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So the context, the first 11 months seem pretty different from what happened in March. And 11 months, it seemed like fastest-growing economy, domestic activity was fairly robust. From our own telecom point of view, significant growth in tariff -- in traffic on the 5G network and so on. All the measures taken on GST rationalization, the easing rate cycle, monsoons were good, that gave broadly -- consumption tailwinds were decent there.

Energy prices also, give or take, was range-bound and even growth in both fuel and refined products remained steady. And then you go into March, we all know the numbers, almost doubling of -- 70% higher in some cases, even in gas, it went up to double. Of course, the concern for everybody, all of us, is the fact that the supply shock and its impact on industry and consumer confidence, that is something that as this is happening, everybody is grappling with it.

Rupee depreciation, obviously, is an area of concern, 11% for the year and 4% just in March. And the bias will be there if this situation were to persist because on the back of widening gap. All that -- again, these are concern areas. It all depends on what is the outcome of the war, when does the settlement happen. But there is not -- these are really the immediate concern areas in everybody's mind.

In this context, when you -- when I just look at FY '25, '26, the full year and before I go into the quarter, 10% up on revenue, 13.5% on EBITDA. This, of course, includes the one-time that we had in the sale of listed shares. Now with the consumer businesses contributing more than 55% of EBITDA and PAT growth was also good, and I have provided the details of the stand-alone profitability of RIL, JPL and RRVL.

So JPL year-on-year PAT increase is about 15% and RRVL about 12%, RIL close to 24%. And this is really the mix. Overall growth, 13%. Digital, very strong, 18%. Subscribers, 5G-related -- 5G subscriptions, broadband mix, customer engagement, all these metrics were good strong numbers. Retail, 8% growth on EBITDA. And this is muted because of the scale-up of the hyper-local commerce. Also, fashion and lifestyle demand was a bit soft. O2C, up 10% despite everything. And as Srini will talk through in the presentations about what happened there. And Oil and Gas has been more about the fall in overall production reservoir -- reserve coming down.

This, I just thought just to put a 5-year context. Overall, we are -- overall is up more than 2x, but Digital is again, more than 2x, Retail 2.5x; O2C, close to 2x. So yes, in a more broader time frame, I just wanted to emphasize this more than doubling is something that we have been doing, and this is again another indication.

And just going into -- for the quarter, as you can see, overall EBITDA growth, flat. And actually, it is about consumer -- when I say consumer here, I'm taking both Jio and Retail. That's up 14%, which really negates the impact of energy, which has been lower. And more on -- PAT has been, on a quarter-on-quarter, lower because of depreciation and interest on the back of the capitalization of the 5G assets.

And more specifically on Oil to Chemicals, down 4%, and actually, the 4% doesn't bring the overall context of how difficult the environment was. One, of course, last year -- a year back, same time, this was -- the overall numbers were strong, and when you look at what happened in terms of just the physical inability to get crude, in fact, if you see the throughput for us, it was lower by 4%. And just getting physical crude, the premium, which was trading on top of the benchmarks, logistics cost, insurance costs, the sheer volatility that we saw there and coupled with under-recoveries on fuel retailing, the introduction of SAED, there were a million things which have happened in this quarter. And that's what I meant by saying that 4% number really doesn't capture the -- what the environment was. And in that sense, we are -- I'm very happy or delighted to look at this performance and the quality of the performance is very strong.

Oil and Gas, because of gas volumes -- Digital Services, has been good, 16% on the back of subscriber additions, which was up 7.5% and the 5G user base has been growing at about 40%. And Retail, more broad-based consumption that we have seen and the hyperscale expansion, which Dinesh will talk through in the Retail presentation.

And this is, again, same 5-year perspective, I just thought to put that. Overall, still net debt, we have been able to keep that in control or continuing the CapEx vis-a-vis what is the cash profit. All of those trends have remained fairly strong, and these numbers say that. And debt-to-EBITDA has been at about 0.64, which against what we have been talking about 1 -- below 1.

So with this, Dinesh -- sorry, Anshuman.

Thank you, Srikanth. Good evening, everyone. Update on the Jio platform results for the quarter and the full year.

