reduce

fuel consumption & carbon emissions.

vi. Enhanced DG operation philosophy – During non-availability of the grid supply control system
ensures that Li-Ion battery takes the electronics load. The Li-Ion batteries are drained up-to
around 60 per cent of its capacity, before DG is started. This change in the operation philosophy
has reduced the DG operating hours by two to three hours per incident (EB outage) per site, thus

Board’s Report
Annual Report 2023-24 23

using Technology for reducing DG run hours and also achieving lower emissions & Opex. This is a
continuous process. Being reviewed on monthly basis for further improvement.

vii. Installation of larger capacity out door condenser to improve heat removal and capacity increase
in PAC for large facility having high ambient temperature.

(ii) Steps taken by the Company for utilising alternate sources of energy:

i. Installation of distributed solar panels at Tower sites, to reduce diesel / grid power consumption and Co2
emission.

ii. Installation of Utility Scale Centralised Solar Plants and wheeling of power to sites through the EB Grid
through ‘Open Access’ methodology to facilities with

a) > 1 MW Connected Load &

b) > 100 KW to < 1 MW connected Load

iii. Use of Methanol based fuel cells are operational in place of diesel generators at selected sites on trial
basis.

iv. Use of Renewable Power through wheeling (Open Access) from various Third-Party generators for Large
Facilities (Aggregators).

v. Use of solar water heaters to produce hot water, as necessary.

vi. Innovative way to increase power output from Solar PV panel by passive cooling with help of water / wax
(Trials in progress).

(iii) The capital investment on energy conservation equipment:

Since this is an ongoing project, significant technological innovations have been utilised to improve energy
consumption and the use of alternative energy sources. However, as these are done from the inception i.e.
during Engineering & Project phase & therefore, it is not possible to assign separate cost for the same. In most
cases, there is no additional significant cost involved.

The Company has installed 35MWp (25 MW AC) Solar Project at Dhummanasur Village, Humanabad Tq Bidar
district of Karnataka on which total capital expenditure spent amounting to ` 145.96 crore. This is total cost
incurred towards installation of 64,844 Solar Panels, Electrical equipment and Infrastructure at Bidar location.
This solar plant has been commissioned on 31.08.2023.

B. TECHNOLOGY ABSORPTION

(i) Major efforts made towards technology absorption:

a) Drone used to carry out Fibre repairs/ laying of new fibre in Uttarakhand, during floods. This is being
formalized as a way to repair / lay Aerial Fibre in future.

b) The Company is carrying out Pilots developing Digital Twins for Tower sites. It will be used to optimise
O&M activities/ tower upgradation work. Site Data is being captured through Drone and using LiDAR
technology for accurate imaging.

c) Critical Spares delivery through Drone is being explored for NE States to save on MTTR (Mean Time to
Repair) and for maintaining optimum stock levels of High value / critical spares like Electronic Cards etc.

d) Pilot for H2 Fuel Cell and absorption of technology for green energy.

(ii) The benefits derived like product improvement, cost reduction, product development or import
substitution:

Not Applicable.

Board’s Report
24 Reliance Jio Infocomm Limited

(iii) Information regarding imported technology (Imported during last three years):

The Company has not imported any technology during the last three years.

(iv) Expenditure incurred on research and development:

Nil.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars ₹ in crore
Foreign Exchange earned in Terms of Actual Inflows 1,527
Foreign Exchange outgo in Terms of Actual outflows 2,910
For and on behalf of the Board of Directors

Akash M. Ambani
Chairman
DIN : 06984194
Mumbai, April 22, 2024

Board’s Report
Reliance Jio Infocomm Limited
Corporate Governance Report
2023-24
26 Reliance Jio Infocomm Limited

CORPORATE GOVERNANCE REPORT

This report is prepared in accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and the report contains the details of Corporate
Governance systems and processes at Reliance Jio Infocomm Limited (“RJIL” or “the Company”).

Statement on Company’s Philosophy on Code of Governance

Corporate Governance encompasses a set of systems and practices to ensure that the Company’s affairs are managed in a
manner which ensures accountability, transparency and fairness in all transactions in the widest sense. The objective is to
meet stakeholders’ aspirations and societal expectations. We are committed to meet the aspirations of all our stakeholders.
This is demonstrated in high credit ratings, awards and recognitions, governance processes and an entrepreneurial
performance focused work environment.

The demands of Corporate Governance require professionals to raise their competence and capability levels to meet the
expectations in managing the enterprise and its resources effectively with the highest standards of ethics.

We have a defined policy framework for ethical conduct of businesses. We believe that any business conduct can be
ethical only when it rests on the six core values viz. Customer Value, Ownership Mindset, Respect, Integrity, One Team and
Excellence.

We believe, our governance standards must be globally benchmarked. Therefore, we have institutionalised the right
building blocks for future growth. It is our endeavour to achieve higher standards and provide oversight and guidance to
the management in strategy implementation, risk management and fulfilment of stated goals and objectives.

We believe, Corporate Governance is not just a destination, but a journey to constantly improve sustainable value creation.
It is an upward-moving target that we collectively strive towards achieving. Our multiple initiatives towards maintaining
the highest standards of governance are detailed in this Report.

Corporate Governance Structure, Policies and Practices

The Company has put in place an internal multi-tier governance structure with defined roles and responsibilities of every
constituent of the system.

Ethics / Governance Policies

At RJIL, we strive to conduct our business and strengthen our relationships in a manner that is dignified, distinctive and
responsible. We adhere to ethical standards to ensure integrity, transparency, independence and accountability in dealing
with all the stakeholders. Therefore, we have adopted various codes and policies to carry out our duties in an ethical
manner.

Code of Conduct

The Company has in place a comprehensive Code of Conduct (the “Code”) applicable to the Directors and employees.
The Code gives guidance and reflect the core values of the Company viz. Customer Value, Ownership Mindset, Respect,
Integrity, One Team and Excellence.

The Code is available on the website of the Company. The Code has been circulated to the Directors and Senior Management
Personnel and its compliance is affirmed by them annually.

A declaration on confirmation of compliance of the Code of Conduct, signed by the Managing Director is attached to this
Report.

Vigil Mechanism and Whistle-Blower Policy

The Company has a Vigil Mechanism and Whistle-Blower policy under which the employees are encouraged to report
violations of applicable laws and regulations and the Code of Conduct – without fear of any retaliation. The reportable
matters may be disclosed to the Ethics & Compliance Task Force which operates under the supervision of the Audit
Committee. Employees may also report violations to the Chairman of the Audit Committee and there was no instance of
denial of access to the Audit Committee.

The Vigil Mechanism and Whistle-Blower Policy is available on the website of the Company and can be accessed at https://
jep-asset.akamaized.net/jio/investor-relations-debenture/rjil/policies-and-codes/vigil-mechanism-and-whistle-blower-
policy.pdf.

Corporate Governance Report

Annual Report 2023-24 27

Anti-Bribery & Anti-Corruption Policy

The Company is committed in doing business with integrity and transparency and has a zero-tolerance approach to non-
compliance with the Anti-Bribery & Anti-Corruption Policy. The Company prohibits bribery, corruption and any form of
improper payments / dealings in the conduct of business operations. Training / awareness programs are conducted on
periodical basis to sensitise employees.

Corporate Governance Practices

RJIL endeavours to continuously improve and adopt the best Corporate Governance codes and practices. Some of the
implemented global governance norms and best practices include the following:

• Board Committees for oversight on matters relating to Risk Management, Corporate Social Responsibility, Internal
Audit, Financial Management, Stakeholders’ Relationship, Directors’ Remuneration and the nomination of Board
members.

• Executive Committees of senior management for continuous review of operational and financial risk mitigation
measures and governance practices.

• Independent Internal Audit Function providing risk based assurance across all material areas of Group Risk and
Compliance exposures.

• Independent review of related party transactions by one of the Big4 accounting firms /Independent accounting
firms for arm’s length consideration and comparison with the benchmarks available for similar type of transactions.

Board of Directors

The Company has defined guidelines and an established framework for the meetings of the Board and its Committees.
These guidelines seek to systematise the decision-making process at the meetings of the Board and Committees in an
informed and efficient manner.

Core Skills / Expertise / Competencies available with the Board

The Board comprises qualified and experienced members who possess required skills, expertise and competencies that
allow them to make effective contributions to the Board and its Committees.

The following skills / expertise / competencies have been identified for the effective functioning of the Company and are
currently available with the Board:

• Leadership
• Strategic Planning
• Industry Experience
• Financial, Regulatory / Legal & Risk Management
• Corporate Governance
• Technology, Research & Development & Innovation

While all the Board members possess the skills identified, their area of core expertise is given in their respective profiles
below:

Corporate Governance Report

28 Reliance Jio Infocomm Limited

Brief Profile of Directors

Brief profile of Directors of the Company including their category, shareholding in the Company, number of other
Directorships including name of listed entities where he / she is a director along with the category of their directorships,
committee positions held by them in other companies as a Member or Chairperson, area of expertise and other details are
given below:

Mr. Akash M. Ambani Profile:

Chairman Mr. Akash M. Ambani is an Indian business leader serving as the Chairman of Reliance Jio
Non-Executive Infocomm Limited (RJIL) since June 2022. He was earlier serving as Non-Executive Director on
Director RJIL Board since October 2014. He also serves on the Board of Jio Platforms Limited, Reliance
DIN: 06984194 Industries’ digital services business. At Jio, he spearheads the creation of products and services
that leverage new-age technologies like 5G, Artificial Intelligence, Blockchain and the Internet of
Things to bring about a generational shift in Commerce, Education, and Healthcare across India.
Under his leadership, Jio crossed the 100 million subscriber mark in less than six months of its
launch in 2016, and today serves over 450 million customers.

Mr. Akash M. Ambani is part of the RJIL Executive Committee, the governing and operating council.
He is also a member of the Product Leadership Group and is closely involved in the development
of Products and all digital services applications. Mr. Akash M. Ambani has led the expansion
of India’s digital ecosystem through launch of affordable devices such as the Jiophone, which
enabled more than 100 million Indians to experience the power of the Internet as well as launch
of new services and applications which deepen India’s digital ecosystem across information,
entertainment, education and convenience of use. Along with positive social impact, Jio has won
national and international recognition for the climate mitigation initiatives aimed at reducing its
carbon footprint and transitioning it’s energy requirements towards renewable sources.

In addition to the digital services business, Mr. Akash M. Ambani has been part of the leadership
team of Reliance Industries’ retail businesses serving on the Board of Reliance Retail Ventures
Limited as a Director since October 2014. Mr. Akash M. Ambani is keenly involved in various
employee engagement initiatives. He is an avid sportsperson and has played a key role in the
management of Mumbai Indians, contributing immensely in their winning the IPL 2013, 2015,
2017, 2019 and 2020 as well as CLT20 2011 and CLT20 2013 Championships.

Mr. Akash M. Ambani received a Bachelor’s in Economics from Brown University, USA. He is also
a member of the President’s Leadership Council of the Brown University. He has been named in
TIME magazine’s TIME100 Next list of rising stars from across industries around the world, and
Fortune’s 40 Under-40 young leaders who stood out for their impact on business.
Appointed 11.10.2014 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 3 • Strategic Planning
Directorship in other equity Reliance Industries • Industry Experience
listed company(ies) and Limited - Non-
category of directorship* Executive Director • Financial, Regulatory
Committee membership(s) Nil / Legal & Risk
/ chairmanship(s) in other Management
company(ies)*^
• Corporate Governance

Corporate Governance Report

Annual Report 2023-24 29

Mr. Sanjay Profile:

Mashruwala$ Mr. Sanjay Mashruwala is a B. Tech. (Mech), IIT Bombay and M.S. (Engg.), University of Texas at
Managing Director Austin, USA. He has extensive experience of 45 years and he has been associated with the Reliance
DIN: 01259774 Group for over four decades. He has been involved with all major Reliance projects starting with
Polyester plant at Patalganga, Petrochemical complex at Hazira and the refining complex at
Jamnagar. He was also involved with conceptualization and creation of pan India network of
Reliance Infocomm (erstwhile Reliance Communications Limited) and was also responsible for
network operations.
Appointed 01.03.2013 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 5 • Strategic Planning
Directorship in other equity Nil • Industry Experience
listed company(ies) and
category of directorship* • Financial, Regulatory / Legal & Risk
Committee membership(s) Nil Management
/ chairmanship(s) in other
company(ies)*^ • Corporate Governance

• Technology, Research &

Development & Innovation

Mr. Pankaj M. Pawar Profile:

Managing Director Mr. Pankaj M. Pawar is working as Managing Director with Reliance Jio Infocomm Limited. He has
DIN: 00085077 over 28 years of experience of working across diverse roles in strategy, corporate development
and operations in Reliance and other leading companies. In Reliance, his work has been mainly
focused on development and scaling of consumer businesses. Before joining Reliance, he worked
with the Tata group’s corporate strategy office.
Appointed 01.09.2015 Areas of • Leadership
Shareholding* 1@ expertise
Other Directorship(s)*# 9 • Strategic Planning
Directorship in other equity Nil • Industry Experience
listed company(ies) and
category of directorship* • Financial, Regulatory / Legal & Risk
Committee membership(s) 3 Management
/ chairmanship(s) in other
company(ies)*^ • Corporate Governance

• Technology, Research &

Development & Innovation

Corporate Governance Report

30 Reliance Jio Infocomm Limited

Ms. Isha M. Ambani Profile:

Non-executive Ms. Isha M. Ambani is part of the executive leadership teams at Reliance Industries Limited,
Director Reliance Retail, Reliance Jio, Reliance Foundation, Reliance Foundation Institution of Education
DIN: 06984175 and Research, and Dhirubhai Ambani International School. She is on the Advisory Board of the
Yale Schwarzman Center, and on the Board of Trustees of the Smithsonian’s National Museum of
Asian Art, the Dia Art Foundation, and Jio MAMI, which organises the annual international film
festival in Mumbai.

Ms. Isha played a pivotal role in conceptualizing and launching Reliance’s digital services
business, Jio, in India in 2016. A game-changer in the Indian telecom landscape, with over 425
million subscribers, Jio is currently India’s no. 1 digital service provider and amongst the largest
in the world.

Ms. Isha spearheads Reliance Retail, which is India’s largest retailer by revenue, profit, reach,
and scale with presence in grocery, consumer electronics, and fashion retail. She is driving the
expansion of Reliance Retail into new categories, geographies and formats and is focused on
enhancing the overall customer experience. She has led the expansion of the digital footprint for
Reliance Retail and launched new formats such as the eCommerce business Ajio, and the online
beauty platform Tira. She has been instrumental in expansion of Reliance Retail’s own brand
portfolio including acquisition of some exciting Indian brands and launch of the Independence
brand. Under her leadership, Reliance Retail is among the Top-10 Retailers in Asia and the only
Indian retailer in the list of global top 100 retailers.

Ms. Isha is actively involved in overseeing the vision and impact of Reliance Foundation and
is closely involved with the foundation’s work with children and women. She also heads the
Diversity and Inclusion programme at Reliance Industries Limited, championing women’s rise
in the workplace. An art enthusiast, she leads the art and culture initiatives & collaborations
undertaken by Reliance Foundation in India and internationally. She is passionate about
education and provides hands-on leadership and direction to all education initiatives of Reliance,
especially Dhirubhai Ambani International School (DAIS), Reliance Foundation Schools, and Jio
Institute. As Vice-Chairperson of DAIS, she is currently leading the planning and development of
the upcoming Nita Mukesh Ambani Junior School, a new primary school of the future, designed
to provide collaborative learning and world-class facilities for students’ holistic development.

Ms. Isha graduated from Yale University in 2013 with a double major in Psychology and South
Asian Studies and completed her MBA from Stanford University in 2018. She has been named
in TIME magazine’s TIME100 Next list of rising stars from across industries around the world
and has been recognised with the prestigious GenNext Entrepreneur Award at the Forbes India
Leadership Awards 2023. She was awarded Lokmat’s Indian Businesswoman Award in 2024.
Appointed 11.10.2014 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 4 • Strategic Planning
Directorship in other equity Reliance Industries • Industry Experience
listed company(ies) and Limited-Non Executive
category of directorship* Director • Financial, Regulatory
/ Legal & Risk
Jio Financial Services Management
Limited-Non Executive
Director • Corporate Governance
Committee membership(s) Nil
/ chairmanship(s) in other
company(ies)*^

Corporate Governance Report

Annual Report 2023-24 31

Mr. Kiran M. Thomas Profile:

Non-executive Mr. Kiran M. Thomas holds a Bachelor’s degree in Electronics Engineering from the Cochin
Director University of Science and Technology, India, and holds an MBA from the Graduate School of
DIN: 02242745 Business, Stanford University, USA. He joined Reliance Group in the year 1997 and was part of
the process automation group for Reliance Petroleum, during the start-up phase of Reliance’s
Jamnagar refinery project. In 2001, he was one of the initial members of the Reliance Infocomm
start-up team, the Reliance group’s venture in telecommunications. In 2005, he was a member of
a core team that developed the initial business blueprint and plan for Reliance Retail. In 2010, he
was one of the initial members of the Jio start up team. Prior to joining Reliance, he worked with
Tata Unisys Limited, a leading IT consulting firm.
Appointed 08.02.2017 Areas of • Leadership
Shareholding* 1@ expertise
Other Directorship(s)*# 7 • Strategic Planning
Directorship in other equity Nil • Industry Experience
listed company(ies) and
category of directorship* • Corporate Governance
Committee membership(s) 1
/ chairmanship(s) in other • Technology, Research &
company(ies)*^ Development & Innovation

Mr. Mathew Profile:

Oommen Mr. Mathew Oommen as President of Reliance, leads Jio’s Network, Strategy, and Service
Non-executive Platforms enabling India’s digital transformation to affordable and scalable broadband
Director connectivity for the creation and adoption of digital services leveraging cloud centric open
DIN: 07176548 source platforms disaggregating hardware, software and services. Mr. Oommen has been part of
Jio since the beginning of its ambitious green field all-IP network build.

At Reliance Jio, Mr. Oommen’s focus has been driving innovation across network, applications,
devices, and systems, having successfully implemented new technologies and solutions
enabling industry-leading innovation across Devices and Applications, including AI Operations
and Automation, Big Data Analytics, Software Centric Cloud Native Infrastructure and Solutions
across Jio’s Network and Business Operations. All of these have become key building blocks in
transforming the industry as a whole and have set the stage for India’s rapid inclusive growth in
digital services adoption across verticals and segments.
Appointed 23.07.2015 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 4 • Strategic Planning
Directorship in other listed Nil • Industry Experience
company(ies) and category
of directorship* • Corporate Governance
Committee membership(s) Nil
/ chairmanship(s) in other • Technology, Research &
company(ies)*^ Development & Innovation

Corporate Governance Report

32 Reliance Jio Infocomm Limited

Mr. Mahendra Profile:

Nahata Mr. Mahendra Nahata, the Managing Director of HFCL Limited (HFCL), has business experience
Non-executive of over 35 years. He leads the overall strategy and planning, business development and
Director marketing activities of HFCL. He is one of the pioneers in the New Age Telecom sector of India
DIN: 00052898 and has been associated with many esteemed forums related to the industry. In recognition of
his wide experience in the industry, he was appointed as President of TEMA (Telecom Equipment
Manufacturers Association of India) and was recognised as the “Telecom Man of the Millennium”
by Voice & Data in 2003. Mr. Nahata’s contributions to the telecom sector are commendable and
many milestones in the sector have been achieved due to his initiatives and entrepreneurship.
He has also been on the board of Indian Institute of Technology - Bombay and Indian Institute
of Technology - Madras. He was also the Co-Chairman of the Telecom Committee of FICCI and
Executive Member of Telecom Industry and Services Association of India. He has also been on
the Board of Governors of Indian Institute of Information Technology, Allahabad and Member of
Council of Scientific & Industrial Research, Government of India along with his association with
many other bodies.
Appointed 22.06.2010 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 6 • Strategic Planning
Directorship in other equity HFCL Limited – • Industry Experience
listed company(ies) and Executive Director
category of directorship* • Corporate Governance
Committee membership(s) Nil
/ chairmanship(s) in other
company(ies)*^

Corporate Governance Report

Annual Report 2023-24 33

Mr. Adil Zainulbhai Profile:

Independent Mr. Adil Zainulbhai is the Chairman of the Capacity Building Commission of India (CBC), which
Director was set up by the Honorable Prime Minister of India in April 2021. He also served as the Chairman
DIN: 06646490 of the Quality Council of India from 2014 to 2022.

As Chairman, CBC, he leads the Commission in executing the vision of the Honorable Prime
Minister – Mission Karmayogi – to help each Civil servant have the right training and tools
needed to deliver performance for the citizens of India. CBC is currently working on upgrading
the 750 Central Training Institutions, helping each Ministry develop a Capability Building Plan
(CBP), and creating an Annual Civil Services report. CBC is leading large scale efforts to embed
citizen centricity into each civil servant, and early programs include working with Railways to
train 100,000 citizen facing employees to become more citizen centric. The program is being
expanded to postal workers, police forces and others.

As Chairman, QCI, Mr. Adil Zainulbhai was involved in many initiatives across the government to
improve Quality of Goods and Services, and the efficiency of government processes. He helped
in measuring Swachh Bharat, and other flagship government schemes in various sectors such as
Infrastructure, Health Care, Education, Coal.

Mr. Adil Zainulbhai retired as Chairman of McKinsey, India in 2013 after 34 years at McKinsey.

Recently, Mr. Adil Zainulbhai co-edited the book, ‘Reimagining India’ which featured 60 authors
including prominent businessmen, academics, economists, authors, and journalists.

Mr. Adil Zainulbhai grew up in Bombay and graduated in Mechanical Engineering from the Indian
Institute of Technology. He also has an M.B.A. from Harvard Business School.

Mr. Adil Zainulbhai is very active in community and social causes. He is a Board member on the
Piramal Swasthya, Piramal Foundation, and Anant National University, and other foundations.
Appointed 10.07.2014 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 9 • Strategic Planning
Directorship in other equity Reliance Industries • Financial, Regulatory
listed company(ies) and Limited – / Legal & Risk
category of directorship* Independent Director Management
Cipla Limited – • Corporate Governance
Independent Director

Network18 Media &

Investments Limited –
Independent Director

TV18 Broadcast
Limited –
Independent Director

Larsen and Toubro

Limited –
Independent Director
Committee membership(s) 7 – (including 4 as
/ chairmanship(s) in other Chairman)
company(ies)*^

Corporate Governance Report

34 Reliance Jio Infocomm Limited

Prof. Dipak C. Jain Profile:

Independent Prof. Dipak C. Jain has an M.Sc. in Mathematical Statistics from Guwahati University, India and
Director a Ph.D. in Marketing from the University of Texas at Dallas, USA. Professor Jain is a distinguished
DIN: 00228513 teacher and scholar. He was the Dean of the Kellogg School of Management, Northwestern
University, USA from 2001 to 2009. He also served as the Dean of INSEAD, a leading business
school in Fontainebleau (Paris), France. He next performed the role of Director at SASIN Graduate
Institute of Business Administration, Chulalongkorn University in Bangkok, Thailand. Till August
2022, Professor Jain was the President (European) of China Europe International Business School
(CEIBS). He has more than 45 years of experience in management education. He has published
several articles in international journals on marketing and allied subjects. His academic honours
include:

• Pravasi Bhartiya Sanmaan Award, 2004

• The Sidney Levy Award for Excellence in Teaching in 1995
• The John D. C. Little Best Paper Award in 1991
• Kraft Research Professorships in 1989-91
• The Beatrice Research Professorship in 1987-88
• The Outstanding Educator Award from the State of Assam in India in 1982
• Gold Medal for Best Post-Graduate of the Year from Guwahati University in India in 1978
• Gold Medal for Best Graduate of the Year from Darrang College (Assam), India in 1976
• Gold Medal from Jaycees International in 1976
• The Youth Merit Award from Rotary International in 1976
• The Jawaharlal Nehru Merit Award, from the Government of India in 1976
Appointed 10.07.2014 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 5 • Strategic Planning
Directorship in other equity Lotus Chocolate • Financial, Regulatory
listed company(ies) and Company Limited- / Legal & Risk
category of directorship* Independent Director Management
Committee membership(s) 7
/ chairmanship(s) in other • Corporate Governance
company(ies)*^

Prof. Mohanbir S. Profile:

Sawhney Prof. Mohanbir S. Sawhney holds a Ph.D. in Marketing from the Wharton School at the University
Independent of Pennsylvania, an MBA from the Indian Institute of Management (IIM) Calcutta, and a B. Tech.
Director degree in Electrical Engineering from the Indian Institute of Technology (IIT), New Delhi. He serves
DIN: 07136864 as the Associate Dean for Digital Innovation at Northwestern’s Kellogg School of Management.
Prof. Sawhney is a globally recognized scholar, advisor, and speaker in business innovation,
product strategy, and the application of Artificial Intelligence in business. He has authored
seven management books, published over 30 management case studies, and developed three
strategy simulation games. He is a pioneer in online and blended executive education, having
enrolled more than 25,000 students worldwide in his courses on product management, digital
marketing, and AI for business. Prof. Sawhney has received numerous recognitions and awards
including Outstanding Professor of the Year at Kellogg, the Distinguished Alumnus Award from
IIM Calcutta, and the Global Alumni Recognition Award from IIT Delhi. He has also been ranked
among the top 50 thinkers of Indian origin. Prof. Sawhney serves on the Board of Directors for
QualSights and Bahwan Cybertek. He has provided valuable guidance to over 50 Fortune 500
companies and acts as a strategic advisor to several technology start-ups. He also serves on the
advisory board of Chicago Innovation.
Appointed 31.03.2015 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 1 • Strategic Planning
Directorship in other equity Nil • Industry Experience
listed company(ies) and
category of directorship* • Financial, Regulatory /
Committee membership(s) Nil Legal & Risk Management
/ chairmanship(s) in other
company(ies)*^ • Corporate Governance

Corporate Governance Report

Annual Report 2023-24 35

Mr. Ranjit V. Pandit Profile:

Independent Mr. Ranjit V. Pandit holds an M.B.A. degree from the Wharton School at the University of
Director Pennsylvania and a B.E. degree in Electrical Engineering from VJTI, University of Bombay, India.
DIN: 00782296 Mr. Pandit served as a Managing Director at General Atlantic, LLC between September 2007
and December 2012 and headed the India office where he served as head of the firm’s growth
investment activities across India. He served as an Advisory Director of General Atlantic LLC
in 2013. Prior to General Atlantic he served as Managing Director and Chairman of McKinsey
& Company in India. Mr. Pandit joined McKinsey & Co. in August 1980 and as a Co-Founder of
McKinsey’s India office was transferred from New York to Mumbai in January 1993. As Managing
Director - India for McKinsey & Company, he served a number of major U.S. and other global
companies in a variety of areas, including corporate governance/leadership, corporate finance,
alliances and operations management. Mr. Pandit played a leading role in building McKinsey’s
presence in India and helped a large number of world-class companies strengthen their
competitive positions and support their international growth strategies. He serves as a Non-
Executive Director of CEAT Limited and Great Eastern Shipping Company Limited. He is currently
a controlling investor in several manufacturing businesses.
Appointed 23.07.2015 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 9 • Strategic Planning
Directorship in other equity CEAT Limited – • Financial, Regulatory
listed company(ies) and Independent Director / Legal & Risk
category of directorship* Management
The Great Eastern
Shipping Company • Corporate Governance
Limited – Independent
Director

Just Dial Limited –

Independent Director
Committee membership(s) 4 - (including 2 as
/ chairmanship(s) in other Chairman)
company(ies)*^

Corporate Governance Report

36 Reliance Jio Infocomm Limited

Dr. Shumeet Banerji Profile:

Independent Dr. Shumeet Banerji is the founder of Condorcet, LP, an advisory and investment firm focused
Director on early and development stage technology companies.
DIN: 02787784 Dr. Banerji retired as CEO of Booz & Company in 2013 after a long career at the firm and its
predecessor Booz, Allen, Hamilton. In 2007-08 he co-led the conception, design, and execution
of the historic deal separating Booz, Allen, Hamilton, selling the government business to the
Carlyle Group and spinning off the global strategy consulting division as Booz & Company. His
current activities are all connected by a thread of the impact of technology and data on human
life. Condorcet Partners’ primary focus is on the intersection of data with biology and healthcare.

Dr. Banerji was a member of the faculty at the University of Chicago’s Graduate School of
Business before joining Booz, Allen, and received his PhD from Kellogg School of Management,
Northwestern University where he has previously served on the Dean’s Advisory Board.

Dr. Banerji has served on the Board of Directors of Silicon Valley pioneer Hewlett Packard
Company and its successor HP, Inc., since 2011. He is an Independent Director of Jio Platforms
Limited, India’s (and one of the world’s) most ambitious digital platform plays. He also serves on
the Board of Directors of Jio’s parent company Reliance Industries Limited. He is a member of
the Board of Directors of Felix Pharmaceuticals (Ireland) and of the Panel of Senior Advisors of
Chatham House (The Royal Institute of International Affairs, UK). He is an investor in and advisor
to Berg Health, Aetion, and Thread Robotics, all in the USA. He has previously served on the
Boards of Innocoll (Ireland) and Proteus Digital Health (USA).
Appointed 18.09.2015 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 3 • Strategic Planning
Directorship in other equity Reliance Industries • Financial, Regulatory
listed company(ies) and Limited – Independent / Legal & Risk
category of directorship* Director Management
Committee membership(s) Nil
/ chairmanship(s) in other • Corporate Governance
company(ies)*^

Corporate Governance Report

Annual Report 2023-24 37

Mr. Raminder S. Profile:

Gujral Mr. Raminder S. Gujral is a BA (Economics Honours) graduate with a degree in LLB, an MBA
Independent from IIM Ahmedabad, and an MA (International Finance/ Business) from the Fletcher School of
Director Business in US.
DIN: 07175393 He retired from his position as Finance Secretary, Government of India, in 2013. Earlier, he had
held the posts of Secretary (Revenue), Secretary (Expenditure) and Secretary (Ministry of Road,
Transport and Highways). He has been Arbitrator in several disputes pertaining to the ‘Road
Sector’. He was the Chairman of National Highways Authority of India (NHAI). He had also been
the Director General of Foreign Trade, and Chairman of the Board of Governors of National
Institute of Financial Management. Having held various posts in the Central Government, he has
a vast experience in the functioning of Central Board of Excise & Customs and Central Board of
Direct Taxes.

He is an Independent Director of Reliance Industries Limited, Adani Green Energy Limited and Jio
Platforms Limited.
Appointed 27.06.2022 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 3 • Strategic Planning
Directorship in other equity Reliance Industries • Financial, Regulatory
listed company(ies) and Limited – Independent / Legal & Risk
category of directorship* Director Management
Adani Green Energy • Corporate Governance
Limited – Independent
Director
Committee membership(s) 3 - as Chairman
/ chairmanship(s) in other
company(ies)*^

Corporate Governance Report

38 Reliance Jio Infocomm Limited

Mr. K. V. Chowdary Profile:

Independent Mr. K. V. Chowdary has done his graduation in Mathematics from Loyola College Chennai and
Director Post Graduation in Mathematics from IIT, Chennai.
DIN: 08485334 He started his career as a Probationary Officer in Andhra Bank. He joined Indian Revenue Service
in 1978.

He held several executive positions in the Government and retired as Chairman of CBDT. On
Superannuation, he was appointed as an Advisor to the Department of Revenue.

He was the Central Vigilance Commissioner from June, 2015 to June, 2019. He was elected as a
Member of the Executive Committee of International Association of Anti-Corruption Agencies.
He was a Member on the Advisory Board of Comptroller and Auditor General of India.

He holds Directorship in Reliance Industries Limited, CCL Products (India) Limited, Divi’s
Laboratories Limited, Tata Motors Limited, Eugia Pharma Specialities Limited, My Home Industries
Private Limited, and Anant Raj Limited, etc.

He holds Directorships in GMR Varalakshmi Foundation and Genome Foundation, Sec.8 (Non-
Profit) Companies.

He is a Non-executive Independent Trustee of The Akshaya Patra Foundation, a charitable trust

dedicated to mitigation of hunger.
Appointed 27.06.2022 Areas of • Leadership
Shareholding* Nil expertise
Other Directorship(s)*# 7 • Strategic Planning
Directorship in other equity CCL Products (India) • Financial, Regulatory
listed company(ies) and Limited – Independent / Legal & Risk
category of directorship* Director Management
Reliance Industries • Corporate Governance
Limited – Independent
Director

Divi’s Laboratories
Limited – Independent
Director

Tata Motors Limited –

Independent Director

Anant Raj Limited –

Independent Director
Committee membership(s) 7 - (including 2 as
/ chairmanship(s) in other Chairman)
company(ies)*^
* as on March 31, 2024.
$ tendered his resignation as Director of the Company, effective from June 9, 2024.
# excluding Directorship(s) in foreign companies and Section 8 companies under the Companies Act, 2013.
^ In accordance with Regulation 26 of the Listing Regulations.
@ The beneficial interest of shares held by the shareholder is with Jio Platforms Limited, Holding Company.
Notes:

a. Ms. Isha M. Ambani is the sister of Mr. Akash M. Ambani.

b. None of the other Directors are related to any other Director on the Board.

c. The number of Directorship(s) and Committee Membership(s) / Chairmanship(s) of all Directors is / are within the
respective limits prescribed under the Companies Act, 2013 and the Listing Regulations.

Corporate Governance Report

Annual Report 2023-24 39

Board Independence

In the opinion of the Board, the Independent Directors fulfill the conditions specified in the Listing Regulations and are
independent of the management.

Meeting of Independent Directors

The Company’s Independent Directors met 1 (one) time in the FY 2023-24. The meeting was conducted to enable the
Independent Directors to discuss matters pertaining to the Company’s affairs and put forth their views.

Board Meetings and Attendance

Number of Board meetings and Attendance of Directors

During the FY 2023-24, 4 (four) Board meetings were held as against the statutory requirement of four meetings.

The details of Board meetings and attendance of Directors at these meetings and at last Annual General Meeting (“AGM”)
are given below:

Name of the Director Last AGM held on Board Meetings held on

September 26, 2023 April 21, 2023 July 21, 2023 October 27, 2023 January 19, 2024
Akash M. Ambani Yes Yes Yes Yes Yes
Isha M. Ambani No Yes Yes Yes Yes
Sanjay Mashruwala* No Yes Yes Yes Yes
Pankaj M. Pawar Yes Yes Yes No Yes
Mahendra Nahata No Yes No No Yes
Kiran M. Thomas Yes Yes Yes No Yes
Mathew Oommen Yes Yes Yes Yes Yes
Adil Zainulbhai Yes Yes Yes Yes No
Dipak C. Jain Yes Yes Yes Yes Yes
Mohanbir S. Sawhney Yes Yes Yes Yes Yes
Ranjit V. Pandit Yes Yes Yes Yes Yes
Shumeet Banerji No Yes Yes Yes Yes
Raminder S. Gujral Yes Yes Yes Yes Yes
K. V. Chowdary Yes Yes Yes Yes Yes
*tendered his resignation as Director of the Company, effective from June 9, 2024.

Board Familiarization and Induction Programme

Details of familiarisation programmes for the Independent Directors are available on the website of the Company and
can be accessed at https://jep-asset.akamaized.net/jio/investor-relations-debenture/rjil/other-documents/familarisation-
programme-for-independent-directors-2023-24.pdf.

Board Compensation

The Company’s Remuneration Policy for Directors, Key Managerial Personnel and other employees is available on the
website of the Company and can be accessed at remuneration-policy-for-directors-key-managerial-personnel-and-other-
employees.pdf.

The Company’s remuneration policy is directed towards rewarding performance, based on review of achievements. The
remuneration policy is in consonance with existing industry practice.

Corporate Governance Report

40 Reliance Jio Infocomm Limited

Remuneration of the Executive Directors for the financial year 2023-24

(` in crore)
Name of the Director Salary, Allowances and Perquisites Retiral Benefits Total
(including performance linked incentives)
Sanjay Mashruwala* 8.60 0.16 8.76
Pankaj M. Pawar 5.23 0.11 5.34
* tendered his resignation as Director of the Company, effective from June 9, 2024.

The tenure of office of the Managing Directors are for 5 (five) years from their respective date of appointment and can be
terminated by either party by giving three months’ notice in writing. They are also eligible for re-appointment. There is no
separate provision for payment of severance fees.

Remuneration of the Non-Executive Directors for the financial year 2023-24

Name of the Director Sitting fee (in `)

Akash M. Ambani 4,50,000
Isha M. Ambani 6,00,000
Mahendra Nahata 2,00,000
Kiran M. Thomas 5,50,000
Mathew Oommen 4,00,000
Adil Zainulbhai 11,50,000
Dipak C. Jain 11,50,000
Mohanbir Sawhney 9,00,000
Shumeet Banerji 6,50,000
Raminder Singh Gujral 4,50,000
K. V. Chowdary 4,50,000
Total 69,50,000
During the year, there were no other pecuniary relationships or transactions of Non-Executive Directors with the Company.
The Company has not granted any stock options to its Non-Executive Directors.

Directors & Officers Insurance

In line with the requirements of Regulation 25(12) of the Listing Regulations, the Company has in place a Directors and
Officers Liability Insurance policy.

Performance Evaluation Criteria for Directors

The Nomination and Remuneration Committee has devised the policy for evaluation of the performance of the Directors
including the Independent Directors. The said policy specify certain parameters like attendance, communication inter se
between board members, effective participation, domain knowledge, compliance with code of conduct, strategy etc.,
which is in compliance with applicable laws, regulations and guidelines.

Board Committees

The Board has constituted six Committees, viz. Audit Committee, Nomination and Remuneration Committee, Stakeholders’
Relationship Committee, Corporate Social Responsibility Committee, Risk Management Committee and Finance Committee
and is authorised to constitute other functional Committees, from time to time, depending on business needs. The
recommendations of the Committees are submitted to the Board for approval. During the year, all the recommendations
of the Committees were accepted by the Board.

Mr. Jyoti Jain, Company Secretary and Compliance Officer of the Company, is the Secretary to all the Committees constituted
by the Board.

Procedure at Committee Meetings

The Company’s guidelines relating to the Board meetings are applicable to the Committee meetings. The composition and
terms of reference of all the Committees are in compliance with the Companies Act, 2013 and the Listing Regulations, as
applicable. Each Committee has the authority to engage outside experts, advisors and counsels to the extent it considers
appropriate to assist in its functioning. Minutes of the proceedings of Committee meetings are circulated to the respective
Committee members and also placed before the Board for its noting.

Corporate Governance Report

Annual Report 2023-24 41

Audit Committee

Composition

Sr. No. Name of the Director Designation

1 Adil Zainulbhai Chairman
2 Dipak C. Jain Member
3 Mohanbir S. Sawhney Member
4 Ranjit V. Pandit Member
5 Pankaj M. Pawar Member
All the members of the Audit Committee possess requisite qualifications.

