Webcast & Transcript

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[Visual Slide - 1]: Financial Results Presentation “Q3 FY26” 16 January 2026. Background sound in between the entire video. 

[Srikanth]: So, I will just do the summary one and then open it up for individual businesses. So, starting from the consumer businesses side, customer addition strong at about 9 million, taking the total to about 515 million customers, very good traction on the home side with about 25 million that we have and we saw a significant margin expansion too. And on the revenue, on the retail side, revenue growth has been about 8 percent and overall EBITDA of growth has been 1.3 percent and we will go through what has been unique in this particular quarter, overall store count at close to 20,000 crores and having added about 430 stores. We will talk through in that presentation about you know how the quick commerce is progressing and as one of the important data points is the fact that we have now 1.6  million orders run rate that is what we are doing and very much on track to be the second largest QC player. On the FM CG side, the demerger happened as you know on 1st December and we are at more than 5000 crores of turnover and this is 60 percent up on a year on year basis. A lot of purchases of brands that we have which we will talk through in those slides. Media continues to do exceptionally well and even though it was not the sport season and MAU user about 450 million. On the energy business side, strong growth, 15 percent that you saw the, of course, we saw that the delta for the transportation fuel was pretty strong anywhere between 60 to 100 percent growth that we saw year on year. Jio BP continues to do well with 24 percent growth in volumes for both gas oil and gasoline and the EBITDA on ENP was lower as you know on the back of lower volumes and a bit on the price side and on the new energy side, we will current will take us through the progress that we are making in terms of getting to the 10 gigawatts of integrated solar chain. These are the results on a glance: revenues up 10 percent, EBITDA up about 6 percent and overall Pat at 22,290 which was also up about 1.6 percent. So, again a strong growth revenue has been obviously led by digital services to some extent retail. EBITDA have fundamentally driven by strong OTC performance, 15 percent higher digital service up 16 percent and consul profit was muted on the because of higher finance and depreciation. As you know, jio depreciation with capitalization of 5G assets was the primary driver for higher depreciation. On the overall on the, yeah, this is just the business wise, business wise breakup of the EBITDA starting from OTC and all the way and as you can see 15 percent up on OTC, the on the back of I said higher transportation market and this kind of of course, it was offset by you know, fairly muted downstream petrochemical performance upstream has been impacted coming from lower volumes there digital services, very strong growth as I said on homes as well as customers and retail will talk through the scaling up that we are doing on the quick commerce side and others have been lower because last time same time they had very strong performance on treasury side. So, that is where you see the reduction on your on your basis and I just thought I will put the context of the nine months so that we can see in the performance for the for the nine months that went by nine percent growth in revenues and when you now see the EBITDA it is up 18 percent on a nine months equivalent basis and pat 28 percent even if you back out the exceptional it is up up between 13 and 14 percent and even the individual segments when you see business wise OTC up 15 percent on a nine month basis ENP slightly lower digital services up 18 percent and retail close to 10 percent and balance sheet remains fairly steady you can see that is no change in terms of the net debt number leverage exatura and you know businesses continue to to deliver cash and when you see the capex at 33,000 almost 34,000 vis-a-vis the cash profits so you can see that we continue to generate more cash and just an update you know you may have seen that SNP changed our rating from triple B plus to A minus which is really two notches above they have focused on the fact that higher portion of our earnings are coming from from less cyclical businesses especially the consumer side and in their own minds the assessment earnings growth will continue to outpace the capex there because of the free cash flows there and of course as a company we do we will benefit because there are pools of capital which lend only to A rated consumers rated companies and you know liquidity improves credit spreads come come down and I think we are the first Indian manufacturing company with an international rating of A minus with this I am going to ask Anshuman to take us through the jio presentation 

[Anshuman]: Thank you Srikanth good evening everyone and update on the results and performance of jio platforms in the quarter before I start with the numbers and how we have done I would like to just take you back to the approach to business that we have had over the last several years in fact pretty much from the beginning the emphasis on technology developing our own proprietary technologies which are suitable for Indian customers which are suitable for Indian price points and are truly differentiated and can work at global scale with global efficiencies we have developed proprietary technologies as you can see on  the left hand side across in our network today our whole core of 4G and 5G run on our own stack developed in house we have of course spoken about the fixed wireless solutions technology that we have deployed in India which is working very well which is made as the world's largest fixed wireless operator already which is again developed completely in house it is a completely jio solution both the software side the software stack as well as hardware and that is working quite well you are of course familiar with the innovations that we have done on devices and OS as well and currently the home OS that the teleo is that we are offering to homes on their connected devices on the CTV and of course the set top box which is now scaled up to over 25 million homes and working very efficiently and then of course various applications that we have developed and kept launching from time to time and we will speak about some of them in a bit that combined with the reach that we have got through a combination about digital as well as physical with our own family of apps my jio the set top box jio TV plus and then of course other partner, partner apps that we have got in the ecosystem be the jio hotster or now with the financial services companies helps us take these technologies and these platforms deeper into the ecosystem scale them up very fast prove that they are working efficiently and then and of course that alongside the physical on the ground presence as well the fact that we have 99% population reach and a million touch plus touch points helps us scale these up and have we have now proven them at scale and on cost which is where we see a lot of both organic efficiencies coming in as well as opportunities for us to really use these technologies beyond just the jio network and jio companies. Getting on to some of the key numbers for the quarter we ended the summer with 515 million plus subscribers 8.9 million net ads during the quarter you know we continue to have very healthy growth rate on subscriber additions 5G user base has been growing very rapidly and quite well to 53 million plus 5G subscribers as well on our network homes we continue to add almost a million homes every month in fact more than a million homes every month over the last several months now we maintain that run rate 25 million plus fixed broadband connects and 11.5 million jio air fiber homes so these are homes where you we are using our own proprietary technology as well as our 5G network the 5G base have to do a technology to connect these homes and bulk of the connections are now really happening through these wireless technologies in the last mile revenues cross 37000 crore during the quarter and with a fairly healthy a bit the margin of 52 percent and broadband subscriber share of over 50 percent in the country so mobility.  We continue to get market share the 5G deployment the 5G expansion across the country is helping us win more customers we we have 65 percent share of 5G subscribers in India and if you look at the chart on the right the growth rate has been quite tremendous every quarter we are getting 20 to 40 or every quarter we are getting around 20 to 25 million consumers were converting to 5G or coming into our networks to avail our 5G services more than 50 percent so 53 percent of our data traffic on the network has now moved to 5G and that has eased a lot of pressure on our 4G network created more capacity for more customers improve the customer experience in fact one of the things that's not included in a slide in this deck is the ukla ratings which came in earlier today where we are you know they rated us as the best network on pretty much all of the parameters that they rate companies on and that just shows the quality of network and the advantage that we have over the other networks in the country we have got into ninety nine percent of incremental industry VLR subscriber editions in the 12 months ending number 25 I know that some of you many of you love this VLR number so for those of you who do this will be an interesting one for you to note and just look at the trend over the last few months and you will see that the massive impact that the quality of our network and quality of our services is causing and we see that trend continuing and infact picking up as we move forward and then we have of course been adding more services and more offerings to our customers on our network with partnerships like jiohotstar are or more recently the Google. Gemini Pro which has been made available to all of our 5G unlimited user base and has seen tremendous uptake it's giving us giving our customers something more on our network but it's also giving us a lot of intelligence about what's going on on the network what consumers are doing and it's a very it's a fairly win-win relationship that we have been able to form on this one so just a little bit of details of that offer it is currently available for all of our unlimited 5G users we do plan to expand this to other users as well in the course of time effectively every jio user today gets unlimited or every jio 5G user today gets access to 18 months subscription on the Gemini Pro plan and that's on a MRP basis that's 35,000 rupees of value that we're offering to all of the jio customers and many of them and it's now in tens of millions of them who are taking up this opportunity to use the Gemini Pro offer and you know get access to Gemini Pro the 3.0 model nano banana of course very popular currently is one of the use cases that we find our users using notebook LLM and 2 TB of cloud storage so a very popular scheme now this is one of those situations where we have been able to partner with with an existing strategic partner bring something that's important for them to the market they recognize our ability to take this to consumers just given our knowledge and understanding of the consumers and access to the consumers and it's there is a very good value share arrangement as well between us so it's a win-win for for both of us homes.  I spoke about we continue with our healthy growth trends on adding new homes and we are doing this across multiple technologies fiber fixed wireless 5G and fixed wireless UBR we have gained over 800 basis point market share in the last 12 months and that rate if anything is only picking up we have crossed 25 million home broadband subscribers now 70% of the incremental fixed broadband subscriber addition is happening through the jio network and then if you see at the end very importantly most of these new connections are now happening on wireless on the last mile of course where possible we are still using fiber that's it's not to say that we're not believing in fiber anymore or not using fiber we are still wherever it's possible we still use fiber but we are finding lots of opportunities to connect the last mile wirelessly and that's increase the pace of connections that and on quality we have been able to sustain in fact quality wise it's if you recollect the last quarter we spoke about the both the consumption and the KPIs being higher for wireless subscribers and it continues to be that way the FWA subscribers are consuming more data and the quality of service has been at par  if not better than than fiber this is something which is again helping us in picking up the pace of deployment we have created 3-3 twin for every network tower that we have every building in the scope to where we are connecting premises which is pretty much now most of the country and we are seeing lot of demand interaction coming in from tier 2 tier 3 cities as well for our fixed wireless offering we have been able to create a digital or 3D twin which identifies precisely identifies and maps each building and along with the serving technology and macro side so for each building and each you know premise each duelling unit we know which technology is most appropriate to connect that premise so when a customer calls we already know the engineer on the ground already is aware of what is to be deployed there and accordingly the engineer or the field technician is provided the equipment the devices to go and deploy on the site all of this is totally automated now so there is no manual intervention really needed for this because we have the ability to really see the network maps and figure out what the best technology to connect a home would be on the enterprise side as well we are building more modes to  grow our market share to grow monetization managed services is what we are offering to enterprises beyond connectivity we have always spoken about offering something more in fact much more than just pure connectivity managed services connectivity at any location multiple locations enterprise great connectivity and with completely secured and redundant network for Wi-Fi is something which is increasingly very popular but in sectors like BFSI or commerce now retail etc and this is where we are getting a lot of traction and we have this unique ability with our differentiated managed Wi-Fi offering to give something which is important for enterprise customers and which we possibly the only one who can offer that end to end stack to the customer today to work on again this the both the managed Wi-Fi and the cloud offering both for enterprises so offering great AI a sovereign cloud that we are able to offer enterprises meeting all of the regulatory requirements that they have and in you know with all the functionalities that they would require are enabling us to create modes around around our enterprise customers enterprise revenues for the hyper scalars we are able to offer them you know extremely high throughput and low latency and that is something which is very important in this new day and age where AI use cases are picking up the throughputs are requirements are picking up we are one of the only ones again arguably the only one who can provide it end to end high speed low latency connectivity across data centers across enterprise locations and then office at home with mobility and fixed broadband for employees this is a very popular offering with lot of enterprises including for firms that some of you may be representing here who want fully secure end to end premise in home and office connectivity VPN kind of service on the network so it is secured on the network now these are some of the differentiated things that we are doing and which are becoming more popular within the price customers and we are seeing good traction with these with that. I will come to the operating numbers for RJIL customer base 515.3 million at the end of the quarter so fairly healthy subscriber addition and that base continues to be quite good net customer addition of 8.9  million the VLR customer addition again as some of you like it would be higher ARPUS at 213.7 so improvement in ARPU this is there is no impact of tariff increase in any of this so this is just organic ARPU increase based on more offerings that we giving to customers a change in the customer makes the change in the tariff plans so completely driven by organic means only no tariff increase built in here total data consumption cross 60 billion GBs we you are already aware we are the largest data carrying network in the world we continue to be we continue to grow faster than any other network per capita data consumption going to 40.7 so that you have seen a jump from 32.3 to 40.7 and half this subscriber  base today is on 5G the other half still on 4G but this is being caused also because of the transition to faster networks and more use cases that people are finding the churn is coming down and which would be expected given this quality of network and service that we are providing to our customers financial results for RJIL could healthy increase 11.8  percent increase in operating revenues year on year and 16.5 percent increase in EBITDA to 18,480 crores 56.2 percent EBITDA margin the operating leverage of course we keep we have spoken about that in the past and that you see happening every quarter and as we monetize our assets more as we monetize our network more these numbers should should see the right trend JPL consolidated financials for the quarter ended we reported operating revenues of 37,262 crores that's 12.7 percent year on year increase  EBITDA of 19,303 crores and EBITDA margin console EBITDA margin at 51.8  percent so we saw a fairly healthy growth in the in the digital services revenues as well and margin expansion primarily coming out of the connectivity business profit after tax grew to 7629 crores for the quarter. I'll hand over to the Dinesh now to cover the results for the retail business will come back at the end to take questions. 

