Reliance O2C unit delivers another year of superlative performance: Mukesh Ambani at 45th AGM

"I am pleased to share that over the next five years, we will invest Rs 75,000 crore and expand capacities in existing and new value chains," he said.

He also said Reliance had extensively started to consume biomass as fuel to produce green energy at scale. "I am pleased to share that within just one year, we have replaced almost five percent of energy consumption at our Dahej and Hazira sites by green power and green steam. Within one year, the renewable energy consumption at Reliance jumped by 352 percent," Ambani said.

The RIL Chairman exuded confidence that such initiatives, coupled with the transition to renewable power for Reliance's O2C assets, will accelerate the company's journey to becoming net-carbon zero. Catch Reliance Industries AGM highlights here

He also said that Reliance's oil and gas production jumped nine times and revenue crossed a billion dollars. The KG-D6 oil fields reached production of 19 million standard cubic meters per day, contributing 20 percent of the country's domestic gas output, Ambani said.

The group's O2C segment clocked revenue growth of 11 percent to a record Rs 1.61 lakh crore for the April-June period. The O2C unit accounted for almost 57 percent of the conglomerate's total revenue in the year ended March 2022.

“The overall growth in the entire O2C business in different product verticals, as they are talking about doubling the size in many cases in next 3-4 years, means the activity in the O2C business continues," Deven Choksey of KRChoksey told CNBC-TV18.

Given the kind of roadmap of investments, the current O2C business, which is close to Rs 50,000-60,000 crore EBITDA, could possibly continue to grow at around 12-15 percent on a sustainable basis, he added.

“The next five years will be fairly interesting to look at how they convert these kinds of investments into earnings growth and build on what already appears to be a leading earnings growth trajectory... That is already there in Street estimates,” Probal Sen, Energy Analyst at ICICI Securities, told CNBC-TV18.

Reliance shares have rewarded investors with a return of 16.5 percent in the past year, a period in which the Nifty50 benchmark has risen 3.9 percent.