Terms of Reference

(a) Recommend appointment, remuneration and terms of appointment of auditors, including cost auditors, of the
Company;

(b) Approval of payment to statutory auditors for any other services rendered by statutory auditors;

(c) Review and monitor the auditor’s independence and performance, and effectiveness of the audit process;

(d) Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that
the financial statement is correct, sufficient and credible;

(e) Review, with the management, the annual financial statements and auditor’s report thereon before submission to
the Board for its approval, with particular reference to:

i. matters required to be included in the Director’s responsibility statement to be included in the Board’s report
in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;

ii. changes, if any, in accounting policies and practices and reasons for the same;

iii. major accounting entries involving estimates based on the exercise of judgment by management;

iv. significant adjustments made in the financial statements arising out of audit findings;

v. compliance with listing and other legal requirements relating to financial statements;

vi. disclosure of any related party transactions;

vii. modified opinion(s) in the draft audit report;

(f) Review, with the management, the quarterly financial statements before submission to the Board for approval;

(g) Review with the management, the statement of uses / application of funds raised through an issue (public issue,
rights issue, preferential issue, etc.), the statement of funds utilized for the purposes other than those stated in the
offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation
of proceeds of a public or rights issue, and making appropriate recommendations to the board to take up steps in
this matter;

(h) Approval or any subsequent modification of transactions with related parties of the Company;

(i) Recommend criteria for omnibus approval for related party transactions or any changes to the said criteria for
approval of the Board;

(j) Make omnibus approval for related party transactions proposed to be entered into by the Company for every
financial year as per the criteria approved;

(k) Review related party transactions pursuant to the omnibus approval granted;

(l) Make recommendation to the Board, where Audit Committee does not approve related party transactions other
than the transactions falling under Section 188 of the Companies Act, 2013;

(m) Review the status of long-term (more than one year) or recurring Related Party Transactions on an annual basis;

(n) Scrutiny of inter corporate loans and investments;

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42 Reliance Jio Infocomm Limited

(o) Valuation of undertakings or assets of the Company, wherever it is necessary;

(p) Evaluation of internal financial controls and risk management systems;

(q) Monitoring the end use of funds raised through public offers and related matters;

(r) Review with the management, performance of statutory and internal auditors, adequacy of the internal control
systems;

(s) Review the adequacy of internal audit function, if any, including the structure of the internal audit department,
staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal
audit;

(t) Discuss with internal auditors of any significant findings and follow - up thereon;

(u) Formulate the scope, functioning, periodicity of and methodology for conducting the internal audit;

(v) Review the findings of any internal investigations by the internal auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;

(w) Discuss with statutory auditors before the audit commences, about the nature and scope of audit as well as post
audit discussion to ascertain any area of concern;

(x) Look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in
case of non-payment of declared dividends) and creditors;

(y) Review the functioning of the whistle blower mechanism/ oversee the vigil mechanism and Anti-Bribery & Anti-
Corruption Policy;

(z) Approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc.
of the candidate;

(aa) Review the utilization of loans and/ or advances from/investment by the holding company in the subsidiary exceeding
rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances /
investments;

(bb) Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation
etc., on the listed entity and its shareholders;

(cc) Mandatorily review the following:

i. Management Discussion and Analysis of financial condition and results of operations;

ii. Management letters / letters of internal control weaknesses issued by the statutory auditors;

iii. Internal audit reports relating to internal control weaknesses;

iv. Appointment, removal and terms of remuneration of the chief internal auditor.

(dd) Review financial statements, in particular the investments made by the Company’s unlisted subsidiaries;

(ee) Note report of compliance officer as per SEBI (Prohibition of Insider Trading) Regulations, 2015;

(ff) Review compliance with the provisions of Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015 at least once in a financial year and shall verify that the systems for internal control are adequate
and are operating effectively;

(gg) Review show cause, demand, prosecution notices and penalty notices, which are materially important;

(hh) Review any material default in financial obligations to and by the Company, or substantial non-payment for goods
sold by the Company;

(ii) Review any issue, which involves possible public or product liability claims of substantial nature, including any
judgement or order which, may have passed strictures on the conduct of the Company or taken an adverse view
regarding another enterprise that may have negative implications on the Company;

(jj) Details of any joint venture or collaboration agreement;

Corporate Governance Report

Annual Report 2023-24 43

(kk) Sale of investments, subsidiaries, assets which are material in nature and not in normal course of business;

(ll) Transactions that involve substantial payment towards goodwill, brand equity, or intellectual property;

(mm) Quarterly details of foreign exchange exposures and the steps taken by management to limit the risks of adverse
exchange rate movement, if material;

(nn) Review the significant transactions of subsidiary companies; and

(oo) Carry out any other function as is mandated by the Board from time to time and / or enforced by any statutory
notification, amendment or modification as may be applicable.

Meeting and Attendance

9 (nine) meetings of the Committee were held during the year, as against the statutory requirement of four meetings. The
details of the meetings and attendance of members of the Committee at these meetings are given below:

Date of Meeting Attended by % Attendance

Adil Dipak C. Jain Mohanbir S. Ranjit V. Pankaj M. at Meeting
Zainulbhai Sawhney Pandit Pawar
April 20, 2023 Yes Yes Yes Yes Yes 100%
April 21, 2023 Yes Yes Yes Yes Yes 100%
July 20, 2023 Yes Yes Yes Yes Yes 100%
July 21, 2023 Yes Yes Yes Yes Yes 100%
October 25, 2023 Yes Yes Yes Yes Yes 100%
October 27, 2023 Yes Yes Yes Yes No 80%
January 17, 2024 Yes Yes Yes Yes Yes 100%
January 19, 2024 No Yes Yes Yes Yes 80%
March 21, 2024 Yes Yes Yes Yes Yes 100%

The representatives of Statutory Auditors are permanent invitees to the Audit Committee meetings held quarterly, to
approve financial results. The representatives of Statutory Auditors, Executives from Accounts department, Finance
department, Corporate Secretarial department and Internal Audit department attend the Audit Committee meetings.

The Cost Auditor attends the Audit Committee meeting where cost audit report is discussed.

Nomination and Remuneration Committee

Composition

Sr. No. Name of the Director Designation

1 Ranjit V. Pandit Chairman
2 Adil Zainulbhai Member
3 Dipak C. Jain Member
Terms of Reference

(a) Identify persons who are qualified to become Directors and who may be appointed in senior management in
accordance with the criteria laid down and to recommend to the Board their appointment and/or removal;

(b) Specify the manner for effective evaluation of performance of the Board, its Committees and Individual Directors to
be carried out either by the Board, Nomination and Remuneration Committee or by an independent external agency
and review its implementation and compliance;

(c) Formulate the criteria for evaluation of performance of Independent Directors and the Board of Directors;

(d) Devise a policy on Board diversity;

(e) Consider extension or continue the term of appointment of the Independent Directors, on the basis of the report of
performance evaluation of Independent Directors;

(f) Review significant labour problems and their proposed solutions. Any significant development in Human Resources
/ Industrial Relations front like signing of wage agreement, implementation of Voluntary Retirement Scheme, etc.;

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44 Reliance Jio Infocomm Limited

(g) Review information on recruitment and remuneration of senior officers just below the level of Board of Directors,
including appointment or removal of Chief Financial Officer and the Company Secretary;

(h) Fatal or serious accidents, dangerous occurrences, any material effluent or pollution problems;

(i) Formulate the criteria for determining qualifications, positive attributes and independence of a Director and
recommend to the Board a policy, relating to the remuneration of the Directors, Key Managerial Personnel and other
employees;

(j) To evaluate the balance of skills, knowledge and experience on the Board and prepare a description of the role and
capabilities required of an independent director and for this purpose the Committee may;

i. use the services of an external agencies, if required;

ii. consider candidates from a wide range of backgrounds, having due regard to diversity; and

iii. consider the time commitments of the candidates;

(k) Recommend to the Board, all remuneration, in whatever form, payable to senior management; and

(l) Carry out any other function as is mandated by the Board from time to time and / or enforced by any statutory
notification, amendment or modification as may be applicable.

Meeting and Attendance

4 (four) meetings of the Committee were held during the year as against the statutory requirement of one meeting. The
details of the meetings and attendance of members of the Committee at these meetings are given below:

Date of Meeting Attended by % Attendance at

Ranjit V. Pandit Adil Zainulbhai Dipak C. Jain Meeting
April 19, 2023 Yes Yes Yes 100%
July 19, 2023 Yes Yes Yes 100%
October 25, 2023 Yes Yes Yes 100%
January 17, 2024 Yes Yes Yes 100%
Risk Management Committee

Composition

Sr. No. Name of the Member Designation

1 Shumeet Banerji Chairman
2 Pankaj M. Pawar Member
3 Kiran M. Thomas Member
4 Rajneesh Jain Member
Terms of Reference

(a) To formulate a detailed risk management policy which shall include:

i. A framework for identification of internal and external risks specifically faced by the listed entity, in particular
including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber
security risks or any other risk as may be determined by the Committee.

ii. Measures for risk mitigation including systems and processes for internal control of identified risks.

iii. Business continuity plan.

(b) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated
with the business of the Company;

(c) Monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk
management systems;

(d) Periodically review the risk management policy, at least once in two years, including by considering the changing
industry dynamics and evolving complexity;

Corporate Governance Report

Annual Report 2023-24 45

(e) To keep the Board of Directors informed about the nature and content of its discussions, recommendations and
actions to be taken;

(f) The appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to review by
the Committee;

(g) Review of development and implementation of a Risk Management Policy including identification therein of element
of risk;

(h) Review of cyber security and related risks; and

(i) Carry out any other function as is mandated by the Board from time to time and / or enforced by any statutory
notification, amendment or modification as may be applicable.

Meeting and Attendance

4 (four) meetings of the Committee were held during the year as against statutory requirement of two meetings. The
details of the meetings and attendance of members of the Committee at these meetings are given below:

Date of Meeting Attended by % Attendance

Shumeet Pankaj M. Kiran M. Rajneesh Jain at Meeting
Banerji Pawar Thomas
April 19, 2023 Yes Yes Yes Yes 100%
July 19, 2023 Yes Yes Yes Yes 100%
October 25, 2023 Yes Yes Yes Yes 100%
January 17, 2024 Yes Yes Yes Yes 100%
Corporate Social Responsibility Committee

Composition

Sr. No. Name of the Member Designation

1 Adil Zainulbhai Chairman
2 Sanjay Mashruwala Member
3 Isha M. Ambani Member
Terms of Reference

i. To formulate and recommend to the Board, a Corporate Social Responsibility Policy indicating the activities/projects/
programs to be undertaken by the Company in areas or subject, specified in Schedule VII of the Companies Act, 2013
and the rules made thereunder;

ii. To recommend the amount of expenditure to be incurred on the activities/projects/programs referred to above;

iii. To monitor the implementation of the Corporate Social Responsibility Policy of the Company from time to time;

iv. To approve annual report on Corporate Social Responsibility activities to be annexed to the Board’s Report; and

v. To carry out any other function as is mandated by the Board from time to time and/or enforced by any statutory
notification, amendment or modification as may be applicable or as may be necessary or appropriate for the
performance of its duties.

Meeting and Attendance

4 (four) meetings of the Committee were held during the year. The details of the meetings and attendance of members of
the Committee at these meetings are given below:

Date of Meeting Attended by % Attendance at

Adil Zainulbhai Sanjay Mashruwala Isha M. Ambani Meeting
April 19, 2023 Yes Yes Yes 100%
July 19, 2023 Yes Yes Yes 100%
October 18, 2023 Yes Yes Yes 100%
January 18, 2024 Yes Yes Yes 100%

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46 Reliance Jio Infocomm Limited

Stakeholders Relationship Committee

Composition

Sr. No. Name of the Member Designation

1 Dipak C. Jain Chairman
2 Pankaj M. Pawar Member
3 Kiran M. Thomas Member
Terms of Reference

i. Resolving the grievances of the security holders of the Company including complaints related to transfer/
transmission, non-receipt of annual report, non-receipt of dividends / interest, issue of new/duplicate certificates,
general meetings etc., as applicable;

ii. Review of measures taken for effective exercise of voting rights by Shareholders;

iii. Review of adherence to the service standards adopted by the Company in respect of various services being rendered
by the Registrar & Share Transfer Agent;

iv. Review various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends /
interest and ensuring timely receipt of dividend warrants/interest/annual reports/statutory notices by the security
holders of the Company; and

v. Carry out any other function as is mandated by the Board from time to time and / or enforced by any statutory
notification, amendment or modification as may be applicable.

Meeting and Attendance

1 (one) meeting of the Committee was held during the year as against statutory requirement of one meeting.

The details of the meeting and attendance of members of the Committee is given below:

Date of Meeting Attended by % Attendance at

Dipak C. Jain Pankaj M. Pawar Kiran M. Thomas Meeting
January 17, 2024 Yes Yes Yes 100%
Investor Grievance Redressal

The number of complaints received and resolved to the satisfaction of investors during the financial year 2023-24 and their
break-up is as under:

Type of Complaints No. of Complaints

Non-Receipt of Annual Reports Nil
Non-Receipt of Interest / Redemption payments Nil
Transfer of securities Nil
As on March 31, 2024, no complaints were outstanding.

Compliance Officer

Mr. Jyoti Jain, Company Secretary and Compliance Officer, is the Compliance Officer of the Company.

Finance Committee

Composition

Sr. No. Name of the Member Designation

1 Akash M. Ambani Member
2 Sanjay Mashruwala Member
3 Pankaj M. Pawar Member

Corporate Governance Report

Annual Report 2023-24 47

Terms of Reference

a. borrow money, for tenors exceeding one year, which together with the monies already borrowed and remaining
outstanding in such a manner that the overall borrowing shall not exceed ` 1,25,000 crore (Rupees One Lakh Twenty
Five Thousand Crore Only);

b. repay/redeem the borrowings before its maturity;

c. authorise executives or any authorised representatives of the Company from time to time to:

i. provide securities, negotiate, finalise and settle the terms and conditions of the said borrowing(s);

ii. sign and execute any agreements / documents / deeds / papers / writings as may be required in connection
with the aforesaid borrowing(s);

d. Open, operate, give instructions for operating and closing the bank account(s) of the Company, from time to time
including the delegation of powers to the official(s)/executive(s) of the Company;

e. change the signatories from time to time with respect to any borrowing (long term / short term), investments and
foreign exchange contract / derivative hedging contract, approved by the Board of Directors, from time to time.

Meeting Details

During the FY 2023-24, one meeting of the Committee was held on May 19, 2023.

Succession Planning

The Company believes that sound succession plans for the senior leadership is very important for creating a robust future
for the Company. The Nomination and Remuneration Committee works along with the Human Resource team of the
Company for a structured leadership succession plan.

Senior Management

Particulars of senior management:

Sr. No. Name of Senior Management Personnel Designation

1 Rajneesh Jain Chief Financial Officer
2 Jyoti Jain Company Secretary
3 Sunil Dutt President, Mobility Sales
4 Rahul Mukherjee Sr. Vice President, Human Resources
5 Shamik Das Exe. Vice President, Geography Operations
6 Anish Kumar Roy Exe. Vice President, Geography Operations
7 Abdhesh Kumar Singh Exe. Vice President, Geography Operations
8 Arul Bright Exe. Vice President, Geography Operations
9 Kapil Ahuja Exe. Vice President, Geography Operations
10 Bimal Das Exe. Vice President, Enterprise Sales

Framework for Monitoring Subsidiary Companies

During the FY 2023-24, the Company has no material subsidiary as per the Listing Regulations.

The Company monitors performance of subsidiary companies, inter alia, by the following means:

• Financial statements, in particular investments made by subsidiary companies, are reviewed by the Company’s Audit
Committee.

• Minutes of Board meetings of subsidiary companies are placed before the Company’s Board regularly.

• A statement containing all significant transactions and arrangements entered into by subsidiary companies is placed
before the Company’s Board.

• Related Party Transactions of subsidiary companies are reviewed quarterly by the Company’s Audit Committee,
wherever applicable.

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48 Reliance Jio Infocomm Limited

The Company’s Policy for determining Material Subsidiaries is available on the website of the Company and can be accessed
at https://jep-asset.akamaized.net/jio/investor-relations-debenture/rjil/policies-and-codes/policy-for-determining-
material-subsidiaries.pdf.

General Body Meetings

a) Annual General Meetings

The date, time and venue of the Annual General Meetings held during the preceding three years and the special
resolution(s) passed thereat, are as follows:

Date and Time Special Resolution(s) Passed Venue

September 26, 2023 Alteration of Articles of Held through video conference / other audio-visual
05:30 p.m. Association of the Company. means

(Deemed venue - Office – 101, Saffron, Nr. Centre Point,

Panchwati 5 Rasta, Ambawadi, Ahmedabad 380006)
September 28, 2022 No special resolution was passed Held through video conference / other audio-visual
05:30 p.m. means

(Deemed venue - Office – 101, Saffron, Nr. Centre Point,

Panchwati 5 Rasta, Ambawadi, Ahmedabad 380006)
September 22, 2021 No special resolution was passed Held through video conference / other audio-visual
11:00 a.m. means

(Deemed venue - Office – 101, Saffron, Nr. Centre Point,

Panchwati 5 Rasta, Ambawadi, Ahmedabad 380006)
b) During the year, no resolution was passed through Postal Ballot.

Means of Communication

Quarterly results:

The Company’s quarterly / half-yearly / annual financial results are sent to the Stock Exchanges and published in ‘Financial
Express’. They are also available on the website of the Company.

News releases:

Official news releases and official media releases are generally sent to Stock Exchanges and are also available on the website
of the Company.

Presentations to institutional investors / analysts:

The Company has not made any presentation to institutional investors / analysts, during the financial year 2023-24.

Website:

The Company’s website (www.jio.com) contains a separate dedicated section ‘Investor Relations’ where debenture holders’
information is available.

SEBI Complaints Redress System (SCORES):

Investor complaints are processed at Securities and Exchange Board of India (“SEBI”) in a centralised web-based complaints
redress system. The salient features of this system are centralised database of all complaints, online upload of Action Taken
Reports by concerned companies and online viewing by investors of actions taken on the complaints and their current
status.

Online Dispute Resolution (ODR):

In accordance with SEBI Circular dated July 31, 2023, the Company has registered itself on the ODR Portal. The ODR Portal
harnesses online conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market and
can be accessed through https://smartodr.in/login

Corporate Governance Report

Annual Report 2023-24 49

General Shareholder Information

Annual General Meeting

September 30, 2024 at 4:45 P.M. (IST) through Video Conferencing / Other Audio Visual Means as set out in the Notice
convening the Annual General Meeting. Deemed venue of the meeting is Office – 101, Saffron, Nr. Centre Point, Panchwati
5 Rasta, Ambawadi, Ahmedabad - 380006.

Dividend Payment Date

The Board of Directors have not recommended any dividend on the equity shares and preference shares for the financial
year 2023-24.

Financial Year

April 1 to March 31

Financial Calendar

(Tentative) Results for the quarter ending

June 30, 2024 : Third week of July, 2024;

September 30, 2024 : Fourth week of October, 2024;
December 31, 2024 : Third week of January, 2025; and
March 31, 2025 : Fourth week of April, 2025.
Annual General Meeting : August / September

Listing on Stock Exchanges

Debentures

BSE Limited (BSE)

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

Scrip Code : 973711

National Stock Exchange of India Limited (NSE)

Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051

Description of Security : RJIL 6.20% 2027 Sr PPD 17

The Company issued listed non-convertible debentures of ` 5000 crore on January 5, 2022. Accordingly, the Company
became a ‘large corporate’ with effect from March 31, 2022 as per the SEBI Operational Circular dated August 10, 2021.
The Company shall comply with the requirement of raising 25% of its incremental borrowings done during the contiguous
block of 3 financial years i.e. FY 2022-23, FY 2023-24 and FY 2024-2025, by way of issuance of debt securities by March 31,
2025.

Commercial Papers

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

Payment of Listing Fees

Annual listing fees for the FY 2024-25 has been paid by the Company to BSE Limited and National Stock Exchange of India
Limited.

Fees Paid to the Statutory Auditors

Total fees for all services paid by the Company and its subsidiaries, on a consolidated basis, to Statutory Auditors of the
Company and other firms in the network entity of which the Statutory Auditors are a part, during the year ended March 31,
2024, is ` 10 crore (excluding out of pocket expenses).

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50 Reliance Jio Infocomm Limited

Credit Rating

The Company’s financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies. There
has been no revision in credit ratings during the FY 2023-24. The details of the Credit Ratings are given below:

Instrument Name of the Credit Credit rating Outlook Remarks

Rating Agency Assigned
Unsecured CARE Ratings Limited CARE AAA Stable Highest rating awarded by
Redeemable CARE Ratings Limited
Non-Convertible CRISIL Ratings Limited CRISIL AAA Stable Highest rating awarded by
Debentures CRISIL Ratings Limited
(INE110L08078)
Debenture Trustee

Axis Trustee Services Limited

The Ruby, 2nd Floor, SW, 29, Senapati Bapat Marg,
Dadar (West), Mumbai – 400 028
Tel: +91-22-62300451 Fax: +91-22-62300700
E-mail: [email protected]; [email protected]
Website Address: www.axistrustee.in

Stock Market Price data - high, low during each month in last financial year –

Not Applicable*

Share Price Performance in comparison to broad based indices – BSE Sensex and NSE Nifty as on March 31, 2024 –

Not Applicable*

Distribution of Equity Shareholding as on March 31, 2024

Not Applicable*

* The equity shares of the Company are not listed on the stock exchange and hence these details are not applicable to
the Company.

In case of securities are suspended from trading, the directors report shall explain the reason thereof

The non-convertible debentures of the Company are not suspended from trading.

Registrar and Transfer Agent

KFin Technologies Limited
Selenium Tower B, Plot 31-32,
Gachibowli, Financial District,
Nanakramguda, Hyderabad - 500 032
Toll Free No.: 1800 309 4001
(From 9:00 a.m. to 6:00 p.m. on all working days)
E-mail: [email protected]
Website: www.kfintech.com

Securities Transfer System

The Company has received a certificate from a Company Secretary in Practice, certifying that all debentures were held
in dematerialized form and hence there were no cases of physical transfer of debentures, its sub-division, consolidation,
renewal, exchange of certificates or endorsement of calls/allotment monies etc. during the financial year ended March 31,
2024.The certificate was duly filed with the stock exchanges.

Dematerialization of Debentures

The debentures of the Company are in dematerialized form as on March 31, 2024. Under the Depository System, the
International Securities Identification Number allotted to the Company’s debentures is INE110L08078.

Corporate Governance Report

Annual Report 2023-24 51

Outstanding Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Warrants / Convertible
Bonds / Convertible Instruments, Conversion Date and likely impact on Equity

The Company has no outstanding GDRs / ADRs/ Warrants / Convertible Bonds, which is convertible into equity shares of
the Company.

However, the Company has issued the following Optionally Convertible Preference Shares (“OCPS”) which are held by Jio
Platforms Limited, the holding company:

(a) 12,50,00,000 0.1% Non-Cumulative Optionally Convertible Preference Shares (Series - I) of face value of ` 10 each,
fully paid up, amounting to ` 125,00,00,000 (Rupees One Hundred Twenty-Five Crore). As per the terms of the issue,
the shares are convertible into 2 equity shares of ` 10 each at any time at the option of the Company but not later
than June 29, 2030. In the event the shares are not converted, these will be redeemed at the option of the Company
at ` 20 each but not later than June 29, 2030.

(b) 400,00,00,000 9% Non-Cumulative Optionally Convertible Preference Shares (Series – V) of face value of ` 10 each
at a premium of ` 40 per OCPS, fully paid up, amounting to ` 20000,00,00,000 (Rupees Twenty Thousand Crore)
including securities premium of ` 16000,00,00,000 (Rupees Sixteen Thousand Crore). As per the terms of the issue,
the shares are either redeemable at ` 50 or convertible into 5 equity shares of ` 10 each at any time at the option of
the Company but not later than 10 years from the date of allotment of each of the series.

(c) 10500,00,00,000 0.01% Non-Cumulative Optionally Convertible Preference Shares (Series - VI) of face value of ` 10
each, fully paid up, amounting to ` 105000,00,00,000 (Rupees One Lakh Five Thousand Crore). As per the terms of the
issue, each OCPS shall be converted into 1 (One) Equity Share of ` 10 each at any time at the option of the Company
but not later that than 10 years from the date of allotment of OCPS. If not converted, each OCPS shall be redeemed
at ` 20 at the end of the Term. Provided however, each OCPS can be redeemed at any time along with proportionate
premium.

Foreign Exchange Risk and Hedging Activities

The Company has in place a robust risk management framework for identification and monitoring and mitigation of
foreign exchange risks. The risks are tracked and monitored on a regular basis and mitigation strategies are adopted in
line with the risk management framework. Currently, we have adopted strategy of hedging 100% of our committed forex
payables and foreign currency borrowings for the upcoming quarters.

Exposure of the Company to commodity risks, which are material

The Company does not have exposure to commodity risks, which are material.

Plant Locations in India

The Company being a service provider, it has no plant locations.

Address for Correspondence

For debentures held in Demat form

KFin Technologies Limited
Selenium Tower B, Plot 31-32,
Gachibowli, Financial District,
Nanakramguda, Hyderabad - 500 032
Toll Free No.: 1800 309 4001
(From 9:00 a.m. to 6:00 p.m. on all working days)
E-mail: [email protected]
Website: www.kfintech.com

Any query on the Annual Report

Mr. Jyoti Jain

Company Secretary and Compliance Officer
Reliance Jio Infocomm Limited

Corporate Governance Report

52 Reliance Jio Infocomm Limited

Registered Office:
Office-101, Saffron, Nr. Centre Point,
Panchwati 5 Rasta, Ambawadi,
Ahmedabad – 380006
E-mail: [email protected]

Corporate Office:
5th Floor, Maker Chambers IV,
222, Nariman Point,
Mumbai – 400021
Transfer of Unpaid / Unclaimed amounts and shares to Investor Education and Protection Fund

Not Applicable

Unclaimed amounts relating to interest and/or redemption proceeds of debentures issued by the Company

During the FY 2023-24, no claims were received by the Company from the debenture holders with respect to any amounts.
No unclaimed amounts relating to interest on debentures is lying with the Company as on the date of this report.

Mr. Jyoti Jain is the Nodal Officer of the Company for the purpose of addressing queries or grievances, if any, relating to
claim of unclaimed interest and / or redemption amount. The details of the Nodal Officer is available on the website of the
Company.

Equity Shares in the Unclaimed Suspense Account

Not Applicable

Other Disclosures

Disclosure on materially significant related party transactions that may have potential conflict with the Company’s
interests at large

There were no materially significant related party transactions which could have potential conflict with interest of the
Company at large.

The Company’s Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions is
available on the website of the Company and can be accessed at https://jep-asset.akamaized.net/jio/investor-relations-
debenture/rjil/policies-and-codes/policy-on-materiality-of-related-party-transactions-and-on-dealing-with-related-party-
transactions.pdf

All the contracts / arrangements / transactions entered by the Company during the financial year with related parties were
in its ordinary course of business and on an arm’s length basis.

During the FY 2023-24, contracts / arrangements/transactions were entered into with related parties in accordance with
the policy of the Company on Materiality of Related Party Transactions and on dealing with Related Party Transactions.
The Company has made full disclosure of transactions with the related parties as set out in Note 33 of Standalone Financial
Statement, forming part of the Annual Report.

Details of non-compliance by the Company, penalties, strictures imposed on the Company by stock exchange or
SEBI, or any statutory authority, on any matter related to capital markets, during the last three years

There has been no instance of non-compliance by the Company on any matter related to capital markets during last three
years, and hence, no penalties or strictures have been imposed on the Company by Stock Exchange or SEBI or any other
statutory authority.

Details of utilization of funds raised through preferential allotment or qualified institutional placement as specified
under Regulation 32(7A)

Not Applicable

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013

The Company is committed to provide a work environment which ensures that every employee is treated with dignity,
respect and afforded equal treatment. There were no cases/ complaints filed during the year, under the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“under the said Act”).

Corporate Governance Report

Annual Report 2023-24 53

Further, the Company has constituted Internal Complaints Committee as required under the said Act.

Details of loans and advances in the nature of loans to firms/companies in which directors are interested

The Company has not given any loans or advances to any firm / company in which its directors are interested.

Details of material subsidiaries of the listed entity; including the date and place of incorporation and the name and
date of appointment of the statutory auditors of such subsidiaries

The Company does not have any material subsidiaries.

Adoption of Mandatory and Discretionary Requirements

The Company has complied with all mandatory requirements of the Listing Regulations.

The Company has adopted the following discretionary requirements of the Listing Regulations:

Audit Qualification

The Company is in the regime of unmodified opinions on financial statements.

Reporting of Internal Auditor

The Internal Audit Department of the Company reports directly to the Audit Committee.

Separate posts of Chairman and the Managing Director

Mr. Akash M. Ambani is the Chairman and Mr. Sanjay Mashruwala and Mr. Pankaj M. Pawar are the Managing Directors. The
Chairman is:

a. a Non-Executive Director; and

b. not related to the Managing Director as per the definition of the term “relative” defined under the Companies Act,
2013.

The Company is in Compliance with the Corporate Governance requirements specified in Regulations 17 to 27 and
Regulation 62 of the Listing Regulations. Further, the Company is wholly owned subsidiary of Jio Platforms Limited and
hence provision of majority of minority are not applicable to material Related Party Transaction.

Certificate of Non Disqualification of Directors

Certificate from BNP & Associates, Company Secretaries, confirming that none of the Directors on the Board of the Company
have been debarred or disqualified from being appointed or continuing as directors of companies by the SEBI, Ministry of
Corporate Affairs or any such other Statutory Authority, as stipulated under Schedule V Para C Clause 10(i) of the Listing
Regulations, is attached to this Report.

CEO and CFO Certification

Mr. Pankaj M. Pawar, Managing Director and Mr. Rajneesh Jain, Chief Financial Officer of the Company give annual
certification on financial reporting and internal controls to the Board in terms of Regulation 17(8) of the Listing Regulations,
copy of which is attached to this Report.

Compliance Certificate of the Auditors

Certificate from the Company’s Auditors, Deloitte Haskins & Sells LLP and D T S & Associates LLP, Chartered Accountants,
confirming compliance with conditions of Corporate Governance, as stipulated under Schedule V of the Listing Regulations,
is attached to this Report.

Certificate on Compliance with Code of Conduct

A declaration on confirmation of compliance of the Code of Conduct, signed by the Managing Director is attached to this
Report.

Corporate Governance Report

54 Reliance Jio Infocomm Limited

CERTIFICATE OF NON- DISQUALIFICATION OF DIRECTORS

Pursuant to Schedule V Para C clause (10) (i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015

To,
The Members of
Reliance Jio Infocomm Limited,
Office – 101, Saffron, Nr. Centre Point
Panchwati 5 Rasta, Ambawadi
Ahmedabad 380006

We, BNP & Associates have examined the relevant registers, records, forms, returns and disclosures received from the
Directors of Reliance Jio Infocomm Limited, having CIN: U72900GJ2007PLC105869 and having its Registered Office
at Office – 101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad - 380006 (hereinafter referred to as
‘the Company’), produced before us through the permitted access to virtual data room/physically by the Company for the
purpose of issuing this Certificate, in accordance with Schedule V Para-C clause 10(i) of the Securities Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including verification of Directors
Identification Number (DIN) status as per the portal www.mca.gov.in), as considered necessary and explanations furnished
to us by the Company and its officers, we hereby certify that none of the Directors on the Board of the Company as stated
below, have been debarred or disqualified from being appointed or continuing as directors of the Company by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or by any other statutory regulatory authority for the
financial year ended on 31st March, 2024.

Sr. No. DIN Name of the Directors Designation Date of Appointment

1 06984194 Mr. Akash Mukesh Ambani Chairman and Director 11/10/2014
2 01259774 Mr. Sanjay Mashruwala Managing Director 01/03/2013
3 00085077 Mr. Pankaj Mohan Pawar Managing Director 01/09/2015
4 06984175 Ms. Isha Mukesh Ambani Non-Executive Director 11/10/2014
5 00052898 Mr. Mahendra Nahata Non-Executive Director 22/06/2010
6 02242745 Mr. Kiran M. Thomas Non-Executive Director 08/02/2017
7 07176548 Mr. Mathew Oommen Non-Executive Director 23/07/2015
8 06646490 Mr. Adil Zainulbhai Independent Director 10/07/2014
9 00228513 Prof. Dipak C. Jain Independent Director 10/07/2014
10 07136864 Prof. Mohanbir Singh Sawhney Independent Director 31/03/2015
11 00782296 Mr. Ranjit V. Pandit Independent Director 23/07/2015
12 02787784 Dr. Shumeet Banerji Independent Director 18/09/2015
13 07175393 Mr. Raminder S. Gujral Independent Director 27/06/2022
14 08485334 Mr. Veerayya Chowdary Kosaraju Independent Director 27/06/2022
Ensuring the eligibility of every director for appointment/continuity on the Board is the responsibility of the Management
of the Company. We further state that this certificate is neither an assurance as to the future viability of the Company nor
of the efficiency or effectiveness with which the Management of the Company has conducted the affairs of the Company.
For BNP & Associates
Company Secretaries
[Firm Reg No: P2014MH037400]
PR No : 637/2019

Kalidas Ramaswami
Partner
FCS No : 2440 / CP No 22856
(UDIN: F002440F000203388)

Place: Mumbai
Dated: 22nd April, 2024

Corporate Governance Report

Annual Report 2023-24 55

CEO / CFO CERTIFICATE

Under Regulation 17(8) of the Securities and Exchange Board of India

(Listing Obligations and Disclosure Requirements) Regulations, 2015

To,
The Board of Directors
Reliance Jio Infocomm Limited

1. We have reviewed financial statements and the cash flow statement of Reliance Jio Infocomm Limited for the year
ended March 31, 2024 and to the best of our knowledge and belief:

i. these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;

ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.

2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year
which are fraudulent, illegal or violative of the Company’s Code of Conduct.

3. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have
evaluated the effectiveness of Company’s internal control systems pertaining to financial reporting. We have not
come across any reportable deficiencies in the design or operation of such internal controls.

4. We have indicated to the Auditors and the Audit Committee that:

i. there are no significant changes in internal controls over financial reporting during the year;

ii. there are no significant changes in accounting policies during the year; and

iii. there are no instances of significant fraud of which we have become aware.

(Rajneesh Jain) (Pankaj M. Pawar)

Chief Financial Officer Managing Director

Date: April 22, 2024

Place: Mumbai

Corporate Governance Report

56 Reliance Jio Infocomm Limited

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE AS

PER PROVISIONS OF CHAPTER IV OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

TO
THE MEMBERS
RELIANCE JIO INFOCOMM LIMITED
5th Floor, Maker Chambers IV,
222 Nariman Point, Mumbai – 400021, India

INDEPENDENT AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE

1. This certificate is issued in accordance with the terms of our engagement letter dated September 29, 2023.

2. We, Deloitte Haskins & Sells LLP, and DTS & Associates LLP ,Chartered Accountants, the Statutory Auditors of Reliance
Jio Infocomm Limited (“the Company”), have examined the compliance of conditions of Corporate Governance by
the Company, for the year ended on 31 March 2024, as stipulated in regulations 17 to 27 and clauses (a) to (i) of sub-
regulation (1A) of regulation 62 and paragraph C and D of Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the Listing Regulations).

Managements’ Responsibility

3. The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility
includes preparation and maintenance of all relevant supporting records and documents, the design, implementation
and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate
Governance stipulated in Listing Regulations.

Auditor’s Responsibility

4. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for
ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of
opinion on the financial statements of the Company.

5. We have examined relevant records and documents maintained by the Company for the purposes of providing
reasonable assurance on the compliance with Corporate Governance requirements by the Company.

6. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note
on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI),
the Standards on Auditing specified under Section 143(10) of the Companies Act 2013, in so far as applicable for the
purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by the
ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and
Related Services Engagements.

8. The above procedures selected depends on the auditor’s judgement, including the assessment of the risks associated
in compliance of the Corporate Governance Report with the applicable criteria. The procedure includes but not
limited to verification of secretarial records and financial information of the company and obtained necessary
representations and declarations from directors of the company.

9. The procedures also include examining evidence supporting the particulars in the Corporate Governance Report on
a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purpose of
expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements of
the company taken as a whole.

Opinion

10. Based on our examination of the relevant records and according to the information and explanations provided to us
and the representations provided by the Management, we hereby certify that the Company has complied with the
conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (a) to (i) of sub-regulation (1A)
of regulation 62 and Paragraph C and D of Schedule V of the Listing Regulations during the year ended March 31,
2024.

Other Matters and Restriction on use

Corporate Governance Report

Annual Report 2023-24 57

11. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the Company.

12. The report is addressed to and provided to the members of the company solely for the purpose of enabling it to
comply with its obligations under the Listing Regulations and should not be used by any other persons or for any
other purpose. Accordingly, we do not accept or assume any liability or any duty of care or for any other purpose or
to any other party to whom it is shown or into whose hands it may come without our prior consent in writing. We
have no responsibility to update this report for events and circumstances occurring after the date of this report.

For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants
(Registration No.142412W/W100595) (Registration No.117366W/W100018)

Kundan Angre Ketan Vora

Partner Partner
Membership No. 136433 Membership No. 100459
UDIN Ref No. - 24136433BKAPTF8646 UDIN Ref No.- 24100459BKFARY9268

Mumbai, dated 22nd April, 2024

Corporate Governance Report

58 Reliance Jio Infocomm Limited

CERTIFICATE ON COMPLIANCE WITH CODE OF CONDUCT

I hereby confirm that the Company has obtained from all the members of the Board and Senior Management Personnel,
the affirmation that they have complied with the ‘Code of Conduct’ in respect of the FY 2023-24.

Pankaj M. Pawar
Managing Director
DIN: 00085077

Date: April 22, 2024

Corporate Governance Report

Reliance Jio Infocomm Limited
Report on Environment,
Social and Governance
2023-24
60 Reliance Jio Infocomm Limited

Report on Environment, Social and Governance

Guided by Reliance’s “We Care” philosophy, Jio is spearheading digital inclusion and sustainable development across India.
Through its Environment, Social and Governance (“ESG”) initiatives, Jio is creating a positive impact on communities and
stakeholders. This report showcases Jio’s progress on key ESG focus areas in FY 2023-24.

Governance, Leadership & Oversight:

Jio’s commitment to ESG principles is guided by a robust multi-tier “Jio is committed to developing the digital
governance structure with clearly delineated roles and responsibilities. infrastructure that enables India’s citizens,
The Board of Directors serves as the ultimate governing body, businesses, and governments to leverage
providing strategic oversight and monitoring the implementation technology for fostering positive societal
of the Company’s ESG strategy. The Risk Management Committee change and advancing towards Sustainable
and the Corporate Social Responsibility (CSR) Committee are the
Development Goals. The rollout of True5G and
two anchors responsible to translate the ESG objectives into on-
Jio AirFiber represent significant milestones in
ground initiatives and programs. The Risk Management Committee
proactively identifies, assesses, and mitigates potential risks, including this journey.”
ESG. The CSR Committee oversees the development and execution of Pankaj Pawar
CSR activities, projects, and programs that contribute to achieving Jio’s Managing Director
social impact vision.

The Managing Director (“MD”) of the Company is the highest executive responsible for formulating and implementing the
Company’s ESG strategy, managing ESG related risks & opportunities and reporting to the Board. The MD is supported by
the Executive Committee, the Business Risk & Assurance Committee and the ESG Steering Committee in driving the ESG
agenda for the Company.

Management Approach: The Company’s management systems, organizational structure, processes, standards, codes,
and behaviors collectively constitute the management system that governs its business conduct and risk management.
Jio’s management framework is built on robust organization design principles and is enabled by the effective use of
technology.

Policy Framework: Jio has established codes and policies to guide its employees, suppliers, and other stakeholders on
expected business conduct. These include Values & Behaviors, Code of Conduct, Health & Safety Policy, Environment Policy,
Climate Policy, Information Security Policy, Data Privacy Policy, Diversity & Inclusion Charter, Equal Opportunities Policy,
Employee Grievance Redressal Policy, Prevention of Sexual Harassment Policy, CSR Policy, Supplier Code of Conduct, Anti-
Bribery & Anti-Corruption Policy and Vigil Mechanism & Whistle Blower Policy.

Management System: Jio’s operations are governed by ISO 9001:2015 certified Quality Management System. With Health,
Safety and Environment (“HSE”) objectives being an integral part of the business operations, the ISO 9001 certification
covers HSE Management system as well. In the coming financial year, Jio is also targeting to have its Environment and
Health & Safety Management Systems certified to ISO 14001:2015 and ISO 45001:2018 standards respectively, paving the
way for an Integrated Management System.

Risk Management: The Company has formulated a Risk Management Policy in compliance with SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and provisions of the Companies Act, 2013 (“the Act”), which requires the
Company to lay down procedures about risk assessment and risk minimization. The process of risk identification includes
internal and external risks faced by the Company, including financial, operational, sectoral, sustainability including ESG,
Business Continuity, information, cybersecurity risks and any other risk as may be determined by the Risk Management
Committee.

ESG related risks and opportunities are integrated in the Company’s Risk Management Framework (“RMF”). Jio’s RMF is
designed to be end‑to‑end framework for managing and reporting risks from the Company’s operations to the Board.
Risk oversight is maintained through the Executive Committee, Business Risk and Assurance Committee and the Business
and Functional Leaders. The Company uses a Governance, Risk, Compliance and Audit (“GRCA”) platform which enables
real-time monitoring of risks and controls. Basis the risk heat map, the minimum levels of oversight, review, escalation and
endorsement are adopted from process manager level to the leadership level. The highest priority risks, including ESG risks,
are presented periodically to select Board Committees for discussion.