[Dinesh]: Thanks Anshuman. Hi. Good evening everyone. In the retail business of this quarter we had the highest ever revenue at 97,600 crores the revenue was up 8.1 percent there are few things which which are factored in here there was the GSD rate rationalization which kicked in in on 22nd September festive demand this time the festival's season was split between Q2 and Q3 whereas last year the entire festival season was in Q3 so if you remember we had a very strong Q2 growth some of that say some of the sales which was built in Q3 last year was in Q2 and then the third part is the RCPL departure which was effective during the quarter so RCPL entire revenue was was included in Q2 now that revenue has gone out of retail business EBITDA came in at 6,915 crores the margins stands at 8 percent there are three specific factors impacting margin one is the festive offers and promotions that we did during the quarter to drive sales the second is the investments in the hyper local commerce business where we are growing pretty rapidly and then there is a one time impact of the new labor court. Hyper local commerce we are scaling up pretty rapidly we are almost at we ended the quarter at 1.6  million daily on a quarter on quarter basis the growth was 53 percent in terms of number of orders on a YOI basis 360 percent so we are scaling up this business very very quickly all our operational metrics whether you look at registered customer based number of transactions new store addition all of them show a healthy trend we also entered into an exclusive partnership with Fabletics during the quarter it's an American women that is your brand and part of our premium brand business gross revenue growth of 8 percent net revenue factor in the GST is 9 percent EBITDA is 6,900 crores 8 percent margin and profit after tax of almost 3,600 crores moving on to the update across consumption baskets in grocery big box continues to be the key driver of growth where we are seeing pretty strong healthy LFL growths in the business the growth is quite broad based festive season obviously the festive categories do well but even otherwise the other categories whether it's DFB staples package foods all of them continue to show a healthy momentum 

the festive period also saw a lot of gifting categories some of them were kind of the highest ever highest ever volumes during the during the quarter and then our B2B business metro continues to see a strong growth driven by foot falls we are focusing on basically getting the kiranas into the 200 just B2B stores that we have across the country as well as improving our our budget share so we are running a lot of loyalty programs and a lot of other programs to engagement programs to make sure that the kiranas are engaged with us here again multiple categories showing strong growth. The jiomart business we have the largest quick commerce if you look at footprint we have present across a 5000 just pin codes in 1000 just cities this is done through 3000 plus stores which are book combination of walk in stores and dark stores that make sure that we have the largest network of stores in the country and the widest reach compared to any quick commerce players which is helping us scale the business very very aggressively as I talked about we are already at 1.6 million this order is December in the first 15 months of gen we have seen further growth from here in addition we are also adding new customers pretty aggressively we added 5.9 million new customers during the quarter the customer base is up of 43% on a YOI basis to complement our store footprint we have been kind of adding talk stores and we now have a pretty substantial talk store network as well across the country one interesting trend that you would see is our customer loyalty see the we are the largest player in terms of fnv and we have the biggest supply chain there and fnv something which tries a lot of behead repeat behavior almost 1 in 3 to 1 in 4 orders for us have fnv as as as part of the bill which leads to almost 2x higher transaction intensity in terms of number of transactions per month compared to any other platform our seller base for 3p is up 22% we continue to expand the catalog to make sure that the customers are getting the work getting the full choice and they do not need to go to any other platform while while we have we have the entire one be offering on to the platform in the fnv business we operate the largest network of omni channel stores we do deliveries from our store across 1300 plus cities this makes us pretty unique because we are the only player in the market with the kind of network we are able to do deliveries in 30 minutes to our same delivery or next day delivery we have different offerings and that is something no other no other competitor in the market can actually replicate because nobody has the kind of footprint that that we have in terms of the performance the last quarter the biggest increase that come in come in the fnv business so if you look at it on on on on Q3 while there is kind of compared to last year the growth is low but if you compare the Q2 plus Q3 number that shows up it is held the double digit growth we continue to strengthen our position in multiple categories where the western women where ethnic where party where we are launching new products in multiple of these categories to strengthen our position and using a celebrity that positioning to you know reach out to the target customer base or digital fashion business our Ajio continues to do well our average base value which has been the focus for us it is up 21% on a YOI basis so the base values are amongst the highest in the industry we continue to expand our catalog we have over over 2.8  million options which allow you on the platform more than half a million options have just been added in the last 12 months itself our jio rush which is our effective the equivalent of a quick commerce offering where you are able to deliver very quickly we that is I across 420 pin codes in intensities now the benefit of this is you know customers returns is a nature of this industry and the biggest reason for returns is customers change their mind or they may order a multiple platforms when they are able to get something very quickly when they need it the returns are much lower and the bill values are higher in addition we have launched next day delivery to 26 plus top 26 cities so this is leveraging our store network which nobody else can replicate a sheen continues to scale while it is still has a small base but we are seeing pretty good scale up the number of app install have crossed 6.5 million the portfolio is now of options available on the platform is 50,000 plus and this is growing quite quickly a premium brand's business both festive demand as well as the new season collection led to pretty strong performance in in this business we also added as I spoke about fabla takes to strengthen our at this your portfolio we are also doing a few things we launched the first e-modern accessory store in  Delhi so if you look at Steve Madden we we have your we have the normal stores this is just an accessory store there is something they have not done anywhere the first Hugo view store focused on the jen jen z denim line so there are some unique things which we are doing where we are partnering with the brands and and you know reaching out to customers in  new ways in the jose business the gold prices have gone up substantially which is reflecting in the strong growth across the industry as a scene pretty rapid growth we also had a pretty good growth in the strong growth in the business the average bill values are up 73% and that is primarily driven by the gold price increase we had the best ever the on terrors with 21% LFL growth while people are like using old gold and a as an exchange of medium so that has gone up from 21% to 29% but still just given the sharp increasing gold prices and average values the cash investment per bill is also significantly high but in order to kind of use their existing gold and minimize the cash out though people are using old gold as an exchange more than thought what they were using earlier and that's a phenomena we see across across the across the world to their industry on the digital business we had another very strong festive quarter of both the stores business as well as our our JMD B to B business are growing pretty strongly the festive demand if you recollect we had a very strong post new GST rates we had a very strong uptick that momentum continued into the festive quarter as well especially it was aided by the GST price reset since the categories like a season TV's which they took pretty strong demand in that to those categories but even other categories are laptops and mobiles and appliances did quite well rescue which is a key differentiator are B to B our services business we continue to expand our service network now we have presence across 1600 the cities and that gives us a unique advantage where we are able to do same day on next day delivery of this installation which no other player is able to replicate just because of the infrastructure that we have put in and this is own infrastructure so we are able to kind of leverage that and do the installations quickly which is a big point for the customers the more the B to B business I spoke about it had a record record quarter it was driven by the highest sales of mobile phones and TVs either the two biggest categories for this business and this business continues to scale very well while we now have reached to a critical mass of retailers in the country the focus is on more on increasing the depth of engagement and increasing the budget share in this in this base which is what is driving the growth of this business I now invite Kethan and to cover the FMCG of business 