So strong double-digit growth in our Digital Services business, which is already a global-scale business and then showing double-digit growth. We ended the year with 524 million subscribers. That's a net add of 36.3 million during the year. And it's been fairly sustained, picking up over the last couple of quarters. 268 million 5G user base. So that's an addition of 77 million during the year of 5G subscribers. That makes us the largest -- our subscriber -- 5G subscriber base, the largest outside of China as a single country operator. #1 in homes as well, 27 million fixed broadband connects, that was a net addition of almost 10 million during the year and 12.9 million JioAirFiber homes. So roughly 75% of the connections coming in through the AirFiber, where we are by far the largest globally with our AirFiber product across 5G and UBR.

On the financial metrics, revenue for the year at INR 146,885 crores, which was up 14.6% year-on-year. INR 76,255 crores of EBITDA, that was up almost 19% year-on-year. EBITDA margin of 52%, we saw a 190 basis points improvement there, increase there. And one of the metrics we have been tracking is the amount of data consumed on the network. Total data traffic increased to 241 exabytes for the year, around 66 exabytes for this quarter. So that's a 31% increase year-on-year. So across all of the operating and financial metrics, we see strong growth and continue to see strong growth on these.

I'll just speak a bit about some of the priority areas, focus areas for us currently and as we move forward. Mobility continues, it's -- we have the largest market share. We're growing that business rapidly. There are a few priority areas, focus areas for us to improve the product offering and gain more market share. On the product side, the 5G premium services with our [ SS ] stack, we are able to offer. Now of course, some of this is being done on a trial basis. We need to be -- we need to ensure that we are fully regulatory compliant, but these products are ready for the market. AI-first network being used on our network. We have been implementing a whole bunch of intelligence, AI automation, energy optimization, for example, is being done on our network, and we should see good results coming out of these in the next few quarters.

We've done some network innovations. Again, as you all know, we manage our own network. The core has been completely developed by us. We do a lot of innovation on the radio as well. We've been able to do -- work on some proprietary beamformed cell design, which helps us improve coverage and capacity, especially in specific locations. So if there is a match in a stadium or there is a high traffic zone, we are able to now enhance capacity, which has always been a challenge area for operators, and we've been able to come up with our own proprietary solutions to address, improve customer experience in these situations.

Distribution strategy. On the 5G side, working with OEMs to see how we can improve the experience for users as they take new devices, SIM attachment, et cetera, and you will hear about some of this in the market. Leveraging our distribution for -- as a digital gateway for digital platforms and services coming into the country, be it Gemini, be it JioHotstar, that continues to be a focus area, helps us improve our customer traction, customer engagement and also gets us some more revenues, which is always welcome and also helps us in getting -- improving our ARPUs.

On the customer experience side, you would have seen some recent third-party reports, which have all rated us as the best network, multiple awards, including download speed, 1.8x competition, 99.9% time on network and a very important metric, which is 5G coverage experience, where third-party results are showing that our users are able to access 5G services most of the time that they are on the network. So converting network leadership to premium subscriber engagement. And I think just more customer engagement, just more traction with customers as they remain on the network.

Homes continues to be a priority for us. We had a good year. We have now reached 27 million subscribers, almost 10 million net adds during the last 12 months and 75% of those coming through AirFiber, which is working at scale, working really well. Last time, I had spoken about the non-line of sight deployment that we were -- we have started doing, and that's now working on the ground and in practical.

And with some of these things, when you deploy in the field is when you sometimes face some challenges and you need to appropriately adjust. We have done those. We have been through that. And this now further expands the addressable market from our point of view, because there were situations where line of sight was becoming a restricting factor for us. With this now working at scale, and we've been able to -- we have started upgrading the hardware in most cases. This is enabling us to now connect more sites and more premises with this new technology. So we're very optimistic about this working at scale and will help us increase the run rate, increase the acquisition rate even more.

On the -- a bunch of activities, a lot of initiatives we've taken on the quality and assurance side, rapid technician onboarding, very important because now that we're working at a scale where 25 to 30 -- and there are days when we are adding 50,000 to 60,000 homes a day, you need to have scaled technical manpower on the ground. And therefore, this rapid technician onboarding is a very important consideration from our point of view, which we have been able to do.