Integrity: Jio’s Code of Conduct defines the behaviour expected from its employees and stakeholders and lays down
policies and systems for effective implementation. An Ethics and Compliance Task Force (“ECTF”) is in place to oversee and
monitor the implementation of ethical business practices within Jio. All complaints related to ethics, non-compliance and
violations of the Company’s Code of Conduct received by ECTF are reviewed and reported to the Audit Committee on a
quarterly basis.

Report on Environment, Social and Governance

Annual Report 2023-24 61

Public Policy: Jio operates in a regulated business environment. Jio’s position on key industry issues like customer welfare,
AI and Big Data, Data privacy, Promotion of broadband services, Network and telecom equipment manufacturing in India,
and Ease of Doing Business are transparently disclosed through the regulator. Jio also actively participates in national and
international industry bodies who may also engage with regulators.

Materiality Assessment: Jio has conducted in-depth materiality assessment to identify the topics that are pertinent to its
business as well as to its internal and external stakeholders. The approach followed for conducting materiality assessment
include: (1) benchmarking the Company’s performance against industry peers, mapping of standards followed by various
ESG indices (including those specific to the digital/ telecom sectors) and leading international reporting standards, (2)
identifying and capturing views of internal and external stakeholders including employees, suppliers, customers and
investors, and (3) cohesive analysis of the responses mapped in the light of business objectives and risks for creating a
prioritized list of material topics. The high priority topics identified through the materiality assessment include: (a) Climate,
Energy & Emissions Management, (b) Data Privacy & Information Security, (c) Innovation, (d) Diversity and Inclusion, (e)
Talent Attraction and Human Capital Development, (f) Supply Chain Management, (g) Corporate Governance & Business
Ethics, (h) Legal & Regulatory Compliance.

The following sections of the report provide a brief on the initiatives taken for the high priority ESG issues.

Climate & Energy: Jio has committed to become a net zero company and is a member of the Business Ambition for
1.5oC campaign. It has also set short term emission reduction targets which have been validated by Science Based Targets
Initiative (“SBTi”) to be aligned with the 1.5oC decarbonization pathway. Jio is aiming to reduce its Scope 1 and Scope 2
emissions by 76% by FY 2028-29, reduce Scope-3 emissions by 66.5% by FY 2028-29 and fully transition to Renewable
Energy by FY 2029-30.

Mitigating Scope 1 & 2 Emissions: Jio’s decarbonization approach to

reduce its Scope 1 and Scope 2 emissions focuses on adopting energy Jio Recognized as Climate Leader by
efficiency measures and transitioning its network energy source to CDP: Reliance Jio Infocomm Limited’s (RJIL)
renewables. decarbonization effort has been recognized
by CDP with a Leadership Score of A in 2023.
Jio is striving to reduce its energy consumption through a variety RJIL is the only Indian telecom company
of initiatives that has helped it achieve industry leading efficiency with “A” score in the activity group of
standards. Until March 2024, Jio has also setup distributed solar panels “Media, Telecommunications & Data Centre
at more than 20,000 sites across India with a cumulative capacity of Services”. It was also recognized by CDP as
174 MW. Jio also commissioned a 35 MW centralized solar power plant a Supply Chain Engagement Leader in 2023.
at Bidar, Karnataka to power its network.

Mitigating Scope-3 Emissions: Jio’s Scope 3 footprint is primarily driven by Fuel & Energy, Upstream Leased Assets, and
Goods & Services. It plans to switch to 100% renewables to reduce fuel-related emissions and is working with upstream
partners to adopt energy efficiency and renewable energy. Jio is also encouraging suppliers to report their GHG footprint,
set emission reduction targets and use renewable energy.

Supporting clients in Climate Action: Jio uses digital technologies to help clients achieve net zero. Combining 5G with AI,
robotics, cloud computing, IoT, and smart devices, Jio enables businesses to improve efficiency and reduce emissions
through solutions like smart lighting, metering, coolers, and fleet management.

Adapting to Climate Change: Jio is adapting to climate change by focusing on resilient infrastructure, business continuity,
asset insurance, and disaster response. It has redundant network architecture, climate efficient equipment, and a robust
business continuity plan. It also insures its assets against extreme climate events and has emergency plans to maintain
network availability for executing relief work.

Sustainable Development Goals (SDGs) Impacted: SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and
Communities), SDG 13 (Climate Action)

Environment:

Waste & Circularity: Jio prioritizes circularity to achieve net zero. It follows a hierarchical waste management approach,
focusing on reuse/repair and avoiding landfill/incineration. For Li-ion batteries, electronic cards, and rectifiers, Jio
disassembles, tests, and reassembles components to extend their life. It has also established a network of authorized
recycling partners for proper waste disposal. Regular audits ensure effective implementation of its environmental policy.

Water: Across Jio’s operations, water is consumed only at its data centres in Jamnagar, Mumbai, and Nagpur for cooling
purposes. While the data centres in Mumbai and Nagpur rely on third water sources, the one in Jamnagar uses desalinated
water. All three data centres are zero liquid discharge facilities with wastewater being recycled and utilized for domestic/
gardening purposes.

Report on Environment, Social and Governance

62 Reliance Jio Infocomm Limited

SDGs Impacted: SDG 11 (Sustainable Cities & Communities), SDG 12 (Responsible Consumption & Production)

Human Capital Development: Jio believes that a positive and nurturing work environment fosters a thriving, engaged
workforce, which is its true competitive advantage.

Diversity & Inclusion: Jio’s Diversity & Inclusion (D&I) approach

is guided by the Reliance group’s D&I Charter and the 5E Action Jio’s Diversity Initiatives Earns Global
framework of Educate-Encourage-Enable-Experience-Effectiveness. Recognition: Jio received the DEI Inspire
D&I at Jio focuses on the dimensions of Gender, Ability, Generation Award at the Global Inclusion Summit 2023
and Sexual Identity. Jio is targeting to increase gender diversity in its for its approach to promoting and advancing
workforce to 15% by FY 2026-27. It has undertaken a slew of measures Diversity, Equity, and Inclusion.
to increase diversity of its workforce which are summarized below:

a. ‘Sons and Daughters of Soil’ Hiring: Jio is engaging local talent at every Jio Centre which has helped the Company
build a workforce that mirrors the diverse socio-cultural, socio-economic, and linguistic fabric of India.

b. Jio Fiber Shakti: Through its pioneering ‘Jio Fiber Shakti’ programme, Jio is actively recruiting and developing women
in frontline D2C sales roles—a first-of-its-kind initiative in the industry.

c. Jio Customer Associate (“JCA”): The Jio Customer Associate programme is a women-only gig employment program.
It provides the gig women workers to work from the comfort of their homes on schedules that suit them while
enjoying the benefits of financial independence.

d. Leveraging Technology: Jio’s cutting-edge ‘Hiring Onboarding Training’ (“HOT”) Platform ensures fair hiring practices
with a skill-based pre-assessment.

e. Linguistic Diversity: Recognising the importance of language, Jio provides training in 11 languages, catering to the
linguistic diversity of a workforce engaged in day-to-day business operations and customer interactions.

To build an inclusive environment that enables its diverse workforce to thrive, Jio annually celebrates VIBGYOR, its Festival
of D&I. ‘Jio VIBGYOR’ is celebrated over a five-month period each year with monthly theme on a specific dimension of
diversity like gender, ability, generation and sexual orientation and topics like digital empowerment. It also featured vibrant
activities showcasing cultures from different parts of the country. The festival creates awareness and understanding about
D&I issues in the organization and helps build a more inclusive culture.

Employee Engagement: Jio’s dedication to fostering a positive

work environment culminated in its recognition as a Great Place to Jio is Great Place to Work CertifiedTM: Jio
Work® in 2023. This certification process involved a comprehensive has been awarded the prestigious Great
employee survey, gathering valuable feedback on the five core Place to Work certification in recognition of
elements of GPTW’s Trust Model: Credibility, Respect, Fairness, its commitment to fostering a positive work
Camaraderie, and Pride. After analysing the employee feedback, Jio environment.
has developed an action plan to address the most pressing concerns
raised by employees, outlining clear objectives, assigning ownership for action items, allocating necessary resources, and
establishing mechanisms for tracking progress and reporting results. This ongoing cycle of evaluation and improvement
allows Jio to continuously strengthen its employee engagement and cultivate a thriving workplace culture. In addition to
GPTW certification, Jio also secured the prestigious AmbitionBox Employee Choice Awards (“ABECA”) 2024 for being one of
the Top-Rated Mega Companies to Work for 2024.

As part of its engagement initiatives, Jio also conducted a variety of engagement activities under the umbrella of “Khayaal
Rakhna,” with the overarching theme of “JioTogether.” These initiatives were aimed at fostering a positive, supportive and
inclusive work environment, thereby enhancing employee well-being, and contributing to societal well-being. Activities
organized included cultural and national celebrations (Holi, Diwali, Independence Day, Guru Purnima and other regional
festivals across India), social and community Engagement (Career guidance and parenting, eye camps across geographies,
seed ball making, arts, blood donation, marathon and walkathons), and Diversity (International Women’s Day, Braille day,
OneBharat for India’s regional diversity).

Jio has also created multiple internal forums for employees to share feedback and voice their opinions. Employee Resource
Groups provide employees with like-minded interests and hobbies to connect and engage. Jio also has a formal employee
grievance redressal policy called ‘Samadhan’ to redress employees’ grievances and enable them to escalate concerns, if
any.

Skilling & Talent Development: Jio has a well-structured learning and development programme that includes tailored
training and certification programmes, leadership development programmes and mentoring initiatives for supporting
professional growth. Jio’s talent development initiatives helped it bag the Gold medal at the ET HR World Future Skills

Report on Environment, Social and Governance

Annual Report 2023-24 63

Award Ceremony in the Best Corporate Learning University Category. It also bagged Gold at the 2023 Brandon Hall HCM
Excellence Award in the Category of Best Sales Training & Performance Program.

Sample Case Study: ‘Saksham’ Certification for SCM: During the year, Jio introduced a tailored, deep-learning certification
program for its Supply Chain Management employees called Saksham. The program was designed to equip employees
with focus on future-ready skills required to drive the company’s digital transformation agenda and achieve the objective
of efficiency, effectiveness, and self-sufficiency. The certification program provided employees with a holistic view of the
organization and its governance and management systems, overview of adjacent functions, the function’s role in driving
the transformation agenda, and equipped them with the technological skills required to support implementation like data
analytics and AI/ ML. Learners, who underwent the program completed a capstone project under the mentorship of an
experienced team member, and also cleared an on-line assessment before certification.

In addition to skilling programs, employees are also required to undergo mandatory refresher courses on key ESG topics
like Business Ethics, human rights, data privacy and cybersecurity, to align themselves with the values of the company. Jio
also provides access to external learning platform, Coursera, for not only its employees, but also their immediate family
members.

Succession Planning: Jio has also initiated formal succession management and leadership development initiatives. The
program focuses on in-role development, as well as preparing successors for key leadership roles. In-role development
involves identifying feeder roles where incumbents are prepared to take on next-level responsibilities through coaching
focusing on foundational elements, comprehensive psychometric assessments, and advanced programs like coaching for
success. For preparing successors, Jio has launched the Young Talent Program, which is helping ensure ready availability of
high-calibre talent to drive growth, enhance customer experience, and lead transformational projects.

Community-Driven Skills Development Program: Jio’s pan India network presence necessitates a skilled workforce capable of
servicing customers across the country. At the same time, the rural workforce also seeks opportunities to acquire new skills
and augment their income. Jio has addressed both its own needs and those of the community by establishing a nationwide
network of freelance technicians, known as Home Service Partners. These service partners undergo comprehensive training
and certification on installation and repair of in-home connectivity equipment and also receive salesmanship instructions.
The initiative creates a win-win situation for all stakeholders: the Home Service Partners gain valuable skills and increase
their earning potential, the community benefits from superior customer experience and Jio fulfils its commitment of
seamless service delivery in every nook and corner of the country.

SDGs Impacted: SDG 4 (Quality Education), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth)

Occupational Health & Safety: ‘Safety of Persons overrides all Business Objective’ is the essence of Jio’s Occupational
Health & Safety (“OHS”) Policy. The policy has been implemented across Jio’s operations and is applicable for all its
employees, contractor employee associated with Jio Field Operations. The Company is targeting zero safety and fire-
related incidents across its operations for both employees and contractors. Jio periodically conducts Hazard Identification
& Risk Assessment (“HIRA”) study and has identified Working at Height, Electrical Work and Road Travel i.e., movement of
resources and material as the most significant OHS risks in its operations. Safety Committees at the national and state levels
ensure the health and safety management system is effectively implemented.

Jio leverages technological applications like ‘RAM’ (which stands for Risk Assessment and Mitigation) and ‘Jio Track’ to drive
safe work practices. RAM enables ‘Last minute risk assessments’ while ‘Jio Track’ enables tracking of employees’ on-road
movement and early identification of road incidents. Onboarding and refresher trainings are conducted periodically for
all employees and contractors to ensure a high level of awareness about potential risks and hazards at the workplace. Jio
also conducts annual internal audits of its health & safety practices to ensure that its systems are continually strengthened.

Jio also actively supports the well-being of its employees through a program that addresses physical, mental, and emotional
health. The program, titled ‘Embrace Wellness’, includes counselling services, mental health first-aider program, preventive
medical examinations, emergency critical care, 24X7 emergency response services for employees and their families etc.

SDGs Impacted: SDG 3 (Good Health and Well-being), SDG 8 (Decent Work and Economic Growth)

Supply Chain Sustainability: Jio requires its suppliers to comply with the requirements in its Supplier Code of Conduct
(“SCoC”). The SCoC covers legal compliance, labor standards, human rights, health & safety, environmental protection,
business integrity, conflict of interest, ethical sourcing, and data privacy. Jio has engaged EcoVadis to monitor supplier’s
ESG performance and their compliance with the SCoC. Compliance with the ScoC informs the supplier selection process.
Additionally, Jio has also instituted review and oversight mechanisms to directly monitor compliance with the code in
select areas with elevated risks. Jio also supports its suppliers, particularly MSMEs, in building ESG capacity and awareness
through ESG based webinar or providing access to ESG related training content.

Report on Environment, Social and Governance

64 Reliance Jio Infocomm Limited

SDGs Impacted: SDG 8 (Decent Work and Economic Growth)

Information Security & Data Privacy: Jio has comprehensive cyber-strategy and security systems that help the Company
neutralize advanced threats, safeguard the confidentiality, integrity, and availability of information systems.

Jio’s InfoSec program is based on globally acceptable security standards & practices, applicable legal and regulatory
requirements. It also focusses on the automating the technology control implementation process to derive the best
outcomes both in terms of coverage and identifying any issues that may potentially impact the business operations and
hence its customers. Jio has obtained assurance for its technology operations by certifying its cyber security and privacy
programs against the ISO/IEC 27001 and ISO 27701 standards.

Jio is also committed to the protection of customer’s, vendor’s & employees’ personal information and the confidentiality of
their private communications. Jio’s key privacy data practices include minimizing personal data collection and processing,
provide access on need-to-know basis, non-disclosure of personal information to outside entities, safeguarding information
by deploying security system and controls and disposing information when no longer required.

Jio has also established a comprehensive framework for detecting, reporting, and managing information security
incidents or breaches to minimize any adverse impact on Jio. Incident management framework along with the continuous
vulnerability management program enables Jio to keep its infrastructure secure.

SDGs Impacted: SDG 9 (Industry, Innovation & Infrastructure)

Digital Inclusion: Digital Inclusion is at the heart of Jio’s business and is entrenched in its vision of connecting everyone
and everything, everywhere – always at the highest quality and the most affordable price. Jio’s approach focuses on breaking
down the barriers to Digital inclusion by enabling access, offering affordable services and supporting development of
digital skills.

Jio remains committed to providing affordable services which is critical for achieving universal connectivity. Jio’s network
coverage extends to 99% of the Indian population including hard-to-reach terrains and far-flung villages which otherwise
remain unserved. As part of its effort to be digitally inclusive, Jio has aligned its mobile applications with the Web Content
Accessibility Guideline’s (“WCAG”) version 2.1, published by the Web Accessibility Initiative of the World Wide Web
Consortium (“W3C”). Jio has been able to achieve AA level conformance for its popular applications. The WCAG guidelines
have also been integrated with the Company’s operational procedures for application development for aligning future
development and upgrades with the said guidelines.

Digital Skilling: Select initiatives undertaken by Jio and by Reliance Foundation (the implementing agency for CSR initiatives),
include the following:

1. WomenConnect Challenge India: In 2020, Reliance Foundation and the United States Agency for International
Development (“USAID”) launched the WomenConnect Challenge
India to identify and support innovative organisations bridging International Recognition for the
the digital divide and fostering women’s empowerment. WomenConnect Initiative: Reliance
The programme aims to enhance women’s access to digital Foundation bagged Gold at the 2023
technology, leading to positive health, education, and livelihood Brandon Hall HCM Excellence Award in the
outcomes for them, their families, and their communities. In Category of Best Advance in Social Impact
May 2023, Round 2 was commenced, targeting over 350,000 Innovation for the WomenConnect initiative.
women and community members across seven states and one
Union Territory. The initiatives under Round 2 focus on digital literacy, entrepreneurship promotion, and financial
inclusion. Grantees participate in a vibrant Community of Practice, fostering collaboration and driving innovative
gender-inclusive digital transformation.

2. Reliance Jio and GSMA announced in Feb 2023, the India-wide roll-out of Digital Skills Programme, a joint initiative
under the broader GSMA Connected Women Commitment initiative. The programme aims to provide need-based
training to rural women and individuals from marginalized / low-income groups to help them make meaningful
use of digital access. Reliance Foundation has been supporting the rollout through its large network and self-help
groups, particularly in rural areas.

3. Reliance Foundation is also a founding partner of the LiftEd EdTech Accelerator which aims to enhance at-home
learning and improve Foundational Literacy and Numeracy skills for children from low income communities by
funding eight high-quality EdTech solutions. This Accelerator is part of LiftEd, a collaborative effort aligned with the
Government of India’s NIPUN Bharat Mission, and targets to reach up to 2.5 million children by 2025.

SDGs Impacted: SDG 1 (No Poverty), SDG 9 (Industry, Innovation, and Infrastructure), SDG17 (Partnership for the Goals).

Report on Environment, Social and Governance

Reliance Jio Infocomm
Annual Limited
Report 2022-23 65

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Reliance Jio Infocomm Limited

Standalone Financial Statements
2023-24

Standalone Financial Statements

Standalone Financial Statements

66 Reliance Jio Infocomm Limited

INDEPENDENT AUDITOR’S REPORT

To The Members of Reliance Jio Infocomm Limited
Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Reliance Jio Infocomm Limited (“the Company”),
which comprise the Balance Sheet as at 31st March 2024, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that
date, and notes to the financial statements, including a summary of material accounting policies and other explanatory
information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act, (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024,
and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SAs”)
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with
the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described below to be the key audit matters to be communicated in
our report.

Sr. No. Key Audit Matter Auditor’s Response

1 Revenue recognition Principal audit procedures performed included the
(Refer Note B.2 (h)) following :

The accounting policies for revenue recognition are • Evaluated and tested the design,
set out in Note B.2 (h) to the Standalone Financial implementation and operating effectiveness of
Statements. the relevant business process controls, inter-alia
controls over the capture, measurement and
Revenue is a key audit matter due to high volumes of authorization of revenue transactions, involving
data processed by the IT systems and the complexity internal Information Technology (IT) specialists
of those IT systems. for the automated controls, interface controls
and reports generated through various relevant
IT systems involved in the revenue process.

• Involved internal IT specialists and tested the

IT environment inter-alia for access controls,
change management and application specific
controls in the IT Systems over the Company’s
billing and other relevant support systems.

• Tested collections and tested the reconciliation

between revenue per the billing system and
the financial records. We also performed
procedures to test the computation of revenue
and deferred revenue.

Standalone Financial Statements

Reliance Jio Infocomm Limited 67

Information Other than the Financial Statements and Auditor’s Report Thereon

• The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Board of Directors’ report, but does not include the consolidated financial statements,
standalone financial statements and our auditor’s report thereon.

• Our opinion on the standalone financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

• In connection with our audit of the standalone financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

• If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India, including Ind AS specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Company’s Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls with reference to standalone financial
statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial
Standalone Financial Statements
68 Reliance Jio Infocomm Limited

statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone
financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify
during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of
Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant
books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section
133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as
a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s
internal financial controls with reference to standalone financial statements.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according
to the explanations given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and
according to the explanations given to us:

Standalone Financial Statements

Reliance Jio Infocomm Limited 69

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements - Refer Note 34 to the standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in
the notes to the standalone financial statements, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief, as disclosed
in the notes to the standalone financial statements, no funds have been received by the Company
from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.

v. The company has not declared or paid any dividend during the year and has not proposed final dividend
for the year.

vi. Based on our examination, which included test checks, the Company has used an accounting softwares
for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the softwares. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting
under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per
the statutory requirements for record retention is not applicable for the financial year ended March 31,
2024.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs
3 and 4 of the Order.

For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants
(Registration No. 142412W/W100595) (Registration No. 117366W/W100018)

Kundan Angre Ketan Vora

Partner Partner
Membership No.136433 Membership No. 100459
UDIN: 24136433BKAPTI4934 UDIN: 24100459BKFASB1707
Mumbai, dated 22nd April, 2024 Mumbai, dated 22nd April, 2024

Standalone Financial Statements

70 Reliance Jio Infocomm Limited

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)

Report on the Internal Financial Controls with reference to standalone financial statements under Clause (i) of Sub-
section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls with reference to standalone financial statements of Reliance Jio Infocomm
Limited (“the Company”) as at March 31, 2024 in conjunction with our audit of the standalone Ind AS financial statements
of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls with reference to
standalone financial statements based on “the internal control with reference to standalone financial statements criteria
established by the Company considering the essential components of internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”. These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to standalone
financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered
Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial
statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls
with reference to standalone financial statements included obtaining an understanding of internal financial controls with
reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the Company’s internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalone financial statements

A company’s internal financial control with reference to standalone financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference
to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone

Standalone Financial Statements

Reliance Jio Infocomm Limited 71

financial statements to future periods are subject to the risk that the internal financial control with reference to standalone
financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls with reference to standalone financial statements and such
internal financial controls with reference to standalone financial statements were operating effectively as at March 31,
2024, based on the criteria for internal financial control with reference to standalone financial statements established by
the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants
(Registration No. 142412W/W100595) (Registration No. 117366W/W100018)

Kundan Angre Ketan Vora

Partner Partner
Membership No.136433 Membership No. 100459
UDIN: 24136433BKAPTI4934 UDIN: 24100459BKFASB1707
Mumbai, dated 22nd April, 2024 Mumbai, dated 22nd April, 2024

Standalone Financial Statements

72 Reliance Jio Infocomm Limited

ANNEXURE “B” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2, under ‘Report on Other Legal and Regulatory Requirements’ section of our Report of even date
to the members of Reliance Jio Infocomm Limited on the Standalone Financial Statements for the year ended 31st March,
2024)

In terms of the information and explanations sought by us and given by the Company and the books of account and
records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that -

i. a) A. The Company has maintained proper records showing full particulars, including quantitative details
and situation of Property, Plant and Equipment.

B. The Company has maintained proper records showing full particulars of spectrum and other intangible
assets.

b) As explained to us, all the Property, Plant and Equipment have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such physical verification.

c) Based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we
report that, the title deeds, of all the immovable properties (other than immovable properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the
standalone financial statements are held in the name of the Company.

d) The Company has not revalued any of its property, plant and equipment and intangible assets during the year.

e) No proceedings have been initiated during the year or are pending against the Company as at 31st March 2024
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016)
and rules made thereunder.

ii. a) The Company does not have any inventory and hence reporting under clause (ii) (a) of the Order is not
applicable.

b) According to the information and explanations given to us, at any point of time of the year, the Company
has not been sanctioned any working capital facility from banks or financial institutions on the basis of security
of current assets and hence reporting under clause (ii) (b) of the Order is not applicable.

iii. During the year the Company has not provided any guarantee or security or granted any loans or advances in the
nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties. In view
thereof, reporting under clause 3(iii) (a), (c), (d), (e) and (f) of the Order is not applicable. During the year the Company
has made investments which, in our opinion, prima facie, are not prejudicial to the Company’s interest.

iv. According to information and explanation given to us, the Company has not granted any loans, made investments
or provided guarantees or securities that are covered under the provisions of sections 185 or 186 of the Companies
Act, 2013, and hence reporting under clause (iv) of the Order is not applicable.

v. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under
clause (v) of the Order is not applicable.

vi. The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies
Act, 2013. We have broadly reviewed the books of account maintained by the Company pursuant to the Companies
(Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government for maintenance of cost
records under Section 148(1) of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost
records have been made and maintained by the Company. We have, however, not made a detailed examination of
the cost records with a view to determine whether they are accurate or complete.

vii. In respect of statutory dues:

a) Undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees’ State Insurance,
Income Tax, duty of Custom, Cess, and other material statutory dues applicable to the Company, have been
regularly deposited by it with the appropriate authorities in all cases during the year. There were no undisputed
amounts payable in respect of Goods and Service tax, Provident Fund, Employees’ State Insurance, Income-
tax, duty of Custom, cess and other material statutory dues in arrears as at 31st March, 2024 for a period of
more than six months from the date they became payable.

Standalone Financial Statements

Reliance Jio Infocomm Limited 73

b) Details of Statutory dues referred to in sub-clause (a) above which have not been deposited as on 31st March,
2024 on account of disputes are given below:

Name of the Statute Nature of the Amount Period to which Forum where dispute is
Dues (` In crore) the amount relates pending
Customs Act, 1962 Custom Duty 34.36 FY 2014-15 to CESTAT, Mumbai
FY 2019-20
Service Tax Service Tax 145.58^ FY 2014-15 to CESTAT, Mumbai
FY 2017-18
Income tax Act, 1961 Income Tax 20.29# FY 2017-18, Commissioner of Income
FY 2018-19, Tax (Appeals)
FY 2019-20
Income tax Act, 1961 Income Tax 3.95 FY 2012-13, High Court
FY 2014-15,
FY 2015-16,
FY 2017-18,
FY 2018-19

^ Net of Rs. 16.18 crore paid under protest

#Net of Rs. 5.08 crore paid under protest

viii. There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income
in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.

ix. a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment
of interest thereon to any lender during the year.

b) The company has not been declared wilful defaulter by any bank or financial institutions or government or any
government authority.

c) To the best of our knowledge and belief, in our opinion, term loans availed by the Company were, applied by
the Company during the year for the purposes for which the loans were obtained.

d) On an overall examination of the standalone financial statements of the Company, funds raised on short-term
basis have, prima facie, not been used during the year for long-term purposes by the Company.

e) The Company has not made any investment in or given any new loan or advances to any of its subsidiaries
during the year and hence, reporting under clause (ix)(e) of the Order is not applicable.

f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries and
hence, reporting on clause 3(ix)(f) of the Order is not applicable.

x. a) The Company has not raised moneys by way of initial public offer or further public offer (including debt
instruments) during the year and hence reporting under clause (x)(a) of the Order is not applicable.

b) During the year the Company has not made any of the preferential allotment or private placement of shares
or convertible debentures (fully or partly or optionally) and hence reporting under clause (x)(b) of the Order is
not applicable to the Company.

xi. a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has been
noticed or reported during the year.

b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act has been
filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central
Government, during the year and upto the date of this report.

c) As represented to us by the Management, there were no material whistle blower complaints received by the
Company during the year and upto the date of this report.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

Standalone Financial Statements

74 Reliance Jio Infocomm Limited

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, where applicable,
for all transactions with the related parties and the details of related party transactions have been disclosed in the
standalone financial statements etc. as required by the applicable accounting standards.

xiv. a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature
of its business.

b) We have considered, the internal audit reports issued to the Company during the year.

xv. In our opinion during the year, the Company has not entered any non-cash transactions with its directors or persons
connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to
the Company.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence
reporting under clause (xvi)(a), (b) and (c) of the Order is not applicable.

a) The Group does not have any Core Investment Company (CIC) as part of the Group as per the definition of Group
contained in the Core Investment Companies (Reserve Bank) Directions, 2016 and hence the reporting under
clause (xvi)(d) of the Order is not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately
preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of
financial liabilities, other information accompanying the Standalone financial statements and our knowledge
of the Board of Directors and Management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as
on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of
balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state
that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on
the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when
they fall due.

xx. The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there is no
unspent CSR amount for the year requiring transfer to a Fund specified in Schedule VII to the Act or special account
in compliance with the provision of sub-section (6) of section 135 of the said Act. Accordingly, reporting under clause
(xx) of the Order is not applicable for the year.

For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants
(Registration No. 142412W/W100595) (Registration No. 117366W/W100018)

Kundan Angre Ketan Vora

Partner Partner
Membership No.136433 Membership No. 100459
UDIN: 24136433BKAPTI4934 UDIN: 24100459BKFASB1707
Mumbai, dated 22nd April 2024 Mumbai, dated 22nd April 2024

Standalone Financial Statements

Reliance Jio Infocomm Limited 75

Standalone Balance Sheet as at 31st March, 2024

(` in crore)
Particulars Notes As at 31st March, 2024 As at 31st March, 2023
Assets
Non-Current Assets
Property, Plant and Equipment 1 1,46,635 1,45,450
Spectrum 1 69,852 75,339
Other Intangible Assets 1 3,787 4,414
Capital Work-in-Progress 1 77,862 43,468
Spectrum Under Development 1 1,29,602 1,22,357
Other Intangible Assets Under Development 1 449 166
Financial Assets
Investments 2 1,108 1,108
Other Financial Assets 3 10 8
Other Non-Current Assets 4 25,009 23,742
Total Non-Current Assets 4,54,314 4,16,052
Current Assets
Financial Assets
Investments 5 2,523 590
Trade Receivables 6 1,549 2,418
Cash and Cash Equivalents 7 967 447
Other Bank Balances 8 397 408
Other Financial Assets 9 1,567 3,879
Other Current Assets 10 26,088 21,978
Total Current Assets 33,091 29,720
Total Assets 4,87,405 4,45,772
Equity and Liabilities
Equity
Equity Share Capital 11 45,000 45,000
Other Equity 12 1,91,369 1,70,997
Total Equity 2,36,369 2,15,997
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 13 42,373 22,732
Lease Liabilities 9,413 10,293
Deferred Payment Liabilities 14 1,08,270 1,12,844
Other Financial Liabilities 15 4,461 5,090
Provisions 16 127 124
Deferred Tax Liabilities (Net) 17 20,784 13,796
Other Non-Current Liabilities 18 612 239
Total Non-Current Liabilities 1,86,040 1,65,118
Current Liabilities
Financial Liabilities
Borrowings 19 10,367 12,946
Lease Liabilities 3,200 3,405
Trade Payables Dues of 20
Micro Enterprises and Small Enterprises 15 21
Other than Micro Enterprises and Small Enterprises 4,321 3,332
Deferred Payment Liabilities 14 4,574 4,423
Other Financial Liabilities 21 31,828 31,476
Other Current Liabilities 22 10,605 8,976
Provisions 23 86 78
Total Current Liabilities 64,996 64,657
Total Liabilities 2,51,036 2,29,775
Total Equity and Liabilities 4,87,405 4,45,772
Material Accounting Policies
See accompanying Notes to the Standalone Financial Statements 1 to 43
As per our Report of even date For and on behalf of the Board
For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
(Registration No. 142412W / (Registration No. 117366W / Isha M. Ambani Director DIN : 06984175
W-100595) W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No. 136433 Membership No. 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Rajneesh Jain Jyoti Jain Dipak C. Jain Director DIN : 00228513
Chief Financial Officer Company Secretary Mohanbir S. Sawhney Director DIN : 07136864
Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Standalone Financial Statements

76 Reliance Jio Infocomm Limited

Standalone Statement of Profit and Loss for the year ended 31st March, 2024
(` in crore)
Particulars Notes 2023-24 2022-23
Income
Revenue from Operations 24 1,00,119 90,786
Other Income 25 458 362
Total Income 1,00,577 91,148

Expenses
Network Operating Expenses 26 30,558 28,474
Access Charges 1,135 948
License Fees/Spectrum Charges 9,213 9,132
Employee Benefits Expense 27 1,896 1,634
Finance Costs 28 3,999 4,059
Depreciation and Amortisation Expense 1 21,394 18,546
Selling and Distribution Expenses 29 2,493 1,822
Other Expenses 30 2,404 2,104
Total Expenses 73,092 66,719

Profit Before Tax 27,485 24,429

Tax Expenses
Current Tax - -
Deferred Tax 17 7,019 6,222
Profit for the year 20,466 18,207

Other Comprehensive Income

(i) Items that will not be reclassified to Profit or Loss 25.1 (5) (0)
(ii) Income tax relating to items that will not be reclassified to Profit or Loss 1 0
(iii) Items that will be reclassified to Profit or Loss 25.2 (120) -
(iv) Income tax relating to items that will be reclassified to Profit or Loss 30 -
Total Other Comprehensive Income for the year (Net of tax) (94) (0)
Total Comprehensive Income for the year 20,372 18,207

Earnings Per Equity Share of Face Value of `10 each

Basic (in `) 31 4.55 4.05
Diluted (in `) 31 1.20 1.07
Material Accounting Policies
See accompanying Notes to the Financial Statements 1 to 43
“0” represents the amount below the denomination threshold.

As per our Report of even date For and on behalf of the Board
For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
(Registration No. 142412W / W-100595) (Registration No. 117366W / W-100018)
Isha M. Ambani Director DIN : 06984175
Sanjay Mashruwala Managing Director DIN : 01259774
Kundan Angre Ketan Vora Pankaj M. Pawar Managing Director DIN : 00085077
Partner Partner Mathew Oommen Director DIN : 07176548
Membership No. 136433 Membership No. 100459 Mahendra Nahata Director DIN : 00052898
Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Rajneesh Jain Jyoti Jain Dipak C. Jain Director DIN : 00228513
Chief Financial Officer Company Secretary Mohanbir S. Sawhney Director DIN : 07136864
Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Date: 22nd April 2024 Raminder Singh Gujral Director DIN : 07175393
K. V. Chowdary Director DIN : 08485334

Standalone Financial Statements

Reliance Jio Infocomm Limited 77

Standalone Statement of Changes in Equity for the year ended 31st March, 2024
A. Equity Share Capital

(` in crore)
Balance as at Change during the year Balance as at Change during the year Balance as at
1st April, 2022 2022-23 31st March, 2023 2023-24 31st March, 2024
45,000 - 45,000 - 45,000

B. Other Equity

(` in crore)
Particulars Instruments classified as Equity Reserves and Surplus Total
0.1% Non 9% Non 0.01% Non Securities Retained Other Com- Debenture
Cumulative Cumulative Cumulative Premium Earnings prehensive Redemp-
Optionally Optionally Optionally Income tion
Convertible Convertible Convertible Reserve
Preference Preference Preference
Share Share Share
Capital, Capital, Capital,
fully paid fully paid fully paid
up up up
As at 31st March, 2023
Balance at the beginning 125 4,000 1,05,000 16,000 27,160 5 500 1,52,790
of the reporting period i.e.
1st April, 2022
Profit for the year - - - - 18,207 - - 18,207
Other Comprehensive - - - - - (0) - (0)
Loss for the year
Balance at the end of the 125 4,000 1,05,000 16,000 45,367 5 500 1,70,997
reporting period i.e. 31st
March, 2023

As at 31st March, 2024

Balance at the beginning 125 4,000 1,05,000 16,000 45,367 5 500 1,70,997
of the reporting period i.e.
1st April, 2023
Profit for the year - - - - 20,466 - - 20,466
Other Comprehensive - - - - - (94) - (94)
Loss for the year
Balance at the end of the 125 4,000 1,05,000 16,000 65,833 (89) 500 1,91,369
reporting period i.e. 31st
March, 2024

“0” represents the amount below the denomination threshold.

As per our Report of even date For and on behalf of the Board
For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
(Registration No. 142412W / W-100595) (Registration No. 117366W / W-100018)
Isha M. Ambani Director DIN : 06984175
Sanjay Mashruwala Managing Director DIN : 01259774
Kundan Angre Ketan Vora Pankaj M. Pawar Managing Director DIN : 00085077
Partner Partner Mathew Oommen Director DIN : 07176548
Membership No. 136433 Membership No. 100459 Mahendra Nahata Director DIN : 00052898
Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Rajneesh Jain Jyoti Jain Dipak C. Jain Director DIN : 00228513
Chief Financial Officer Company Secretary Mohanbir S. Sawhney Director DIN : 07136864
Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Date: 22nd April 2024 Raminder Singh Gujral Director DIN : 07175393
K. V. Chowdary Director DIN : 08485334

Standalone Financial Statements

78 Reliance Jio Infocomm Limited

Standalone Statement of Cash Flows for the year ended 31st March, 2024
(` in crore)

2023-24 2022-23
A. Cash Flow from Operating Activities:
Profit Before Tax as per Statement of Profit and Loss 27,485 24,429
Adjusted for:
Depreciation and Amortisation Expense 21,394 18,546
Effect of Exchange Rate Change (72) 58
Interest Income (8) (5)
Gain on Investments (Net) (362) (155)
(Profit)/Loss on Sale/Discard of Property, Plant and Equipment (Net) 13 (14)
Finance Costs 3,999 4,059
Operating Profit before Working Capital Changes 52,449 46,918
Adjusted for:
Trade and Other Receivables (208) (2,102)
Trade and Other Payables 3,205 1,918
Cash Generated from Operations 55,446 46,734
Tax Refund / (Paid) (Net) (105) 1,344
Net Cash Flow from Operating Activities 55,341 48,078

B. Cash Flow from Investing Activities:

Expenditure on Property, Plant and Equipment, Spectrum and Other (49,016) (33,575)
Intangible Assets
Proceeds from disposal of Property, Plant and Equipment 94 94
Payment of Deferred Payment Liabilities for Spectrum (4,423) -
Purchase of Investments (89,154) (107,695)
Proceeds from Sale of Investments 87,599 107,814
Interest Income 84 6
Fixed Deposits with Banks 8 2
Net Cash Flow used in Investing Activities (54,808) (33,354)

C. Cash Flow from Financing Activities:

Proceeds from Borrowings - Non-current (including current maturities) 23,626 9,288
Repayment of Borrowings - Non-current (including current maturities) (2,613) (8,499)
Borrowings - Current (Net) (3,796) (7,382)
Payment of Lease Liabilities (3,657) (4,067)
Finance Costs Paid (13,573) (3,843)
Net Cash Flow used in Investing Activities (13) (14,503)

Net Increase in Cash and Cash Equivalents 520 221

Opening Balance of Cash and Cash Equivalents 447 226

Closing Balance of Cash and Cash Equivalents (Refer Note 7) 967 447

Standalone Financial Statements

Reliance Jio Infocomm Limited 79

Standalone Statement of Cash Flows for the year ended 31st March, 2024
Changes in Liabilities arising from financing activities

(` in crore)
1st April, 2023 Cash flow Non cash 31st March,
Fair Valuation Finance costs 2024
(Gain)/Loss including
amortisation
Borrowings - Non-current 25,223 21,013 149 (304) 46,081
(including current maturities)
(Refer Note 13)
Borrowings - Current (Refer Note 10,455 (3,796) - - 6,659
19)
35,678 17,217 149 (304) 52,740

(` in crore)
1st April, 2022 Cash flow Non cash 31st March,
Fair Valuation Finance costs 2023
(Gain)/Loss including
amortisation
Borrowings - Non-current 24,649 789 (124) (91) 25,223
(including current maturities)
(Refer Note 13)
Borrowings - Current (Refer Note 17,837 (7,382) - - 10,455
19)
42,486 (6,593) (124) (91) 35,678

As per our Report of even date For and on behalf of the Board
For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
(Registration No. 142412W / W-100595) (Registration No. 117366W / W-100018)
Isha M. Ambani Director DIN : 06984175
Sanjay Mashruwala Managing Director DIN : 01259774
Kundan Angre Ketan Vora Pankaj M. Pawar Managing Director DIN : 00085077
Partner Partner Mathew Oommen Director DIN : 07176548
Membership No. 136433 Membership No. 100459 Mahendra Nahata Director DIN : 00052898
Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Rajneesh Jain Jyoti Jain Dipak C. Jain Director DIN : 00228513
Chief Financial Officer Company Secretary Mohanbir S. Sawhney Director DIN : 07136864
Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Date: 22nd April 2024 Raminder Singh Gujral Director DIN : 07175393
K. V. Chowdary Director DIN : 08485334

Standalone Financial Statements

80 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
A. CORPORATE INFORMATION:

Reliance Jio Infocomm Limited (“the Company”) is a public limited company incorporated in India. The registered office
of the Company is located at Office-101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad-380006,
Gujarat, India. The Company’s Holding Company is Jio Platforms Limited and Ultimate Holding Company is Reliance
Industries Limited. The Company is engaged in the business of providing Digital Services largely in India.