[Kethan]: Good evening so RCPL became the direct subsidiary of RIL from 1st December 2025 we continue a momentum for this quarter we added 5000 crores as revenue and our YTD number standard 15,000 crores are important categories daily essentials where we have grown 1.5 times on your own business and our independence brand has crossed 1500 we continue to kind of gain momentum in beverages where we continue to have double digit shares in key markets our energy profile has been going very strong and we have reached 1000 crores in this quarter for the year we also have started making progress across categories which we had started scaling up during this year biscuit confectionaries have been led by new category launches and new market launches similarly we have seen traction and home care and also on personal care by Q3 we have now 4 brands which have crossed 1000 crores plus this is just a glance of our total portfolio we thought to just whatever fit in across so as you could see we have kind of launch products across categories and across a pack size just a other update because generally the updates are only on beverages and also we thought we will give a glimpse of what we are doing in other categories our chocolates and confectionary categories are led by we have built a comprehensive portfolio using Ravelgau Taffy man and our Lotus chocolate brands we keep on launching new products to kind of generate consumer love and create continue the fun in this categories our home and personal care also we have been concentrating on Enzo to generate more consumer adoption and our soaps now under get real and glimmer are starting to give us some increase of takes in key markets we continue to see robust growth in our snack businesses we have now added new markets and we see more demand for our value packs on step aside just wanted to point out we have started gaining some traction on oil as a category and we have some real good market shares in some key categories like key states like Maharashtra biscuits some green shoot due to new markets expansions in addition we have been the consumers have been loving our differentiated products under Maliban and Wafers and Maliban and Tea Time Biscuits these are some glimpses of our marketing campaigns across so not only we have celebrity and influencer driven things but we also concentrate on on ground activation and also participating in various events we continue our expansion will be more than doubling our capacity on beverages this year we have high speed lines across 12 states during the year we also have started working on our food parks we have been allocated land across states at multiple in multiple states for most of the sites are work for on food parks will begin by in this quarter itself the next quarter in fact one of the beverage brands at kurnool will be ready by March itself each food park will be equipped with high speed lines across categories to give us the best cost advantages like we had announced we have completed our acquisition majority acquisition in Udyam which gives us further advances our pan India staples business Udyam is a three decade heritage brand specifically in Tamil Nadu which has a great distribution and with this we plan to kind of become a significant player in pulses also because which is one of the key categories for Udyam also during this quarter we have acquired some global brands with a global which has global markets except certain strategies certain territories like Bill Cream Tony and Guy which was Tony and Guy on premium and haircut products this has been diversified from the Saloon business we have also acquired a brand called Badadas and also Mate which is a specialist UK brand focusing on children's personal care some key launches we have entered pet categories where our aim is to provide high quality products which are science backed giving nutrition and providing accessible and affordable products to every pet parent we have piloted this in southern southern cities and we want to plan to scale this up in next couple of quarters similarly we have relaunch still and we have entered into the noodle segment also. This is currently we launched in four cities and we plan to expand this in next quarter. Thank you. 

[Unknown1]:  Thank you Kethan and good evening everyone a platform jiohotstar seems to be growing quarter and quarter and this is reflecting if you see on all our content whether it is on entertainment or on sports which I talk about little later right this quarter had some of our biggest entertainment shows and they performed extremely well on the platform if you look at one of our biggest franchises big boss which we had playing across multiple markets it was in Hindi and the four regional markets south regional markets playing at the same time if you look at it we posted one of our highest ever ad revenues and what's more important that is all these additions actually drill us a 40% growth on digital watch watch time clearly shows the part of the platform and how the platform is attracting more and more consumers quarter and quarter even among the original that we talked about we had some of the top originals which was search which had Konkana Sen and Mrs. Despande which had I'm seeing is which had Maatri in the show both of these have been a top performers if you look at our max ratings which comes for the industry these one among the tops across all OTT platforms it didn't stop at that even on recent movies whether it is in Malayalam or Telugu or the most watch movies with Loka and Mirai and lastly in our last uhm in the last presentation I talked about our first attempt at AI content right happy to share that Mahabharata which launched on the platform actually was one of our best launches we having a 2X relationship growth over any of our best performing shows on the platform all this has resulted in both its highest engagement as well as monetization on the network if I just take it on to sports as you see I'm seeing is the women's world cup and what I like to point out here is the second point which is the life watch time for the women's world cup is actually 10X over the previous women's world cup previous we need to remember the previous women's world cup happened in just one year ago in 2024 and the watch time is move 10X even the amount of viewers that it attracted or 4X the amount of viewers over the previous watch time with a peak concurrency of 21 million the last point is actually the most important the final viewership match viewership was in power with men's cricket if I have to compare it it was as good as any IPL match which we have two I'm seeing is on Kabaddi when I mentioned saying the platform is going from strength to cent if you look at each of the properties that we have which come up with the next next season has seen a huge growth we have doubled our viewers both I'm see us on viewers a number of viewers as well as on watch time for Kabaddi making it the second biggest sport after cricket each of our tournaments where the Australia India or India South Africa have seen nearly a 1.5% growth both in watch time and in viewers so into our operational performance I mentioned the platform is growing quarter quarter and quarter if you look at it average monthly active users is 450 million this is a 13% growth over the previous quarter and if you remember in during the IPL when I presented the first time at quarter during the IPL we had similar kind of monthly active viewers as what we have seen in a quarter which has had very little cricket and not more entertainment the growth story is we have managed to convert a lot of our consumers from cricket to entertainment and keeping them on our platform and getting it sticky quarter and quarter two entertainment watch time grew by 15% quarter and quarter driven by the biggest season as I mentioned of big loss and strong performance across our regional and a Hindi portfolio and lastly a TV network content continues to deliver big numbers on jiohotstar all this has led to a record high monetization on digital entertainment is driven by stronger CTV mix a wider client base and lastly robot robust monetization across each of the impact properties on sports. I mentioned earlier the world's cricket World Cup emerged as the most watched women's cricket tournament and lastly three of the men's bilateral performed well both in watch time across man's T20 and the teach across one days and the T20 matches all of that increase by around about 55% from our pre merger levels the kabaddi league the pro kabaddi elite watch time grew by around about 120% year new reinforcing kabaddi's position as the most watched sport after cricket on to entertainment a TV shares continue our linear TV shares continued grow we've grown it by 100 basis point to 34 point rigs and this is equal to the next three networks all put together and lastly avatar fire and ash is one of the biggest Hollywood movies for this year in 2025 crossing more than 200 crores of revenue in the first 15 days all this in the back of innovative marketing and distribution that you have stopped wise how does all this convert into financials are operating revenue for the quarter a strong 6896 crores an EBITA of 1303 crores a healthy EBITA performance in spite of tough macro economic environment a strong performance in subscription revenue across both digital and TV as I mentioned earlier digital entertainment review hit its record highs driven by CTV and focus content monetization the TV add monked it confused to be challenging due to spends cuts from FMCG and consumer electronics but the good part is post GST December month has shown great signs of recovery and we're hoping that continues as we go forward lastly it's not fair to compare a year to a year to year comparison as the previous quarter we have a we started the merge the merger according only from November 14 so we've had strong momentum growth sustained despite the macro environment conditions thank you. 