One day installation. Over 90% of the installations are happening within 24 hours. Of course, we'll strive, we'll target to take this closer to 100%, and most of the times, the limiting factor, again, becomes the availability of a technician. It's not about the network or the infrastructure readiness. AI checks on the key KPIs so that we can keep real time -- we can track those real time and take real-time action. And we've pretty much been near 0 complaints from a service quality point of view, be it fiber and also AirFiber.

Enterprises, we continue to focus on this to enhance new account penetration. Our proprietary solutions, we have spoken about this in the past, but those are now commercially available in the market, being provided to our enterprise customers, managed connectivity, where we take care of end-to-end requirements of enterprise customers, primarily with WiFi, firewall, surveillance, any of their requirements. And as we have told you in the past, most of our customers are taking something beyond just connectivity. And these kind of managed services, managed connectivity solutions are very popular with enterprise customers. The high-powered UBR last-mile and being able to offer that at a more cost effective -- as a cost-effective solution and in quicker time, again, very popular with enterprises.

In case of dispersed locations, a lot of enterprises which have presence across multiple geographies or multiple locations, they are preferring our AirFiber solution because we are able to connect those locations in quick time and give them an integrated standardized solution, which is quite popular. Our share of large deal wins, it's natural as well now that we are -- not now, but we are the largest operator, but also the fact that these -- the large deals would tend to take more time to convert. These are longer lead cycles, but we are now seeing an increasing share in these wins, dedicated terabit-level connectivity that we are able to offer on backbone. And again, the integrated solutions that we have spoken in the past about, be it manufacturing, retail, BFSI, government verticals, all of which where we are seeing good large deal wins.

And digital solutions, managed WiFi, managed compute are solutions which are needed by -- not only by large enterprises, but SMBs, small enterprises. Now this is all managed compute, JioPC, which we are working in partnership with SaaS players. This is, again, very popular with SMBs, something that is a need of the hour because the computer penetration even now is low.

And these are AI-ready kind of compute solutions, which are going to be needed increasingly. In the next few quarters, you will see a lot of need coming up for these even with the smaller businesses. Large enterprises, of course, can spend a little bit more on cloud and on compute infrastructure. But even for them, this is more cost effective and more efficient.

Coming to the key operating metrics for the quarter on the connectivity for the connectivity business, RJIL, we ended the quarter, ended the year at 524.4 million subscribers. That was a net add of 9.1 million subscribers. 54% of the mobility consumers are already on 5G. They are consuming 5G services, and as you saw in that some of the third-party reports, when they consume 5G, they are consuming 5G most of the time. They are mostly on 5G.

INR 214 ARPU, most of you got it right. I saw some of the reports, 4% year-on-year growth in ARPU. But as you all know, this year, there was no tariff action. This is mostly coming in from organic growth. Per capital data consumption -- per capita data consumption increased to 42.3 GB per month, and this continues to see very healthy growth. And we are expecting this to keep growing like this with more use cases coming in now with AI-enabled use cases, people watching media, of course, continues to be very popular, and the monthly churn rates also reducing. So all in all, all operating metrics is doing quite well and in line with what we would have expected, but the traction is building up more.

Financials for RJIL, connectivity business, healthy, steady growth, INR 33,381 crores for the last quarter, EBITDA of INR 18,771 crores. So EBITDA margin improving to 56.2%, 230 basis point increase over the year in the EBITDA margin and revenue growing by 11.2% year-on-year. Of course, the digital -- some of the JPL revenues are growing faster than this, but this continues to show very high, very steady growth and even without a tariff increase. So this is growth coming from new customers and more utilization by the customers.

The results for JPL, both quarterly and the full year are given here. So operating revenues of INR 38,259 crores, that's a 12.6% growth year-on-year. EBITDA grew to INR 20,060 crores, 17.9% year-on-year and PAT at INR 7,935 crores, 13% growth year-on-year. On full year results on the right column there, INR 146,885 crores as revenue, INR 76,255 crores EBITDA, and we crossed INR 30,000 crores in PAT, not necessarily a milestone, but it feels good to have crossed another INR 30,000 crores number -- that break.