B. MATERIAL ACCOUNTING POLICIES:

B.1 BASIS OF PREPARATION AND PRESENTATION

The Financial Statements have been prepared on the historical cost basis except for following assets and liabilities
which have been measured at fair value:

i. Certain Financial Assets and Liabilities (including derivative instruments);

ii. Defined Benefit Plans - Plan Assets

The Financial Statements of the Company have been prepared to comply with the Indian Accounting Standards (‘Ind
AS’), including the Rules notified under the relevant provisions of the Companies Act, 2013, (as amended from time
to time) and presentation and disclosure requirements of Division II of Schedule III to the Companies Act, 2013, (Ind
AS Compliant Schedule III) as amended from time to time. The Company follows indirect method prescribed in Ind
AS 7 – Statement of Cash Flows for presentation of its cash flows.

The Company’s Financial Statements are presented in Indian Rupees (`), which is also its functional currency and all
values are rounded to the nearest crore (` 00,00,000), except when otherwise indicated.

B.2 SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Current and Non-Current Classification

The Company presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification
considering an operating cycle of 12 months being the time elapsed between deployment of resources and
the realisation / settlement in cash and cash equivalents there-against.

(b) Property, Plant and Equipment

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less
accumulated depreciation and impairment losses, if any. Such cost includes purchase price, asset retirement
obligation, borrowing cost and any cost directly attributable to bringing the assets to its working condition for
its intended use.

Expenses incurred relating to project, net of income earned during the project development stage, prior to
its intended use, are considered as project development expenditure and disclosed under Capital Work-in-
Progress.

The assets are capitalised when they are available for use and are working in the manner as intended by the
management. The assets are considered as being available for intended use, when the performance parameters
laid down by the management are achieved.

Depreciation on Property, Plant and Equipment is provided based on useful life of the assets as prescribed
in Schedule II to the Companies Act, 2013 except certain network and customer premise equipment whose
useful life is ranging between 8 to 16 years as technically assessed.

Depreciation is provided using straight-line method except in case of wireless telecommunication equipment
and components which are depreciated based on the expected pattern of consumption of the expected future
economic benefits over its useful life.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.

Standalone Financial Statements

Reliance Jio Infocomm Limited 81

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(c) Leases

The Company, at the inception of a contract, assesses the contract as, or containing, a lease and as a lessee,
recognizes a right-of-use asset and a lease liability for its leasing arrangements, if the contract conveys the
right to control the use of an identified asset.

The cost of the right-of-use asset shall comprise of the amount of the initial measurement of the lease
liability adjusted for any lease payments made at or before the commencement date plus any initial direct
costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-
of-use assets is depreciated using the straight-line method from the commencement date over the shorter of
lease term or useful life of right-of-use asset.

If the lease contract transfers ownership of the underlying asset to the Company by the end of the lease term
or if the cost of the right-of-use asset reflects that the Company will exercise a purchase option, the Company
depreciates the right-of-use asset from the commencement date to the end of the useful life of the underlying
asset.

The Company measures the lease liability at the present value of the lease payments that are not paid at the
commencement date of the lease. The lease payments are discounted using the interest rate implicit in the
lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses
incremental borrowing rate.

(d) Spectrum and Other Intangible Assets

Spectrum and other Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount
and rebates less accumulated amortisation and impairment losses, if any. Such cost includes purchase price,
borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the
intended use.

Expenses incurred relating to project, net of income earned during the project development stage prior to
its intended use, are considered as project development expenditure and disclosed under Spectrum Under
Development or Other Intangible Assets Under Development.

Spectrum and Other Intangible Assets are capitalised when the related network is available for use as intended
by the management.

A summary of amortisation policies applied to the Company’s Spectrum and Other Intangible Assets to the
extent of depreciable amount is as follows: -

i. Spectrum cost is amortised from the date of commencement of commercial operation over the balance
validity period, based on the expected pattern of consumption of the expected future economic benefits,
in accordance with the applicable Accounting Standards.

ii. Software are amortised on straight line method, over a period of 5 to 10 years.

iii. Payment for Bandwidth capacities acquired under Indefeasible Right to Use (IRU) is amortised over the
period of the agreement.

iv. License Fee is amortised over the remainder of the License period from the date of commencement of
the commercial operation.

The amortisation period and the amortisation method for Spectrum and Other Intangible Assets with a finite
useful life are reviewed at each reporting date.

(e) Cash and Cash Equivalents:

Cash and Cash Equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term
highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.

Standalone Financial Statements

82 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(f) Financial Instruments

i. Financial Assets

Purchase and sale of Financial Assets are recognised using trade date accounting. Trade receivables that
do not contain a significant financing component are measured at transaction price.

The Company has elected to account for its investments in subsidiaries at cost less impairment loss (if
any).

The Company uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of Financial Assets
other than those measured at Fair Value Through Profit and Loss (FVTPL).

Expected Credit Losses are measured through a loss allowance at an amount equal to:

• The 12-months expected credit losses (expected credit losses that result from those default
events on the financial instrument that are possible within 12 months after the reporting date); or

• Full lifetime expected credit losses (expected credit losses that result from all possible default
events over the life of the financial instrument)

For trade receivables, the Company applies ‘simplified approach’ which requires expected lifetime losses
to be recognized from initial recognition of the receivables.

The Company uses historical default rates to determine impairment loss on the portfolio of trade
receivables. At every reporting date these historical default rates are reviewed and changes in the
forward-looking estimates are analysed.

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no
significant increase in credit risk. If there is significant increase in credit risk, full lifetime Expected Credit
Loss is used.

ii. Financial Liabilities

For trade and other payables maturing within one year from the balance sheet date, the carrying
amounts are determined to approximate fair value due to the short maturity of these instruments.

iii. Derivative Financial Instruments and Hedge Accounting

The Company uses various derivative financial instruments such as interest rate swaps, currency swaps,
forwards & options to mitigate the risk of changes in interest rates and exchange rates. At the inception
of a hedge relationship, the Company formally designates and documents the hedge relationship to
which the Company wishes to apply hedge accounting and the risk management objective and strategy
for undertaking the hedge.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement
of Profit and Loss, except for the effective portion of cash flow hedge which is recognised in Other
Comprehensive Income and later to Statement of Profit and Loss when the hedged item affects profit
or loss or is treated as basis adjustment if a hedged forecast transaction subsequently results in the
recognition of a Financial Assets or Financial Liability.

Hedges that meet the criteria for hedge accounting are accounted for as follows:

Cash Flow Hedge

The Company designates derivative contracts as hedging instruments to mitigate the risk of movement
in interest rates and foreign exchange rates for foreign exchange exposure on borrowings.

Fair Value Hedge

The Company designates derivative contracts or non-derivative Financial Assets / Liabilities as hedging
instruments to mitigate the risk of change in fair value of hedged item due to movement in interest rates
and foreign exchange rates.

Standalone Financial Statements

Reliance Jio Infocomm Limited 83

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
IV. Offsetting

Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet
when, and only when, the Company has a legally enforceable right to set off the amount and it intends,
either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

(g) Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the
time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.

(h) Contingent Liabilities

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the
existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company or a present obligation that arises from past events
where it is either not probable that an outflow of resources embodying economic benefits will be required to
settle or a reliable estimate of amount cannot be made.

(i) Revenue Recognition

Revenue is recognised to the extent it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured, regardless of when the payment is being made. Revenue is recognised
upon transfer of control of promised services to the customers. Revenues from fixed-price and fixed-timeframe
contracts, where the performance obligations are satisfied over time and where there is no uncertainty as to
measurement or collectability of consideration, are recognised to the extent the Company has rendered the
services, as per the contractual arrangements. Revenue is measured at the amount of consideration which the
company expects to be entitled to in exchange for transferring distinct services to the customer, as specified
in the contract, excluding taxes or duties collected on behalf of third parties.

Revenue from services includes revenue towards interconnection charges for usage of the Company’s network
by other telecom operators.

Unamortised subscriber acquisition cost comprises mainly intermediary commission, etc. The Company has
estimated the average subscriber life derived from subscriber churn rate and such costs are recognised over
the average expected subscriber life and included in Selling and Distribution Expenses.

(j) Current Tax and Deferred Tax

The tax expenses for the period comprise of current tax and deferred tax. The Company exercises judgment
in computation of current tax considering the relevant rulings and reassesses the carrying amount of deferred
tax assets at the end of each reporting period.

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the Company’s Financial Statements requires management to make judgement, estimates and
assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying
disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in next financial years.

(a) Property, Plant and Equipment / Spectrum and Other Intangible Assets

Estimates are involved in determining the cost attributable to bringing the assets to the location and condition
necessary for it to be capable of operating in the manner intended by the management. Property, Plant and
Equipment / Spectrum and Other Intangible Assets are depreciated / amortised over their estimated useful
lives, after taking into account estimated residual value.

Management reviews the estimated useful lives and residual values of the assets annually in order to determine
the amount of depreciation / amortisation to be recorded during any reporting period. The depreciation/
amortisation method is selected so as to reflect the pattern in which future economic benefits of different

Standalone Financial Statements

84 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
assets are expected to be consumed by the Company. The useful life and residual values are based on the
Company’s historical experience with similar assets and take into account anticipated technological and future
risks. The depreciation / amortisation for future periods is revised if there are significant changes from previous
estimates.

(b) Provisions

The timing of recognition and quantification of the liability (including litigations) requires the application of
judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of
provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

(c) Impairment of Financial and Non-Financial Assets

The impairment provisions for Financial Assets are based on assumptions about risk of default and expected
cash loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the
impairment calculation, based on Company’s past history, existing market conditions as well as forward-
looking estimates at the end of each reporting period.

In case of non-financial assets, assessment of impairment indicators involves consideration of future risks.
Further, the company estimates asset’s recoverable amount, which is higher of an asset’s or Cash Generating
Units (CGU’s) fair value less costs of disposal and its value in use. Spectrum Under Development and Other
Intangible Assets Under Development are tested for impairment, at-least annually and whenever circumstances
indicate that it may be impaired.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no
such transactions can be identified, an appropriate valuation model is used.

(d) Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgement. The Company uses judgement in assessing whether
a contract (or part of contract) includes a lease/non lease, the lease term (including anticipated renewals), the
applicable discount rate, variable lease component whether in-substance fixed.

Standalone Financial Statements

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
1. Property, Plant and Equipment, Spectrum and Other Intangible Assets

(` in crore)
Gross Block Depreciation/Amortisation Net Block
As at Additions Deductions As at As at For the Deductions As at As at As at
Description
01-04-2023 /Adjust- /Adjust- 31-03-2024 01-04-2023 Year /Adjust- 31-03-2024 31-03-2024 31-03-2023
ments ments ments
Property, Plant and Equipment :
Own Assets (A)
Land 1,868 13 - 1,881 - - - - 1,881 1,868
Buildings 1,276 31 1 1,306 176 42 - 218 1,088 1,100
Buildings-Temporary Structures 3 - - 3 3 0 0 3 0 0
Leasehold Improvements 425 31 - 456 78 27 - 105 351 347
Plant and Equipment 1,57,860 13,779 135 171,504 29,806 11,897 29 41,674 1,29,830 1,28,054
Office Equipment 95 4 - 99 53 10 - 63 36 42
Furniture and Fixtures 45 1 - 46 25 4 - 29 17 20
Vehicles 22 0 3 19 19 1 3 17 2 3
Sub-total (A) 1,61,594 13,859 139 1,75,314 30,160 11,981 32 42,109 1,33,205 1,31,434
Right-of-Use Assets (B)
Land 286 12 - 298 69 4 - 73 225 217
Plant and Equipment 20,684 2,707 228 23,163 6,885 3,169 96 9,958 13,205 13,799
Sub-total (B) 20,970 2,719 228 23,461 6,954 3,173 96 10,031 13,430 14,016
Total (C=A+B) 1,82,564 16,578 367 1,98,775 37,114 15,154 128 52,140 1,46,635 1,45,450
Spectrum*~ (D) 93,163 - - 93,163 17,824 5,487 - 23,311 69,852 75,339
Other Intangible Assets*
Software 6,412 2 - 6,414 2,812 682 - 3,494 2,920 3,600
Indefeasible right to use (IRU) 1,016 124 - 1,140 214 70 - 284 856 802
License Fee~ 14 - - 14 2 1 - 3 11 12
Others 0 - - 0 0 - - 0 - -
Total (E) 7,442 126 - 7,568 3,028 753 - 3,781 3,787 4,414
Grand Total (C+D+E) 2,83,169 16,704 367 2,99,506 57,966 21,394 128 79,232 2,20,274 2,25,203
Previous Year 2,56,092 27,421 344 2,83,169 39,547 18,546 127 57,966 2,25,203
Capital Work-in-Progress 77,862 43,468
Spectrum Under Development 1,29,602 1,22,357
Other Intangible Assets Under Development 449 166
“0” represents the amount below the denomination threshold.
Reliance Jio Infocomm Limited

* Other than internally generated.

~ The remaining amortisation period of Spectrum/ License fee as at 31st March, 2024 ranges between 6 to 17 years.

Standalone Financial Statements

85
86 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
1.1 The Company is setting up 5G Network and continues augmenting its existing wireless and wireline network
capacity.

1.2 Capital Work-in-Progress includes :

(a) `12,457 crore (Previous Year `14,602 crore) on account of capital goods inventory.

(b) `6,644 crore (Previous Year `2,020 crore) on account of Project Development Expenditure.

1.3 Additions in Property, Plant and Equipment, Capital Work-in-Progress, Spectrum, Spectrum Under Development,
Other Intangible Assets and Other Intangible Assets Under Development includes `9,290 crore (Previous Year `5,932
crore) on account of finance cost during the year.

1.4 The Company based on internal and external technical evaluation, reassessed the estimates relating to life of certain
class of network equipment. Basis this technical evaluation, the Company has revised the useful life of these assets to
16 years from the respective dates of commissioning, with effect from April 01, 2023.

1.5 Capital Work-in-Progress (CWIP)

(a) Ageing Schedule as at 31st March, 2024

(` in crore)
Amount in CWIP for a period of Total
CWIP
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 44,745 31,421 932 764 77,862
Projects temporarily suspended - - - - -
Total 44,745 31,421 932 764 77,862

(b) Ageing Schedule as at 31st March, 2023

(` in crore)
CWIP Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 38,813 3,348 431 876 43,468
Projects temporarily suspended - - - - -
Total 38,813 3,348 431 876 43,468

1.6 Spectrum Under Development

(a) Ageing Schedule as at 31st March, 2024

(` in crore)
Amount in Spectrum Under Development for a period of Total
Spectrum Under Development
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 7,245 93,731 28,626 - 1,29,602
Projects temporarily suspended - - - - -
Total 7,245 93,731 28,626 - 1,29,602

(b) Ageing Schedule as at 31st March, 2023

(` in crore)
Spectrum Under Development Amount in Spectrum Under Development for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 93,731 28,626 - - 1,22,357
Projects temporarily suspended - - - - -
Total 93,731 28,626 - - 1,22,357

Standalone Financial Statements

Reliance Jio Infocomm Limited 87

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
1.7 Other Intangible Assets Under Development

(a) Ageing Schedule as at 31st March, 2024

(` in crore)
Other Intangible Assets Under Amount in Other Intangible Assets Under Development for a Total
Development period of
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 290 159 - - 449
Projects temporarily suspended - - - - -
Total 290 159 - - 449

(b) Ageing Schedule as at 31st March, 2023

(` in crore)
Other Intangible Assets Under Amount in Other Intangible Assets Under Development for a Total
Development period of
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 166 - - - 166
Projects temporarily suspended - - - - -
Total 166 - - - 166

1.8 The Company does not have any Capital Work-in-Progress or Spectrum Under Development or Other Intangible
Assets Under Development, whose completion is overdue or has exceeded its cost compared to its original plan.

2. Investments - Non-Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Shares Amount Shares Amount
Investments measured at Cost
In Equity Shares of Subsidiary Companies
Unquoted, fully paid up
Reliance Jio Infocomm Pte. Ltd of USD 1 each 12,94,00,000 814 12,94,00,000 814
Reliance Jio Infocomm USA, Inc. of USD 0.01 each 3,85,47,66,449 242 3,85,47,66,449 242
Reliance Jio Infocomm UK Limited of GBP 1 each 60,00,000 52 60,00,000 52
Total Investments measured at Cost 1,108 1,108
Aggregate amount of Unquoted Investments 1,108 1,108

2.1 Category wise Investments - Non-Current

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Financial assets measured at Cost 1,108 1,108
Total Investments - Non-Current 1,108 1,108

2.2 Details of each of the subsidiary companies are given below:

Principal place of Country of Proportion of ownership

Name of the Subsidiaries
business Incorporation interest
Reliance Jio Infocomm Pte. Ltd Singapore Singapore 100%
Reliance Jio Infocomm USA, Inc. U.S.A. U.S.A. 100%
Reliance Jio Infocomm UK Limited U.K. U.K. 100%

Standalone Financial Statements

88 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
3. Other Financial Assets - Non-Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Fixed Deposits with Banks* 10 8
Total 10 8
*Fixed Deposits with Banks given as collateral security to Government Authorities / Banks

4. Other Non-Current Assets (Unsecured and Considered Good)

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Capital Advances 638 175
Security Deposits 3,380 2,930
Advance Income Tax 193 88
Upfront Fibre Payment 13,890 14,435
Others * 6,908 6,114
Total 25,009 23,742
*Others include prepaid expenses, unamortised subscriber acquisition costs and amount paid under protest to
Government Authorities.
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Advance Income Tax
At start of year 88 1,432
Tax Paid / (Refund) (Net) during the year 105 (1,344)
At end of year 193 88
5. Investments - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Investments measured at Fair Value through Profit & Loss
(FVTPL)
In Mutual Fund - Unquoted 631 590
In Certificate of Deposit - Quoted 1,892 -
Total 2,523 590
6. Trade Receivables (Unsecured)
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Considered good 1,549 2,418
Credit impaired 191 101
Less: Provision (191) (101)
Total 1,549 2,418

Standalone Financial Statements

Reliance Jio Infocomm Limited 89

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
6.1 Trade Receivables ageing schedule

(a) As at 31st March, 2024

(` in crore)
Outstanding for following periods from due
date of payment*
Not
Particulars Less 6 1-2 2-3 More than Total
Due
than 6 months years years 3 years
months - 1 year
Undisputed Trade receivables – 685 587 121 21 29 106 1,549
considered good
Undisputed Trade Receivables – which - - - - - - -
have significant increase in credit risk
Undisputed Trade Receivables – credit - - - - - - -
impaired
Disputed Trade receivables – considered - - - - - - -
good
Disputed Trade Receivables – which have - - - - - - -
significant increase in credit risk
Disputed Trade Receivables – credit - - - - - - -
impaired
Total 685 587 121 21 29 106 1,549
*Net of Provision

(b) As at 31st March, 2023

(` in crore)
Outstanding for following periods from due
date of payment*
Not
Particulars Less 6 1-2 2-3 More than Total
Due
than 6 months years years 3 years
months - 1 year
Undisputed Trade receivables - considered 1,682 461 82 54 64 75 2,418
good
Undisputed Trade Receivables - which have - - - - - - -
significant increase in credit risk
Undisputed Trade Receivables - credit - - - - - - -
impaired
Disputed Trade receivables - considered - - - - - - -
good
Disputed Trade Receivables - which have - - - - - - -
significant increase in credit risk
Disputed Trade Receivables - credit impaired - - - - - - -
Total 1,682 461 82 54 64 75 2,418
*Net of Provision

7. Cash and Cash Equivalents

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Balances with Banks 967 247
Fixed Deposits with Original Maturity of 3 months or less - 200
Cash and Cash Equivalents as per Balance Sheet 967 447
Cash and Cash Equivalents as per Statement of Cash Flows 967 447

Standalone Financial Statements

90 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
8. Other Bank Balances
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Fixed Deposits with Banks* 97 108
Other Earmarked Bank Balances^ 300 300
Total 397 408
*Includes `21 crore (Previous year `32 crore) given as collateral security to Government Authorities / Banks and
`76 crore (Previous year `76 crore) given as collateral security against bank guarantee issued to Department of
Telecommunication (DoT).
^Other Earmarked Bank Balance comprise of balance lying in escrow account towards assets acquisition.

9. Other Financial Assets - Current

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Interest accrued on Fixed Deposits 14 16
Unbilled Receivables 670 557
Others* 883 3,306
Total 1,567 3,879
*Others include claim receivables and derivative assets at fair value.

10. Other Current Assets (Unsecured and Considered Good)

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Balance with GST Authorities 20,024 18,473
Upfront Fibre Payment 545 545
Advance to Vendors 155 266
Others# 5,364 2,694
Total 26,088 21,978
#
Others include prepaid expenses and unamortised subscriber acquisition costs.

11. Share Capital

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Authorised:
45,00,00,00,000 Equity Shares of ` 10 each 45,000 45,000
(45,00,00,00,000)
45,000 45,000
1,15,00,00,00,000 Preference Shares of ` 10 each 1,15,000 1,15,000
(1,15,00,00,00,000)
1,15,000 1,15,000
Total 1,60,000 1,60,000
Issued, Subscribed and Paid Up:
45,00,00,00,000 Equity Shares of ` 10 each fully paid up 45,000 45,000
(45,00,00,00,000)
Total 45,000 45,000
Figures in bracket represents Previous Year’s figure.

11.1 Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity shares
is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to
the number of equity shares held by them.

Standalone Financial Statements

Reliance Jio Infocomm Limited 91

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
11.2 The reconciliation of the number of shares outstanding is set out below:

As at 31st March, 2024 As at 31st March, 2023

Particulars
No. of Shares ` in crore No. of Shares ` in crore
Equity Shares at the beginning of the year 45,00,00,00,000 45,000 45,00,00,00,000 45,000
Add: Issue of Shares - - - -
Equity Shares at the end of the year 45,00,00,00,000 45,000 45,00,00,00,000 45,000
11.3 The details of shareholders holding more than 5% shares in the Company including those held by Holding
Company and Subsidiaries of Holding Company:

As at 31st March, 2024 As at 31st March, 2023

Name of Shareholder
No. of Shares % held No. of Shares % held
Jio Platforms Limited (Holding Company)* 45,00,00,00,000 100.00% 45,00,00,00,000 100.00%
*Includes 6 shares held by the nominees of Holding Company jointly with it, the beneficial interest of which is with
the Holding Company
11.4 Shareholding of the Promoter

(a) As at 31st March, 2024

Shares held by promoters at the end of the year

Promoter Name No. of shares % of total shares % Change during the year
Jio Platforms Limited 45,00,00,00,000 100 -
Total 45,00,00,00,000 100 -
(b) As at 31st March, 2023
Shares held by promoters at the end of the year

Promoter Name No. of shares % of total shares % Change during the year
Jio Platforms Limited 45,00,00,00,000 100 -
Total 45,00,00,00,000 100 -

Standalone Financial Statements

92 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
12. Other Equity
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Instrument classified as Equity
Optionally Convertible Preference Shares
(OCPS)
0.1% Non Cumulative OCPS Series-I 125 125
9% Non Cumulative OCPS Series-V 4,000 4,000
0.01% Non Cumulative OCPS Series-VI 1,05,000 1,05,000
1,09,125 1,09,125
Reserves and Surplus
Securities Premium
As per last Balance Sheet 16,000 16,000
Add: On issue of shares - -
Balance at the end of the year 16,000 16,000

Debenture Redemption Reserve

As per last Balance Sheet 500 500
Add: Transferred from Retained Earnings - -
Balance at the end of the year 500 500

Retained Earnings
As per last Balance Sheet 45,367 27,160
Add: Profit for the year 20,466 18,207
Balance at the end of the year 65,833 45,367

Other Comprehensive Income (OCI)

As per last Balance Sheet 5 5
Movement in OCI (Net) during the year (94) (0)
Balance at the end of the year (89) 5
Total 191,369 1,70,997
12.1 0.1% 12,50,00,000 Non Cumulative Optionally Convertible Preference Shares (“OCPS-Series-I”) of ` 10 each,
fully paid up
Terms/ rights attached to Preference Shares :
The amount subscribed/paid on each OCPS are convertible into 2 Equity Shares of ` 10 each at any time at the
option of the Company but in any case not later than June 29, 2030 and in the event the shares are not converted,
these will be redeemed at any time at the option of the Company at ` 20 each but not in any case later than June 29,
2030.

The reconciliation of the number of shares outstanding is set out below:

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
No. of Shares Amount No. of Shares Amount
Preference Shares at the beginning of the year 12,50,00,000 125 12,50,00,000 125
Add: Issue of Shares - - - -
Preference Shares at the end of the year 12,50,00,000 125 12,50,00,000 125
12.2 9% Non Cumulative Optionally Convertible Preference Shares (“OCPS-Series-V”) of `10 each, fully paid up

Terms/ rights attached to Preference Shares:

The amount subscribed/paid on each OCPS are either redeemable at ` 50 or convertible into 5 Equity Shares of ` 10
each at any time at the option of the Company, but not later than 10 years from the date of allotment of the OCPS
(i.e. 7th June, 2019).

Standalone Financial Statements

Reliance Jio Infocomm Limited 93

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
The reconciliation of the number of shares outstanding is set out below:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
No. of Shares Amount No. of Shares Amount
Preference Shares at the beginning of the year 4,00,00,00,000 4,000 4,00,00,00,000 4,000
Add: Issue of Shares - - - -
Preference Shares at the end of the year 4,00,00,00,000 4,000 4,00,00,00,000 4,000
12.3 0.01% Non Cumulative Optionally Convertible Preference Shares (“OCPS-Series-VI”) of `10 each, fully paid
up

Terms/ rights attached to Preference Shares :

Each OCPS shall be converted into 1 Equity Share of `10 each at any time at the option of the Company but not
later than 10 years from the date of allotment of OCPS (i.e. 18th December,2019). If not converted, each OCPS shall
be redeemed at `20 at the end of the Term. Provided however, each OCPS can be redeemed at any time along with
proportionate premium.

The reconciliation of the number of shares outstanding is set out below:

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
No. of Shares Amount No. of Shares Amount
Preference Shares at the beginning of the year 1,05,00,00,00,000 1,05,000 1,05,00,00,00,000 1,05,000
Add: Issue of Shares - - - -
Preference Shares at the end of the year 1,05,00,00,00,000 1,05,000 1,05,00,00,00,000 1,05,000
12.4 The details of Preference shareholders holding more than 5% shares in the Company including those held by
Holding company:

OCPS Series-I/V/VI: 100% shares are held by Jio Platforms Limited (Holding Company)
Note: The voting rights on the OCPS Series-I/V/VI are as prescribed under the provisions of the Companies
Act, 2013.

13. Borrowings

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
Non-Current Current Non-Current Current
Unsecured - At Amortised Cost
Non-Convertible Debentures 4,918 - 4,888 -
Term Loans - from Banks 36,228 2,448 16,779 1,649
Term Loans - from Others 1,227 1,260 1,065 842
Total 42,373 3,708 22,732 2,491
13.1 Maturity Profile and Rate of Interest of Non-Convertible Debentures are as set out below:
(` in crore)
Non-Current Current
Rate of Interest
2025-26 2026-27 * Total 2024-25
6.20% p.a. - 5,000 5,000 -
Total - 5,000 5,000 -
* Including `3 crore as unamortised finance charges and Fair Valuation Impact of `79 crore.

Standalone Financial Statements

94 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
13.2 Maturity Profile of Unsecured Term Loans are as set out below:
(` in crore)
Non-Current Current
Particulars
1-5 Years Above 5 Years Total 2024-25
Term Loans - from Banks* 35,823 824 36,647 2,465
Term Loans - from Others# 1,227 - 1,227 1,260
Total 37,050 824 37,874 3,725
* Including `405 crore as unamortised finance charges (Non-Current of `388 crore and Current of `17 crore) and
Fair Valuation Impact of `31 crore (Non-Current of `31 crore). Interest rates on term loans from banks are in range
of 0.66% p.a. to 7% p.a.
#Loan from CISCO Systems Capital (India) Private Limited at an average Interest Rate of 4.52% p.a. repayable in next
5 years.
13.3 The Company has satisfied all the covenants prescribed in terms of borrowings.

14. Deferred Payment Liabilities - Unsecured

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Non-Current Current Non-Current Current
Payable to Department of Telecommunication (DoT) 108,270 4,574 112,844 4,423
Total 108,270 4,574 112,844 4,423
14.1 (a) The deferred payment liability of `34,860 crore, related to spectrum acquired in March 2021 auction, is payable
in 15 equated annual instalments along with interest @ 7.30% p.a.

(b) The deferred payment liability of `77,984 crore, related to spectrum acquired in August 2022 auction, is payable
in 18 equated annual instalments along with interest @ 7.20% p.a.

15. Other Financial Liabilities - Non-Current

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Interest accrued but not due on Deferred Payment Liabilities 4,279 3,449
(Refer Note 14.1)
Creditors for Capital Expenditure 182 1,641
Total 4,461 5,090
16. Provisions - Non-Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Asset Retirement Obligations 127 124
Total 127 124
17. Deferred Tax Liabilities (Net)
(a) The movement on the deferred tax account is as follows:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
At the start of the year 13,796 7,574
Charge to Statement of Profit and Loss 7,019 6,222
Charge / (Credit) to Other Comprehensive Income (31) (0)
At the end of year 20,784 13,796

Standalone Financial Statements

Reliance Jio Infocomm Limited 95

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
Component of Deferred Tax Liabilities/(Asset)
(` in crore)
As at Charge / (Credit) to Statement As at
31st March, of Profit and Loss and Other 31st March,
2023 Comprehensive Income 2024
Deferred tax liabilities/(asset) in relation to:
Property, Plant and Equipment, Spectrum and 28,749 8,085 36,834
Other Intangible Assets
Other Non-Financial Assets 1,234 (6,034) (4,800)
Carried Forward Losses (12,688) 4,863 (7,825)
Financial Liabilities (3,448) 77 (3,371)
Provisions (51) (3) (54)
Total 13,796 6,988 20,784
(b) Income Tax recognised in Statement of Profit and Loss
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Current Tax - -
Deferred Tax 7,019 6,222
Total Income Tax expenses recognised in the current year 7,019 6,222
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Profit before Tax 27,485 24,429
Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 6,918 6,149
Tax effect of:
Expenses Disallowed 101 73
Tax Expenses recognised in Statement of Profit and Loss 7,019 6,222
Effective Tax Rate 25.54% 25.47%
(c) Income Tax recognised in Other Comprehensive Income
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Total Income Tax expenses recognised in the current year (31 ) (0)
“0” represents the amount below the denomination threshold.
18. Other Non-Current Liabilities
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Deferred Income 612 239
Total 612 239
19. Borrowings - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Unsecured - At Amortised Cost
Current maturities of Non-Current Borrowings (Refer Note 13) 3,708 2,491
Short term loans from Banks 4,190 5,390
Commercial Papers* 2,469 5,065
Total 10,367 12,946
*Maximum amount outstanding at any time during the year was `8,297 crore (Previous Year `17,837 crore).
19.1 The Company has satisfied all the covenants prescribed in terms of borrowings.

Standalone Financial Statements

96 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
20. Trade Payables Dues of
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Micro enterprises and small enterprises* 15 21
Other than micro enterprises and small enterprises 4,321 3,332
Total 4,336 3,353
*There are no overdue to Micro, Small and Medium Enterprises (MSME) as at 31st March, 2024.
20.1 Trade Payables ageing schedule

(a) As at 31st March, 2024

(` in crore)
Outstanding for following periods from due date of payment
Particulars Not due Total
Less than 1 year 1-2 years 2-3 years More than 3 years
MSME 15 - - - - 15
Others 4,265 25 11 2 18 4,321
Disputed-MSME - - - - - -
Disputed-Others - - - - - -
Total 4,280 25 11 2 18 4,336
(b) As at 31st March, 2023
(` in crore)
Outstanding for following periods from due date of payment
Particulars Not due Total
Less than 1 year 1-2 years 2-3 years More than 3 years
MSME 21 - - - - 21
Others 3,263 40 8 6 15 3,332
Disputed-MSME - - - - - -
Disputed-Others - - - - - -
Total 3,284 40 8 6 15 3,353
21. Other Financial Liabilities - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Interest accrued but not due on Borrowings 190 224
Interest accrued but not due on Deferred Payment Liabilities 5,804 5,884
Creditors for Capital Expenditure 23,874 24,247
Other Payables* 1,960 1,121
Total 31,828 31,476
*Other Payables includes security deposit received from customers and financial liabilities at fair value.
22. Other Current Liabilities
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Revenue Received in Advance 8,293 7,962
Deferred Income 164 65
Other Payables# 2,148 949
Total 10,605 8,976
#
Other Payables include statutory dues.
23. Provisions - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Provisions for Employee Benefits^ 86 78
Total 86 78
^The provision for employee benefit includes annual leave and vested long service leave entitlement accrued.

Standalone Financial Statements

Reliance Jio Infocomm Limited 97

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
24. Revenue from Operations
(` in crore)
2023-24 2022-23
Value of Services 1,17,805 1,06,838
Less: GST recovered (17,686) (16,052)
Total 1,00,119 90,786
24.1 The entire balance in the revenue received in advance account at the beginning of the current year and the
previous year has been recognised as revenue during the current year and the previous year respectively.
All contracts of the Company with its customers have an original duration of one year or less. Accordingly, the
Company has applied the practical expedient as given in Ind AS 115, considering which, it is not required to disclose
the information about its remaining performance obligations in terms of the said Standard.

25. Other Income

(` in crore)
2023-24 2022-23
Interest Income from Fixed Deposits 8 5
Profit on Sale / Discard of Property, Plant and Equipment 1 57
Gain on Investments (Net) 362 155
Interest on Income Tax Refund 14 66
Other Non-Operating Income 73 79
Total 458 362
25.1 Other Comprehensive Income - Items that will not be reclassified to Profit and Loss
(` in crore)
2023-24 2022-23
Remeasurement loss of Defined Benefit Plan (5) (0)
Total (5) (0)
25.2 Other Comprehensive Income - Items that will be reclassified to Profit and Loss
(` in crore)
2023-24 2022-23
Cash Flow Hedge (120) -
Total (120) -
26. Network Operating Expenses
(` in crore)
2023-24 2022-23
Rent / Service Charges 10,663 9,757
Power and Fuel 9,514 9,858
Repairs and Maintenance 2,878 2,601
Other Network Cost* 7,503 6,258
Total 30,558 28,474
*Includes Fibre Usage Charges

27. Employee Benefits Expense

(` in crore)
2023-24 2022-23
Salaries and Wages 1,600 1,427
Contribution to Provident and Other Funds (Refer Note 32) 108 95
Staff Welfare Expenses 188 112
Total 1,896 1,634

Standalone Financial Statements

98 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
28. Finance Costs
(` in crore)
2023-24 2022-23
Interest Expenses 2,861 2,743
Interest on Lease Liabilities 1,138 1,316
Total 3,999 4,059
29. Selling and Distribution Expenses
(` in crore)
2023-24 2022-23
Advertisement and Marketing Expense 137 350
Other Selling and Distribution Expenses 2,356 1,472
Total 2,493 1,822
30. Other Expenses
(` in crore)
2023-24 2022-23
Professional Fees 974 795
Payment to Auditors (Refer Note 38) 9 9
Insurance 142 104
Net Loss on Foreign Currency Transactions 41 131
Corporate Social Responsibility (Refer Note 39) 403 290
Provision for doubtful debts/Written off (Net) 99 38
Customer Service Expenses 167 157
Bank Charges 33 38
Rates and Taxes 21 34
Travelling Expenses 68 61
Loss on Sale / Discard of Property, Plant and Equipment 14 43
General Expenses 433 404
Total 2,404 2,104

Standalone Financial Statements

Reliance Jio Infocomm Limited 99

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
31. Earnings Per Share (EPS)

2023-24 2022-23
Face Value per Equity Share (`) 10 10
Basic Earnings per Share (`) 4.55 4.05
Net Profit after Tax as per Statement of Profit and Loss 20,466 18,207
attributable to Equity Shareholders (` in crore)
Weighted Average number of Equity Shares used as 4,50,00,000,000 4,50,00,000,000
denominator for calculating Basic EPS

Diluted Earnings per Share (`) 1.20 1.07

Net Profit after Tax as per Statement of Profit and Loss 20,466 18,207
attributable to Equity Shareholders (` in crore)
Weighted Average number of Equity Shares used as 17,02,50,000,000 17,02,50,000,000
denominator for calculating Diluted EPS

Reconciliation of Weighted Average Number of Shares

Outstanding
Weighted Average number of Equity Shares used as 4,50,00,000,000 4,50,00,000,000
denominator for calculating Basic EPS
Weighted Average number of Potential Equity Shares on 12,52,50,000,000 12,52,50,000,000
account of Optionally Convertible Preference Shares (OCPS)
Weighted Average number of Equity Shares used as denomi- 17,02,50,000,000 17,02,50,000,000
nator for calculating Diluted EPS
32. As per Indian Accounting Standard (Ind AS) 19 “Employee Benefits” the disclosures as defined are given
below (Refer Note 27):

Defined Contribution Plans

Contribution to Defined Contribution Plans, recognised as expense for the year is as under :

(` in crore)
Particulars 2023-24 2022-23
Employer’s Contribution to Provident Fund 54 46
Employer’s Contribution to Superannuation Fund (Previous 1 0
year `43,06,204)
Employer’s Contribution to Pension Fund 28 25
Defined Benefit Plan

(I) Reconciliation of opening and closing balances of Defined Benefit Obligation

(` in crore)
Particulars Gratuity (Funded)
2023-24 2022-23
Defined Benefit Obligation at beginning of the year 121 106
Current Service Cost 24 22
Liability Transferred In / (Out) (Net) 4 (1)
Interest Cost 10 8
Actuarial (Gain) / Loss 7 (2)
Benefits Paid* (12) (12)
Defined Benefit Obligation at end of the year 154 121
*Includes benefits of `12 crore (Previous Year `12 crore) paid by the Company.

Standalone Financial Statements

100 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(II) Reconciliation of opening and closing balances of Fair Value of Plan Assets
(` in crore)
Particulars Gratuity (Funded)
2023-24 2022-23
Fair Value of Plan Assets at beginning of the year 121 106
Assets Transferred In / (Out) (Net) 3 (1)
Return on Plan Assets 11 6
Employer Contribution 19 10
Benefits Paid (Current Year `16,01,005 and Previous Year (0) (0)
`3,54,524 )
Fair Value of Plan Assets at end of the year 154 121

(III) Reconciliation of Fair Value of Assets and Obligations

(` in crore)
Particulars Gratuity (Funded)
As at 31st March, 2024 As at 31st March, 2023
Fair Value of Plan Assets 154 121
Present Value of Obligation 154 121
Amount recognised in Balance Sheet - -

(IV) Expenses recognised during the year

(` in crore)
Particulars Gratuity (Funded)
2023-24 2022-23
In Income Statement
Current Service Cost 24 22
Interest Cost 10 8
Return on Plan Assets (10) (8)
Net Cost 24 22
In Other Comprehensive Income (OCI)
Actuarial (Gain) / Loss 7 (2)
Return on Plan Assets (2) 2
Net Expense for the year recognised in OCI 5 0
“0” represents the amount below the denomination threshold.

(V) Investment Details

Particulars As at 31st March, 2024 As at 31st March, 2023
` in crore % Invested ` in crore % Invested
Insurance Policies 154 100 121 100
(VI) Actuarial Assumptions

Particulars Gratuity (Funded)

2023-24 2022-23
Mortality Table (IALM) 2012-14 2012-14
(Ultimate) (Ultimate)
Discount rate (per annum) 7.23% 7.60%
Expected rate of return on Plan Assets (per annum) 7.23% 7.60%
Rate of escalation in salary (per annum) 6.00% 6.00%
Rate of employee turnover (per annum) 7.00% 3.00%
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market. The above
information is certified by the actuary.

The expected rate of return on Plan Assets is determined considering several applicable factors, mainly the
composition of Plan assets held, assessed risks, historical results of return on Plan Assets and the Company’s policy
for Plan Assets Management.