[Unknown2]:  Good evening everyone just do a recap of quarter gone by so essentially we are focuses now to manage the  the decline there is the national decline in the fields in the KGD 6 fields and we're making best efforts to slow down this decline in fact if we compare our performance to win when we were had envisaged the production plan at the time of the field development plan the overall decline is lower by almost twelve percent however there is a national decline and there are efforts underway to augment production which I'll talk in a little bit in terms of the price also you can see the prices have lowered generally the prices have moved overall LNG prices have moved from 11 dollars to nine and a half dollars which is deflected in the overall realizations in in terms of KGD6 and CBM KGD6 has a ceiling price serum does not but overall it's in aligning with the market trend so if you look at the EBITDA of performance essentially we've made about 4850 crores slightly above that and the EBITDA of margins are essentially impacted by the revenue which because of the decline in price and production overall we still remain a substantive contributor to India's domestic production we know that India produced was anywhere between 90-95 MMSCMD and KG D6 combined with CBM we're producing about twenty six and a half MMSCMD oil in condensate still remains study at our slight close to 18000 barrels but average is about 17300 in CBM again this is turning out to be EBITDA a positive story the initial campaign that we had the the productivity of the wells was had improved by almost two two two two two and a half times but in this recent campaign we are seeing a much better productive productivity of almost three and a half to four times so as we're drilling more wells and as we're drilling in in areas outside the core areas where we had initially drill we're getting better and better performance so that's encouraging for us and we will continue to drill wells over there just overall in terms of augmenting the production we will be having a rig you know join us mobilize in this second half of this year and we are initially we'll undertake expiration wells in the kg basin basically driven by infrastructure led expiration so that whatever a reserves that we can create out of it we can bring on stream by tie backs to the existing infrastructure and also we are planning on doing multilateral wells sorry in KG D6 will be workovers that we are going to do in the MJ field as well as additional wells that we plan to do in both the art class and sat class to just to get some reserves off by up sides and augment the production CBM we will continue to drill more multilateral wells as we go along just an overall understanding on how the gas prices are trending essentially we are seeing more and more LNG exports from North America we saw about 30 million tons of export increase in the period gone by and that trend will continue as we had discussed earlier in earlier quarters with more and more projects coming online LNG projects coming online we expect the supply to increase the China demand has been a little tepid has been slower but we expect we hope that would rebound I think the main trigger now is going to be if for prices to hold up or increases going to be the weather and the Chinese rebound but otherwise we expect you know prices generally to stay where they are and maybe there will be a little bit of a decline before they again get absorbed by the market and we see prices trend either getting stable or trending upwards in terms of the Indian gas markets still looks robust the demand in fact there has been some moderate growth and fertilizer but largely driven by the CGD sector they off you know due to seasonal reason the power consumption was a little low but overall we still see it stable the demand in slightly high at 193 centric cubic meters I think the positive the silver lining here is also in terms of the Indian demand is that we have the PNG uniform tariff policy by which they have reduced the number of zones from three to two which means customers largely even if they are farther away from sources they are paying similar tariffs and they are not burdened by higher transportation costs which is good it both is well you know now that you have the national gas a great infrastructure it means customers wherever in the country can get decent prices a transportation prices which is similar to the ones who are closer to the sources in terms of ceiling prices you are all aware it has come off it is about 9.72 as compared to 10.04 in the earlier half so this should this would be prevailing over the first half of this year thank you this is just the overall recap on the business. 

[Srini]:  Good evening I will take you through the oil to chemicals presentation a financial performance I think the momentum is there we have done very well in this quarter also if you look at the year on your operational delivery is a pretty robust fuel cracks of course the market has been favourable it is gone up by about 60 to 100 percent when we talk about the fuel cracks all of you are aware that besides fuel refinery produces are the byproducts also where the cracks are negative so that is the normal cost of the market but impressive rise in the cracks the other important attributes we have really focused on the domestic market and increasing the placement in the domestic market through our JV Jio BP diesel sales up by 25 percent and gasoline MS sales up by 21 percent pretty strong performance there Ethein and Mr. Amit will be covering this so I will leave it for him there was certain opportunities of you know looking at the product mix so we maximize the gasoline production because of the better economics rather than sending it to petrochemicals so overall one could say that there has been stable demand for fuels as well as polymers now when we talk about the earnings we are talking of EBITDA of 16,507 versus the previous year when it was 14,400 or 15 percent growth that is quite strong now if you look at the earnings there was you know the cracks have gone up we are saying by 60 to 100 percent middle-to-slate by 60 main layer and gasoline by Android there were certain factors which did drag the profitability one was because of the volatility in the market the feed stock prices at the premium for the feed stock prices like the official selling price of the Middle East actually went up so we have seen significant increase in the oil speeds so that definitely is high of each stock cost and then the deltors on the petrochemical side also have been low and then in addition to this also we have had a rise in the tanker rates the freight rates and why the freight rates went up is because the sanctions now on the vessels you know doing some trade from Russia or the other countries have been put on the sanctions list so the number of VLCs available for the trade actually came up so on the feed stock side we have had one is the price of oil speeds going up second is the freight also being much higher talking about the operating performance given the strong market environment we have taken advantage of this by maximizing our throughput our throughput is 20.6 versus 20.2 not crude sorry throughput for group plus the other feed stocks for petrochemicals was 20.6 how did we pull this off is we have had situations when suddenly the sanctions came in and we had to cut back so we could you know take actions like approaching the national oil companies much ahead of the curve to source the oil without effect in the spot market in any major way for the on the fuel side again I also how do you reduce the fuel cost so we have had a record gasifier output that helped us reduce our fuel need from external sources besides that we have also calibrated our fuel mix there are certain fuels which were cheaper available cheaper than the you know other gaseous or their fuel so we have optimized that by consuming more of the cheaper fuels and we also did sourcing of power from the grid all these contributed to a low fuel cost now freight cost I mentioned was quite high it rose significantly because of the vessel availability going down due to sanctions which were cheaper available cheaper than the you had a high share of time charter vessels which are already available at a low price so that gave us some advantage we also aggregated car goes instead of taking them in smaller lots we have tried to pick up larger parcels that is also helped us cut the freight cost and we also adopted a lot of flexibility in terms of changing the service of the tankers from dirty crude to clean products and things like that and back also so all these helped in reducing the already high freight cost a bit and contributing to the profit. In the B2B segment of course we have introduced active technology diesel which improves the efficiency and the fuel consumption drops my almost 4.3  percent so these are certain things we have offered and wherever there is space to optimize further we have also introduced combi parcels of some niche grids and supplied it into the Mediterranean. I mentioned about the strong performance of the domestic market now we look at the volume growth 24 percent for gasoline and diesel together and if you look at if you look at the CBG and CNG I like to point out one on the extreme right there also it is a 55 percent growth and now we are at 10,000 tons. The market share we have grown to about 3.8  to for gasoline and diesel at 5.9  ATF we are at about 6.1 percent market effectiveness is a measure of how much we are selling per output per outlet as compared to the competition so they are also as compared to the competition we are in gasoline selling 1.8  times what others sell from their outlets and in the case of diesel 2.7  times what the others are supplying. Network is up we are at 2,125 charge points at 681.5  and CBG CNG stations 121 and convenience stores at 164 so we continue to focus on the domestic market and we are trying to outperform the market within a way to products and then we have some fleet and driver programs which we are you know encouraging so that we improve our sales and also give the consumer back in terms of more miles. These are the reasons why the you know markets have more prices have fallen let us say brand prices fallen by almost 15 percent I think everyone here is aware that over supply in the market has been pretty high ok I OPEC has unborn something like 2 million barrels of cuts which they implemented earlier so you had 2 million barrels of additional oil coming in then the non OPEC production itself has gone up so all these contributed to over supply to some extent this over the prices should perhaps have been much lower than what we are expecting or were actually settled so the reason why probably prices didn't fall that much was because a huge stock buildup was happening by China almost 400 to 500 KBD is the estimate of various agencies have been built up throughout the year in 25 so huge buildup because of the SPR that China is building up helped support the price and at least there at the 60-63 kind of level refinery operating rates because  the demands been good in let us say US and our own place and everywhere the demand for fuel is good so we have had seen very high operating rates more than 90 percent in the US even China which is to operate in the low 70's and all that more closer to 79-80 levels so that is the story on the operating rates of refinery and of course we have had some refined enclosures and some disruptions and when you have such high operating rates any refinery going down means the market reacts and we actually find we found that the margins were supported by that so this is again a picture of the global oil demand from 104.1  in third quarter 25 to third quarter 26 to 104.7  so 600 KBD is the growth normally we would have seen 1.2 million barrels kind of growth so it is moderate but I have mentioned that the over supplies more than 2.5-3 million barrels save for China actually building up something so therefore the prices are actually benign and one would expect it to remain so in terms of the transportation fuels across the board all the fuels jet carat gasoline and diesel all have gone growth grown the numbers are there 0.4 for jet fuel 0.3 in the case of gasoline and diesel by 0.2 domestic market again pretty robust growth oil demand in the quarter is up by 2.2 percent gasoline demand again because of high personal mobility and  if you look at the sales of vehicles after the GST cut has also been significant so all these contributed to higher gasoline demand in the country and we of course as a jio BP have done more than 25 percent diesel demand also up in the country by 3.2 percent again there has been a momentum in manufacturing and the logistics industry 80 of demand up by 2.6 percent there has been healthy a travel in both domestic and international sector of course we have had some moderation of that strong growth because of the indigo issue which you know lot of flights got cancelled say for that the 80 of demand should have been higher. This is just a summary of what we have seen rent prices down by 15 percent I said it is largely oversupply not with standing some geopolitical tensions now and then gas oil cracks up mainly because of the refiner reason Russia getting attacked continuing to get attacked as well as there is a fear of the availability of product in EU because of some sanctions on any diesel supply to them gasoline cracks again up very strong gasoline cracks because there was certain refineries which are large exporters of gasoline having operational issues and prolonged problems so that also helped the gasoline cracks and then jet fuel also I mentioned is up because of the one is diesel demand is also up because of winter demand and then you have the holiday season during now December with this I will hand over to Amit. 