Standalone Financial Statements

Reliance Jio Infocomm Limited 101

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2023-24.

(VIII) Sensitivity Analysis

Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount rate, expected
salary increase and employee turnover. The sensitivity analysis below, have been determined based on reasonably
possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions
constant. The result of Sensitivity analysis is given below:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Decrease Increase Decrease Increase
Change in rate of discounting (delta effect of +/- 0.5%) 6 (5) 6 (6)
Change in rate of salary increase (delta effect of +/- 0.5%) (6) 6 (6) 6
Change in rate of employee turnover (delta effect of +/- 0.5%) (0) 0 (0) 0
(Current Year Decrease `18,01,491 and Increase `16,81,680,
Previous Year Decrease `45,58,544 and Increase `43,10,417)
These plans typically expose the Company to Actuarial Risks such as Investment Risk, Interest Risk, Longevity Risk and
Salary Risk.

Investment Risk - The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds.

Interest Risk - A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset
by an increase in the return on the plan debt investments.

Longevity Risk - The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan’s liability.

Salary Risk - The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

33. Related Parties Disclosures

As per Ind AS 24, the disclosures of transactions with the related parties are given below:

(I) List of related parties and relationships:

Sr. No. Name of the Related Party Relationship

1 Reliance Industries Limited Ultimate Parent Company
2 Jio Platforms Limited Parent Company
3 Reliance Jio Infocomm Pte. Ltd
4 Reliance Jio Infocomm USA, Inc.
Subsidiary Company
5 Reliance Jio Infocomm UK Limited
6 Reliance Jio Global Resources, LLC

Standalone Financial Statements

102 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(II) Transactions during the year with related parties:
(` in crore)
Sr. Nature of Transactions Ultimate Parent Subsid- Fellow Associate/ Key Managerial Others Total
No. (Excluding Reimbursements) Parent Company iaries Subsid- JV of the Personnel
Company iaries Ultimate
Parent
Company
1 Purchase of Property, Plant and 6,229 170 75 1,046 112 - - 7,632
Equipment and Other Intangible Assets
(3,586) - (19) (6,436) (299) - - (10,340)
2 Sale of Property, Plant and Equipment - - - - - - - -
- - - (60) - - - (60)
3 Revenue received in advance - - - 88,908 - - - 88,908
- - - (81,764) - - - (81,764)
4 Revenue from Operations 387 46 432 400 34 - 3 1,302
(206) (18) (395) (529) (36) - (2) (1,186)
5 Other Income 0 0 - 0 0 - - 0
(0) (0) - (0) (0) - - (0)
6 Network Operating Expenses 1,533 800 222 601 - - - 3,156
(512) (480) (159) (645) - - - (1,796)
7 Access Charges - - 68 - - - - 68
- - (67) - - - - (67)
8 Employee Benefits Expense - - - 11 - - 20 31
- - - (16) - - (10) (26)
9 Payment to Key Managerial Personnel - - - - - 18 - 18
- - - - - (18) - (18)
10 Professional Fees 1,405 1,680 63 461 - - - 3,609
(376) (900) (25) (1,356) - - - (2,657)
11 Customer Service Expenses 167 - - - - - - 167
(42) - - (115) - - - (157)
12 Selling and Distribution Expenses 945 32 - 3,014 0 - 0 3,991
(315) (102) - (3,096) - - (0) (3,513)
13 General Expenses 7 - - 470 0 - - 477
(13) - - (562) - - - (575)
14 Donation - - - - - - 403 403
- - - - - - (290) (290)
(III) Balances as at 31st March ,2024
(` in crore)
Sr. Nature of Balances Ultimate Parent Subsid- Fellow Associate/ Key Managerial Others Total
No. Parent Company iaries Subsid- JV of the Personnel
Company iaries Ultimate
Parent
Company
1 Investments - - 1,108 - - - - 1,108
- - (1,108) - - - - (1,108)
2 Equity Share Capital - 45,000 - - - - - 45,000
- (45,000) - - - - - (45,000)
3 Preference Share Capital# - 1,25,125 - - - - - 1,25,125
- (1,25,125) - - - - - (1,25,125)
4 Trade and Other Payables 1,587 41 64 30 15 - 0 1,737
(1,779) (0) (68) (23) (61) - (0) (1,932)
5 Trade and Other Receivables 204 34 30 643 648 - 2 1,561
(810) (2) (12) (1,552) (208) - (1) (2,585)
#Including Securities Premium
“0” represents the amounts below the denomination threshold.
Figures in bracket represents Previous Year’s amount.

Standalone Financial Statements

Reliance Jio Infocomm Limited 103

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(IV) Disclosure in respect of major related party transactions during the year:
(` in crore)
Sr.
Particulars Relationship 2023-24 2022-23
No.
1 Purchase of Property, Plant and Equipment and Other
Intangible Assets
Reliance Industries Limited Ultimate Parent 6,229 3,586
Company
Jio Platforms Limited Parent Company 170 -
Reliance Jio Infocomm Pte. Ltd Subsidiary 75 19
Radisys Corporation Fellow Subsidiary - 61
Radisys India Limited Fellow Subsidiary 100 69
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 3,341
Reliance Retail Limited Fellow Subsidiary 946 2,965
Sanmina-SCI India Private Limited Associate/JV of the 111 299
Ultimate Parent
Company
Sterling and Wilson Renewable Energy Limited Associate/JV of the 1 -
Ultimate Parent
Company

2 Sale of Property, Plant and Equipment

Reliance Retail Limited Fellow Subsidiary - 60

3 Revenue received in advance

Reliance Retail Limited Fellow Subsidiary 88,908 81,764

4 Revenue from Operations

Reliance Industries Limited Ultimate Parent 387 206
Company
Jio Platforms Limited Parent Company 46 18
Reliance Jio Infocomm USA, Inc. Subsidiary 3 43
Reliance Jio Infocomm UK Limited Subsidiary 124 80
Reliance Jio Infocomm Pte. Ltd Subsidiary 305 272
7-India Convenience Retail Limited Fellow Subsidiary 0 0
Aaidea Solutions Limited Fellow Subsidiary 0 0
Actoserba Active Wholesale Limited Fellow Subsidiary 0 0
AETN18 Media Private Limited# Fellow Subsidiary 0 0
Amante India Limited Fellow Subsidiary 0 0
Asteria Aerospace Limited Fellow Subsidiary 0 0
Bismi Connect Limited (formerly known as Bismi Connect Fellow Subsidiary 0 -
Private Limited) ^
Bismi Hypermart Limited (formerly known as Bismi Fellow Subsidiary 0 -
Hypermart Private Limited) ^
Catwalk Worldwide Limited (Formerly known as Catwalk Fellow Subsidiary 0 0
Worldwide Private Limited)
Cover Story Clothing Limited Fellow Subsidiary 0 0
C-Square Info-Solutions Limited Fellow Subsidiary 0 0
Dadha Pharma Distribution Limited Fellow Subsidiary 0 0
Den Broadband Limited Fellow Subsidiary 4 8
Den Networks Limited Fellow Subsidiary 13 19
e-Eighteen.com Limited# Fellow Subsidiary 0 0
Genesis Colors Limited Fellow Subsidiary 0 0
Genesis La Mode Private Limited Fellow Subsidiary 0 0
GLF Lifestyle Brands Private Limited Fellow Subsidiary 0 0
GML India Fashion Private Limited Fellow Subsidiary 0 0

Standalone Financial Statements

104 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr.
Particulars Relationship 2023-24 2022-23
No.
Grab A Grub Services Limited Fellow Subsidiary 0 0
Greycells18 Media Limited# Fellow Subsidiary 0 0
Hathway Cable And Datacom Limited Fellow Subsidiary 25 40
Hathway Digital Limited Fellow Subsidiary 23 27
Indiacast Media Distribution Private Limited# Fellow Subsidiary 0 0
Indiavidual Learning Limited Fellow Subsidiary 1 1
Indiawin Sports Private Limited Fellow Subsidiary 2 0
Jio Haptik Technologies Limited Fellow Subsidiary 0 0
Jio Satellite Communications Limited Fellow Subsidiary 0 -
Jio Things Limited Fellow Subsidiary 13 4
Just Dial Limited Fellow Subsidiary 0 0
Kalanikethan Silks Limited Fellow Subsidiary - 0
Mayuri Kumkum Limited Fellow Subsidiary 0 0
Metro Cash and Carry India Private Limited ^ Fellow Subsidiary 0 -
Model Economic Township Limited Fellow Subsidiary 1 0
Netmeds Healthcare Limited (Formerly known as Netmeds Fellow Subsidiary 2 2
Marketplace Limited)
Network18 Media & Investments Limited# Fellow Subsidiary 0 0
New Emerging World of Journalism Limited Fellow Subsidiary 0 0
NowFloats Technologies Limited Fellow Subsidiary 0 0
Purple Panda Fashions Limited Fellow Subsidiary 0 0
Radisys India Limited Fellow Subsidiary 0 0
RBML Solutions India Limited Fellow Subsidiary 0 -
Reliance A&T Fashions Private Limited Fellow Subsidiary 0 0
Reliance Brands Eyewear Private Limited (Formerly Rod Fellow Subsidiary 0 0
Retail Private Limited)
Reliance BP Mobility Limited Fellow Subsidiary 10 7
Reliance Brands Limited Fellow Subsidiary 2 1
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 0 0
Reliance Clothing India Limited Fellow Subsidiary 0 0
Reliance Commercial Dealers Limited Fellow Subsidiary 0 0
Reliance Corporate IT Park Limited Fellow Subsidiary 1 1
Reliance Digital Health Limited Fellow Subsidiary 0 0
Reliance Ethane Pipeline Limited Fellow Subsidiary 0 0
Reliance Gas Pipelines Limited Fellow Subsidiary 0 0
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0 -
Reliance New Solar Energy Limited Fellow Subsidiary 0 -
Reliance Petro Marketing Limited Fellow Subsidiary 0 0
Reliance Polyester Limited Fellow Subsidiary 0 -
Reliance Projects & Property Management Services Limited Fellow Subsidiary 123 259
Reliance Retail Limited Fellow Subsidiary 124 99
Reliance Retail Ventures Limited Fellow Subsidiary 1 1
Reliance Ritu Kumar Private Limited Fellow Subsidiary 0 0
Reliance Sibur Elastomers Private Limited Fellow Subsidiary 0 0
Reliance SMSL Limited@ Fellow Subsidiary - 50
Reliance Syngas Limited Fellow Subsidiary 1 -
RISE Worldwide Limited Fellow Subsidiary 0 0
Saavn Media Limited Fellow Subsidiary 0 0
SankhyaSutra Labs Limited Fellow Subsidiary 0 0
Shopsense Retail Technologies Limited Fellow Subsidiary 0 0
Shri Kannan Departmental Store Limited Fellow Subsidiary 0 0
Strand Life Sciences Private Limited Fellow Subsidiary 0 0
Surajya Services Limited Fellow Subsidiary 0 0
Tesseract Imaging Limited Fellow Subsidiary 0 0

Standalone Financial Statements

Reliance Jio Infocomm Limited 105

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr.
Particulars Relationship 2023-24 2022-23
No.
The Indian Film Combine Private Limited Fellow Subsidiary 1 0
Thodupuzha Retail Private Limited ^ Fellow Subsidiary 0 -
Tresara Health Limited Fellow Subsidiary 0 0
TV18 Broadcast Limited# Fellow Subsidiary 19 4
Urban Ladder Home Décor Solutions Limited Fellow Subsidiary 0 0
V-Retail Limited (Formerly V-Retail Private Limited) Fellow Subsidiary 0 0
VasyERP Solutions Private Limited Fellow Subsidiary 0 0
Vengara Retail Private Limited ^ Fellow Subsidiary 0 -
Viacom 18 Media Private Limited# Fellow Subsidiary 31 2
Vitalic Health Limited Fellow Subsidiary 0 0
Alok Industries Limited Associate/JV of the 0 0
Ultimate Parent
Company
Big Tree Entertainment Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Canali India Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Circle E Retail Private Limited Associate/JV of the 0 -
Ultimate Parent
Company
Clarks Footwear Private Limited (Formerly known as Clarks Associate/JV of the 0 0
Reliance Footwear Private Limited ) Ultimate Parent
Company
D. E. Shaw India Securities Private Limited Associate/JV of the 0 -
Ultimate Parent
Company
Diesel Fashion India Reliance Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Dyulok Technologies Private Limited Associate/JV of the 0 -
Ultimate Parent
Company
DL GTPL Broadband Private Limited Associate/JV of the 0 -0
Ultimate Parent
Company
DL GTPL Cabnet Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
East West Pipeline Private Limited Associate/JV of the - 0
Ultimate Parent
Company
Eenadu Television Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Football Sports Development Limited Associate/JV of the 0 0
Ultimate Parent
Company
GTPL Bansidhar Telelink Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
GTPL Broadband Private Limited Associate/JV of the 14 18
Ultimate Parent
Company

Standalone Financial Statements

106 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr.
Particulars Relationship 2023-24 2022-23
No.
GTPL Hathway Limited Associate/JV of the 13 14
Ultimate Parent
Company
GTPL KCBPL Broad Band Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
GTPL Kolkata Cable & Broad Band Pariseva Limited Associate/JV of the 0 0
Ultimate Parent
Company
Gujarat Chemical Port Limited Associate/JV of the 0 0
Ultimate Parent
Company
IBN Lokmat News Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Jamnagar Utilities & Power Private Limited Associate/JV of the 1 1
Ultimate Parent
Company
Marks and Spencer Reliance India Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Reliance Industrial Infrastructure Limited Associate/JV of the 0 0
Ultimate Parent
Company
Reliance-Vision Express Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Ryohin-Keikaku Reliance India Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Sosyo Hajoori Beverages Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Ubona Technologies Private Limited Associate/JV of the 4 2
Ultimate Parent
Company
Vadodara Enviro Channel Limited Associate/JV of the 0 0
Ultimate Parent
Company
Zegna South Asia Private Limited Associate/JV of the 0 0
Ultimate Parent
Company
Jio Insurance Broking Limited (formerly known as Reliance Company under - 0
Retail Insurance Broking Limited)$ Common Control
Jio Payment Solutions Limited (formerly known as Reliance Company under 0 0
Payment Solutions Limited)$ Common Control
Jio Payments Bank Limited$ Company under 0 0
Common Control
Reliance Industrial Investments and Holdings Limited$ Company under - 0
Common Control

Standalone Financial Statements

Reliance Jio Infocomm Limited 107

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
Sr.
Particulars Relationship 2023-24 2022-23
No.
Jamnaben Hirachand Ambani Foundation Enterprise over which 0 0
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Enterprise over which 0 0
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Institution of Education And Research Enterprise over which 0 1
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Youth Sports Enterprise over which 0 0
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Sikka Ports & Terminals Limited Enterprise over which 1 0
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Sir HN Hospital Trust Enterprise over which 1 1
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
5 Other Income
Reliance Industries Limited Ultimate Parent 0 0
Company
Jio Platforms Limited Parent Company 0 0
Cover Story Clothing Limited Fellow Subsidiary 0 0
Intelligent Supply Chain Infrastructure Management Fellow Subsidiary 0 0
Private Limited *@
Jio Things Limited Fellow Subsidiary 0 0
Mesindus Ventures Limited Fellow Subsidiary 0 0
RBML Solutions India Limited Fellow Subsidiary 0 0
Reliance BP Mobility Limited Fellow Subsidiary 0 0
Reliance Consumer Products Limited Fellow Subsidiary 0 0
Reliance Projects & Property Management Services Limited Fellow Subsidiary 0 0
Reliance Retail Limited Fellow Subsidiary 0 0

Standalone Financial Statements

108 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr.
Particulars Relationship 2023-24 2022-23
No.
Iconix Lifestyle India Private Limited Associate/JV of the 0 0
Ultimate Parent
Company

6 Network Operating Expenses

Reliance Industries Limited Ultimate Parent 1,533 512
Company
Jio Platforms Limited Parent Company 800 480
Reliance Jio Infocomm Pte. Ltd Subsidiary 222 159
Radisys Corporation Fellow Subsidiary 11 9
Reliance BP Mobility Limited Fellow Subsidiary 590 383
Reliance Eminent Trading & Commercial Private Limited Fellow Subsidiary 0 0
Reliance Progressive Traders Private Limited Fellow Subsidiary 0 0
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 252
Reliance Prolific Traders Private Limited Fellow Subsidiary 0 -
The Indian Film Combine Private Limited Fellow Subsidiary 0 0

7 Access Charges
Reliance Jio Infocomm Pte. Ltd Subsidiary 33 32
Reliance Jio Infocomm UK Limited Subsidiary 26 16
Reliance Jio Infocomm USA, Inc. Subsidiary 9 19

8 Employee Benefits Expense

Reliance Projects & Property Management Services Limited Fellow Subsidiary 0 -
Reliance Retail Limited Fellow Subsidiary 11 16
Sir HN Hospital Trust Enterprises over 1 -
which Key Managerial
Personnel are able to
exercise significant
influence
Reliance Jio Infocomm Limited Employees Gratuity Fund Post Employment 19 10
Benefit

9 Payment to Key Managerial Personnel

Shri Sanjay Mashruwala Key Managerial 9 8
Personnel
Shri Pankaj M. Pawar Key Managerial 5 6
Personnel
Shri Rajneesh Jain Key Managerial 3 3
Personnel
Shri Jyoti Jain Key Managerial 1 1
Personnel

10 Professional Fees
Reliance Industries Limited Ultimate Parent 1,405 376
Company
Jio Platforms Limited Parent Company 1,680 900
Reliance Jio Global Resources, LLC Subsidiary 27 -
Reliance Jio Infocomm UK Limited Subsidiary 2 -
Reliance Jio Infocomm USA, Inc. Subsidiary 34 25
Radisys Canada Inc. Fellow Subsidiary 1 -
Reliance Eminent Trading & Commercial Private Limited Fellow Subsidiary 0 -
Reliance Progressive Traders Private Limited Fellow Subsidiary 0 -
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 987
Reliance Retail Limited Fellow Subsidiary 460 369

Standalone Financial Statements

Reliance Jio Infocomm Limited 109

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr.
Particulars Relationship 2023-24 2022-23
No.

11 Customer Service Expenses

Reliance Industries Limited Ultimate Parent 167 42
Company
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 115

12 Selling and Distribution Expenses

Reliance Industries Limited Ultimate Parent 945 315
Company
Jio Platforms Limited Parent Company 32 102
India Mumbai Indians (Pty) Limited Fellow Subsidiary 1 -
Indiawin Sports Middle East Limited Fellow Subsidiary 1 -
Indiawin Sports Private Limited Fellow Subsidiary 7 7
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 310
Reliance Retail Limited Fellow Subsidiary 2,999 2,779
Saavn Media Limited Fellow Subsidiary 6 -
TribeVibe Entertainment Private Limited Associate/JV of the 0 -
Ultimate Parent
Company
Jio Payment Solutions Limited (formerly known as Reliance Company under 0 0
Payment Solutions Limited)$ Common Control

13 General Expenses
Reliance Industries Limited Ultimate Parent 7 13
Company
Reliance Commercial Dealers Limited Fellow Subsidiary 53 62
Reliance Corporate IT Park Limited Fellow Subsidiary 417 500
The Indian Film Combine Private Limited Fellow Subsidiary 0 -
GTPL Broadband Private Limited Associate/JV of the 0 -
Ultimate Parent
Company
14 Donation
Dhirubhai Ambani Foundation Enterprise over which 5 -
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Enterprise over which 268 290
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Youth Sports Enterprise over which 30 -
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence

Standalone Financial Statements

110 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr.
Particulars Relationship 2023-24 2022-23
No.
Sir HN Hospital Trust Enterprise over which 90 -
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
Sir Hurkisondas Nurrotamdas Hospital and Research Centre Enterprise over which 10 -
Key Managerial
Personnel of the
Ultimate Parent
Company are able to
exercise significant
influence
"0" represents the amounts below the denomination threshold.
#
Control by Independent Media Trust of which Reliance Industries Limited (Ultimate Parent Company) is the sole
beneficiary.
^
Relationship established during the year.
*Control by Digital Media Distribution Trust of which Reliance Content Distribution Limited is the sole beneficiary,
which is a wholly-owned subsidiary of Reliance Industries Limited (Ultimate Parent Company).
@
Ceased to be related party during the year.
$
Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Smt. Isha M Ambani, Shri Akash M Ambani
and Shri Anant M Ambani together and collectively control both Reliance Industries Limited and Jio Financial
Services Limited by exercise of voting rights.
(V) Balances as at 31st March, 2024
(` in crore)
Sr. Particulars Relationship As at 31st March, 2024 As at 31st March, 2023
No.
1 Investments
Reliance Jio Infocomm Pte. Ltd Subsidiary 814 814
Reliance Jio Infocomm UK Limited Subsidiary 52 52
Reliance Jio Infocomm USA, Inc. Subsidiary 242 242

2 Equity Share Capital

Jio Platforms Limited Parent Company 45,000 45,000

3 Preference Share Capital#

Jio Platforms Limited Parent Company 1,25,125 1,25,125
# Including Securities Premium
33.1 Compensation of Key Managerial Personnel

The remuneration of director and other member of key managerial personnel during the year was as follows:
(` in crore)
Particulars 2023-24 2022-23
Short-term benefits 18 18
Post employment benefits 0 0
Total 18 18
“0” represents the amounts below the denomination threshold.

Standalone Financial Statements

Reliance Jio Infocomm Limited 111

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
34. Contingent Liabilities and Commitments

(I) Contingent Liabilities

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
(i) Claims against the Company / disputed liabilities not 2,743 3,845
acknowledged as debts*
(ii) Corporate Guarantees - 19
The disputed liabilities are not likely to have any material effect on financial position of the Company.
*The Company has been advised that the demand is likely to be either deleted or substantially reduced and
accordingly no provision is considered necessary.
(II) Commitments
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Estimated amount of contracts remaining to be executed on 5,605 26,936
Capital account not provided for
35. Capital Management

The Company adheres to a disciplined Capital Management framework, the main objectives are as follows:

(a) Maintain diversity of sources of financing and spreading the maturity across tenure buckets in order to manage
liquidity risk.

(b) Maintain AAA/A1+ rating by ensuring that the financial strength of the Balance Sheet is preserved.

(c) Manage financial market risks arising from foreign exchange and interest rates and minimise the impact of
market volatility on earnings.

(d) Leverage optimally in order to maximize shareholder returns while maintaining strength and flexibility of
Balance Sheet.

This framework is adjusted based on underlying macro-economic factors affecting business environment, financial
market conditions and interest rates environment.

The Net Gearing Ratio at end of the reporting period was as follows:

(` in crore)
Particulars As at 31st March, 2024 As at 31st March, 2023
Gross Debt 52,740 35,678
Cash and Marketable Securities* (3,490) (1,037)
Net Debt (A) 49,250 34,641
Total Equity (As per Balance Sheet) (B) 2,36,369 2,15,997
Net Gearing Ratio (A/B) 0.21 0.16
*Cash and Marketable Securities includes Cash and Cash Equivalents of `967 crore (Previous Year `447 crore) and
Current Investment of `2,523 crore (Previous Year `590 crore).
36. Financial Instruments

(A) Fair Value Measurement Hierarchy

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Carrying Level of Input used in Carrying Level of Input used in
Particulars
Amount Fair Value Measurement Amount Fair Value Measurement
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial Assets*
At Amortised Cost
Trade Receivables 1,549 - - - 2,418 - - -
Cash and Bank Balances 1,374 - - - 863 - - -

Standalone Financial Statements

112 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
As at 31st March, 2024 As at 31st March, 2023
Carrying Level of Input used in Carrying Level of Input used in
Particulars
Amount Fair Value Measurement Amount Fair Value Measurement
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Other Financial Assets 1,523 - - - 3,863 - - -
At FVTPL
Current Investment 2,523 2,523 - - 590 590 - -
Other Financial Assets 44 - 44 - 16 - 16 -
Financial Liabilities
At Amortised Cost
Borrowings 52,740 - - - 35,678 - - -
Deferred Payment 1,12,844 - - - 1,17,267 - - -
Liabilities
Lease Liabilities 12,613 - - - 13,698 - - -
Trade Payables 4,336 - - - 3,353 - - -
Other Financial Liabilities 35,453 - - - 36,359 - - -
At FVTPL
Other Financial Liabilities 836 - 836 - 207 - 207 -
*Above does not include Investments in Subsidiaries `1,108 crore (Previous Year `1,108 crore) measured at cost
(Refer note 2.1)
The financial instruments are categorized into three levels based on the inputs used to arrive at fair value
measurements as described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.

Level 3: Inputs based on unobservable market data.

Valuation Methodology:

All financial instruments are initially recognized and subsequently re-measured at fair value as described below:

(a) The fair value of investment in Mutual Funds and Certificate of Deposits is measured at NAV or quoted price.

(b) The fair value of Forward Foreign Exchange contracts, Currency Swaps and Interest Rate Swaps are determined
using observable forward exchange rates and yield curves at the balance sheet date.

(c) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

(d) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

(B) Financial Risk Management

The different types of risks the Company is exposed to are market risk, credit risk and liquidity risk. The Company
uses derivative financial instruments such as forwards and swap contracts to minimise any adverse effect on its
financial performance. All such activities are undertaken within an approved Risk Management Policy framework.
(i) Market Risk
(a) Foreign Currency Risk
Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate
because of changes in foreign currency rates. Exposures can arise on account of the various assets and
liabilities which are denominated in currencies other than Indian Rupee.
The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial
instruments at the end of the reporting period. The exposure to all other foreign currencies are not
material.

Standalone Financial Statements

Reliance Jio Infocomm Limited 113

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(` in crore)
Foreign Currency Exposure
Particulars As at 31st March, 2024 As at 31st March, 2023
USD EUR JPY USD EUR JPY
Borrowings 24,821 814 4,777 8,217 - -
Trade and Other Payables 3,358 6 3 3,831 3 0
Trade and Other Receivables (258) (0) - (227) (0) -
Derivatives
- Forwards (28,120) (814) (4,777) (11,488) - -
Exposure (199) 6 3 333 3 0
“0” represents the amount below the denomination threshold.
Sensitivity analysis of 1% change in exchange rate at the end of reporting period
(` in crore)
Foreign Currency Sensitivity
Particulars As at 31st March, 2024 As at 31st March, 2023
USD EUR JPY USD EUR JPY
1% Depreciation in INR 2 (0) (0) (3) (0) (0)
Impact on Equity - - - - - -
Impact on Profit and Loss 2 (0) (0) (3) (0) (0)
1% Appreciation in INR (2) 0 0 3 0 0
Impact on Equity - - - - - -
Impact on Profit and Loss (2) 0 0 3 0 0

(b) Interest Rate Risk

The exposure of the Company’s borrowings and derivatives to interest rate changes at the end of the
reporting period are as follows:

(` in crore)
Interest Rate Exposure
Particulars
As at 31st March, 2024 As at 31st March, 2023
Borrowings
Non-Current - Fixed (Includes Current Maturities)* 16,187 17,257
Non-Current - Floating (Includes Current Maturities)* 30,412 8,217
Current #
6,690 10,590
Total 53,289 36,064
Derivatives
Interest Rate Swaps
- Receive Fix 8,710 9,200
*Includes `408 crore (Previous Year `103 crore) as Unamortised Finance Charges and Fair Valuation
Impact of `110 crore (Previous Year `148 crore).
#
Includes `31 crore (Previous Year `135 crore) as Commercial Paper Discount.
Capitalization rate used to determine the amount of eligible borrowing cost is 6.07% p.a. (Previous
Year 5.97%)
Sensitivity Analysis of 1% change in interest rate

(` in crore)
Interest Rate Sensitivity
Particulars As at 31st March, 2024 As at 31st March, 2023
Up Down Up Down
Impact on Equity - - - -
Impact on P&L (391) 391 (96) 96
Total (391) 391 (96) 96

Standalone Financial Statements

114 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(ii) Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the
amounts due causing financial loss to the Company. Credit risk arises from Company’s activities in investments,
dealing in derivatives and outstanding receivables from customers.

The Company has a prudent and conservative process for managing its credit risk arising in the course of its
business activities. Credit risk is actively managed through timely assessment of its customer’s creditworthiness,
optimal credit limits and use of collateral management in the form of selective advance payments & security
deposits.

(iii) Liquidity Risk

Liquidity risk arises from the Company’s inability to meet its cash flow commitments on the due date. The
Company maintains sufficient stock of cash and committed credit facilities. The Company accesses global
and local financial markets to meet its liquidity requirements. It uses a range of products and a mix of
currencies to ensure efficient funding from across well-diversified markets and investor pools. Treasury
monitors rolling forecasts of the Company’s cash flow position and ensures that the Company is able to meet
its financial obligation at all times including contingencies.

(` in crore)
Maturity Profile as at 31st March, 2024
Particulars^ Below 3 3 -6 6 -12 1- 3 Years 3-5 Above 5 Total
Months Months Months Years Years
Borrowings
Non-Current* 274 886 2,565 11,023 31,027 824 46,599
Current# 6,690 - - - - - 6,690
Total 6,964 886 2,565 11,023 31,027 824 53,289

Lease Liabilities 1,196 1,029 1,925 6,779 2,326 2,036 15,291

(Gross)

Derivative Liabilities
Forwards 194 364 99 45 4 - 706
Interest Rate Swaps 4 - - 126 - - 130
Total 198 364 99 171 4 - 836
^ Does not include Trade Payables (current) amounting to `4,336 crore.
* Includes `408 crore as Unamortised Finance Charges and Fair Valuation Impact of `110 crore.
#
Includes `31 crore as Commercial Paper Discount.
(` in crore)
Maturity Profile as at 31st March, 2023
Particulars^ Below 3 3 -6 6 -12 1- 3 3-5 Above 5 Total
Months Months Months Years Years Years
Borrowings
Non-Current* 160 433 1,899 5,659 14,369 2,954 25,474
Current# 9,715 875 - - - - 10,590
Total 9,875 1,308 1,899 5,659 14,369 2,954 36,064

Lease Liabilities 1,130 1,131 2,215 6,299 3,725 2,709 17,209

(Gross)

Derivative Liabilities
Forwards 39 15 1 - - - 55
Interest Rate Swaps - - - 59 93 - 152
Total 39 15 1 59 93 - 207
^Does not include Trade Payables (current) amounting to `3,353 crore.
*Includes `103 crore as Unamortised Finance Charges and Fair Valuation Impact of `148 crore.
#
Includes `135 crore as Commercial Paper Discount.

Standalone Financial Statements

Reliance Jio Infocomm Limited 115

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
(C) Hedge Accounting

The Company’s business objective includes safe-guarding its earnings against adverse impact of movements
in interest rates and foreign exchange rates. The Company has adopted a structured risk management policy
to hedge risks within an acceptable risk limit and an approved hedge accounting framework which allows
for Fair Value hedges and Cash Flow Hedges. The Company enters into derivative financial instruments
including interest rate swaps and forward contracts to achieve this objective.

There is an economic relationship between the hedged items and the hedging instruments. The Company has
established a hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Company
uses the hypothetical derivative method and critical term matching method.

The hedge ineffectiveness can arise from:

- Differences in the timing of the cash flows.

- Different indexes (and accordingly different curves).

- The counterparties’ credit risk differently impacting the fair value movements.

The table below shows the position of hedging instruments and hedged items as on the balance sheet date:

Disclosure of effect of Hedge Accounting:

A. Fair Value Hedge
Hedging Instruments
(` in crore)
Nominal Carrying Amount Changes Hedge Line Item
Particulars Value Assets Liabilities in Fair Maturity in Balance
Value Sheet
As at 31st March, 2024
Interest Rate Risk
Interest Rate Swaps 6,125 - 127 (127) April 2025 Other
to January Financial
2027 Liabilities -
Current

As at 31st March, 2023

Interest Rate Risk
Interest Rate Swaps 7,825 - 142 (142) April 2025 Other
to January Financial
2027 Liabilities -
Current

Hedged Items
(` in crore)
Carrying Amount Changes Line Item in Balance Sheet
Particulars
Assets Liabilities in Fair Value
As at 31st March, 2024
Interest Rate Risk
Fixed Rate Borrowings 6,026 99 Non-Current Borrowings

As at 31st March, 2023

Interest Rate Risk
Fixed Rate Borrowings - 7,701 124 Non-Current Borrowings

Standalone Financial Statements

116 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
B. Cash Flow Hedge
Hedging Instruments

(` in crore)
Nominal Carrying Amount Changes Hedge Line Item in Bal-
Particulars Value in Fair Maturity ance Sheet
Assets Liabilities Value
As at 31st March, 2024
Foreign Exchange Rate
Risk
April Other Financial
2024 Assets /
Forward Contracts 30,662 35 705 (269)
to June Liabilities -
2028 Current

As at 31st March, 2023

Foreign Exchange Rate
Risk
Forward Contracts - - - - - -

Hedged Items

(` in crore)
Nom- Changes Hedge Line Item in Balance
Particulars inal in Fair Reserve Sheet
Value Value
As at 31st March, 2024
Foreign Exchange Rate Risk
Foreign Currency Borrowings 30,412 265 (119) Non-Current Borrowings
Interest accrued but not due on Other Financial
21 - (0)
Foreign Currency Borrowings Liabilities
Future Interest liability on Foreign Other Financial
229 - (1)
Currency Borrowings Liabilities

As at 31st March, 2023

Foreign Exchange Rate Risk
Foreign Currency Borrowings - - - -
Interest accrued but not due on Foreign
- - - -
Currency Borrowings
Future Interest liability on Foreign Cur- - - - -
rency Borrowings

Standalone Financial Statements

Reliance Jio Infocomm Limited 117

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
Movement in Cash Flow Hedge

(` in crore)
Line Item in Balance Sheet/
Particulars 2023-24 2022-23
Statement of Profit and Loss
At the beginning of the year - -
Loss recognised in Other Comprehensive (446) - Items that will be reclassifed to Profit
Income & Loss
Amount reclassified to Profit and Loss 326 - Finance Costs
during the year
At the end of the year (120) - Other Comprehensive Income

37. Segment Reporting

The Company is mainly engaged in the business of providing Digital Services. Accordingly, the Company presently
has one Digital Services segment as per the requirements of Ind AS 108 - Operating Segments.

38. Payment to Auditors as:

(` in crore)
Particulars 2023-24 2022-23
Fees as Auditors 8 9
Fees for Other Services (Current year `20,00,000 and Previous year `20,00,000 ) 0 0
Total 8 9

39. Corporate Social Responsibility (CSR)

(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof
by the Company during the year is `403 Crore (Previous Year `288 Crore).

(b) Expenditure related to CSR is `403 Crore (Previous Year `290 Crore).

Details of Amount spent towards CSR given below:

(` in crore)
Particulars 2023-24 2022-23
Rural Development - 5
Health 130 171
Education 137 101
Sports For Development 41 8
Environment, Ecology and Animal Welfare 51 -
Others incl. Arts, Culture, Heritage, Disaster Management, Women Empowerment, 44 5
Partnership
Total 403 290

(c) Out of (b) above, `268 crore (Previous Year `290 crore) contributed to Reliance Foundation, `90 crore contributed
to Sir HN Hospital Trust, `30 crore contributed to Reliance Foundation Youth Sports, `10 crore contributed
to Sir Hurkisondas Nurrotamdas Hospital and Research Centre, and `5 crore contributed to Dhirubhai Ambani
Foundation which are related parties.

Standalone Financial Statements

118 Reliance Jio Infocomm Limited

Notes to the Standalone Financial Statements for the year ended 31st March, 2024
40. Ratio Analysis

Sr. No. Particulars 2023-24 2022-23 % Changes

1 Current Ratio 0.51 0.46 10.8
2 Debt-Equity Ratioa 0.22 0.17 29.4
3 Debt Service Coverage Ratio b
4.76 2.27 109.7
4 Return on Equity Ratio 9.0% 8.8% 2.8
5 Inventory Turnover Ratio NA NA NA
6 Trade Receivables Turnover Ratioc 59.39 31.73 87.1
7 Trade Payables Turnover Ratio 9.52 12.41 (23.3)
8 Net Capital Turnover Ratio^ - - -
9 Net Profit Ratio 17.4% 17.0% 1.9
10 Return on Capital Employed 13.1% 11.6% 12.5
11 Return on Investment 7.5% 6.2% 19.7

^Not measurable due to negative working capital

a) Debt-Equity Ratio - Change in ratio is on account of inrease in term loans for capital expenditure towards setting
up of 5G Network.

b) Debt Service Coverage Ratio - Change in ratio is on account of lower scheduled repayment of non-current
borrowings as compared to previous year

c) Trade Receivables Turnover Ratio - Change in ratio is on account of decrease in average trade receivables.

40.1 Formulae for computation of ratios are as follows:

Sr. No. Particulars Formula

Current Assets
1 Current Ratio
Current Liabilities
Total Debt
2 Debt-Equity Ratio
Total Equity
Earnings before Interest, Tax and Exceptional Items
3 Debt Service Coverage Ratio Interest Expense + Principal Repayments made during the year for
long term loans
Profit After Tax
4 Return on Equity Ratio
Average Net Worth
Cost of Goods Sold
5 Inventory Turnover Ratio Average Inventories of Finished Goods, Stock-in-Process and
Stock-in-Trade
Value of Services
6 Trade Receivables Turnover Ratio
Average Trade Receivables
(Network Operating Expenses+Access Charges
7 Trade Payables Turnover Ratio +Selling and Distribution Expenses+Other Expenses)
Average Trade Payables
Value of Services
8 Net Capital Turnover Ratio
Working Capital (Current Assets - Current Liabilities)
Profit After Tax
9 Net Profit Ratio
Value of Services

Standalone Financial Statements

Reliance Jio Infocomm Limited 119

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Sr. No. Particulars Formula

Net Profit After Tax + Deferred Tax Expense/(Income) +
10 Return on Capital Employed Finance Cost (-) Other Income
Average Capital Employed*
Other Income**
11 Return on Investment
Time Weighted Average Investments

*Capital employed includes Equity, Borrowings, Deferred Payment Liabilities, Deferred Tax Liabilities, Creditor for
Capital Expenditure and reduced by Investments, Cash and Cash Equivalents, Capital Work-in-Progress, Spectrum
Under Development and Other Intangible Assets Under Development.

**Comprises of interest income from fixed deposits and gain on investments.

41. Other Statutory Information

(i) There are no balance outstanding on account of any transaction with companies struck off under section 248
of the Companies Act, 2013 or section 560 of Companies Act, 1956.

(ii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(iii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iv) The Company does not have any transaction which is not recorded in the books of accounts; and which has
been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act,
1961.

42. The figures for the corresponding previous year have been regrouped / rearranged wherever necessary, to make
them comparable.

43. Approval of Financial Statements

The financial statements were approved for issue by Board of Directors on April 22, 2024.

For and on behalf of the Board

As per our Report of even date
For D T S & Associates LLP For Deloitte Haskins & Sells LLP Akash M. Ambani Chairman DIN : 06984194
Chartered Accountants Chartered Accountants Isha M. Ambani Director DIN : 06984175
(Registration No. 142412W / W-100595 (Registration No. 117366W / W-100018 Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Mathew Oommen Director DIN : 07176548
Kundan Angre Ketan Vora Mahendra Nahata Director DIN : 00052898
Partner Partner Kiran M. Thomas Director DIN : 02242745
Membership No. 136433 Membership No. 100459
Adil Zainulbhai Director DIN : 06646490
Dipak C. Jain Director DIN : 00228513
Rajneesh Jain Jyoti Jain
Mohanbir S. Sawhney Director DIN : 07136864
Chief Financial Officer Company Secretary
Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Standalone Financial Statements

Reliance Jio Infocomm Limited
Consolidated Financial Statements
FY 2023-24
Reliance Jio Infocomm Limited 121

INDEPENDENT AUDITOR’S REPORT

To The Members of Reliance Jio Infocomm Limited
Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Reliance Jio Infocomm Limited (“the Parent”) and
its subsidiaries, (the Parent and its subsidiaries together referred to as the “the Group”) which comprise the Consolidated
Balance Sheet as at 31st March 2024, and the Consolidated Statement of Profit and Loss (including Other Comprehensive
Income), the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity for the year
ended on that date, and notes to the financial statements, including a summary of material accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act, (“Ind
AS”) and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at 31
March 2024, and their consolidated profit, their consolidated total comprehensive profit, their consolidated cash flows
and their consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (“SAs”)
specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
Responsibility for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group,
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with
the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of
the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described below to be the key audit matters to be communicated in
our report.