[Amit]:  Thanks Srini good evening so starting with the feed stocks it in prices in the last quarter of up 21 percent compared to year-on-year and the primary reason was that US Henry up gas prices were much stronger this winter compared to  last winter the last winter this quarter average Henry up was about 2.2 this year it was 3.56 dollars a million BTU so each in prices of course formed up accordingly. Now after prices are truly declined mentioned in the earlier part of the presentation they declined about 14 percent basically on on weakness of the crude comparing the two major feeds how they have performed over last almost 10 years period the NAFTA and the ethane as cracker feeds if you see the blue bars are the ethane cash margins on NAFTA feed and whereas the green margins or green bars are the cash margins from the ethane feed and over last 10 years while the blue bars have come down very sharply from 644 to barely anything in last four years and these are the Southeast Asian margins and in fact if we calculate the Northeast Asian margins which are lower than this so they have been almost negative in last four years at lean cash margins however if you see the green bars and these are US ethane price based numbers landed in Asia they have remained produced robust and our portfolio today at lean portfolio is roughly 3/4 of our portfolio is based on these green bars which has meant that we have been relatively very minorly impacted compared to our competitors another important thing here is that our ethane project actually went live in 2017 and if you see from 2017 onwards the blue bars have been consistently going down that shows the organizations vision and the planning which went beyond we were the first ones in the world to move ethane from US to Asia in VLEC's level and at that large scale at that large distance and I had us fully paid off in last years this is very evident from this particular slide continuing further on the weakness in the margins in the region ethylene capacity in last 10 years have from 163 million tons the global ethylene capacity has gone to almost like 230 to 40 levels which is about 50% increase and the demand growth has been typically between 3 to 4% somewhere 3.5% if we take average the capacity increase has been substantially higher and which is very clear from the operating rate chart also that which has come down from 90-91% levels to almost like 80% level in last 4 years we all know that below 85% this business becomes very tough so all the naphtha cracking based ethylene which is the marginal producer on the cash cost curve on the extreme right and side they have been struggling pretty badly here and which is also evident from the shrinking P to naphtha delta which is shown by the green bars on the chart the way we have been handling this situation is we have been doing couple of things right one is as, I showed in the previous slide we shifted to the right feed where the margins are significantly higher compared to naphtha two we have been focusing a lot on the domestic market which gives us much better margins compared to exports three our discipline in terms of sales and inventory management has been of the highest order I can tell you that I mean we have been operating with inventory levels of about 8 to 10 percent days of inventory of our various products especially large volume products and considering the number of grades that we make considering the number of customers all across India we suffer at as we cater all across India with our volumes it is a extremely difficult mode of operation but that is what we have been doing and that has helped us ensuring that we are not incurring any stock losses we are least vulnerable to the price shifts or challenges that happen volatility that is so frequent these days in the market this margin scenario of course is leading to extreme stress in in the as I said on the right side of the cash cost curve operators we all know that the industry is going through a major restructuring in the Far East Asia which is Korea Japan the Korea the government has taken initiative to shut down almost 3 and a half million tons of ethylene capacity industry has been told to cooperate and find out which plants will go down we also read  about recently that Exxon is shutting down its large cracker in Singapore Europe there are plenty of plants which are going under so this rationalization of capacity we believe will result in and plus China is announced in anti-involution policy which will mean that they will be shutting down some of their old plants all this we believe will result in restoration of the demand supply balance going forward it might take about a year or so to come back to that level but that should be bring back the normalcy to the industry profitability summarizing the margin environment after prices in this last quarter were down 14 percent year and year mainly because of the based on lower crude prices ethane prices as I said were up 21 percent because of the stronger Henry have prices now polyethylene polypropylene PVC all prices base prices absolute prices were down but but in case of polyethylene the reduction was lesser than naphtha so therefore the P delta and P naphtha delta is up for 6 percent but PP and PVC delta is were down 12 and 5 percent in case of polyester energy has been pretty weak so has been polyester but it has been partially offset by strength in the parasite which where we have pretty large volumes. Talking about demand domestic demand polyethylene and polypropylene we saw a good growth of 4 and 8 percent PVC is a product which is the demand basically comes from agriculture and infrastructure and this year this year we had a monsoon which got prolonged much longer than its normal operation and therefore we saw PVC demand reduction of 12 percent however PVC I mean the country is majorly deficit in PVC and despite this demand reduction we were able to place all over volumes in the domestic market. On the polyester side staple fiber had a demand growth of 5 percent filament was lowered by about 1 percent mainly because of lot of imports of the downstream products which is now getting tackled by the imposition of MIP. PT same reason as PVC it goes mainly for bottle water and cold drink applications and because of the prolonged monsoon the demand of those products was muted and that resulted in PT being at minus 15 percent which skewed the polyester demand growth in domestic market also to minus 4-2 cent level. Summarizing business dynamics for and priorities for O2C business as Srini mentioned oil demand this year is likely to grow global oil demand by 0.9 million barrels a day which is led by mainly Chinese top built and healthy growth which continues in the Indian market. New refinery capacity will be limited there are likely to be closures for various reasons and unplanned outages these will they are likely to support the refinery GRMs. Domestic demand of fuels and the downstream chemicals is likely to remain healthy with the economic growth rate continuing where it is likely to remain study. Uncertainty in macro environment I don't have to talk in detail about it we all keep reading in the newspapers it's been so volatile beyond anybody's control but then what the business can do is to run with as I said with minimum inventories with all maximum safeguards so that the impact of these disturbances is minimal on the business. New crackers capacity continues in China in about 7 million tons is likely to start this year however as I said there is a lot of rationalization happening in Europe and in North East Asia which is Korea that should balance this new startups but the this year at least we still believe that the operating rates are likely to be at 80 percent levels only. In terms of priorities we continue to develop domestic downstream markets with customer centric and differentiated solutions approach expand the GOBP footprint accelerate develop domestic downstream the project execution right now as we speak we are working on two large projects the vinyl projects and the PTA project we continue to push them for whatever earliest possible execution and continue focusing on high value high growth domestic market segments that I request him. 

[Karon]:  Hi Good evening everyone I think to just to start and recap what we have discussed earlier also in the quarterly presentation and this slide actually becomes extremely important in the current jio political environment and our end-to-end integrated clean energy new energy ecosystem effectively offers the advantages which become very pertinent with whatever is happening in jio political environment tariffs supply chain challenges and we are well progressed in delivering this ecosystem just to recap we are setting up a fully end-to-end integrated solar manufacturing capacity with the the estimated of 10 gigawatt per peak annual capacity and we have already announced that we'll scale it up to 20 gigawatt peak we are also setting up a fully integrated battery manufacturing from cell pack to ESS containerized storage our first phase is 40 gigawatt hour and we are expanding it to 100 gigawatt hour all of this capacity on solar and the battery we will use it for our captive power generation which is round the clock power generation at catch where we have got 550,000 acres of land we are also setting up the manufacturing of electrolyzers this is pressurized alkaline electrolyzers and along with the compressed biagas plants that we are settling up across the country we will ultimately be providing the solutions first for our own captive requirements and then for domestic market and on green fuels for the export market starting with Japan, Korea and European market where we are seeing a lot of traction from the customers and from the governments to lock up some of the off-tech contracts we are well progressed on this entire ecosystem and from our perspective when we thought of this ecosystem we thought of five significant advantages to control the value chain margin to build scale to deliver the solutions to our ultimate customers have maximum flexibility through the business model and the last one was supply chain security and sufficiency in the current environment and what we are seeing across the world these five benefits become much more relevant and effectively will deliver the significant value for our business and our for our shareholders and sorry and the last one is for the domestic market and for India as a country and that is where we call it as a jio movement for our energy transformation for the country. Just as a quick progressive report on new energy ecosystem and I will also walk you through a few of the pictures which provide a much more pictorial update on what we are building at Jamnagar. We are well on our track to commission of first fully integrated 10 gigawatt peak annual solar manufacturing, giga factory and we have already announced that we are skating with this up to 20 gigawatt peak annual capacity. As briefed in last two quarters we have commissioned our solar module manufacturing. We continue to expand capacity and ramp up that solar module manufacturing in fact we have already reached a very high yield of 94-95% in our manufacturing. Last quarter we also successfully commissioned our solar cell manufacturing and are ramping it up to full capacity. All of this manufacturing solar cells is based on hetero junction technology, our modules and our cells and then modules are one of the largest utility sized modules with the industry leading cell efficiency. All of this then benefits us as we get to the round the clock power generation. We have also commissioned a pilot facility for ingot and wafer and we are now expanding it at giga scale so in next few quarters we will have ingot and wafer both these facilities at the giga scale commission and fully ramped up to 10 gigawatt peak during the current year. Our commissioning our construction and the progress on the commissioning for both polysilicon and the glass which to be frank are the unique plants across the world and especially outside the channel. Polysilicon is probably one of the third, one of the three large polysilicon facilities outside channel and glass again one of the largest glass plants outside channel or the role class for the solar cell and solar modules. During this current year we will again commission these facilities fully ramped up to the capacity of 10 gigawatt peak and further expanding it as we progress on 20 gigawatt peak and on capacity. On the battery again we are fast progressing on setting up our 40 gigawatt best cell, best pack and containerized assembly and in during phases in next few quarters we will start commissioning it. We also well progressing on a cell manufacturing which is again the size step to the capacity of 40 gigawatt hour. We have already announced that we will scale this up to 100 gigawatt hour in various phases and in a modular fashion. All the critical and necessary equipment production and equipment for cell, for best pack and the containerized storage is already on the site. The construction is at the full swing and during the year we will start commissioning these factories. One of the reasons to get into the captive manufacturing for the solar and the battery is obviously for us to then install these solar modules and the batteries at Kutch. Where we have started doing significant work, we have completed most of our land development, site infrastructure, engineering has completed, we have already already on a full swing of construction for our transmission. All the key contracts have been awarded or will get awarded in next quarter. Kutch which is effectively 550,000 acres, 125,250 gigawatt peak of solar power generation and on the round the clock basis probably we are talking about 300 billion units of power generation. We will start the delivering this on a full swing. Just as a matter of reference, probably at an annual installation of 20 gigawatt peak of solar, we are talking about nearly 35 to 40 billion units of energy electricity generation which effectively means that on an annual basis we will be delivering as much capacity of electricity, more than 3 out of 4 countries in the world. So that is the capacity that we will be delivering on an annual basis. Just briefly talking about the update at the site, as you see on the picture on the left side, we fully completed and commissioned our module phase 1 and cell phase 1 which we talk about 10 gigawatt peak. Not only that we have the module 2 and the cell 2, buildings already running, already built and the utilities already set up for our expansion. In fact our solar, solar, solar modules that we are producing are getting installed even on the rooftop of this. This is not just a green equipment manufacturing buildings. This will be powered by green energy and asker tramps up, this will be fully powered by green energy. This is just an update on our solar cell manufacturing which is fully commissioned. On the left you can see automated way for transfer system inside the cell factories. One of the highly automated, enabled smart factories in the world, the construction is much more superior than any other  factory that you will see globally. The first module manufactured in our cell, we have already got all the certifications that are required including a AI/LM certification required for selling the panels in India. Just a brief update on wafers and ingot on the slide you can see the construction for our wafer gigga factory at full slip swing on the left side. On the right side you see the slicing of the ingots. This is the ingot which has been manufactured in our own factory into the wafers which is G12 size. Again these wafers will go then into the cell manufacturing. Again the construction is on full swing. The production line equipment is moving in. So we will start seeing commissioning of this facility in next few quarters. Just a brief on ingot, the building is nearly ready. We also commissioned our pilot line and as you can see on the screen on the right that is effectively the India's first ingot manufactured in India which is of N type quality for G12 wafers. This is a remarkable achievement by our teams and we will be scaling it up at gigga scale as our factory get commissioned. Just a brief on polysilicon again at a very very advanced stages of completion of the construction. The entire polysilicon storage tanks have already been commissioned. The construction is progressing at a full swing in next quarter to we will again see the entire commissioning of polysilicon. Obviously this is one of the largest polysilicon factories that you will see outside China in just probably the only and the largest polysilicon factory. At this scale that we are talking about. Just a brief on glass last time I think in the quarterly presentation I referred to the scale of our glass factory which it in length itself is one kilometer long. As you see on the right side that is the inside view of the glass furnace where effectively all the material comes in is melted at 1500 degrees temperature. Probably this is the only time that you actually see the glass furnace from inside and then the next time you see is when the refractors come for repair around 15 to 20 years later. This is 600 meter in length that is a scale of the glass furnace that we are talking about. The entire equipment is now moved in is getting installed. There is a glass roller conveyor system as you can see from a bird serve view you can see the scale and the size of this equipment. The glass tempering furnace again which has been now getting installed in the site. Again this facility will get up and running in next few quarters and we have already expanding it for the next phase of our solar integrated Giga factory. A few pictures on the entire utility control block that is already up and running. What you can see is actually the labeling is corrected should be a control building which is up and running which effectively all of facilities for our solar are going to be digitally connected enabled and this is effectively a control room which is already up and running for linking all our facilities where with the least human intervention and through digital controls will be able to not only operate but manage these facilities, manage the shutdowns, manage the operating in the yield rates and also do a full material traceability and the quality control through our processes and the control room. I think this is a very important point and probably I have highlighted that in earlier quarterly presentation also. This is what differentiates us from each and every manufacturing facility on the planet. Our full integrated scope does not only deliver us the lowest cost but our ability to integrate these facilities, our ability to monitor this digitally and our ability to control the quality through material traceability is what is very very unique and I do not think so you will see this with any other facility and I can probably say with much more confidence that I do not think anyone else can build this. Definitely if the same facilities have to be built in US or Europe you will be talking about at least 5 to 6 times more cost but even delivery in those geographies with the kind of labor which is required at the peak we had some 20,000 workers working to deliver this is going to be nearly impossible and in that kind of an environment with the geopolitical challenges that we have been seeing this is effectively a delivery of the next world class infrastructure world class business that is going to deliver the value for its shareholders. Just continuing on that the talking about the utilities you can see on the left substation which has come online the chemical storage area which is already getting into shape. The cooling towers which are up and running again you can see the scale of these facilities and a fluent treatment plant. I would also like to highlight that when we are setting up all the utility plants the infrastructure it has not been set up just for 10 gigawatt it has all been set up for 20 gigawatt full facility and that is the scale that we are set up that is where when we talk about expansion we talk about in terms of modular expansion we are not talking about effectively setting up a new infrastructure because the entire infrastructure and the work has already been done. Just a brief update on the battery giga factories and obviously there has been a lot of market news in the rumors I can say that these as you can see the construction is on full swing for both cell pack and containerized production of ESS DC blocks all the equipment is already on the side the workers working on around the clock bases the construction is full swing and during this current year in various quarters in a phased manner we will be delivering these battery giga factories. Thank you sir.  

[Unknown3]: Thanks Karon for all the pictures and the really the confidence of you know why we will commission on time the 10 gigawatts integrated facility and more importantly why it is modular enough for it to be taken up to 20 gigawatts. I am just summarizing and just a few points to be made you know our diversified businesses are throwing up the cash are very profitable and the cash generation and this is despite an environment where we are all seeing the kind of headwinds the global uncertainty uncertainties but you can see the power of a diversified business which is doing well so a strong balance sheet and we talked about the credit rating upgrade. In a way clearly underpins our capex cycle and as we finish the factories and then the electricity generation so you can look at it from that point a few all these things underpin the growth. Very strong performance continuing strong performance I would say for jio the margins and really driven by technology execution and the innovation and we have seen various examples right through in Anshuman's presentation on reliance retail I think we have built a very formidable position by being very unique from an omni channel a multi format retailer having created the kind of scale the kind of physical footprint and we are very constructive of this business and we really don't want to be distracted by very short term growth rate volatility because the opportunity is so large and for us to take so I think I wanted to emphasize that because sometimes when you look at these numbers and we need to look at it and say that these are extremely short term volatility in growth rates and we are talking about here on energy side that is the O2C side high quality assets throwing up the cash and you know the we talked about the flexibility that we have created in feedstock sourcing the the whole focus on domestic side for placement both for refined products as well as on downstream petrochemicals and you can see how it is helping us in terms of generating the cash new energy we talked about all the the progress that we have made and significant progress you know this is the glass factory something that I want to see before it starts off because this is something we had we spoke about today also in the board meeting and finally you know we talked about see new energy we haven't yeah is something that I'm sure we'll come back to you about we have talked about the announcement but there is a lot happening and we will come to you and talk to you at the right time consumer products again you know we said we talked about the opportunity and you can see how rapid has been the progress in terms of you know the product sweet and how fast manufacturing is getting ramp up you know get them talked about actually from the time the land allotment to where we are in terms of starting production by March very quick and these are many many more food parts there so we are pretty excited about that business too so with this I bring this presentation to an end yeah thank you.  

[Puneeth]:  This is Puneeth from which is HSBC my first question is on the retail side you 

[Unknown3]: Talked about lot of businesses doing quite well 

[Puneeth]:  what are the buckets which you think didn't do that well in this quarter which led to slightly lower revenue growth 

[Dinesh]: so I think primarily it's on the fashion side where see there was a lot of demand which came in Q2 it was a big festival quarter so some of that some of that demand went into Q2 versus Q3 we had a very strong Q2 in in the apparel business so that's where I would say on a Q2 to Q3 the growth rate looks healthy double digits on just purely on a year-on-year basis for Q3 it's in single digits but that's where I would say and also remember when you look at the headline number there's a GST impact which is there and on the headline side there's RCP that revenues which is going on so it's not a like for like comparison when you're doing it 

[Puneeth]: that's one month of revenue right 

[Dinesh]: yeah that's right 

[Puneeth]: And on the quick commerce side can you give some sense of what is a quantum of cash burn there 

[Dinesh]: See I the only thing I would say is on a contribution margin there will be a positive 

[Puneeth]: Okay and on the capex side can you give some color on where major part of 34000 crore is going and how should one think about capex into next year as well 

[Unknown4]: You go through the numbers in my head otherwise you can correct me but 9000 crores was on the O2C on the O2C related expansion about 8000 crores odd for new energy about 7500 for jio about 4000 for retail and then you know the balance real estate and 1200 crores but these are broad numbers here 

[Puneeth]: Okay thank you and lastly on the new energy side especially when you come to manufacturing anger and wafer do you think in the way current prices are you will be competitive because there at least you'll have to compete with China 

[Unknown4]:  Yeah that's correct but look the pricing is also started now moving up with very competitive pricing is and that in fact further validates our strategy for an integrated ecosystem the one of the key components of the cost through the value chain is also the power cost and that is where I ability to move to around the clock green energy and further optimize in the power cost gives us an additional leverage and the benefit to the value chain 

[Puneeth]: And also can you quantify how much power will [Audience speaking] you need for your just last one sorry for this some sense of how much power would you need for your own polysilicon plant here 

[Unknown4]: I wouldn't necessarily be able to quantify at this point of time but I can tell you that in a polysilicon production the single most variable is the power cost 