Sr. No. Key Audit Matter Auditor’s Response

1 Revenue Recognition for the Parent Principal audit procedures performed included the
(Refer Note B.3 (h)) following:

The accounting policies for revenue recognition are • Evaluated and tested the design, implementation
set out in Note B.3 (h) to the consolidated financial and operating effectiveness of the relevant
statements. business process controls, inter-alia controls over
the capture, measurement and authorization
Revenue is a key audit matter due to high volumes of of revenue transactions, involving internal
data processed by the IT systems and the complexity of Information Technology (IT) specialists for the
those IT systems. automated controls, interface controls and
reports generated through various relevant IT
systems involved in the revenue process.
• Involved internal IT specialists and tested the
IT environment inter-alia for access controls,
change management and application specific
controls in the IT Systems over the Company’s
billing and other relevant support systems.
• Tested collections and tested the reconciliation
between revenue per the billing system and the
financial records. We also performed procedures
to test the computation of revenue and deferred
revenue.

Consolidated Financial Statements

122 Reliance Jio Infocomm Limited

Information Other than the Financial Statements and Auditor’s Report Thereon

• The Parent’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Board of Directors’ report, but does not include the consolidated financial statements,
standalone financial statements and our auditor’s report thereon.

• Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

• In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information, compare with the financial statements of the subsidiaries to the extent it relates to these entities and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements,
or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. Other
information so far as it relates to the subsidiaries, is traced from their financial statements audited by one of the joint
auditors or other auditors.

• If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Parent’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position,
consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated
changes in equity of the Group in accordance with the accounting principles generally accepted in India, including Ind
AS specified under section 133 of the Act. The respective Board of Directors of the companies included in the Group are
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which
have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Parent, as
aforesaid.

In preparing the consolidated financial statements, the respective Management and Board of Directors of the companies
included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
respective Board of Directors either intend to liquidate their respective entities or to cease operations, or has no realistic
alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial
reporting process of the Group.

Auditor’s Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing

Consolidated Financial Statements

Reliance Jio Infocomm Limited 123

our opinion on whether the Parent has adequate internal financial controls with reference to consolidated financial
statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group
to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to
express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the audit of the financial statements of such entities included in the consolidated financial statements
of which we are the independent auditors. For the entities included in the consolidated financial statements, which
have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated
financial statements.

We communicate with those charged with governance of the Parent and such other entities included in the consolidated
financial statements of which we are the independent auditors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we
identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Other Matters

(a) We did not audit the financial statements of two subsidiaries, whose financial statements reflect total assets of ` 297
crores as at 31st March, 2024, total revenues of ` 244 crores and net cash inflows amounting to ` 12 crores for the
year ended on that date, as considered in the consolidated financial statements. These financial statements have
been audited by one of the joint auditors and our opinion on the consolidated financial statements, in so far as it
relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of subsection
(3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries is based solely on such reports.

(b) We did not audit the financial statements of two subsidiaries, whose financial statements reflect total assets of ` 4,444
crores as at 31st March, 2024, total revenues of ` 1,229 and net cash inflows amounting to ` 662 crores for the year
ended on that date, as considered in the consolidated financial statements. These financial statements have been
audited by other auditors under generally accepted auditing standards applicable in their country of incorporation.
The Parent’s management has converted these financial from accounting principles generally accepted in that
country to the accounting principles generally accepted in India. We have audited the conversion adjustments
made by the Holding Company’s management. The reports of the other auditors have been furnished to us by the
Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and

Consolidated Financial Statements

124 Reliance Jio Infocomm Limited

disclosures included in respect of these subsidiaries, and our report in terms of subsection (3) of Section 143 of the
Act, in so far as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of other auditors
on the separate financial statements of the subsidiaries referred to in the Other Matters section above we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.

b) In our opinion, proper books of account as required by law maintained by the Group, including relevant records
relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears
from our examination of those books and the reports of the other auditors.

c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive
Income, the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity
dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of
preparation of the consolidated financial statements.

d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section
133 of the Act.

e) On the basis of the written representations received from the directors of the Parent as on 31st March, 2024
taken on record by the Board of Directors of the Company and the reports of the statutory auditors of its
subsidiary companies none of the directors of the Group companies is disqualified as on 31st March, 2024 from
being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to consolidated financial
statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”
which is based on the auditors’ reports of the Parent. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of internal financial controls with reference to consolidated financial
statements of the Parent.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to
the explanations given to us, the remuneration paid by the Parent to their respective directors during the year
is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and
according to the explanations given to us:

i) The consolidated financial statements disclose the impact of pending litigations on the consolidated
financial position of the Group - Refer Note 34(i) to the consolidated financial statements;

ii) Provision has been made in the consolidated financial statements, as required under the applicable
law or accounting standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.

iii) There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Parent and its subsidiary companies.

iv) (a) The Management of the Parent have represented to us, to the best of their knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Parent to or in any other person(s) or entity(ies),
including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Parent (“Ultimate Beneficiaries”)
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management of the Parent, have represented that, to the best of their knowledge and belief,
no funds have been received by the Parent from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Parent, directly or indirectly, lend or invest in other persons or entities identified in any

Consolidated Financial Statements

Reliance Jio Infocomm Limited 125

manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate
in the circumstances nothing has come to our or other auditor’s notice that has caused us or the
other auditors to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.

v) The Parent whose financial statements have been audited under the Act, have not declared or paid any
dividend during the year and have not proposed final dividend for the year.

vi) Based on our examination which included test checks and that performed by the auditors of the
Parent whose financial statements have been audited under the Act, the Parent have used accounting
softwares for maintaining their respective books of account for the financial year ended 31st March
2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the softwares. We report that recording of audit trail
is only applicable to the Parent and not to any other company included in the consolidated financial
statements. Further, during the course of audit we have not come across any instance of the audit trail
feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting
under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per
the statutory requirements for record retention is not applicable for the financial year ended March 31,
2024.

2. With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the Companies (Auditor’s
Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, according
to the information and explanations given to us, and based on the audit report issued by us and the auditors of
respective companies included in the consolidated financial statements, as provided to us by the Management of the
Parent, we report that CARO is only applicable to Parent and not to any other company included in the Consolidated
Financial Statements. We have not reported any qualification or adverse remark in the CARO report of the Parent.

For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants
(Registration No. 142412W/W100595) (Registration No. 117366W/W100018)

Kundan Angre Ketan Vora

Partner Partner
Membership No.136433 Membership No. 100459
UDIN: 24136433BKAPTJ7957 UDIN: 24100459BKFASC4930
Place: Mumbai Place: Mumbai
Date: 22nd April 2024 Date: 22nd April 2024

Consolidated Financial Statements

126 Reliance Jio Infocomm Limited

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date to the members of Reliance Jio Infocomm Limited on the consolidated financial statements for the year
ended 31st March 2024)

Report on the Internal Financial Controls with reference to consolidated financial statements under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

In conjunction with our audit of the consolidated Ind AS financial statements of the Company as at and for the year ended
March 31, 2024, we have audited the internal financial controls with reference to consolidated financial statements of
Reliance Jio Infocomm Limited (hereinafter referred to as “the Parent”), as of that date.

Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Parent, is responsible for establishing and maintaining internal financial controls with reference
to consolidated financial statements based on “the internal control with reference to consolidated financial statements
criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India
(“the ICAI)”. These responsibilities include the design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to the Parent’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under the
Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Parent’s internal financial controls with reference to consolidated financial
statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and
the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an
audit of internal financial controls with reference to consolidated financial statements. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls with reference to consolidated financial statements was established
and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial
controls with reference to consolidated financial statements included obtaining an understanding of internal financial
controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion
on the Parent’s internal financial controls with reference to consolidated financial statements.

Meaning of Internal Financial Controls with reference to consolidated financial statements

A company’s internal financial control with reference to consolidated financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial
control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition
of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to consolidated financial statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or

Consolidated Financial Statements

Reliance Jio Infocomm Limited 127

fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
consolidated financial statements to future periods are subject to the risk that the internal financial control with reference
to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations given to us, the Parent, has, in all material
respects, an adequate internal financial controls with reference to consolidated financial statements and such internal
financial controls with reference to consolidated financial statements were operating effectively as at March 31, 2024,
based on “the internal control with reference to consolidated financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India”.

For D T S & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants
(Registration No. 142412W/W100595) (Registration No. 117366W/W100018)

Kundan Angre Ketan Vora

Partner Partner
Membership No.136433 Membership No. 100459
UDIN: 24136433BKAPTJ7957 UDIN: 24100459BKFASC4930
Place: Mumbai Place: Mumbai
Date: 22nd April 2024 Date: 22nd April 2024

Consolidated Financial Statements

128 Reliance Jio Infocomm Limited

Consolidated Balance Sheet as at 31st March, 2024

(` in crore)
Particulars Notes As at 31st March, 2024 As at 31st March, 2023
Assets
Non-Current Assets
Property, Plant and Equipment 1 1,47,202 1,46,010
Spectrum 1 69,852 75,339
Other Intangible Assets 1 4,146 4,704
Capital Work-in-Progress 1 79,377 44,758
Spectrum Under Development 1 1,29,602 1,22,357
Other Intangible Assets Under Development 1 449 256
Financial Assets
Investments 2 1 37
Other Financial Assets 3 10 8
Other Non-Current Assets 4 25,324 23,895
Total Non-Current Assets 4,55,963 4,17,364
Current Assets
Financial Assets
Investments 5 2,523 590
Trade Receivables 6 2,091 2,609
Cash and Cash Equivalents 7 2,085 891
Other Bank Balances 8 397 408
Other Financial Assets 9 1,686 3,978
Other Current Assets 10 26,171 22,041
Total Current Assets 34,953 30,517
Total Assets 4,90,916 4,47,881
Equity and Liabilities
Equity
Equity Share Capital 11 45,000 45,000
Other Equity 12 1,92,032 1,71,519
Total Equity 2,37,032 2,16,519
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings 13 42,373 22,732
Lease Liabilities 9,425 10,302
Deferred Payment Liabilities 14 1,08,270 1,12,844
Other Financial Liabilities 15 4,461 5,091
Provisions 16 127 124
Deferred Tax Liabilities (Net) 17 20,869 13,861
Other Non-Current Liabilities 18 1,457 788
Total Non-Current Liabilities 1,86,982 1,65,742
Current Liabilities
Financial Liabilities
Borrowings 19 10,367 12,946
Lease Liabilities 3,203 3,407
Trade Payables Dues of 20
Micro enterprises and small enterprises 15 21
Other than Micro enterprises and small enterprises 4,449 3,396
Deferred Payment Liabilities 14 4,574 4,423
Other Financial Liabilities 21 31,891 31,494
Other Current Liabilities 22 12,297 9,842
Provisions 23 106 91
Total Current Liabilities 66,902 65,620
Total Liabilities 2,53,884 2,31,362
Total Equity and Liabilities 4,90,916 4,47,881
Material Accounting Policies
See accompanying Notes to the Consolidated Financial Statements 1 to 44
As per our Report of even date For and on behalf of the Board
For DTS & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
Firm Regn No: 142412W / Firm Regn No: 117366W /
Isha M. Ambani Director DIN : 06984175
W-100595 W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No: 136433 Membership No: 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Dipak C. Jain Director DIN : 00228513
Rajneesh Jain Jyoti Jain Mohanbir S. Sawhney Director DIN : 07136864
Chief Financial Officer Company Secretary Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Consolidated Financial Statements

Reliance Jio Infocomm Limited 129

Consolidated Statement of Profit and Loss for the year ended 31st March, 2024
(` in crore)
Particulars Notes 2023-24 2022-23
Income
Revenue from Operations 24 1,00,891 91,373
Other Income 25 498 368
Total Income 1,01,389 91,741

Expenses
Network Operating Expenses 26 30,868 28,702
Access Charges 1,066 881
License Fees/Spectrum Charges 9,213 9,132
Employee Benefits Expense 27 2,050 1,756
Finance Costs 28 4,000 4,059
Depreciation and Amortisation Expense 1 21,500 18,641
Selling and Distribution Expenses 29 2,493 1,822
Other Expenses 30 2,534 2,183
Total Expenses 73,724 67,176

Profit Before Tax 27,665 24,565

Tax Expenses
Current Tax 17 19 16
Deferred Tax 17 7,039 6,250
Profit for the year 20,607 18,299

Other Comprehensive Income

(i) Items that will not be reclassified to Profit or Loss 25.1 (20) 154
(ii) Income tax relating to items that will not be reclassified to Profit or Loss 1 -
(iii) Items that will be reclassified to Profit or Loss 25.2 (105) (29)
(iv) Income tax relating to items that will be reclassified to Profit or Loss 30 0
Total Other Comprehensive Income for the year (Net of tax) (94) 125
Total Comprehensive Income for the year 20,513 18,424

Earnings Per Equity Share of Face Value of ` 10 each

Basic (in `) 31 4.58 4.07
Diluted (in `) 31 1.21 1.07
Material Accounting Policies
See accompanying Notes to the Consolidated Financial Statements 1 to 44
“0” represents the amount below the denomination threshold.

As per our Report of even date For and on behalf of the Board
For DTS & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
Firm Regn No: 142412W / Firm Regn No: 117366W /
Isha M. Ambani Director DIN : 06984175
W-100595 W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No: 136433 Membership No: 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Dipak C. Jain Director DIN : 00228513
Rajneesh Jain Jyoti Jain Mohanbir S. Sawhney Director DIN : 07136864
Chief Financial Officer Company Secretary Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Consolidated Financial Statements

130 Reliance Jio Infocomm Limited

Consolidated Statement of Changes in Equity for the year ended 31st March, 2024
A. Equity Share Capital
(` in crore)
Balance as at Change during the Balance as at Change during the Balance as at
1st April, 2022 year 2022-23 31st March, 2023 year 2023-24 31st March, 2024
45,000 - 45,000 - 45,000

B. Other Equity
(` in crore)
Instruments classified as Equity Reserves and Surplus Total
0.1% Non 9% Non 0.01% Non Securities Retained Other Com- Debenture
Cumulative Cumulative Cumulative Premium Earnings prehensive Redemp-
Optionally Optionally Optionally Income* tion
Particulars Convertible Convertible Convertible Reserve
Preference Preference Preference
Share Cap- Share Cap- Share Cap-
ital, fully ital, fully ital, fully
paid up paid up paid up
As at 31st March, 2023
Balance at the beginning 125 4,000 1,05,000 16,000 27,295 169 500 1,53,089
of the reporting period i.e.
1st April, 2022
Profit for the year - - - - 18,299 - - 18,299
Other Comprehensive - - - - - 125 - 125
Income for the year
Others - - - - - 6 - 6
Balance at the end of the 125 4,000 1,05,000 16,000 45,594 300 500 1,71,519
reporting period i.e.
31st March, 2023

As at 31st March, 2024

Balance at the beginning 125 4,000 1,05,000 16,000 45,594 300 500 1,71,519
of the reporting period i.e.
1st April, 2023
Profit for the year - - - - 20,607 - - 20,607
Other Comprehensive - - - - - (94) - (94)
Income for the year
Balance at the end of the 125 4,000 1,05,000 16,000 66,201 206 500 1,92,032
reporting period i.e.
31st March, 2024
*Includes net movement in Foreign Currency Translation Reserve.

As per our Report of even date For and on behalf of the Board
For DTS & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
Firm Regn No: 142412W / Firm Regn No: 117366W /
Isha M. Ambani Director DIN : 06984175
W-100595 W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No: 136433 Membership No: 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Dipak C. Jain Director DIN : 00228513
Rajneesh Jain Jyoti Jain Mohanbir S. Sawhney Director DIN : 07136864
Chief Financial Officer Company Secretary Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Consolidated Financial Statements

131 Reliance Jio Infocomm Limited Reliance Jio Infocomm Limited 131

Consolidated Statement of Cash Flows for the year ended 31st March, 2024
(` in crore)
2023-24 2022-23
A. Cash Flow from Operating Activities:
Profit Before Tax as per Statement of Profit and Loss 27,665 24,565
Adjusted for:
Depreciation and Amortisation Expense 21,500 18,641
Effect of Exchange Rate Change (68) 73
Interest Income (48) (12)
Gain on Investments (Net) (362) (155)
(Profit) / Loss on Sale/Discard of Property, Plant and Equipment (Net) 13 (14)
Finance Costs 4,000 4,059
Operating Profit before Working Capital Changes 52,700 47,157
Adjusted for:
Trade and Other Receivables (753) (2,349)
Trade and Other Payables 4,366 2,490
Cash Generated from Operations 56,313 47,298
Tax Refund / (Paid) (Net) (105) 1,344
Net Cash Flow from Operating Activities 56,208 48,642

B. Cash Flow from Investing Activities:

Expenditure on Property, Plant and Equipment, Spectrum and Other (49,246) (33,905)
Intangible Assets
Proceeds from disposal of Property, Plant and Equipment 94 94
Payment of Deferred Payment Liabilities for Spectrum (4,423) -
Purchase of Investments (89,154) (1,07,695)
Proceeds from Sale of Investments 87,599 1,07,814
Interest Income 124 13
Fixed Deposits with Banks 8 2
Net Cash Flow used in Investing Activities (54,998) (33,677)

C. Cash Flow from Financing Activities:

Proceeds from Borrowings - Non-current (including current maturities) 23,626 9,288
Repayment of Borrowings - Non-current (including current maturities) (2,613) (8,499)
Borrowings - Current (Net) (3,796) (7,382)
Payment of Lease Liabilities (3,659) (4,067)
Finance Costs Paid (13,574) (3,843)
Net Cash Flow used in from Financing Activities (16) (14,503)

Net Increase in Cash and Cash Equivalents 1,194 462

Opening Balance of Cash and Cash Equivalents 891 429

Closing Balance of Cash and Cash Equivalents (Refer Note 7) 2,085 891

Consolidated Financial Statements

132 Reliance Jio Infocomm Limited

Consolidated Statement of Cash Flows for the year ended 31st March, 2024
Changes in Liabilities arising from financing activities
(` in crore)
1st April, 2023 Cash flow Non cash 31st March,
Fair Valuation Finance costs 2024
(Gain)/Loss including
amortisation
Borrowings - Non-current 25,223 21,013 149 (304) 46,081
(including current maturities)
(Refer Note 13)
Borrowings - Current 10,455 (3,796) - - 6,659
(Refer Note 19)
35,678 17,217 149 (304) 52,740

(` in crore)
1st April, 2022 Cash flow Non cash 31st March,
Fair Valuation Finance costs 2023
(Gain)/Loss including
amortisation
Borrowings - Non-current 24,649 789 (124) (91) 25,223
(including current maturities)
(Refer Note 13)
Borrowing - Current 17,837 (7,382) - - 10,455
(Refer Note 19)
42,486 (6,593) (124) (91) 35,678

As per our Report of even date For and on behalf of the Board
For DTS & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
Firm Regn No: 142412W / Firm Regn No: 117366W /
Isha M. Ambani Director DIN : 06984175
W-100595 W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No: 136433 Membership No: 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Rajneesh Jain Jyoti Jain Dipak C. Jain Director DIN : 00228513
Chief Financial Officer Company Secretary Mohanbir S. Sawhney Director DIN : 07136864
Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Consolidated Financial Statements

Reliance Jio Infocomm Limited 133

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
A. CORPORATE INFORMATION:

The Consolidated Financial Statements comprise financial statements of “Reliance Jio Infocomm Limited” (“the
Holding Company”) and its Subsidiaries (collectively referred to as “the Group”) for the year ended 31st March, 2024.
The Group is engaged in the business of providing Digital Services.

The Holding Company is a public limited company incorporated in India. The registered office of the Holding
Company is located at Office-101, Saffron, Nr. Centre Point, Panchwati 5 Rasta, Ambawadi, Ahmedabad - 380006,
Gujarat, India.

B. MATERIAL ACCOUNTING POLICIES:

B.1 BASIS OF PREPARATION AND PRESENTATION

The Consolidated Financial Statements have been prepared on the historical cost basis except for following assets
and liabilities which have been measured at fair value:

i. Certain Financial Assets and Liabilities (including derivative instruments);

ii. Defined Benefit Plans - Plan Assets

The Consolidated Financial Statements of the Group have been prepared to comply with the Indian Accounting
Standards (‘Ind AS’), including the Rules notified under the relevant provisions of the Companies Act, 2013, (as
amended from time to time) and presentation and disclosure requirements of Division II of Schedule III to the
Companies Act, 2013, (Ind AS Compliant Schedule III) as amended from time to time. The Group follows indirect
method prescribed in Ind AS 7 – Statement of Cash Flows for presentation of its cash flows.

The Consolidated Financial Statements comprises of Reliance Jio Infocomm Limited and its subsidiaries, being the
entities that it controls. Control is assessed in accordance with the requirement of Ind AS 110 - Consolidated Financial
Statements.

The Consolidated Financial Statements are presented in Indian Rupees (`), which is also its functional currency and
all values are rounded to the nearest crore (`), except when otherwise indicated.

B.2 PRINCIPLES OF CONSOLIDATION

(a) The Financial Statements of the Holding Company and its Subsidiaries are combined on a line by line basis by
adding together like items of assets, liabilities, equity, incomes, expenses and cash flows, after fully eliminating
intra-group balances and intra-group transactions.

(b) In case of Foreign Subsidiaries, revenue items are consolidated at the average rate prevailing during the year.
All Assets and Liabilities are converted at a rate prevailing at the end of the year. Any exchange difference
arising on account of consolidation is recognised in the Foreign Currency Translation Reserve (FCTR).

(c) The audited Financial Statement of Foreign Subsidiaries have been prepared in accordance with the Generally
Accepted Accounting Principle of its Country of Incorporation or Ind AS.

(d) The differences in accounting policies of the Holding Company and its subsidiaries are not material and there
are no material transactions from 1st January, 2024 to 31st March, 2024 in respect of subsidiaries having
financial year ended 31st December, 2023.

(e) Non-Controlling Interest’s share of profit/loss of consolidated subsidiaries for the year is identified and
adjusted against the income of the Group in order to arrive at the net income attributable to shareholders of
the Holding Company.

(f) Non-Controlling Interest’s share of net Assets of Consolidated Subsidiaries is identified and presented in the
Consolidated Balance Sheet.

B.3 SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Current and Non-Current Classification

The Group presents assets and liabilities in the Balance Sheet based on Current/ Non-Current classification
considering an operating cycle of 12 months being the time elapsed between deployment of resources and
the realisation / settlement in cash and cash equivalents there-against.

Consolidated Financial Statements

134 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(b) Property, Plant and Equipment

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less
accumulated depreciation and impairment losses, if any. Such cost includes purchase price, asset retirement
obligation, borrowing cost and any cost directly attributable to bringing the assets to its working condition for
its intended use.

Expenses incurred relating to project, net of income earned during the project development stage, prior to
its intended use, are considered as project development expenditure and disclosed under Capital Work-in-
Progress.

The assets are capitalised when they are available for use and are working in the manner as intended by the
management. The assets are considered as being available for intended use, when the performance parameters
laid down by the management are achieved.

Depreciation on Property, Plant and Equipment is provided based on useful life of the assets as prescribed
in Schedule II to the Companies Act, 2013 except certain network and customer premise equipment whose
useful life is ranging between 8 to 16 years as technically assessed.

Depreciation is provided using straight-line method except in case of wireless telecommunication equipment
and components which are depreciated based on the expected pattern of consumption of the expected future
economic benefits over its useful life.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.

(c) Leases

The Group, at the inception of a contract, assesses the contract as, or containing, a lease and as a lessee,
recognizes a right-of-use asset and a lease liability for its leasing arrangements, if the contract conveys the
right to control the use of an identified asset.

The cost of the right-of-use asset shall comprise of the amount of the initial measurement of the lease
liability adjusted for any lease payments made at or before the commencement date plus any initial direct
costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-
of-use assets is depreciated using the straight-line method from the commencement date over the shorter of
lease term or useful life of right-of-use asset.

If the lease contract transfers ownership of the underlying asset to the Group by the end of the lease term or if
the cost of the right-of-use asset reflects that the Group will exercise a purchase option, the Group depreciates
the right-of-use asset from the commencement date to the end of the useful life of the underlying asset.

The Group measures the lease liability at the present value of the lease payments that are not paid at the
commencement date of the lease. The lease payments are discounted using the interest rate implicit in
the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Group uses
incremental borrowing rate.

(d) Spectrum and Other Intangible Assets

Spectrum and Other Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount
and rebates less accumulated amortisation and impairment losses, if any. Such cost includes purchase price,
borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the
intended use.

Expenses incurred relating to project, net of income earned during the project development stage prior to
its intended use, are considered as project development expenditure and disclosed under Spectrum Under
Development and/or Other Intangible Assets Under Development.

Spectrum and Other Intangible Assets are capitalised when the related network is available for use as intended
by the management.

Consolidated Financial Statements

Reliance Jio Infocomm Limited 135

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
A summary of amortisation policies applied to the Group’s Spectrum and Other Intangible Assets to the extent
of depreciable amount is as follows: -

i. Spectrum cost is amortised from the date of commencement of commercial operation over the balance
validity period, based on the expected pattern of consumption of the expected future economic benefits,
in accordance with the applicable Accounting Standards.

ii. Software are amortised on straight line method, over a period of 5 to 10 years.

iii. Payment for Bandwidth capacities acquired under Indefeasible Right to Use (IRU) is amortised over the
period of the agreement.

iv. License Fee is amortised over the remainder of the License period from the date of commencement of
the commercial operation.

The amortisation period and the amortisation method for Spectrum and Other Intangible Assets with a finite
useful life are reviewed at each reporting date.

(e) Cash and Cash Equivalents:

Cash and Cash Equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term
highly liquid investments that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value.

(f) Financial Instruments

i. Financial Assets

Purchase and sale of Financial Assets are recognised using trade date accounting. Trade receivables that
do not contain a significant financing component are measured at transaction price.

The Group has elected to account for its investments in subsidiaries at cost less impairment loss (if any).

The Group uses ‘Expected Credit Loss’ (ECL) model, for evaluating impairment of Financial Assets other
than those measured at Fair Value Through Profit and Loss (FVTPL).

Expected Credit Losses are measured through a loss allowance at an amount equal to:

• The 12-months expected credit losses (expected credit losses that result from those default events
on the financial instrument that are possible within 12 months after the reporting date); or

• Full lifetime expected credit losses (expected credit losses that result from all possible default
events over the life of the financial instrument)

For trade receivables, the Group applies ‘simplified approach’ which requires expected lifetime losses to
be recognized from initial recognition of the receivables.

The Group uses historical default rates to determine impairment loss on the portfolio of trade receivables.
At every reporting date these historical default rates are reviewed and changes in the forward-looking
estimates are analysed.

For other assets, the Group uses 12 month ECL to provide for impairment loss where there is no significant
increase in credit risk. If there is significant increase in credit risk, full lifetime Expected Credit Loss is used.

ii. Financial Liabilities

For trade and other payables maturing within one year from the balance sheet date, the carrying
amounts approximate fair value due to the short maturity of these instruments.

iii. Derivative Financial Instruments and Hedge Accounting

The Group uses various derivative financial instruments such as interest rate swaps, currency swaps,
forwards & options to mitigate the risk of changes in interest rates and exchange rates. At the inception
of a hedge relationship, the Group formally designates and documents the hedge relationship to which
the Group wishes to apply hedge accounting and the risk management objective and strategy for
undertaking the hedge.

Consolidated Financial Statements

136 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
Any gains or losses arising from changes in the fair value of derivatives are taken directly to Statement
of Profit and Loss, except for the effective portion of cash flow hedge which is recognised in Other
Comprehensive Income and later to Statement of Profit and Loss when the hedged item affects profit
or loss or is treated as basis adjustment if a hedged forecast transaction subsequently results in the
recognition of a Financial Assets or Financial Liability.

Hedges that meet the criteria for hedge accounting are accounted for as follows:

Cash Flow Hedge

The Group designates derivative contracts as hedging instruments to mitigate the risk of movement in
interest rates and foreign exchange rates for foreign exchange exposure on borrowings.

Fair Value Hedge

The Group designates derivative contracts or non-derivative Financial Assets / Liabilities as hedging
instruments to mitigate the risk of change in fair value of hedged item due to movement in interest rates
and foreign exchange rates.

(g) Offsetting

Financial Assets and Financial Liabilities are offset and the net amount is presented in the balance sheet
when, and only when, the Group has a legally enforceable right to set off the amount and it intends,
either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

(h) Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the
effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.

(i) Contingent Liabilities

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the
existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company or a present obligation that arises from past
events where it is either not probable that an outflow of resources embodying economic benefits will be
required to settle or a reliable estimate of amount cannot be made.

(j) Revenue Recognition

Revenue is recognised to the extent it is probable that the economic benefits will flow to the Group
and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is
recognised upon transfer of control of promised services to the customers. Revenues from fixed-price
and fixed-timeframe contracts, where the performance obligations are satisfied over time and where
there is no uncertainty as to measurement or collectability of consideration, are recognised to the extent
the Group has rendered the services, as per the contractual arrangements. Revenue is measured at the
amount of consideration which the Group expects to be entitled to in exchange for transferring distinct
services to the customer, as specified in the contract excluding taxes or duties collected on behalf of
third parties.

Revenue from services includes revenue towards interconnection charges for usage of the Group’s
network by other telecom operators.

Unamortised subscriber acquisition cost comprises mainly intermediary commission, etc. The Group has
estimated the average subscriber life derived from subscriber churn rate and such costs are recognised
over the average expected subscriber life and included in Selling and Distribution Expenses.

Consolidated Financial Statements

Reliance Jio Infocomm Limited 137

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(k) Current Tax and Deferred Tax

The tax expense for the period comprises of current tax and deferred tax. The Group exercises judgment
in computation of current tax considering the relevant rulings and reassesses the carrying amount of
deferred tax assets at the end of each reporting period.

C. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the Consolidated Financial Statements requires management to make judgement,
estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the
accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in next financial years.

(a) Property, Plant and Equipment / Spectrum and Other Intangible Assets

Estimates are involved in determining the cost attributable to bringing the assets to the location and
condition necessary for it to be capable of operating in the manner intended by the management.
Property, Plant and Equipment / Spectrum and Other Intangible Assets are depreciated / amortised over
their estimated useful lives, after taking into account estimated residual value.

Management reviews the estimated useful lives and residual values of the assets annually in order to
determine the amount of depreciation / amortisation to be recorded during any reporting period. The
depreciation/amortisation method is selected so as to reflect the pattern in which future economic
benefits of different assets are expected to be consumed by the Group. The useful life and residual values
are based on the Group’s historical experience with similar assets and take into account anticipated
technological and future risks. The depreciation / amortisation for future periods is revised if there are
significant changes from previous estimates.

(b) Provisions

The timing of recognition and quantification of the liability (including litigations) requires the application
of judgement to existing facts and circumstances, which can be subject to change. The carrying amounts
of provisions and liabilities are reviewed regularly and revised to take account of changing facts and
circumstances.

(c) Impairment of Financial and Non-Financial Assets

The impairment provisions for Financial Assets are based on assumptions about risk of default and
expected cash loss rates. The Group uses judgement in making these assumptions and selecting the
inputs to the impairment calculation, based on Group’s past history, existing market conditions as well
as forward-looking estimates at the end of each reporting period.

In case of non-financial assets, assessment of impairment indicators involves consideration of future

risks. Further, the Group estimates asset’s recoverable amount, which is higher of an asset’s or Cash
Generating Units (CGU’s) fair value less costs of disposal and its value in use.

Spectrum Under Development and Other Intangible Assets Under Development are tested for
impairment, at-least annually and whenever circumstances indicate that it may be impaired.

In assessing value in use, the estimated future cash flows are discounted to their present value using
pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken
into account, if no such transactions can be identified, an appropriate valuation model is used.

(d) Leases

The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgement. The Group uses judgement in assessing whether
a contract (or part of contract) includes a lease/non lease, the lease term (including anticipated renewals),
the applicable discount rate, variable lease component whether in-substance fixed.

Consolidated Financial Statements

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
138

1. Property, Plant and Equipment, Spectrum and Other Intangible Assets

(` in crore)
Gross Block Depreciation/Amortisation Net Block
As at Additions Deductions As at As at For the Deductions As at As at As at
Description
01-04-2023 /Adjust- /Adjust- 31-03-2024 01-04-2023 Year /Adjust- 31-03-2024 31-03-2024 31-03-2023
ments ments ments
Property, Plant and Equipment :
Own Assets (A)
Land 1,868 13 - 1,881 - - - - 1,881 1,868
Buildings 1,276 31 1 1,306 176 42 - 218 1,088 1,100

Consolidated Financial Statements

Buildings-Temporary Structures 3 - - 3 3 0 0 3 0 0
Leasehold Improvements 425 31 - 456 78 27 - 105 351 347
Reliance Jio Infocomm Limited

Plant and Equipment 1,58,744 13,839 126 1,72,457 30,140 11,959 28 42,071 1,30,386 1,28,604
Office Equipment 95 4 - 99 53 10 0 63 36 42
Furniture and Fixtures 45 1 - 46 25 4 - 29 17 20
Vehicles 22 0 3 19 19 1 3 17 2 3
Sub-total (A) 1,62,478 13,919 130 1,76,267 30,494 12,043 31 42,506 1,33,761 1,31,984
Right-of-Use Assets (B)
Land 286 12 - 298 69 4 - 73 225 217
Buildings 11 4 0 15 1 2 0 3 12 10
Plant and Equipment 20,684 2,707 228 23,163 6,885 3,170 96 9,959 13,204 13,799
Sub-total (B) 20,981 2,723 228 23,476 6,955 3,176 96 10,035 13,441 14,026
Total (C=A+B) 1,83,459 16,642 358 1,99,743 37,449 15,219 127 52,541 1,47,202 1,46,010
Spectrum*~ (D) 93,163 - - 93,163 17,824 5,487 - 23,311 69,852 75,339
Other Intangible Assets*
Software 6,412 22 0 6,434 2,812 686 0 3,498 2,936 3,600
Indefeasible right to use (IRU) 1,544 211 (5) 1,760 452 107 (2) 561 1,199 1,092
License Fee~ 14 - - 14 2 1 - 3 11 12
Others 0 - - 0 0 - - 0 - -
Total (E) 7,971 233 (5) 8,208 3,266 794 (2) 4,062 4,146 4,704
Grand Total (C+D+E) 2,84,593 16,875 353 3,01,114 58,539 21,500 125 79,914 2,21,200 2,26,053
Previous Year 2,57,367 27,433 207 2,84,593 39,977 18,641 79 58,539 2,26,053
Capital Work-in-Progress 79,377 44,758
Spectrum Under Development 1,29,602 1,22,357
Other Intangible Assets Under Development 449 256
“0” represents the amount below the denomination threshold.
* Other than internally generated.
~ The remaining amortisation period of Spectrum/ License Fee as at 31st March, 2024 ranges between 6 to 17 years.
Reliance Jio Infocomm Limited 139

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
1.1 The Group is setting up 5G Network and continues augmenting its existing wireless and wireline network capacity
1.2 Capital Work-in-Progress includes :
(a) `12,457 crore (Previous Year ` 14,602 crore) on account of capital goods inventory.
(b) `6,644 crore (Previous Year ` 2,020 crore) on account of Project Development Expenditure.
1.3 Additions in Property, Plant and Equipment, Spectrum, Capital Work-in-Progress and Spectrum Under Development
includes `9,290 crore (Previous Year ` 5,932 crore) on account of finance cost during the year.
1.4 The Group based on internal and external technical evaluation, reassessed the estimates relating to life of certain
network equipment. Basis this technical evaluation, the Group has revised the useful life of these assets to 16 years
from the respective dates of commissioning, with effect from April 01, 2023.
1.5 Capital Work-in-Progress (CWIP)
(a) Ageing Schedule as at 31st March, 2024
(` in crore)

CWIP Amount in CWIP for a period of Total

Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 44,937 31,699 1,212 1,530 79,377
Projects temporarily suspended - - - - -
Total 44,937 31,699 1,212 1,530 79,377
(b) Ageing Schedule as at 31st March, 2023
(` in crore)
CWIP Amount in CWIP for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 39,062 4,389 431 876 44,758
Projects temporarily suspended - - - - -
Total 39,062 4,389 431 876 44,758

1.6 Spectrum Under Development

(a) Ageing Schedule as at 31st March, 2024
(` in crore)
Spectrum Under Development Amount in Spectrum Under Development for a period of
Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 7,245 93,731 28,626 - 1,29,602
Projects temporarily suspended - - - -
Total 7,245 93,731 28,626 - 1,29,602
(b) Ageing Schedule as at 31st March, 2023
(` in crore)
Spectrum Under Development Amount in Spectrum Under Development for a period of Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 93,731 28,626 - - 1,22,357
Projects temporarily suspended - - - - -
Total 93,731 28,626 - - 1,22,357

Consolidated Financial Statements

140 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
1.7 Other Intangible Assets Under Development
(a) Ageing Schedule as at 31st March, 2024
(` in crore)
Other Intangible Assets Under Amount in Other Intangible Assets Under Development for a Total
Development period of
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 290 159 - - 449
Projects temporarily suspended - - - - -
Total 290 159 - - 449
(b) Ageing Schedule as at 31st March, 2023
(` in crore)
Other Intangible Assets Under Amount in Other Intangible Assets Under Development for a Total
Development period of
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 187 69 - - 256
Projects temporarily suspended - - - - -
Total 187 69 - - 256
1.8 The Group does not have any Capital Work-in-Progress or Spectrum Under Development or Other Intangible Assets
Under Development, whose completion is overdue or has exceeded its cost compared to its original plan.
2. Investments - Non-Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Shares Amount Shares Amount
Investments measured at Fair Value through Other
Comprehensive Income (FVTOCI)
Quoted, fully paid up
Shares in lieu of 10,000 Series D Preference Shares of Airspan 14,68,385 1 14,68,385 16
Networks Holdings Inc
Investments measured at Fair Value through Profit and
Loss (FVTPL)
Unquoted, fully paid up
Series B Preferred Stock of USD @ $0.0001 per share of Airhop 8,63,856 0 8,63,856 13
Corporation Inc
8% Promissory note of Airhop Corporation Inc - - - 8
Series B Preferred Stock USD @ 0.0001 of Airhop Corporation 4,03,132 - 4,03,132 0
Inc
Warrants in lieu of 10,000 series D Preference shares of Airspan 2,22,552 - 2,22,552 -
Networks Holdings Inc
Total Investments - Non-Current 1 37

Aggregate amount of Quoted Investments 1 16

Aggregate amount of Unquoted Investments 0 21
Total Investments - Non-Current 1 37
2.1 Category wise Investments - Non-Current
(` in crore)
As at 31st March, 2024 As at 31 March, 2023
st

Financial Assets measured at Fair Value through Other 1 16

Comprehensive Income (FVTOCI)
Financial Assets measured at Fair Value through Profit & Loss 0 21
(FVTPL)
Total Investments - Non-Current 1 37

Consolidated Financial Statements

Reliance Jio Infocomm Limited 141

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
3. Other Financial Assets - Non Current
(` in crore)
As at 31st March, 2024 As at 31 March, 2023
st

Fixed Deposits with Banks* 10 8

Total 10 8
* Fixed Deposits with Banks given as collateral security to Government Authorities / Banks
4. Other Non-Current Assets (Unsecured and Considered Good)
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Capital Advances 638 175
Security Deposits 3,380 2,930
Advance Income Tax 216 110
Upfront Fibre Payment 13,890 14,435
Others* 7,200 6,245
Total 25,324 23,895
*Others include prepaid expenses, unamortised subscriber acquisition costs and amount paid under protest to
Government Authorities.