[Puneeth]: okay thank you so much 

[Sabriha Zarika]:  As Sabriha Zarika from MK Global so my question is also on new energy firstly the capacity of solar glass and polysilicon would also be similar to the module capacity that is around 10 gigawatt initially or it could be like different 

[Unknown4]: [Unknown4 laughing] yeah sorry I can't see you so yeah that's correct in fact without necessarily commenting on the capacities the capacity for the option value chain will be probably slightly on the higher side to ensure that we get to the minimum economic scale so that would effectively provide us not only the capacity for a first phase but as we expand our capacities 

[Sabriha Zarika]: So do we selling outside also or it will be like 

[Unknown4]: I think by the time we would have also expanded our capacity 

[Sabriha Zarika]: All right and second question is on your generation so you mentioned that 300 billion units you are targeting so previously I think it was 150 billion units which was the number I think 

[Unknown4]: we are increasing our capacity 

[Sabriha Zarika]: And all this would be like captive or it will also include outside sales 

[Unknown4]: As I said and we recapped in terms of the avenues for us for selling selling it's around the clock electricity it is converted into also green fuels which will be used for the export market as well as domestic market and when we talk about the captive use it will be refinery it will be for our new energy complex and as we also ramp up our data center capacity so every quarter every year our requirements also increasing significantly right so most of it will be captive requirements for us or converting into green fuels again for the markets 

[Sabriha Zarika]: This is include green hydrogen as well 

[Unknown4]: Yeah that's correct that's correct 

[Sabriha Zarika]: And just last once more questions we were on track to commission the first generation by start off next physical is that right 

[Unknown4]: Yes during next 12 to 15 months our generation capacity will also start coming up 

[Sabriha Zarika]: Thank you so much 

[questioner1]: Anshuman three questions jio's growth is very strong but output growth is 1% sequencing so any comments on tariff hike second your 5G wrap up is quite rapid it's market share is very strong what's driving this is it the 5G SA network or is it your lower tariff or it's just the data home and third you had a slide on enterprise including sovereign cloud so can you share what is enterprise services contribution homes we can back calculate what about enterprises 

[Anshuman]: So only first one really no comment on tariff at this one in time no such plans we are quite happy with the traction 1% increase in output over the last year it's gone up by almost five five and a half percent and we have certain handles to to improve the output while contributing giving more value to the customers and that's what we will continue to focus on and we're seeing good traction with data consumption to your second question really a lot of uptake in 5G data consumption the key reasons are really the quality of the network the fact that it's ubiquitously available helps in people consuming more 5G data in fact I saw a recent study third party study which said that when consumers are on the jio 5G network 99 percent of the time they're actually consuming 5G whereas on any other network they're consuming 5G for less than 50 percent of the time because of the nature of the network the network itself the standalone architecture that we've given and with that kind of traction we we want to continue to see that growing and there will be there are opportunities or organically if we can improve our output by 5 to 6 percent a year I think that's a good number good place to be in while adding many more customers so if you see the trend over the last three or four quarters we've been adding new customers the VLR base and again I'm not the biggest proponent of that but many of you are you should see that trend happening where people are consuming a lot of or being much more active on the jio network so the the to answer to the second question really the quality of the network the standalone architecture which is providing us opportunities to give more and we have not even known some of these live services which also are on the on the roadmap and will be launched to your third question around enterprises we don't give that split as you know you'd have to wait for some more time and then we will start giving that split but it's growing much faster than the rest of the rest of the revenue nine items. 

[Proval]: Hi sir Proval here for my side here I have two questions one was again with respect to the new energy business of the 75,000 crore investment that was sort of planned in the first phase is it possible gets get a sense of what has been spent so far and the second part is now that the expansion plans are very pretty much getting visible is it possible to share these sort of revised apex plan for the for the entire chain to get to the 100 giga work kind of capacity. 

[Unknown5]: Sure I think 100 giga what is you're only talking about the battery 

[Proval]: yeah 

[Unknown5]: All right from our perspectives 75,000 crores was effectively committed for our manufacturing ecosystem most of it is I would say spent committed or in the process of being spent and as we expand the capacity obviously the number will go up I won't be able to give that exact number at this point of time in next few quarters probably will bring no clarity on that. 

[Proval]: And the second question with respect to the petrochemical business so I talked about the changes in and the drastic changes in cracker economics versus naphtha and ethane and you know others we have some ethane based capacity some is from ROGC some of them naphtha is it possible to sort of look at how that proportion has changed between the three in terms of even if a broad percentage can be sort of shared. 

[Unknown5]: I talked about it about 3/4 of our capacity is gas based which is ROGC and ethane combined put together and about 1/4 is naphtha based. Okay all right thanks 

[Proval]: Yeah thanks. So one on F2 earlier with 12 million customers now why are you facing any capacity constraints and as you go from a total of 25 million to your plant 100 million home customer base where will the majority come from? Like can FW accommodate that or will it be mostly FTTH? 

[Anshuman]: No, so it's FWA 5G and FWA UBR. As I said we are using all the three technologies depending on whichever is best available at a particular location or a particular customer. Most of the recent ads additions have been in the FWA UBR category and there as you know the last file is there's no capacity constraint most of the time it's point to point and then it is in the spectrum which is available we have our fiber back all or we have in some cases even wireless back all already available. So we are not facing any capacity constraints there we are optimizing for you know the number of customers we are connecting with the 5G FWA we were there they could potentially be capacity constraints we have sliced the network for offering the service and we are ensuring that we don't cross that threshold at any any location. So bulk of the new additions would come in the in the UBI in the 5G it's kind of banned. FTTH wherever the fiber is there or it's possible to do the last mile very quickly we'll continue to do that. 

[Proval]: That's true. Second one on mobile your offerings and valuable services now google AI pro cloud etc. How do you prioritize like say your own services GUI cloud or GUI versus like google and what other kind of cost which you incur in these offering these services. 

[Anshuman]: So as I said the last time as well jio isn't a very good position. You can choose the services that it wants to offer and those could be coming in from the reliance intelligence side or could come in from any of the other partners or service providers as well. In this case given Gemini iPro is available is the leading product in the market which jio has decided to go with them but not to say that every line intelligence comes up with something we'll not offer that and jio is in now in that unique position where there is no cost to jio. The jio is taking products to the market and taking products good products so it's to its customers. So jio can optimize the access the reach the knowledge of the customers and in fact these are now revenue generating opportunities for jio. So jio actually makes revenue out of these things it does not have to pay for these kind of initiatives 

[Proval]: or something but which Google charges 2000 otherwise to the customer like say in fact they're paying you to offer the service through your network. 

[Anshuman]: That is right, that is right. Okay. 

[Proval]: Lastly in quick commerce what the docs to account now and other players have raised cash and are heavily discounting so how are you managing to get to contribution break even because even the number two player is right turn out contribution break even. 

[Dinesh]: So number of doc stores we have about 800. As of now the total store account I mentioned that is there on the network is about 3000 right. So doc stores is still less than 30% of the total store account and my bigger stores the auto contributions much higher because doc stores are typically smaller in size right. I wouldn't be able to comment on the other players but remember that we have pretty good margins we have a pretty large grocery business we have one of the largest vendors for most of the companies in this country we have a pretty efficient sourcing built over the last several years which helps us get good intake margins where we are able to good good pricing to the customers but still maintain healthy margins. So other is the category mix right if and we has generally the highest margin and we are you need to have an efficient sourcing the biggest cost in if and we is wastage which happens right typical vendors if you look at the moment of vendors the wastage are as high as 30-35% right. For us almost 1 in every 3 to 1 in every order has an F and V component right which is value creative to the customers and it's also margin a creative to us. 

[Proval]: And as quick commerce becomes larger will it remain a headwind for the margin so we will all margin for it. 

[Dinesh]: See it depends on it depends on you are incurring the extra delivery cost right you have the intro structure cost and you have the delivery cost we are pretty uniquely positioned in the way that we are able to leverage our existing network of you know 20,000 stores to do quick commerce and remember quick commerce is not just grocery it's also we are doing that in electronics we are doing that in in fashion as well. So I would say that we are leveraging a lot of that fixed network which is there but there's an extra delivery cost which is to be incurred to to deliver the goods to the customer and it's growing pretty well right ultimately what I care about is that I need a wallet share I need to maximize my wallet share within the customer store is all about experience right you come you you get the right experience and then you want to come buy at the store you want to get it delivered at your home I'm fine to do both ways right as far as the margins are healthy at an aggregate they will it is margin positive uh mocha right it is adding rupee margin to my to my bottom line it's a creative for me. 

[Harath]: Hi Good Evening this is Harath from indus tech so uh you know this is the first quarter where there is an RCPR demerger and from the next quarter it may entirely this if you just give us a sense of you know X the merger what the like to like growth would be for the radio business and uh you know uh a little bit of back of the envelopes suggest that it would be like a 1% impact but would would want to kind of know from you especially because it comes fully in the quarter and most of all the margins as well you know how much of a margin impact would the demerger have uh you know from next quarter as we start looking at the numbers. 

[Dinesh]:  So from a from a revenue perspective uh there's a month of revenue which has gone out uh out of RRL it was there when when it comes next quarter the entire full quarter would be would be there you've seen the RCPR revenues which are which are there which has gone out of my got gone out of my portfolio right it's a meaningful impact adjusted for RCPR adjusted for you've seen the net gross versus net and adjusted for seasonal it's a decent double digit growth that we have in revenues. 