Advance Income Tax As at 31st March, 2024 As at 31st March, 2023

At start of year 110 1,444
Tax Paid / (Refund) (Net) during the year 105 (1,344)
Others (including exchange difference) 1 10
At end of year 216 110
5. Investments - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Investments measured at Fair Value through Profit & Loss
(FVTPL)
In Mutual Fund - Unquoted 631 590
In Certificate of Deposit - Quoted 1,892 -
Total 2,523 590
6. Trade Receivables (Unsecured)
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Considered good 2,091 2,609
Credit impaired 191 101
Less: Provision (191) (101)
Total 2,091 2,609

Consolidated Financial Statements

142 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
6.1 Trade Receivables ageing schedule
a. As at 31st March, 2024
(` in crore)
Outstanding for following periods from due date of
Not payment*
Particulars Total
Due Less than 6 months - More than
1-2 years 2-3 years
6 months 1 year 3 years
(i) Undisputed Trade receivables 814 955 166 21 29 106 2,091
– considered good
(ii) Undisputed Trade Receivables - - - - - - -
– which have significant
increase in credit risk
(iii) Undisputed Trade Receivables - - - - - - -
– credit impaired
(iv) Disputed Trade receivables – - - - - - - -
considered good
(v) Disputed Trade Receivables - - - - - - -
– which have significant
increase in credit risk
(vi) Disputed Trade Receivables – - - - - - - -
credit impaired
Total 814 955 166 21 29 106 2,091
*Net of Provision
b. As at 31st March, 2023
(` in crore)
Outstanding for following periods from due date of
Not payment*
Particulars Total
Due Less than 6 months - More than
1-2 years 2-3 years
6 months 1 year 3 years
(i) Undisputed Trade receivables 1,773 545 98 54 64 75 2,609
– considered good
(ii) Undisputed Trade Receivables - - - - - - -
– which have significant
increase in credit risk
(iii) Undisputed Trade Receivables - - - - - - -
– credit impaired
(iv) Disputed Trade receivables – - - - - - - -
considered good
(v) Disputed Trade Receivables - - - - - - -
– which have significant
increase in credit risk
(vi) Disputed Trade Receivables – - - - - - - -
credit impaired
Total 1,773 545 98 54 64 75 2,609
*Net of Provision

7. Cash and Cash Equivalents

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Balances with Banks 1,348 585
Fixed Deposits with Original Maturity of 3 months or less 737 306
Cash and Cash Equivalents as per Consolidated Balance Sheet 2,085 891
Cash and Cash Equivalents as per Consolidated Statement of 2,085 891
Cash Flows

Consolidated Financial Statements

Reliance Jio Infocomm Limited 143

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
8. Other Bank Balances
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Fixed Deposits with Banks* 97 108
Other Earmarked Bank Balances^ 300 300
Total 397 408
*Includes `21 crore (Previous year `32 crore) given as collateral security to Government Authorities / Banks and
`76 crore (Previous year `76 crore) given as collateral security against bank guarantee issued to Department of
Telecommunication (DoT).
^
Other Earmarked Bank Balance comprise of balance lying in escrow account towards assets acquisition.
9. Other Financial Assets - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Interest accrued on Fixed Deposits 14 16
Unbilled Receivables 789 656
Others* 883 3,306
Total 1,686 3,978
*Others include claim receivables and derivate assets at fair value.
10. Other Current Assets (Unsecured and considered good)
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Balance with GST Authorities 20,024 18,473
Upfront Fibre Payment 545 545
Advance to Vendors 155 266
Others* 5,447 2,757
Total 26,171 22,041
*Others include prepaid expenses and unamortised subscriber acquisition costs.
11. Share Capital
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Authorised:
45,00,00,00,000 Equity Shares of `10 each 45,000 45,000
(45,00,00,00,000)
45,000 45,000
1,15,00,00,00,000 Preference Shares of `10 each 1,15,000 1,15,000
(1,15,00,00,00,000)
1,15,000 1,15,000
Total 1,60,000 1,60,000
Issued, Subscribed and Paid Up:
45,00,00,00,000 Equity Shares of ` 10 each fully paid up 45,000 45,000
(45,00,00,00,000)
Total 45,000 45,000
Figures in bracket represents Previous Year’s figure.
11.1 Terms/rights attached to equity shares:
The Holding Company has only one class of equity shares having a par value of `10 per share. Each holder of equity
shares is entitled to one vote per share. In the event of liquidation of the Holding Company, the holders of equity
shares will be entitled to receive remaining assets of the Holding Company, after distribution of all preferential
amounts in proportion to the number of equity shares held by them.

Consolidated Financial Statements

144 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
11.2 The reconciliation of the number of shares outstanding is set out below:

As at 31st March, 2024 As at 31st March, 2023

Particulars
No.of Shares ` in crore No.of Shares ` in crore
Equity Shares at the beginning of the year 45,00,00,00,000 45,000 45,00,00,00,000 45,000
Add: Issue of Shares - - - -
Equity Shares at the end of the year 45,00,00,00,000 45,000 45,00,00,00,000 45,000
11.3 The details of shareholders holding more than 5% shares in the Holding Company:

As at 31st March, 2024 As at 31st March, 2023

Name of Shareholder
No of Shares % held No of Shares % held
Jio Platforms Limited* 45,00,00,00,000 100 45,00,00,00,000 100
*Includes 6 shares held by the nominees of Parent Company jointly with it, the beneficial interest of which is with the
Parent Company.
11.4 Shareholding of the Promoter
(a) As at 31st March, 2024
Shares held by promoter at the end of the year

Promoter Name No. of shares % of total shares % Change during the year
Jio Platforms Limited 45,00,00,00,000 100 -
Total 45,00,00,00,000 100 -
(b) As at 31st March, 2023

Shares held by promoters at the end of the year

Promoter Name No. of shares % of total shares % Change during the year
Jio Platforms Limited 45,00,00,00,000 100 -
Total 45,00,00,00,000 100 -

Consolidated Financial Statements

Reliance Jio Infocomm Limited 145

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
12. Other Equity
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Instrument classified as Equity
Optionally Convertible Preference Shares (OCPS)
0.1% Non Cumulative OCPS Series-I 125 125
9% Non Cumulative OCPS Series-V 4,000 4,000
0.01% Non Cumulative OCPS Series-VI 1,05,000 1,05,000
1,09,125 1,09,125
Reserves and Surplus
Securities Premium
As per last Balance Sheet 16,000 16,000
Add: On issue of shares - -
Balance at end of year 16,000 16,000

Debenture Redemption Reserve

As per last Balance Sheet 500 500
Add: Transferred from Retained Earnings - -
Balance at end of year 500 500

Retained Earnings
As per last Balance Sheet 45,594 27,295
Add: Profit for the year 20,607 18,299
Balance at the end of the year 66,201 45,594

Other Comprehensive Income (OCI)*

As per last Balance Sheet 300 169
Add: Movement in OCI (Net) during the year (94) 125
Add: Others - 6
Balance at end of year 206 300
Total 1,92,032 1,71,519
*Includes net movement in Foreign Currency Translation Reserve.
12.1 0.1% 12,50,00,000 Non Cumulative Optionally Convertible Preference Shares (“OCPS-Series-I”) of `10 each,
fully paid up
Terms/ rights attached to Preference Shares:
The amount subscribed/paid on each OCPS are convertible into 2 Equity Shares of `10 each at any time at the option
of the Holding Company but in any case not later than June 29, 2030 and in the event the shares are not converted,
these will be redeemed at any time at the option of the Holding Company at `20 each but not in any case later than
June 29, 2030.
The reconciliation of the number of shares outstanding is set out below:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
No.of Shares Amount No.of Shares Amount
Preference Shares at the beginning of the year 12,50,00,000 125 12,50,00,000 125
Add: Issue of Shares - - - -
Preference Shares at the end of the year 12,50,00,000 125 12,50,00,000 125

Consolidated Financial Statements

146 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
12.2. 9% Non Cumulative Optionally Convertible Preference Shares (“OCPS-Series-V”) of ` 10 each, fully paid up

Terms/ rights attached to Preference Shares:

The amount subscribed/paid on each OCPS are either redeemable at ` 50 or convertible into 5 Equity Shares of `10
each at any time at the option of the Holding Company, but not later than 10 years from the date of allotment of the
OCPS (i.e. 7th June, 2019).
The reconciliation of the number of shares outstanding is set out below:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
No.of Shares Amount No.of Shares Amount
Preference Shares at the beginning of the year 4,00,00,00,000 4,000 4,00,00,00,000 4,000
Add: Issue of Shares - - - -
Preference Shares at the end of the year 4,00,00,00,000 4,000 4,00,00,00,000 4,000
12.3. 0.01% Non Cumulative Optionally Convertible Preference Shares (“OCPS-Series-VI”) of `10 each, fully paid
up
Terms/ rights attached to Preference Shares:
Each OCPS shall be converted into 1 Equity Share of `10 each at any time at the option of the Holding Company but
not later than 10 years from the date of allotment of OCPS (i.e. 18th December, 2019) . If not converted, each OCPS
shall be redeemed at `20 at the end of the Term. Provided however, each OCPS can be redeemed at any time along
with proportionate premium.
The reconciliation of the number of shares outstanding is set out below:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Particulars
No.of Shares Amount No.of Shares Amount
Preference Shares at the beginning of the year 1,05,00,00,00,000 1,05,000 1,05,00,00,00,000 1,05,000
Add: Issue of Shares - - - -
Preference Shares at the end of the year 1,05,00,00,00,000 1,05,000 1,05,00,00,00,000 1,05,000
12.4. The details of Preference shareholders holding more than 5% shares in the Holding Company including those
held by Parent Company:
OCPS Series-I/V/VI : 100% shares are held by Jio Platforms Limited.
Note: The voting rights on the OCPS Series-I/V/VI are as prescribed under the provisions of the Companies Act,
2013.
13. Borrowings
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Non-Current Current Non-Current Current
Unsecured - At Amortised Cost
Non-Convertible Debentures 4,918 - 4,888 -
Term Loans - from Banks 36,228 2,448 16,779 1,649
Term Loans - from Others 1,227 1,260 1,065 842
Total 42,373 3,708 22,732 2,491
13.1 Maturity Profile and Rate of Interest of Non-Convertible Debentures are as set out below:

(` in crore)
Non-Current Current
Rate of Interest
2025-26 2026-27 * Total 2024-25
6.20% p.a. - 5,000 5,000 -
Total - 5,000 5,000 -
* Including `3 crore as unamortised finance charges and Fair Valuation Impact of `79 crore.

Consolidated Financial Statements

Reliance Jio Infocomm Limited 147

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
13.2 Maturity Profile of Unsecured Term Loan are as set out below:
(` in crore)
Non-Current Current
Particulars
1-5 Years Above 5 Years Total 2024-25
Term Loans - from Banks* 35,823 824 36,647 2,465
Term Loans - from Others# 1,227 - 1,227 1,260
Total 37,050 824 37,874 3,725
*Including `405 crore as unamortised finance charges (Non Current of `388 crore and Current of `17 crore) and Fair
Valuation Impact of `31 crore (Non Current of `31 crore).
Interest rates on term loans are in range of 0.66% p.a. to 7% p.a.
#
Loan from CISCO Systems Capital (India) Private Limited at an average Interest Rate of 4.52% p.a. repayable in next
5 years.
13.3 The Group has satisfied all the covenants prescribed in terms of borrowings.
14. Deferred Payment Liabilities - Unsecured
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Non-Current Current Non-Current Current
Payable to Department of Telecommunication (DoT) 1,08,270 4,574 1,12,844 4,423
Total 1,08,270 4,574 1,12,844 4,423
14.1 (a) The deferred payment liability of `34,860 crore, related to spectrum acquired in March 2021 auction, is payable
in 15 equated annual instalments along with interest @ 7.30% p.a
(b) The deferred payment liability of `77,984 crore, related to spectrum acquired in August 2022 auction, is payable
in 18 equated annual instalments along with interest @ 7.20% p.a
15. Other Financial Liabilities - Non-Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Interest accrued but not due on Deferred Payment Liabilities 4,279 3,449
(Refer Note No 14.1)
Creditors for Capital Expenditure 182 1,642
Total 4,461 5,091
16. Provisions - Non-Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Asset Retirement Obligations 127 124
Total 127 124
17. Deferred Tax Liabilities (Net)
(a) The movement on the deferred tax account is as follows:
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
At the start of the year 13,861 7,606
Charge to Consolidated Statement of Profit and Loss 7,039 6,250
Charge / (Credit) to Other Comprehensive Income (31) 0
Others (including exchange difference) - 5
At the end of year 20,869 13,861

Consolidated Financial Statements

148 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
Component of Deferred Tax Liabilities/(Asset)

(` in crore)
As at Charge / (Credit) As at
31st March, to Consolidated Statement of 31st March,
2023 Profit and Loss and Other 2024
Comprehensive Income
Deferred tax liabilities/(asset) in relation
to:
Property, Plant and Equipment, Spectrum 28,814 8,105 36,919
and Other Intangible Assets
Other Non-Financial Assets 1,234 (6,034) (4,800)
Carried Forward Losses (12,688) 4,863 (7,825)
Financial Liabilities (3,448) 77 (3,371)
Provisions (51) (3) (54)
Total 13,861 7,008 20,869
(b) Income Tax recognised in Consolidated Statement of Profit and Loss
(` in crore)
As at As at
31st March, 2024 31st March, 2023
Current Tax 19 16
Deferred Tax 7,039 6,250
Total Income Tax expenses recognised in the current year 7,058 6,266
The Income Tax expenses for the year can be reconciled to the accounting profit as follows:
(` in crore)
As at As at
31st March, 2024 31st March, 2023
Profit before Tax 27,665 24,565
Applicable Tax Rate 25.17% 25.17%
Computed Tax Expense 6,963 6,183
Tax effect of:
Expenses Disallowed 101 73
Effect of differential tax rate under variours jurisdiction (6) 9
Tax Expenses recognised in Statement of Profit and Loss 7,058 6,266
Effective Tax Rate 25.51% 25.51%
(c) Income Tax recognised in Other Comprehensive Income

(` in crore)
As at As at
31st March, 2024 31st March, 2023
Total Income Tax expenses recognised in the current year (31) 0
“0” represents the amount below the denomination threshold.
18. Other Non-Current Liabilities
(` in crore)
As at As at
31st March, 2024 31st March, 2023
Revenue received in advance 845 549
Deferred Income 612 239
Total 1,457 788

Consolidated Financial Statements

Reliance Jio Infocomm Limited 149

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
19. Borrowings - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Unsecured - At Amortised Cost
Current maturities of Non-Current Borrowings (Refer Note 13) 3,708 2,491
Short term loans from Banks 4,190 5,390
Commercial Papers* 2,469 5,065
Total 10,367 12,946
*Maximum amount outstanding at any time during the year was `8,297 crore (Previous Year `17,837 crore).
19.1 The Group has satisfied all the covenants prescribed in terms of borrowings.
20. Trade Payables Dues of
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Micro enterprises and small enterprises* 15 21
Other than Micro enterprises and small enterprises 4,449 3,396
Total 4,464 3,417
*There are no overdue to Micro, Small and Medium Enterprises (MSME) as at 31st March, 2024.
20.1 Trade Payables ageing schedule
(a) As at 31st March, 2024
(` in crore)

Outstanding for following periods from due date of

payment
Particulars Not due Total
Less than 1-2 years 2-3 years More than
1 year 3 years
(i) MSME 15 - - - - 15
(ii) Others 4,314 103 12 2 18 4,449
(iii) Disputed-MSME - - - - - -
(iv) Disputed-Others - - - - - -
Total 4,329 103 12 2 18 4,464
(b) As at 31st March, 2023
(` in crore)

Outstanding for following periods from due date of payment

Particulars Not due Less than 1-2 years 2-3 years More than Total
1 year 3 years
(i) MSME 21 - - - - 21
(ii) Others 3,326 41 8 6 15 3,396
(iii) Disputed-MSME - - - - - -
(iv) Disputed-Others - - - - - -
Total 3,347 41 8 6 15 3,417
21. Other Financial Liabilities - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Interest accrued but not due on Borrowings 190 224
Interest accrued but not due on Deferred Payment Liabilities 5,804 5,884
Creditors for Capital Expenditure 23,937 24,265
Other Payables* 1,960 1,121
Total 31,891 31,494
*Other Payables includes security deposit received from customers and financial liabilities at fair value.

Consolidated Financial Statements

150 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
22. Other Current Liabilities
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Revenue Received in Advance 8,294 7,962
Deferred Income 164 65
Other Payables# 3,839 1,815
Total 12,297 9,842
#
Other Payables include statutory dues.
23. Provisions - Current
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Provisions for Employee Benefits^ 86 78
Provision for Current Tax 20 13
Total 106 91
^
The provision for employee benefit includes annual leave and vested long service leave entitlement accrued.
24. Revenue from Operations
(` in crore)
2023-24 2022-23
Value of Services 1,18,577 1,07,425
Less: GST recovered (17,686) (16,052)
Total 1,00,891 91,373
25. Other Income
(` in crore)
2023-24 2022-23
Interest Income from Fixed Deposits 48 12
Profit on Sale / Discard of Property, Plant and Equipment 1 57
Gain on Investments (Net) 362 155
Interest on Income Tax Refund 14 66
Other Non-Operating Income 73 78
Total 498 368
25.1 Other Comprehensive Income - Items that will not be reclassified to Profit and Loss

(` in crore)
2023-24 2022-23
Remeasurement loss of Defined Benefit Plan (5) -
Equity Instruments (15) -
Foreign Currency Translation - 154
Total (20) 154
25.2 Other Comprehensive Income - Items that will be reclassified to Profit and Loss
(` in crore)
2023-24 2022-23
Remeasurement loss of Defined Benefit Plan - (0)
Cash Flow Hedge (120) -
Equity Instruments - (29)
Foreign Currency Translation 14 -
Total (105) (29)

Consolidated Financial Statements

Reliance Jio Infocomm Limited 151

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
26. Network Operating Expenses
(` in crore)
2023-24 2022-23
Rent / Service Charges 10,663 9,757
Power and Fuel 9,514 9,858
Repairs and Maintenance 2,878 2,601
Other Network Cost* 7,813 6,486
Total 30,868 28,702
*Includes Fibre Usage Charges
27. Employee Benefits Expense
(` in crore)
2023-24 2022-23
Salaries and Wages 1,754 1,549
Contribution to Provident and Other Funds (Refer Note 32) 108 95
Staff Welfare Expenses 188 112
Total 2,050 1,756
28. Finance Costs
(` in crore)
2023-24 2022-23
Interest Expenses 2,862 2,743
Interest on Lease Liabilities 1,138 1,316
Total 4,000 4,059
29. Selling and Distribution Expenses
(` in crore)
2023-24 2022-23
Advertisement and Marketing Expense 137 350
Other Selling and Distribution Expenses 2,356 1,472
Total 2,493 1,822
30. Other Expenses
(` in crore)
2023-24 2022-23
Professional Fees 977 797
Payment to Auditors (Refer Note 38) 10 10
Insurance 143 105
Net Loss on Foreign Currency Transactions 43 130
Corporate Social Responsibility (Refer Note 39) 403 290
Provision for Doubtful Debts/Written off (Net) 99 38
Customer Service Expenses 167 157
Bank Charges 33 38
Rates and Taxes 23 34
Travelling Expenses 70 62
Loss on Sale / Discard of Property, Plant and Equipment 14 43
Rent 0 2
Other Repairs 71 55
Cost of Materials Consumed 6 4
General Expenses 475 418
Total 2,534 2,183

Consolidated Financial Statements

152 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
31. Earnings Per Share (EPS)

2023-24 2022-23
Face Value per Equity Share (`) 10 10
Basic Earnings per Share (`) 4.58 4.07
Net Profit after Tax as per Consolidated Statement of Profit and 20,607 18,299
Loss attributable to Equity Shareholders (` in crore)
Weighted Average number of Equity Shares used as 45,00,00,00,000 45,00,00,00,000
denominator for calculating Basic EPS

Diluted Earnings per Share (`) 1.21 1.07

Net Profit after Tax as per Consolidated Statement of Profit 20,607 18,299
and Loss attributable to Equity Shareholders (` in crore)
Weighted Average number of Equity Shares used as 1,70,25,00,00,000 1,70,25,00,00,000
denominator for calculating Diluted EPS

Reconciliation of Weighted Average Number of Shares

Outstanding
Weighted Average number of Equity Shares used as 45,00,00,00,000 45,00,00,00,000
denominator for calculating Basic EPS
Weighted Average number of Potential Equity Shares on 1,25,25,00,00,000 1,25,25,00,00,000
account of Optionally Convertible Preference Shares (OCPS)
Weighted Average number of Equity Shares used as 1,70,25,00,00,000 1,70,25,00,00,000
denominator for calculating Diluted EPS
32. As per Indian Accounting Standard (Ind AS) 19 “Employee Benefits” the disclosures as defined are given
below (Refer Note 27):
Defined Contribution Plans
Contribution to Defined Contribution Plans, recognised as expense for the year is as under:
(` in crore)
Particulars 2023-24 2022-23
Employer’s Contribution to Provident Fund 54 46
Employer’s Contribution to Superannuation Fund (Previous 1 0
year `43,06,204)
Employer’s Contribution to Pension Fund 28 25
Defined Benefit Plan
(I) Reconciliation of opening and closing balances of Defined Benefit Obligation
(` in crore)
Gratuity (Funded)
Particulars
2023-24 2022-23
Defined Benefit Obligation at beginning of the year 121 106
Current Service Cost 24 22
Liability Transferred In / (Out) (Net) 4 (1)
Interest Cost 10 8
Actuarial (Gain) / Loss 7 (2)
Benefits Paid* (12) (12)
Defined Benefit Obligation at end of the year 154 121
*Includes benefits of `12 crore (Previous Year `12 crore) paid by the Group.

Consolidated Financial Statements

Reliance Jio Infocomm Limited 153

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(II) Reconciliation of opening and closing balances of Fair Value of Plan Assets
(` in crore)
Gratuity (Funded)
Particulars
2023-24 2022-23
Fair Value of Plan Assets at beginning of the year 121 106
Assets Transferred In / (Out) (Net) 3 (1)
Return on Plan Assets 11 6
Employer Contribution 19 10
Benefits Paid (Current Year `16,01,005 and Previous Year (0) (0)
`3,54,524 )
Fair Value of Plan Assets at end of the year 154 121
(III) Reconciliation of Fair Value of Assets and Obligations
(` in crore)
Gratuity (Funded)
Particulars
As at 31st March, 2024 As at 31st March, 2023
Fair Value of Plan Assets 154 121
Present Value of Obligation 154 121
Amount recognised in Consolidated Balance Sheet - -
(IV) Expenses recognised during the year
(` in crore)
Gratuity (Funded)
Particulars
2023-24 2022-23
In Income Statement
Current Service Cost 24 22
Interest Cost 10 8
Return on Plan Assets (10) (8)
Net Cost 24 22
In Other Comprehensive Income (OCI)
Actuarial (Gain) / Loss 7 (2)
Return on Plan Assets (2) 2
Net Expense for the year recognised in OCI 5 0
"0" represents the amount below the denomination threshold.
(V) Investment Details

As at 31st March, 2024 As at 31st March, 2023

Particulars
` in crore % Invested ` in crore % Invested
Insurance Policies 154 100 121 100
(VI) Actuarial Assumptions

Gratuity (Funded)
Particulars
2023-24 2022-23
Mortality Table (IALM) 2012-14 2012-14
(Ultimate) (Ultimate)
Discount rate (per annum) 7.23% 7.60%
Expected rate of return on Plan Assets (per annum) 7.23% 7.60%
Rate of escalation in salary (per annum) 6.00% 6.00%
Rate of employee turnover (per annum) 7.00% 3.00%
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market. The above
information is certified by the actuary.
The expected rate of return on Plan Assets is determined considering several applicable factors, mainly the
composition of Plan assets held, assessed risks, historical results of return on Plan Assets and the Company’s policy
for Plan Assets Management.

Consolidated Financial Statements

154 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(VII) The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2023-24

(VIII) Sensitivity Analysis

Significant Actuarial Assumptions for the determination of the defined benefit obligation are discount rate,
expected salary increase and employee turnover. The sensitivity analysis below, have been determined based
on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding
all other assumptions constant. The result of Sensitivity analysis is given below:

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Decrease Increase Decrease Increase
Change in rate of discounting (delta effect of +/- 0.5%) 6 (5) 6 (6)
Change in rate of salary increase (delta effect of +/- 0.5%) (6) 6 (6) 6
Change in rate of employee turnover (delta effect of +/- (0) 0 (0) 0
0.5%) (Current Year Decrease `18,01,491 and Increase
`16,81,680, Previous Year Decrease `45,58,544 and
Increase `43,10,417)
These plans typically expose the Company to Actuarial Risks such as Investment Risk, Interest Risk, Longevity
Risk and Salary Risk.
Investment Risk - The present value of the defined benefit plan liability is calculated using a discount rate
which is determined by reference to market yields at the end of the reporting period on government bonds.
Interest Risk - A decrease in the bond interest rate will increase the plan liability; however, this will be partially
offset by an increase in the return on the plan debt investments.
Longevity Risk - The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan’s liability.
Salary Risk - The present value of the defined plan liability is calculated by reference to the future salaries of
plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
33. Related Parties Disclosures
As per Ind AS 24, the disclosures of transactions with the related parties are given below:
(I) List of related parties and relationships:

Sr. No. Name of the Related Party Relationship

1 Reliance Industries Limited Ultimate Parent Company
2 Jio Platforms Limited Parent Company

Consolidated Financial Statements

Reliance Jio Infocomm Limited 155

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(II) Transactions during the Year with related parties:
(` in crore)
Ultimate Parent Fellow Associate/ JV of the Key Others Total
Sr. Nature of Transactions
Parent Company Subsidiaries Ultimate Parent Managerial
No. (Excluding Reimbursements)
Company Company Personnel
1 Purchase of Property, Plant and 6,229 170 1,045 112 - - 7,556
Equipment and Other Intangible
Assets
(3,586) - (6,436) (299) - - (10,321)
2 Sale of Property, Plant and - - - - - - -
Equipment
- - (60) - - - (60)
3 Revenue received in advance - - 88,908 - - - 88,908
- - (81,764) - - - (81,764)
4 Revenue from Operations 469 64 451 34 - 3 1,021
(206) (25) (623) (36) - (2) (892)
5 Other Income 0 0 0 0 - - 0
(0) (0) (0) (0) - - (0)
6 Network Operating Expenses 1,533 800 601 - - - 2,934
(512) (480) (645) - - - (1,637)
7 Employee Benefits Expense - - 11 - - 20 31
- - (16) - - (10) (26)
8 Payment to Key Managerial - - - - 18 - 18
Personnel
- - - - (18) - (18)
9 Professional Fees 1,405 1,680 461 - - - 3,546
(376) (900) (1,356) - - - (2,632)
10 Customer Service Expenses 167 - - - - - 167
(42) - (115) - - - (157)
11 Selling and Distribution Expenses 945 32 3,013 0 - 0 3,990
(315) (102) (3,096) - - (0) (3,513)
12 General Expenses 7 - 470 0 - - 477
(13) - (564) - - - (577)
13 Donation - - - - - 403 403
- - - - - (290) (290)

(III) Balances as at 31st March, 2024

(` in crore)
Sr. Ultimate Parent Fellow Associate/JV of the Key Others Total
No. Nature of Balances Parent Company Subsidiaries Ultimate Parent Managerial
Company Company Personnel
1 Equity Share Capital - 45,000 - - - - 45,000
- (45,000) - - - - (45,000)

2 Preference Share Capital# - 125,125 - - - - 125,125

- (125,125) - - - - (125,125)

3 Trade and Other Payables 1,588 41 30 15 - 0 1,674

(1,781) (0) (23) (61) - (0) (1,865)

4 Trade and Other Receivables 247 38 646 648 - 2 1,581

(830) (3) (1,558) (208) - (1) (2,600)
#
Including Securities Premium
“0” represents the amounts below the denomination threshold.
Figures in bracket represents Previous Year’s amount.

Consolidated Financial Statements

156 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(IV) Disclosure in respect of Major Related Party Transactions during the year:
(` in crore)
Sr. No. Particulars Relationship 2023-24 2022-23
1 Purchase of Property, Plant and Equipment and Other
Intangible Assets
Reliance Industries Limited Ultimate Parent Company 6,229 3,586
Jio Platforms Limited Parent Company 170 -
Radisys Corporation Fellow Subsidiary - 61
Radisys India Limited Fellow Subsidiary 100 69
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 3,341
Reliance Retail Limited Fellow Subsidiary 946 2,965
Sanmina-SCI India Private Limited Associate/JV of the 111 299
Ultimate Parent Company
Sterling and Wilson Renewable Energy Limited Associate/JV of the 1 -
Ultimate Parent Company
2 Sale of Property, Plant and Equipment
Reliance Retail Limited Fellow Subsidiary - 60
3 Revenue received in advance
Reliance Retail Limited Fellow Subsidiary 88,908 81,764
4 Revenue from Operations
Reliance Industries Limited Ultimate Parent Company 469 206
Jio Platforms Limited Parent Company 64 25
7-India Convenience Retail Limited Fellow Subsidiary 0 0
Aaidea Solutions Limited Fellow Subsidiary 0 0
Actoserba Active Wholesale Limited Fellow Subsidiary 0 0
AETN18 Media Private Limited# Fellow Subsidiary 0 0
Amante India Limited Fellow Subsidiary 0 0
Asteria Aerospace Limited Fellow Subsidiary 0 0
Bismi Hypermart Limited Fellow Subsidiary 0 -
(formerly known as Bismi Hypermart Private Limited)^
Bismi Connect Limited Fellow Subsidiary 0 -
(formerly known as Bismi Connect Private Limited)^
Catwalk Worldwide Limited Fellow Subsidiary 0 0
(Formerly known as Catwalk Worldwide Private Limited)
Cover Story Clothing Limited Fellow Subsidiary 0 0
C-Square Info-Solutions Limited Fellow Subsidiary 0 0
Dadha Pharma Distribution Limited Fellow Subsidiary 0 0
Den Broadband Limited Fellow Subsidiary 4 8
Den Networks Limited Fellow Subsidiary 13 19
e-Eighteen.com Limited# Fellow Subsidiary 0 0
Genesis Colors Limited Fellow Subsidiary 0 0
Genesis La Mode Private Limited Fellow Subsidiary 0 0
GLF Lifestyle Brands Private Limited Fellow Subsidiary 0 0
GML India Fashion Private Limited Fellow Subsidiary 0 0
Grab A Grub Services Limited Fellow Subsidiary 0 0
Greycells18 Media Limited# Fellow Subsidiary 0 0
Hamleys of London Limited Fellow Subsidiary 0 0
Hathway Cable And Datacom Limited Fellow Subsidiary 25 40
Hathway Digital Limited Fellow Subsidiary 23 27
Indiacast Media Distribution Private Limited# Fellow Subsidiary 0 0
Indiavidual Learning Limited Fellow Subsidiary 1 1
Indiawin Sports Private Limited Fellow Subsidiary 2 0
Jio Haptik Technologies Limited Fellow Subsidiary 5 11
Jio Media Limited Fellow Subsidiary - 2
Jio Satellite Communications Limited Fellow Subsidiary 0 -
Jio Things Limited Fellow Subsidiary 13 4
Just Dial Limited Fellow Subsidiary 0 0
Kalanikethan Silks Limited Fellow Subsidiary - 0

Consolidated Financial Statements

Reliance Jio Infocomm Limited 157

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024

Sr. No. Particulars Relationship 2023-24 2022-23

Mayuri Kumkum Limited Fellow Subsidiary 0 0
Metro Cash and Carry India Private Limited^ Fellow Subsidiary 0 -
Model Economic Township Limited Fellow Subsidiary 1 0
Netmeds Healthcare Limited Fellow Subsidiary 2 2
(Formerly known as Netmeds Marketplace Limited)
Network18 Media & Investments Limited# Fellow Subsidiary 0 0
New Emerging World of Journalism Limited Fellow Subsidiary 0 0
NowFloats Technologies Limited Fellow Subsidiary 0 0
Purple Panda Fashions Limited Fellow Subsidiary 0 0
Radisys India Limited Fellow Subsidiary 0 0
RBML Solutions India Limited Fellow Subsidiary 0 -
Reliance A&T Fashions Private limited Fellow Subsidiary 0 0
Reliance BP Mobility Limited Fellow Subsidiary 10 7
Reliance Brands Limited Fellow Subsidiary 2 1
Reliance Brands Luxury Fashion Private Limited Fellow Subsidiary 0 0
Reliance Clothing India Limited Fellow Subsidiary 0 0
Reliance Commercial Dealers Limited Fellow Subsidiary 0 0
Reliance Corporate IT Park Limited Fellow Subsidiary 1 1
Reliance Digital Health Limited Fellow Subsidiary 0 0
Reliance Ethane Pipeline Limited Fellow Subsidiary 0 0
Reliance Gas Pipelines Limited Fellow Subsidiary 0 0
Reliance Global Energy Services (Singapore) Pte. Limited Fellow Subsidiary 2 2
Reliance Lifestyle Products Private Limited Fellow Subsidiary 0 -
Reliance New Solar Energy Limited Fellow Subsidiary 0 -
Reliance Petro Marketing Limited Fellow Subsidiary 0 0
Reliance Polyester Limited Fellow Subsidiary 0 -
Reliance Projects & Property Management Services Limited Fellow Subsidiary 167 339
Reliance Retail Limited Fellow Subsidiary 124 99
Reliance Retail Ventures Limited Fellow Subsidiary 1 1
Reliance Ritu Kumar Private Limited Fellow Subsidiary 0 0
Reliance Sibur Elastomers Private Limited Fellow Subsidiary 0 0
Reliance SMSL Limited@ Fellow Subsidiary - 50
Reliance Syngas Limited Fellow Subsidiary 1 -
RISE Worldwide Limited Fellow Subsidiary 0 0
Reliance Brands Eyewear Private Limited (Formerly Rod Retail Fellow Subsidiary 0 0
Private Limited)
Saavn Media Limited Fellow Subsidiary 0 0
SankhyaSutra Labs Limited Fellow Subsidiary 0 0
Shopsense Retail Technologies Limited Fellow Subsidiary 0 0
Shri Kannan Departmental Store Limited Fellow Subsidiary 0 0
Strand Life Sciences Private Limited Fellow Subsidiary 0 0
Surajya Services Limited Fellow Subsidiary 0 0
Tesseract Imaging Limited Fellow Subsidiary 0 0
Thodupuzha Retail Private Limited^ Fellow Subsidiary 0 -
The Indian Film Combine Private Limited Fellow Subsidiary 1 0
Tresara Health Limited Fellow Subsidiary 0 0
TV18 Broadcast Limited# Fellow Subsidiary 19 4
Urban Ladder Home Décor Solutions Limited Fellow Subsidiary 0 0
V-Retail Limited (Formerly V-Retail Private Limited) Fellow Subsidiary 0 0
VasyERP Solutions Private Limited Fellow Subsidiary 0 0
Vengara Retail Private Limited ^ Fellow Subsidiary 0 -
Viacom 18 Media Private Limited# Fellow Subsidiary 31 2
Vitalic Health Limited Fellow Subsidiary 0 0
Alok Industries Limited Associate/JV of the 0 0
Ultimate Parent Company

Consolidated Financial Statements

158 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024

Sr. No. Particulars Relationship 2023-24 2022-23

Big Tree Entertainment Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Canali India Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Circle E Retail Private Limited Associate/JV of the 0 -
Ultimate Parent Company
Clarks Footwear Private Limited (Formerly known as Clarks Associate/JV of the 0 0
Reliance Footwear Private Limited ) Ultimate Parent Company
Diesel Fashion India Reliance Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Dyulok Technologies Private Limited Associate/JV of the 0 -
Ultimate Parent Company
DL GTPL Broadband Private Limited Associate/JV of the 0 -0
Ultimate Parent Company
DL GTPL Cabnet Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Eenadu Television Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Football Sports Development Limited Associate/JV of the 0 0
Ultimate Parent Company
GTPL Bansidhar Telelink Private Limited Associate/JV of the 0 0
Ultimate Parent Company
GTPL Broadband Private Limited Associate/JV of the 14 18
Ultimate Parent Company
GTPL Hathway Limited Associate/JV of the 13 14
Ultimate Parent Company
GTPL KCBPL Broad Band Private Limited Associate/JV of the 0 0
Ultimate Parent Company
GTPL Kolkata Cable & Broad Band Pariseva Limited Associate/JV of the 0 0
Ultimate Parent Company
Gujarat Chemical Port Limited Associate/JV of the 0 0
Ultimate Parent Company
IBN Lokmat News Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Jamnagar Utilities & Power Private Limited Associate/JV of the 1 1
Ultimate Parent Company
Marks and Spencer Reliance India Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Pipeline Management Services Private Limited Associate/JV of the - -
Ultimate Parent Company
Reliance Industrial Infrastructure Limited Associate/JV of the 0 0
Ultimate Parent Company
Reliance-Vision Express Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Ryohin-Keikaku Reliance India Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Sosyo Hajoori Beverages Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Ubona Technologies Private Limited Associate/JV of the 4 2
Ultimate Parent Company
Vadodara Enviro Channel Limited Associate/JV of the 0 0
Ultimate Parent Company
Zegna South Asia Private Limited Associate/JV of the 0 0
Ultimate Parent Company
Jio Insurance Broking Limited Company under Common - 0
(formerly known as Reliance Retail Insurance Broking Limited) $ Control
Jio Payments Bank Limited $ Company under Common 0 0
Control
Jio Payment Solutions Limited Company under Common 0 0
(formerly known as Reliance Payment Solutions Limited) $ Control

Consolidated Financial Statements

Reliance Jio Infocomm Limited 159

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024

Sr. No. Particulars Relationship 2023-24 2022-23

Reliance Industrial Investments and Holdings Limited $ Company under Common - 0
Control
Jamnaben Hirachand Ambani Foundation Enterprise over which 0 0
Key Managerial Personnel
of the Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Enterprise over which 0 0
Key Managerial Personnel
of the Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Institution of Education And Research Enterprise over which 0 1
Key Managerial Personnel
of the Ultimate Parent
Company are able to
exercise significant
influence
Reliance Foundation Youth Sports Enterprise over which 0 0
Key Managerial Personnel
of the Ultimate Parent
Company are able to
exercise significant
influence
Sikka Ports & Terminals Limited Enterprise over which 1 0
Key Managerial Personnel
of the Ultimate Parent
Company are able to
exercise significant
influence
Sir HN Hospital Trust Enterprise over which 1 1
Key Managerial Personnel
of the Ultimate Parent
Company are able to
exercise significant
influence
5 Other Income
Reliance Industries Limited Ultimate Parent Company 0 0
Jio Platforms Limited Parent Company 0 0
Cover Story Clothing Limited Fellow Subsidiary 0 0
Intelligent Supply Chain Infrastructure Management Private Fellow Subsidiary 0 0
Limited*@
Jio Things Limited Fellow Subsidiary 0 0
Mesindus Ventures Limited Fellow Subsidiary 0 0
RBML Solutions India Limited Fellow Subsidiary 0 0
Reliance BP Mobility Limited Fellow Subsidiary 0 0
Reliance Consumer Products Limited Fellow Subsidiary 0 0
Reliance Projects & Property Management Services Limited Fellow Subsidiary 0 0
Reliance Retail Limited Fellow Subsidiary 0 0
Iconix Lifestyle India Private Limited Associate/JV of the 0 0
Ultimate Parent Company
6 Network Operating Expenses
Reliance Industries Limited Ultimate Parent Company 1,533 512
Jio Platforms Limited Parent Company 800 480
Radisys Corporation Fellow Subsidiary 11 9
Reliance BP Mobility Limited Fellow Subsidiary 590 383
Reliance Eminent Trading & Commercial Private Limited Fellow Subsidiary 0 0
Reliance Progressive Traders Private Limited Fellow Subsidiary 0 0

Consolidated Financial Statements

160 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024

Sr. No. Particulars Relationship 2023-24 2022-23

Reliance Projects & Property Management Services Limited Fellow Subsidiary - 252
Reliance Prolific Traders Private Limited Fellow Subsidiary 0 -
The Indian Film Combine Private Limited Fellow Subsidiary 0 0

7 Employee Benefits Expense

Reliance Retail Limited Fellow Subsidiary 11 16
Sir HN Hospital Trust Enterprises over which Key 1 -
Managerial Personnel are
able to exercise significant
influence
Reliance Jio Infocomm Limited Employees Gratuity Fund Post Employment Benefit 19 10

8 Payment to Key Managerial Personnel

Shri Sanjay Mashruwala Key Managerial Personnel 9 8
Shri Pankaj M. Pawar Key Managerial Personnel 5 6
Shri Rajneesh Jain Key Managerial Personnel 3 3
Shri Jyoti Jain Key Managerial Personnel 1 1

9 Professional Fees
Reliance Industries Limited Ultimate Parent Company 1,405 376
Jio Platforms Limited Parent Company 1,680 900
Radisys Canada Inc. Fellow Subsidiary 1 -
Reliance Eminent Trading & Commercial Private Limited Fellow Subsidiary 0 -
Reliance Progressive Traders Private Limited Fellow Subsidiary 0 -
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 987
Reliance Retail Limited Fellow Subsidiary 460 369

10 Customer Service Expenses

Reliance Industries Limited Ultimate Parent Company 167 42
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 115

11 Selling and Distribution Expenses

Reliance Industries Limited Ultimate Parent Company 945 315
Jio Platforms Limited Parent Company 32 102
India Mumbai Indians (Pty) Limited Fellow Subsidiary 1 -
Indiawin Sports Middle East Limited Fellow Subsidiary 1 -
Indiawin Sports Private Limited Fellow Subsidiary 7 7
Reliance Projects & Property Management Services Limited Fellow Subsidiary - 310
Reliance Retail Limited Fellow Subsidiary 2,999 2,779
Saavn Media Limited Fellow Subsidiary 6 -
TribeVibe Entertainment Private Limited Associate/JV of the 0 -
Ultimate Parent Company
Jio Payment Solutions Limited Company under Common 0 0
(formerly known as Reliance Payment Solutions Limited)$ Control

12 General Expenses
Reliance Industries Limited Ultimate Parent Company 7 13
Reliance Commercial Dealers Limited Fellow Subsidiary 53 62
Reliance Corporate IT Park Limited Fellow Subsidiary 417 502
The Indian Film Combine Private Limited Fellow Subsidiary 0 -
GTPL Broadband Private Limited Associate/JV of the 0 -
Ultimate Parent Company

Consolidated Financial Statements

Reliance Jio Infocomm Limited 161

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024

Sr. No. Particulars Relationship 2023-24 2022-23

13 Donation
Dhirubhai Ambani Foundation Enterprises over which Key 5 -
Managerial Personnel are
able to exercise significant
influence
Reliance Foundation Enterprises over which Key 268 290
Managerial Personnel are
able to exercise significant
influence
Reliance Foundation Youth Sports Enterprises over which Key 30 -
Managerial Personnel are
able to exercise significant
influence
Sir HN Hospital Trust Enterprises over which Key 90 -
Managerial Personnel are
able to exercise significant
influence
Sir Hurkisondas Nurrotamdas Hospital and Research Centre Enterprises over which Key 10 -
Managerial Personnel are
able to exercise significant
influence
“0” represents the amounts below the denomination threshold.
#
Control by Independent Media Trust of which Reliance Industries Limited (Ultimate Parent Company) is the sole beneficiary.
^
Relationship established during the year.
* Control by Digital Media Distribution Trust of which Reliance Content Distribution Limited is the sole beneficiary, which is a
wholly-owned subsidiary of Reliance Industries Limited (Ultimate Parent Company).
@
Ceased to be related party during the year.
$
Shri Mukesh D Ambani and his family comprising Smt. Nita M Ambani, Smt. Isha M Ambani, Shri Akash M Ambani and Shri Anant
M Ambani together and collectively control both Reliance Industries Limited and Jio Financial Services Limited by exercise of
voting rights.