[Harath]: And do we expect this you know kind of single digit bit to be there going forward until the RCPR goes out of the system is that the way to think about the next three or four quarters and in going into f 27. 

[Dinesh]: No, I don't think that's correct the underlying business is pretty strong right the underlying business is growing even this quarter we have a double digit you just adjust for the one off there's already double digit revenue growth which is already there. See I have to look at retail if you look at Q2 just Q3 you have a decent 13-14 percent revenue growth which is there right this will always happen in any years sometimes festival quarter is in Q2 sometimes in Q3 if you recollect we had a very strong 18 percent kind of growth year on year last year right that will always continue to happen and you have to look at on an aggregate basis right aggregate basis we continue to deliver double digit revenues. 

[Harath]: And the last thing was on on square feet you know so you know there has been significant gross addition but there's also been closure. So if you could give us a sense if you know when do we see you know net addition you know starting to pick up as you've completed almost all your consolidation work so just some sense of that would be the answer. 

[Dinesh]: See consolidation I would say more or less done it's normalized now last year was the year when our square feet has reduced it had reduced because we were consolidating. Now quarter and quarter you are seeing an increase right so it's more BIO it's more or less kind of BIO I can't think of yes at every point in time we'll have some see you'll always make some mistakes some locations may the the attractiveness of the location may change retail is very location specific right but that's normalized two three percent of your portfolio you'll keep churning you'll keep relocating even what falls here and this is also a re-location if I if the store is ending and that's not the best location I might take it to another location because I have anyways have to incur the capex at that point in time right so that also comes as a addition and a closure right on a net area quarter I expect that we continue to keep adding area 

[Harath]: thank you 

[questioner2]: Yeah couple of from the telecom business [Audience speaking] Anshuman can you share some digital services [Audience laughing] yeah any update on the JPLIPO progress you want to share that's number one number two on the fiber connectivity now that DC to DC connectivity is becoming prominent and probably it will grow whether this business will sit in JPL or will it sit in the fiber in with where the revenue will sit number three on the so wherein cloud you spoke about are we offering the air the the reliance intelligence through service or we are offering JPL service private cloud public cloud which is built on the JPL platform these are the three questions thank you okay 

[Anshuman]: first one the JPL look internally we're working on it of course we are waiting the the new notification to come from the government to see what the final details are going to be we're working on the assumption that it's in line with whatever say we has recommended but we'll still have to wait for that before we finalize and then start the process but it's imminent now so we are just awaiting the final notification so it should happen in the next few months for sure the on your other question on fiber the DC to DC connectivity it depends on what kind of requirement the customer has so if the customer's requirement is connectivity then JPL RGL provides that now RGL well in the back end go and lease some more dark fiber from JPL because the dark fiber belongs to JDF here but connectivity is provided by RGL now they could be they have very few clients who need the license as well who should have the IP one license to be able to use dark fiber to then create their own connectivity which is something they can take directly from JDF here but normally ordinarily we are seeing people coming to RGL and asking for connectivity solution in which case the RGL becomes the service provider if it needs it can go and lease some dark fiber at the back end the cloud solution we spoke about is being offered by JIO so JIO cloud is offered by JIO as a service that infrastructure has been created by JIO the sovereign cloud may graduate spoken about in the past with you all is a JIO service that JIO provides to the government to NIC similarly to enterprise clients to banking time JIO is providing that as a service the AI layer that will get added on top of it those intelligence products will be made by reliance intelligence which will then come and offer those to JIO in the same way that today you know Google is making AI base cloud offerings as well which then they can collaborate with you to offer but the core cloud as an offering is used 

[questioner2]: Setting up the GPUs reliance intelligence will be so 

[Anshuman]: Infrastructure even today the data centers are in RGL so the infrastructure spent is going to be done by reliance or reliance intelligence depending on the nature of the investment that is being made and JIO gets those accesses those through long-term lease arrangements that JIO has got with with RGL so JIO will not incur the KPGs but as a service AI or as a service JIO cloud is a JIO service so it can lease data center space from RAL from reliance intelligence GPUs etc it can lease it from anybody else as well but the KPGs will be RAL or reliance intelligence  

[questioner2]: we this will be more asset light as well as JPL service provision will be done by JPL it will be asset light service products will be developed by intelligence reliance intelligence AI products and KPGs will be incurred there you got it just one last question on the KPGs per sub on the 

[Anshuman]: Fixed broadband are the substantially lower now that we are 25 million how is the KPGs per customer in FTTH FW and UBR FW that will be all thank you the KPGs per sub actually per incremental sub of course it's lower now because it's the fixed KPGs is now getting spread over a much larger base so the allocation that we do etc but the last incremental KPGs that we incur for connecting a sub is actually not much different between the three if at all it's little bit higher in FTTH because the last mile if the fiber needs to actually be laid to connect the last mile it will turn out to be higher the CPE the customer premise equipment is kind of similar in in cost yeah so with a say in the case of say FWA FWA anyway there is a receiving C6 which is and so in the premise if it's the FWA UBR we install the C6 but now we are able to split the signal from that into multiple homes in which case as we start getting multiple customers for the same C6 the cost per customer starts going down quite significantly A6 is already incurred that is the network layer cost is already incurred for UBR so now it's the C6 and then that gets split across multiple homes or if you came in with a demand and there will nobody else around you we would install one C6 for you the cost is of that C6 but now there could be seven other users alongside you in which case the cost per server will go down drastically fiber whereas is [Audience speaking] each person getting a dedicated fiber line what [Audience laughing] not allowed anymore 

[questioner3]: okay all retail so what is the impact on a bit of room I think you mentioned there are three reasons why there is an impact on margin the first one is on the difference in the festive period but you mentioned something on the labor code as well as I'm adding one more which is EBITDA tough from FMCG going away is there any big number or no that's like a small negative number also no 

[Dinesh]: it's a number which is going out it is a number as well 

[questioner3]: which is a positive number 

[Dinesh]: yeah 

[questioner3]: okay and so I mean are we giving that right now we'll have to wait for the next quarter 

[Dinesh]: we'll have to wait for the next quarter now 

[questioner3]: And the impact of labor code how big is that and there will be a one off over there right for this quarter 

[Anshuman]: so when you look at it on an aggregate the labor code obviously there is an impact on graduate etc we have we have obviously considered it in the P&L but it is not material therefore we haven't really broken it up but in the context of retail also it'll add a few percentage points in terms of growth rate  

[questioner3]: okay and Srikanth I appreciate you saying that near term shock term volatility in growth rate but I mean is there any other better way in which we can visualize the coming quarters in terms how you can put that in English that 

[Audience]: Audience laughing 

[Anshuman]: that was the  best I did in terms of explaining that we were  very constructive about growth rates and and that  and that we would think that some of these things  are extremely short term and these kind of volatility  in growth rates so we are not talking about  growth or dig growth you are talking about growth  rates is something that you know we expected to  be extremely short term that's all it is as as  much as I can say but yeah but I think you have to  step back and see what we have built and what this  business is capable of and where we are in this  cycle in terms of what the opportunities and  frankly if you are where where where I am  standing you would also go past and look beyond this  extreme and it's more so in the context of fairly  valid set of explanations because it's a combination  of things right unique I mean you don't have  his Q2 and Q3 and some RCPLD merger and  something to do with GST coming at the same time  and a accelerating for from then EBIDTA stand point  accelerating on quick commerce lots of things so  yeah you have to see all that in context 

[questioner3]:  okay just one on new energy you mentioned that the 75,000 crore is from manufacturing related topics in terms of generation are we since you're saying that in about 12-15 months we will be starting some generation and I think our internal needs would be somewhere around particular what or something is what you said so how would what kind of numbers are we looking at and how would that be funded in terms of debt and equity 

[Anshuman]: so the right way to see  so we have always said that we have an eye on  credit ratings and you know with this AI and all that  you know what is the framework so why I'm saying  that is when you talk about electricity generation  it need not be that every part of all these kind  of assets which will eventually become utility  I'm talking about the generation part of it what  we take for in-house consumption what we give for  green chemicals absolutely you know those are so  the energy supply it will still be in some way  utility so you can you can look at that those kind  of power generation assets in a very different  way it need not be that it has to be entirely on  our balance sheet so all that flexibility to take  our off in the broader construct of what we are  trying to solve and I'm being very very similar to  what have been answering this question right from  day zero and this remains unchanged 

[questioner3]: okay thank you 

[Anshuman]: yeah maybe last one then it's last yeah and 

[Nithin]: hi this is nithin from Philip capital just one on new energy of China has recently instituted a restriction on export of silver and they have no the largest exporters so is that expected to impact us in any way officially nomically in terms of economics of the project any comments on that 

[Unknown 5]: obviously there are a few other sources also for the silver look silver is talked about a lot in the in terms of solar module manufacturing solar cell manufacturing but I think there are few factors that you need to consider one edge it is a technology itself has a lower silver consumption then top-con and IBC as it progresses second is we are also working on number of initiatives to reduce the solar consumption within the production of our own solar cell third is the amount of solar which is used is significantly very very less when it comes when it comes to in terms of it's it's effective milligrams per watt peak is what we're talking about or kages per gigawatt may not talking about significant number of tons that that as a consumption and so forth so from that perspective the diversified supply chain the overall plan to reduce the silver consumption and the technological choices if you see it through that prism I we are not necessarily concerned about the situation 

[Nithin]: thank you 

[Visual Slide - 2]: Thank you attending