(V) Balances as at 31st March, 2024

(` in crore)
Sr. No. Particulars Relationship As at 31st March, 2024 As at 31st March, 2023
1 Equity Share Capital
Jio Platforms Limited Parent Company 45,000 45,000

2 Preference Share Capital#

Jio Platforms Limited Parent Company 1,25,125 1,25,125
#
Including Securities Premium
33.1. Compensation of Key Managerial Personnel
The remuneration of director and other member of key managerial personnel during the year was as follows:
(` in crore)
Particulars 2023-24 2022-23
Short-term benefits 18 18
Post employment benefits 0 0
Total 18 18
“0” represents the amounts below the denomination threshold.

Consolidated Financial Statements

162 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
34. Contingent Liabilities and Commitments
(I) Contingent Liabilities

(` in crore)
As at 31st March, 2024 As at 31st March, 2023
(i) Claims against the Group / disputed liabilities not 2,743 3,845
acknowledged as debts*
(ii) Corporate Guarantees - 19
The disputed liabilities are not likely to have any material effect on financial position of the Group.
*The Group has been advised that the demand is likely to be either deleted or substantially reduced and accordingly
no provision is considered necessary.
(II) Commitments
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Estimated amount of contracts remaining to be executed on 5,617 26,991
Capital account not provided for
35. Capital Management
The Group adheres to a disciplined Capital Management framework, the pillars of which are as follows:
(a) Maintain diversity of sources of financing and spreading the maturity across tenure buckets in order to manage
liquidity risk.
(b) Maintain AAA/A1+ rating by ensuring that the financial strength of the Balance Sheet is preserved.
(c) Manage financial market risks arising from foreign exchange and interest rates and minimise the impact of
market volatility on earnings.
(d) Leverage optimally in order to maximize shareholder returns while maintaining strength and flexibility of
Balance Sheet.
This framework is adjusted based on underlying macro-economic factors affecting business environment, financial
market conditions and interest rates environment.
The Net Gearing Ratio at end of the reporting period was as follows:
(` in crore)
Particulars As at 31st March, 2024 As at 31st March, 2023
Gross Debt 52,740 35,678
Cash and Marketable Securities* (4,608) (1,481)
Net Debt (A) 48,132 34,197
Total Equity (As per Balance Sheet) (B) 2,37,032 2,16,519
Net Gearing Ratio (A/B) 0.20 0.16
*Cash and Marketable Securities includes Cash and Cash Equivalents of `2,085 crore (Previous Year `891 crore) and
Current Investment of `2,523 crore (Previous Year `590 crore).

Consolidated Financial Statements

Reliance Jio Infocomm Limited 163

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
36. Financial Instruments
(A) Fair Value Measurement Hierarchy
(` in crore)
As at 31st March, 2024 As at 31st March, 2023
Carrying Level of Input used in Carrying Level of Input used in
Particulars
Amount Fair Value Measurement Amount Fair Value Measurement
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial Assets
At Amortised Cost
Trade Receivables 2,091 - - - 2,609 - - -
Cash and Bank Balances 2,492 - - - 1,307 - - -
Other Financial Assets 1,642 - - - 3,962 - - -
At FVTPL
Non-Current Investment 0 - - 0 21 - - 21
Current Investment 2,523 2,523 - - 590 590 - -
Other Financial Assets 44 - 44 - 16 - 16 -
At FVTOCI
Non-Current Investment 1 1 - - 16 16 - -
Financial Liabilities
At Amortised Cost
Borrowings 52,740 - - - 35,678 - - -
Deferred Payment Liabil- 1,12,844 - - - 1,17,267 - - -
ities
Lease Liabilities 12,627 - - - 13,709 - - -
Trade Payables 4,464 - - - 3,417 - - -
Other Financial Liabilities 35,517 - - - 36,377 - - -
At FVTPL
Other Financial Liabilities 836 - 836 - 207 - 207 -
The financial instruments are categorized into three levels based on the inputs used to arrive at fair value
measurements as described below:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.
Level 3: Inputs based on unobservable market data.
Valuation Methodology:
All financial instruments are initially recognized and subsequently re-measured at fair value as described below:
(a) The fair value of investment in Mutual Funds and Certificate of Deposits is measured at NAV or quoted price.
(b) The fair value of Forward Foreign Exchange contracts Currency Swaps and Interest Rate Swaps are
determined using observable forward exchange rates and yield curves at the balance sheet date.
(c) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.
(d) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.
(B) Financial Risk Management
The different types of risks the Group is exposed to are market risk, credit risk and liquidity risk. The Group uses
derivative financial instruments such as forwards and swap contracts to minimise any adverse effect on its financial
performance. All such activities are undertaken within an approved Risk Management Policy framework.

Consolidated Financial Statements

164 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(i) Market Risk

(a) Foreign Currency Risk

Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate
because of changes in foreign currency rates. Exposures can arise on account of the various assets and
liabilities which are denominated in currencies other than Indian Rupee.

The following table shows foreign currency exposures in US Dollar, Euro and Japanese Yen on financial
instruments at the end of the reporting period. The exposure to all other foreign currencies are not
material.

(` in crore)

Foreign Currency Exposure

Particulars As at 31st March, 2024 As at 31st March, 2023
USD EUR JPY USD EUR JPY
Borrowings 24,821 814 4,777 8,217 - -
Trade and Other Payables 3,346 4 3 3,767 4 0
Trade and Other Receivables (258) (0) - (215) (0) -
Derivatives
- Forwards (28,120) (814) (4,777) (11,488) - -
Exposure (211) 4 3 281 3 0
“0” represents the amounts below the denomination threshold.

Sensitivity analysis of 1% change in exchange rate at the end of reporting period

(` in crore)
Foreign Currency Sensitivity
Particulars As at 31st March, 2024 As at 31st March, 2023
USD EUR JPY USD EUR JPY
1% Depreciation in INR 2 (0) (0) (3) (0) (0)
Impact on Equity - - - - - -
Impact on Profit and Loss 2 (0) (0) (3) (0) (0)
1% Appreciation in INR (2) 0 0 3 0 0
Impact on Equity - - - - - -
Impact on Profit and Loss (2) 0 0 3 0 0
(b) Interest Rate Risk

The exposure of the Groups’s borrowings and derivatives to interest rate changes at the end of the
reporting period are as follows:
(` in crore)
Interest Rate Exposure
Particulars
As at 31st March, 2024 As at 31st March, 2023
Borrowings
Non-Current - Fixed (Includes Current Maturities)* 16,187 17,257
Non-Current - Floating (Includes Current 30,412 8,217
Maturities)*
Current# 6,690 10,590
Total 53,289 36,064
Derivatives
Interest Rate Swaps
- Receive Fix 8,710 9,200
*Includes `408 crore (Previous Year `103 crore) as Unamortised Finance Charges and Fair Valuation
Impact of `110 crore (Previous Year `148 crore).
#
Includes `31 crore (Previous Year `135 crore) as Commercial Paper Discount.
Capitalization rate used to determine the amount of eligible borrowing cost is 6.07% p.a. (Previous Year
5.97%)

Consolidated Financial Statements

Reliance Jio Infocomm Limited 165

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
Sensitivity Analysis of 1% change in interest rate

(` in crore)
Interest Rate Sensitivity
Particulars As at 31st March, 2024 As at 31st March, 2023
Up Down Up Down
Impact on Equity - - - -
Impact on P&L (391) 391 (96) 96
Total (391) 391 (96) 96
(ii) Credit Risk

Credit risk is the risk that a customer or counterparty to a financial instrument fails to perform or pay the
amounts due causing financial loss to the Group. Credit risk arises from Group’s activities in investments,
dealing in derivatives and outstanding receivables from customers.

The Group has a prudent and conservative process for managing its credit risk arising in the course of its
business activities. Credit risk is actively managed through timely assessment of its customer’s creditworthiness,
optimal credit limits and use of collateral management in the form of selective advance payments & security
deposits.

(iii) Liquidity Risk

Liquidity risk arises from the Group’s inability to meet its cash flow commitments on the due date. The Group
maintains sufficient stock of cash and committed credit facilities. The Group accesses global and local financial
markets to meet its liquidity requirements. It uses a range of products and a mix of currencies to ensure
efficient funding from across well-diversified markets and investor pools. Treasury monitors rolling forecasts
of the Group’s cash flow position and ensures that the Group is able to meet its financial obligation at all times
including contingencies.

(` in crore)
Maturity Profile as at 31st March, 2024
Particulars^ Below 3 3 -6 6 -12 1- 3 3-5 Above 5 Total
Months Months Months Years Years Years
Borrowings
Non-Current* 274 886 2,565 11,023 31,027 824 46,599
Current# 6,690 - - - - - 6,690
Total 6,964 886 2,565 11,023 31,027 824 53,289

Lease Liabilities (Gross) 1,196 1,029 1,925 6,779 2,326 2,036 15,291

Derivative Liabilities
Forwards 194 364 99 45 4 - 705
Interest Rate Swaps 4 - - 126 - - 130
Total 198 364 99 171 4 - 836
^
Does not include Trade Payables (current) amounting to `4,336 crore.
*Includes `408 crore as Unamortised Finance Charges and Fair Valuation Impact of `110 crore.
#
Includes `31 crore as Commercial Paper Discount.

Consolidated Financial Statements

166 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(` in crore)

Maturity Profile as at 31st March, 2023

Particulars^
Below 3 3 -6 6 -12 1- 3 3-5 Above 5 Total
Months Months Months Years Years Years
Borrowings
Non-Current* 160 433 1,899 5,659 14,369 2,954 25,474
Current# 9,715 875 - - - - 10,590
Total 9,875 1,308 1,899 5,659 14,369 2,954 36,064

Lease Liabilities (Gross) 1,130 1,131 2,215 6,299 3,725 2,709 17,209

Derivative Liabilities
Forwards 39 15 1 - - - 55
Interest Rate Swaps - - - 59 93 - 152
Total 39 15 1 59 93 - 207
^
Does not include Trade Payables (current) amounting to `3,353 crore.
*Includes `103 crore as Unamortised Finance Charges and Fair Valuation Impact of `148 crore.
#
Includes `135 crore as Commercial Paper Discount.
(C) Hedge Accounting
The Group’s business objective includes safe-guarding its earnings against adverse impact of movements in interest
rates. The Group has adopted a structured risk management policy to hedge risks within an acceptable risk limit
and an approved hedge accounting framework which allows for Fair Value hedges. The Group enters into derivative
financial instruments including interest rate swaps to manage its exposure to interest rate to achieve this objective.
There is an economic relationship between the hedged items and the hedging instruments. The Group has
established a hedge ratio of 1:1 for the hedging relationships. To test the hedge effectiveness, the Group uses the
hypothetical derivative method.
The hedge ineffectiveness can arise from:
- Differences in the timing of the cash flows.
- Different indexes (and accordingly different curves).
- The counterparties’ credit risk differently impacting the fair value movements.
The table below shows the position of hedging instruments and hedged items as on the balance sheet date:
Disclosure of effect of Hedge Accounting:
A. Fair Value Hedge

Hedging Instruments

(` in crore)
Nominal Carrying Amount Changes Hedge Line Item in
Particulars
Value Assets Liabilities in Fair Value Maturity Balance Sheet
As at 31st March, 2024
Interest Rate Risk
Interest Rate Swaps 6,125 - 127 (127) April 2025 Other Financial
to January Liabilities -
2027 Current
As at 31st March, 2023
Interest Rate Risk
Interest Rate Swaps 7,825 - 142 (142) April 2025 Other Financial
to January Liabilities -
2027 Current

Consolidated Financial Statements

Reliance Jio Infocomm Limited 167

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
Hedged Items

(` in crore)
Carrying Amount Changes in Fair Line Item in Balance Sheet
Particulars
Assets Liabilities Value
As at 31st March, 2024
Interest Rate Risk
Fixed Rates Borrowings - 6,026 99 Non-Current Borrowings

As at 31st March, 2023

Interest Rate Risk
Fixed Rates Borrowings - 7,701 124 Non-Current Borrowings
B. Cash Flow Hedge

Hedging Instruments

(` in crore)

Nominal Carrying Amount Changes Hedge Line Item in

Particulars Value in Fair Maturity Balance Sheet
Assets Liabilities Value
As at 31st March, 2024
Foreign Exchange Rate Risk
Forward Contracts 30,662 35 705 (269) April 2024 Other Financial
to June Assets /Liabili-
2028 ties - Current

As at 31st March, 2023

Foreign Exchange Rate Risk
Forward Contracts - - - - - -
Hedged Items

(` in crore)
Nominal Changes Hedge Line Item in Balance
Particulars
Value in Fair Value Reserve Sheet
As at 31st March, 2024
Foreign Exchange Rate Risk
Foreign Currency Borrowings 30,412 265 (119) Non-Current
Borrowings
Interest accrued but not due on Foreign 21 - (0) Other Financial
Currency Borrowings Liabilities
Future Interest liability on Foreign 229 - (1) Other Financial
Currency Borrowings Liabilities

As at 31st March, 2023

Foreign Exchange Rate Risk
Foreign Currency Borrowings - - - -
Interest accrued but not due on Foreign - - - -
Currency Borrowings
Future Interest liability on Foreign - - - -
Currency Borrowings

Consolidated Financial Statements

168 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
Movement in Cash Flow Hedge

(` in crore)
2023-24 2022-23 Line Item in Balance Sheet/
Particulars
Statement of Profit and Loss
At the beginning of the year - -
Loss recognised in Other Comprehensive (446) - Items that will be reclassifed to
Income Profit & Loss
Amount reclassified to Profit and Loss during 326 - Finance Costs
the year
At the end of the year (120) - Other Comprehensive Income
37. Segment Reporting
The Group is mainly engaged in the business of providing Digital Services. Accordingly, the Group presently has one
Digital Services segment as per the requirements of Ind AS 108 - Operating Segments.
38. Payment to Auditors as:
(` in crore)
Particulars 2023-24 2022-23
(a) Fees as Auditors 9 10
(b) Fees for Other Services 1 1
Total 10 10
39. Corporate Social Responsibility (CSR)
(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof
by the Company during the year is `403 Crore (Previous Year `288 Crore).
(b) Expenditure related to CSR is `403 Crore (Previous Year `290 Crore).
Details of Amount spent towards CSR given below:

(` in crore)
Particulars 2023-24 2022-23
Rural Development - 5
Health 130 171
Education 137 101
Sports For Development 41 8
Environment, Ecology and Animal Welfare 51 -
Others incl. Arts, Culture, Heritage, Disaster Management, 44 5
Women Empowerment, Partnership
Total 403 290
(c) Out of (b) above, `268 crore (Previous Year `290 crore) contributed to Reliance Foundation, `90 crore
contributed to Sir HN Hospital Trust, `30 crore contributed to Reliance Foundation Youth Sports, `10 crore
contributed to Sir Hurkisondas Nurrotamdas Hospital and Research Centre, and `5 crore contributed to
Dhirubhai Ambani Foundation which are related parties.

Consolidated Financial Statements

Reliance Jio Infocomm Limited 169

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
40. Enterprises Consolidated as Subsidiary in accordance with Indian Accounting Standard 110 – Consolidated
Financial Statements

Sr. No. Name of Subsidiary Company Country of Proportion of

Incorporation Ownership Interest
1 Reliance Jio Infocomm Pte Ltd* Singapore 100%
2 Reliance Jio Infocomm UK Limited* UK 100%
3 Reliance Jio Infocomm USA, Inc.* USA 100%
4 Reliance Jio Global Resources LLC USA 100%
(Subsidiary of Reliance Jio Infocomm USA, Inc.)*
*Subsidiary Companies having 31st December as Reporting Date.
40.1 The audited Financial Statements of foreign subsidiaries have been prepared in accordance with the generally
accepted accounting principles of its country of incorporation. The differences in accounting policies of the holding
company and its subsidiaries are not material and there are no material transactions from 1st January, 2024 to 31st
March, 2024 in respect of subsidiaries having financial year ended 31st December, 2023.
41. Additional information, as required under Schedule III to The Companies Act, 2013 of enterprises consolidated
as subsidiaries.
Sr. Name of the Net Assets i.e. Share in Profit Share in Share in
No Enterprise Total Assets minus or Loss Other Comprehensive Total
Total Liabilities Income Comprehensive
Income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` in consolidated (` in consolidated (` in consolidated (` in
Net Assets crore) Profit or crore) Other crore) Total crore)
Loss Comprehensive Comprehensive
Income Income
Holding
Company
Reliance Jio 100% 2,36,369 98% 20,466 100% (94) 99% 20,372
1 Infocomm
Limited
Subsidiaries
Reliance Jio 1% 1,485 1% 125 - - 1% 125
1 Infocomm Pte
Ltd
Reliance Jio 0% 75 0% 1 - - 0% 1
2 Infocomm UK
Limited
Reliance Jio 0% 197 0% 8 16% (15) (0%) (7)
3 Infocomm USA,
Inc.
Reliance 0% 54 0% 7 - - 0% 7
4 Jio Global
Resources LLC
Others
Adjustments (1%) (1,148) - - (16%) 15 0% 15
due to
Consolidation
(Elimination)
Grand Total 100% 2,37,032 100% 20,607 100% (94) 100% 20,513

42. Other Statutory Information

(i) There are no balance outstanding on account of any transaction with companies struck off under section 248
of the Companies Act, 2013 or section 560 of Companies Act, 1956.
(ii) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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.

Consolidated Financial Statements

170 Reliance Jio Infocomm Limited

Notes to the Consolidated Financial Statements for the year ended 31st March, 2024
(iii) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iv) The Group does not have any transaction which is not recorded in the books of accounts; and which has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.
43. The figures for the corresponding previous year have been regrouped / rearranged wherever necessary, to make
them comparable.
44. Approval of Financial Statements
The financial statements were approved for issue by Board of Directors on April 22, 2024.

As per our Report of even date For and on behalf of the Board
For DTS & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
Firm Regn No: 142412W / Firm Regn No: 117366W /
Isha M. Ambani Director DIN : 06984175
W-100595 W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No: 136433 Membership No: 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Dipak C. Jain Director DIN : 00228513
Rajneesh Jain Jyoti Jain Mohanbir S. Sawhney Director DIN : 07136864
Chief Financial Officer Company Secretary Ranjit V. Pandit Director DIN : 00782296
Shumeet Banerji Director DIN : 02787784
Raminder Singh Gujral Director DIN : 07175393
Date: 22nd April 2024 K. V. Chowdary Director DIN : 08485334

Consolidated Financial Statements

Annexure “A”
Salient Features of Financial Statements of Subsidiaries as per Companies Act, 2013
(` in crore)
Sr Name of The date Currency Equity Other Total Total Invest- Revenue Profit Provision Profit Other Total Proposed % of
No Subsidiary since Share Equity* Assets Liabilities ments from Before for Taxa- After Compre- Compre- Dividend Holding
Company which Capital Operation Taxation tion Taxation hensive hensive
Subsidiary /Total Income Income
was Income
acquired
Reliance INR 1,077 409 4,330 2,844 - 1,041 164 38 126 - 126 -
Jio
1 01.02.2013 100%
Infocomm USD 129 49 520 342 - 125 20 5 15 - 15 -
Pte Ltd
Reliance INR 63 11 114 40 - 242 2 1 1 - 1 -
Jio
2 30.07.2013 100%
Infocomm GBP 6 1 11 4 - 23 0 0 0 - 0 -
UK Limited
Reliance INR 321 (124) 217 20 41 109 5 (2) 8 (15) (7) -
Jio
3 05.06.2013 100%
Infocomm USD 39 (15) 26 2 5 13 1 (0) 1 (2) (1) -
USA, Inc.
Reliance INR 0 54 89 35 - 137 9 2 7 - 7 -
Jio Global
4 15.01.2015 100%
Resources USD 0 6 11 4 - 16 1 0 1 - 1 -
LLC

As on 31st December, 2023: 1 USD = INR 83.2125, 1 GBP = INR 105.7175

*Includes Reserves and Surplus.
The above statement also indicates performance and financial position of each of the subsidiaries.

As per our Report of even date For and on behalf of the Board
For DTS & Associates LLP For Deloitte Haskins & Sells LLP
Chartered Accountants Chartered Accountants Akash M. Ambani Chairman DIN : 06984194
Notes to the Consolidated Financial Statements for the year ended 31st March, 2024

Firm Regn No: 142412W / Firm Regn No: 117366W /

Isha M. Ambani Director DIN : 06984175
W-100595 W-100018
Sanjay Mashruwala Managing Director DIN : 01259774
Pankaj M. Pawar Managing Director DIN : 00085077
Kundan Angre Ketan Vora Mathew Oommen Director DIN : 07176548
Partner Partner Mahendra Nahata Director DIN : 00052898
Membership No: 136433 Membership No: 100459 Kiran M. Thomas Director DIN : 02242745
Adil Zainulbhai Director DIN : 06646490
Dipak C. Jain Director DIN : 00228513
Rajneesh Jain Jyoti Jain Mohanbir S. Sawhney Director DIN : 07136864
Chief Financial Officer Company Secretary Ranjit V. Pandit Director DIN : 00782296
Reliance Jio Infocomm Limited

Shumeet Banerji Director DIN : 02787784

Raminder Singh Gujral Director DIN : 07175393
K. V. Chowdary Director DIN : 08485334

Consolidated Financial Statements

171

Date: 22nd April 2024

Reliance Jio Infocomm Limited
Notice
2023-24
Annual Report 2023-24 173

NOTICE
NOTICE is hereby given that the Seventeenth Annual General Meeting of the Members of Reliance Jio Infocomm Limited
will be held on Monday, September 30, 2024 at 4:45 P.M. (IST) through Video Conferencing (“VC”) / Other Audio-Visual
Means (“OAVM”), to transact the following business:

ORDINARY BUSINESS

1. To consider and adopt (a) the audited financial statement of the Company for the financial year ended March 31,
2024 and the reports of the Board of Directors and Auditors thereon; and (b) the audited consolidated financial
statement of the Company for the financial year ended March 31, 2024 and the report of the Auditors thereon and,
in this regard, to consider and if thought fit, to pass, with or without modification(s), the following resolutions as
Ordinary Resolutions:

(a) “RESOLVED THAT the audited financial statement of the Company for the financial year ended March 31,
2024 and the reports of the Board of Directors and Auditors thereon, as circulated to the members, be and are
hereby considered and adopted.”

(b) “RESOLVED THAT the audited consolidated financial statement of the Company for the financial year ended
March 31, 2024 and the report of the Auditors thereon, as circulated to the members, be and are hereby
considered and adopted.”

2. To appoint Mr. Mahendra Nahata (DIN: 00052898), who retires by rotation as a Director and in this regard, to consider
and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:

“RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the Companies
Act, 2013, Mr. Mahendra Nahata (DIN: 00052898), who retires by rotation at this meeting, be and is hereby appointed
as a Director of the Company.”

3. To appoint Mr. Pankaj Mohan Pawar (DIN: 00085077), who retires by rotation as a Director and in this regard, to
consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary
Resolution:

“RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the
Companies Act, 2013, Mr. Pankaj Mohan Pawar (DIN: 00085077), who retires by rotation at this meeting, be and is
hereby appointed as a Director of the Company.”

SPECIAL BUSINESS

4. To ratify the remuneration of Cost Auditor for the financial year ending March 31, 2025 and in this regard, to consider
and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:

“RESOLVED THAT in accordance with the provisions of Section 148 and other applicable provisions of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-
enactment thereof, for the time being in force), the members do hereby ratify the remuneration, to be paid to the
Cost Auditor appointed by the Board of Directors, to conduct the audit of the cost records of the Company for the
financial year ending March 31, 2025, as approved by the Board of Directors and as set out in the Statement annexed
to the Notice.”

By Order of the Board of Directors

Jyoti Jain
Company Secretary and Compliance Officer

Date: September 6, 2024

Place: Mumbai

Registered Office:
Office - 101, Saffron, Nr. Centre Point,
Panchwati 5 Rasta, Ambawadi, Ahmedabad- 380006
CIN : U72900GJ2007PLC105869
Website : www.jio.com
E-mail : [email protected]
Tel. : 079-35031200

Notice
174 Reliance Jio Infocomm Limited

Notes:

1. The Ministry of Corporate Affairs (“MCA”) has, vide its General Circular dated September 25, 2023, read together with
circulars dated April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, December 8, 2021, December 14, 2021,
May 5, 2022 and December 28, 2022 (collectively referred to as “MCA Circulars”), permitted convening the Annual
General Meeting (“AGM” / “Meeting”) through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”),
without physical presence of the members at a common venue. In accordance with the MCA Circulars and applicable
provisions of the Companies Act, 2013 (“Act”) read with Rules made thereunder and the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the
AGM of the Company is being held through VC / OAVM. The deemed venue for the AGM shall be the registered office
of the Company.

2. A statement pursuant to the provisions of Section 102(1) of the Act, relating to the Special Business to be transacted
at the AGM, is annexed hereto.

3. Generally, a member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote
on a poll instead of himself / herself and the proxy need not be a member of the Company. Since this AGM is being
held through VC / OAVM pursuant to the MCA Circulars, physical attendance of Members has been dispensed with.
Accordingly, the facility for appointment of proxies by the members will not be available for the AGM and hence, the
Proxy Form and Attendance Slip are not annexed hereto.

4. Since the AGM will be held through VC/OAVM, the route map of the venue of the Meeting is not annexed hereto.

5. In terms of the provisions of Section 152 of the Act, Mr. Mahendra Nahata and Mr. Pankaj Mohan Pawar, Directors of
the Company, retire by rotation at the Meeting.

The Nomination and Remuneration Committee and the Board of Directors of the Company commend their respective
re-appointments.

Mr. Mahendra Nahata and Mr. Pankaj Mohan Pawar, Directors of the Company, are interested in the Ordinary
Resolution set out at Item Nos. 2 and 3, respectively, of this Notice with regard to their re-appointment. The relatives
of Mr. Mahendra Nahata and Mr. Pankaj Mohan Pawar may be deemed to be interested in the resolutions set out at
Item Nos. 2 and 3 of this Notice, respectively, to the extent of their shareholding, if any, in the Company.

Save and except the above, none of the Directors / Key Managerial Personnel of the Company / their relatives are, in
any way, concerned or interested, financially or otherwise, in the Ordinary Business set out under Item Nos. 1 to 3 of
this Notice.

6. Details of Directors retiring by rotation at this Meeting are provided in the Annexure I to this Notice.

7. In compliance with the MCA Circulars and SEBI Circular dated October 7, 2023, Notice of the AGM along with the
Annual Report for the financial year 2023-24 is being sent only through electronic mode to those Members whose
email address is registered with the Company / Registrar and Transfer Agent / Depository Participants / Depositories.
Members may note that this Notice and Annual Report for the financial year 2023-24 will also be available on the
Company’s website at www.jio.com, websites of the Stock Exchanges, i.e., BSE Limited and National Stock Exchange
of India Limited at www.bseindia.com and www.nseindia.com, respectively.

8. Institutional/Corporate members (i.e., other than Individuals, HUFs, NRIs, etc.) are also required to send legible
scanned certified true copy (in PDF Format) of the Board Resolution / Power of Attorney / Authority Letter, etc.,
together with attested specimen signature(s) of the duly authorised representative(s), to [email protected]. Such
authorisation should contain necessary authority in favour of its authorised representative(s) to attend the AGM.

9. Facility to join the Meeting shall be opened thirty minutes before the scheduled time of the Meeting and shall be
kept open throughout the proceedings of the Meeting.

10. In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be
entitled to vote at the Meeting.

11. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the
Act, the Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189
of the Act, and the relevant documents referred to in this Notice will be available, electronically, for inspection by the
Members during the AGM.

All the documents referred to in this Notice will also be available for inspection electronically without any fee by the
Members from the date of circulation of this Notice up to the date of AGM.

Notice
Annual Report 2023-24 175

Members seeking to inspect such documents can send an email to [email protected] mentioning his/her/its DP ID
and Client ID.

12. Members seeking any information with regard to the accounts or any matter to be considered at the AGM, are
requested to write to the Company on or before Monday, September 23, 2024 by sending email on [email protected].
The same will be replied by the Company suitably.

13. Members attending the AGM through VC / OAVM shall be reckoned for the purpose of quorum under Section 103 of
the Act.

14. Detailed instructions to attend, participate and vote at the Meeting through VC / OAVM are provided in Annexure II.

15. The Company’s Debenture Trustee is Axis Trustee Services Limited having its office at The Ruby, 2nd Floor,
SW, 29 Senapati Bapat Marg, Dadar West, Mumbai – 400028 and email: [email protected] and
[email protected].

Notice
176 Reliance Jio Infocomm Limited

STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013

The following statement sets out all material facts relating to the Special Business proposed in this Notice:

Item No. 4:

The Board of Directors has, on the recommendation of the Audit Committee, approved the appointment and remuneration
of Shome & Banerjee, Cost Accountants, as the Cost Auditor of the Company to conduct the audit of the cost records of the
Company relating to its telecommunication activities for the financial year ending March 31, 2025, at a remuneration of
` 10,00,000 (Rupees Ten Lakhs Only) plus applicable taxes and reimbursement of out of pocket expenses, if any, incurred
in connection with the audit.

In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the aforesaid Cost Auditor, as recommended by the Audit Committee and
approved by the Board of Directors of the Company, is required to be ratified by the members of the Company. Accordingly,
ratification by the members is sought for the remuneration payable to the Cost Auditor by passing an Ordinary Resolution
as set out at Item No. 4 of this Notice.

None of the Directors / Key Managerial Personnel of the Company / their relatives are, in any way, concerned or interested,
financially or otherwise, in the resolution.

The Board of Directors commends the Ordinary Resolution set out at Item No. 4 of this Notice for ratification by the members.

By Order of the Board of Directors

Jyoti Jain
Company Secretary and Compliance Officer

Date: September 6, 2024

Place: Mumbai

Registered Office:
Office - 101, Saffron,
Nr. Centre Point, Panchwati 5 Rasta,
Ambawadi, Ahmedabad- 380006
CIN : U72900GJ2007PLC105869
Website : www.jio.com
E-mail : [email protected]
Tel. : 079-35031200

Notice
Annual Report 2023-24 177

Annexure I

Details of Directors retiring by rotation at the Meeting:

Mr. Mahendra Nahata

DIN: 00052898
Age 65 years
Qualifications B. Com (Hons.)
Experience Detailed profile is annexed herewith
Terms and conditions of Re-appointment Non-executive Director, liable to retire by rotation
Remuneration last drawn (including sitting ` 2,00,000 as sitting fees for attending meetings of the Board held in FY
fees, if any) (FY2023-24) 2023-24
Remuneration proposed to be paid Sitting fees for attending meetings of the Board and Committees
Date of first appointment on the Board June 22, 2010
Shareholding in the Company as on March 31, Nil
2024
Relation with any Directors / Key Managerial Not related to any Directors / Key Managerial Personnel
Personnel of the Company
Number of Meetings of the Board attended FY2023-24: 2 out of 4 meetings held

FY2024-25 (till the date of this Notice): 2 out of 2 meetings held

Directorships of other Boards as on March 31, • HFCL Limited
2024 • HTL Limited
• MN Ventures Private Limited
• Krishiv Ventures Private Limited
• Pranatharthi Ventures Private Limited
• HFCL Technologies Private Limited
Chairmanship/Membership of Committees of HFCL Limited
other Boards as on March 31, 2024 • Corporate Social Responsibility Committee - Chairman
• Risk Management Committee – Chairman
• Fund Raising Committee - Chairman
• Banking Operations Committee – Chairman
• Allotment Committee (Warrants) – Chairman
• Environment, Social & Governance Committee – Member
HTL Limited
• Nomination and Remuneration Committee – Member

Mr. Pankaj Mohan Pawar

DIN: 00085077
Age 52 years
Qualifications Engineering Graduate with Master’s in Business Management
Experience Detailed profile is annexed herewith
Terms and conditions of Re-appointment Managing Director, liable to retire by rotation
Remuneration last drawn (including sitting ` 5.34 crore (for remuneration details, please refer the Corporate
fees, if any) (FY2023-24) Governance Report)
Remuneration proposed to be paid As per existing approved terms of appointment
Date of first appointment on the Board September 1, 2015
Shareholding in the Company as on March 31, 1 equity share of ` 10 each (held jointly with Jio Platforms Limited,
2024 Holding Company, the beneficial interest of which is with the Holding
Company)
Relation with any Directors / Key Managerial Not related to any Directors / Key Managerial Personnel
Personnel of the Company
Number of Meetings of the Board attended FY2023-24: 3 out of 4 meetings held

FY2024-25 (till the date of this Notice): 2 out of 2 meetings held

Notice
178 Reliance Jio Infocomm Limited

Directorships of other Boards as on March 31, • Jio Platforms Limited

2024 • Reliance Retail Limited
• Reliance Jio Media Limited*
• Reliance Retail Ventures Limited
• Reliance Retail and Fashion Lifestyle Limited
• Jio Media Limited
• Jio Things Limited
• Jio Satellite Communications Limited
• Jio Space Technology Limited
Chairmanship/Membership of Committees of Jio Platforms Limited
other Boards as on March 31, 2024 • Risk Management Committee – Member
• Finance Committee – Member

Reliance Retail Limited

• Audit Committee – Member
• Corporate Social Responsibility Committee – Member
• Risk Management Committee – Member
• Nomination and Remuneration Committee – Member
• Stakeholders Relationship Committee – Member

Reliance Retail Ventures Limited

• Audit Committee – Member
• Finance Committee – Member
• Risk Management Committee – Member

Reliance Jio Media Limited*

• Allotment Committee – Member
*Merged with Reliance Corporate IT Park Limited

By Order of the Board of Directors

Jyoti Jain
Company Secretary and Compliance Officer

Date: September 6, 2024

Place: Mumbai

Registered Office:
Office - 101, Saffron,
Nr. Centre Point, Panchwati 5 Rasta,
Ambawadi, Ahmedabad- 380006
CIN : U72900GJ2007PLC105869
Website : www.jio.com
E-mail : [email protected]
Tel. : 079-35031200

Notice
Annual Report 2023-24 179

PROFILE OF DIRECTORS:
Mr. Mahendra Nahata

Mr. Mahendra Nahata, the Managing Director of HFCL Limited (HFCL), has business experience of over 35 years. He
leads the overall strategy and planning, business development and marketing activities of HFCL. He is one of the pioneers
in the New Age Telecom sector of India and has been associated with many esteemed forums related to the industry.
In recognition of his wide experience in the industry, he was appointed as President of TEMA (Telecom Equipment
Manufacturers Association of India) and was recognised as the “Telecom Man of the Millennium” by Voice & Data in 2003.
Mr. Nahata’s contributions to the telecom sector are commendable and many milestones in the sector have been achieved
due to his initiatives and entrepreneurship. He has also been on the board of Indian Institute of Technology - Bombay and
Indian Institute of Technology - Madras. He was also the Co-Chairman of the Telecom Committee of FICCI and Executive
Member of Telecom Industry and Services Association of India. He has also been on the Board of Governors of Indian
Institute of Information Technology, Allahabad and Member of Council of Scientific & Industrial Research, Government of
India along with his association with many other bodies.

Mr. Pankaj Mohan Pawar

Mr. Pankaj Mohan Pawar is the Managing Director of Reliance Jio Infocomm Limited. He has over 28 years of experience of
working across diverse roles in strategy, corporate development and operations in Reliance and other leading companies.
In Reliance, his work has been mainly focused on development and scaling of consumer businesses. Before joining Reliance,
he worked with the Tata group’s corporate strategy office.

Notice
180 Reliance Jio Infocomm Limited

Annexure II

Members are requested to note the following in accordance with the MCA Circulars:

1. Members would have received an email from the Company to participate in the Meeting through video-conference
on your email address registered with the Company.

2. The Meeting through video-conference would be conducted through “Microsoft Teams” which enables two-way
audio and video conference. Members are requested to join the Meeting using the following link:

Join Microsoft Teams Meeting

Detailed instructions on installing Microsoft Teams is attached as Annexure III.

3. The link to join the Meeting shall be active from 30 (thirty) minutes prior to the time of the Meeting.

4. E-mail address of the Company Secretary of the Company, Mr. Jyoti Jain i.e. [email protected] is designated for
correspondences and all other purposes related to the Meeting.

5. For any assistance (including with technology) before or during the Meeting, members may contact the Company
Secretary, Mr. Jyoti Jain on +91-8454047736.

Notice
Annual Report 2023-24 181

Annexure III

1. In case you already have Microsoft Teams installed on your Laptop / Computer / iPad / Mobile Phone, click on “Join
Microsoft Teams Meeting” option from the email. You will connect to the meeting.

2. In case you do not have Microsoft Teams installed on your Laptop / Computer / iPad / Mobile Phone, please follow
the below given procedure.

Option 1

For participating through Windows / Apple powered Laptops / Computer devices:

Open the email invitation using Google Chrome browser

Simply click on “Join Microsoft Teams Meeting” option from the email invitation / your calendar events.

A new Browser window would open. Select “Join on the web instead”. Once you reach to the “Enter Name” prompt,
enter your name and click “Join as a Guest”

You will enter the Meeting. Make sure you start your camera and the microphone may be kept on “Mute” when not
speaking.

Option 2

For installing Microsoft Teams on your iPad / apple devices / Android devices:

Click on “Join Microsoft Teams Meeting” from the email invitation/calendar events

System will prompt you to download Microsoft Teams

Download and Install Microsoft teams. Please do not try to login.

Once installed, click on invitation once again on “Join Microsoft Teams Meeting” from the email invitation/calendar
events

You will be prompted to Microsoft Teams application

Click on “Join as a Guest” option

Type your Name and once again click on “Join as a Guest”

You will enter the Meeting. Make sure you start your camera and the microphone may be kept on “Mute” when not
speaking.

Notice