With that, I'll hand over to Dinesh to take you through the results for the Retail business.

Good evening, everyone. On the Retail business, we had a pretty strong quarter. For the quarter, we had the highest-ever revenues of INR 98,000 crores. In fact, normally, Q3 is the strongest quarter for any retailer. But this time, Q4, our revenue was even marginally higher than Q3. So overall, very good performance. 11% growth on a Y-o-Y basis for the full quarter. Now if you recollect, RCPL business was demerged out in the last quarter. Adjusted for that, the growth is almost 14%. For the full year, the growth is 12%. And if you exclude RCPL demerger, the growth would be even higher.

EBITDA came in at INR 6,900 crores. EBITDA margin is at 7.9%. Hyper-local commerce continues to grow pretty steadily. We had a 30% growth in average daily orders on a quarter-on-quarter basis and 300% growth on a Y-o-Y basis. The number of registered customers continues to show healthy trend with 11% growth Y-o-Y. The transactions have grown 1.93 billion for the full year, which is a 39% growth. So if you look at the 12% growth in revenue versus 39% growth in transactions, that is because of the high-frequency quick commerce orders. We opened 333 total new stores during the quarter and crossed the milestone of 20,000 stores during this quarter.

Overall revenue, as I was saying, the highest-ever revenue and EBITDA in the history of the company. Revenue was at INR 98,000 crores, EBITDA at INR 6,900 crores and PAT at INR 3,500 crores.

Across consumption baskets, just to highlight, we had pretty strong performance. I would say grocery and fashion were standout with a good strong double-digit growth. Across all segments, the LFL growth was in the mid- to high single digits. If we look at grocery specifically, we crossed the milestone of 1,000 big box hypermarket, supermarkets. In our understanding, this is the fastest-ever rollout any retailer globally has reached to the milestone of 1,000 big box stores.

The growth is quite broad-based across categories. There are some categories which are emerging out like especially with the focus of health and convenience. Some of the health-related categories are continuing to outperform. Metro, which is our B2B business, again, had a very good steady quarter. There is growth in average bill values, driven by various programs, [ investor ] programs that we are running. Also, the digital platform, which is a self-serve platform with the enhancements that we are doing on the consumer experience, the digital platform continues to scale very rapidly.

JioMart, which is our hyper-local commerce business, it has the widest reach. We are serving 1,200-plus cities with 3,100-plus stores. This is a combination of dark stores and walk-in stores. This is our widest network that any hyper-local player has in this country. The other advantage that we have is these are just grocery stores. In addition, we are doing -- we have also put all our electronic stores in 1,700-plus fashion stores onto the platform where we are able to offer 2-hour delivery. Now that's pretty unique to us because nobody has the kind of network density to be able to offer this service. Most people do multi-categories through their dark stores, but the assortment is very limited. In our case, we are able to offer the entire full-store assortment on a hyper-local basis.

In addition to having our 1P catalog, we are also expanding through 3P sellers so that wherever there are gaps in our offering, the customers see a comprehensive proposition and they're able to shop for everything. We also launched the new version of the app during this quarter. Most of you who might be using it would have seen the new app. It is -- the feedback is quite good. The conversions are better and the bill values are also better.

On the fashion and lifestyle business, have healthy double-digit growth overall in the business with mid-single digits like-for-like growth. We did 1,500 stores, which we refreshed during the quarter. We have added a lot of tech features like self-checkout, RFID-based checkouts, et cetera, into these stores to make them more appealing even the brightness of the stores, the way they are presented, the way the assortment is displayed, all of that has been upgraded to make them more appealing, especially for the Gen Z.

We are using AI operating model across the entire value chain, embedding intelligence right from design selection to what is likely to sell the most, to having an assortment, which is more scientific in nature, a tech-enabled supply chain and omnichannel fulfillment. So we're using AI across the value chain. We are also launching several campaigns and tying up with celebrities to make sure that we're able to connect with the larger -- trends, which is our flagship format, has been more a family store. Yousta is our Gen-Z store. Azorte is our premium store. So across those, we are trying to connect more with the target customers, especially the younger customers to get them to experience our proposition.

On the online side, Ajio had a pretty steady quarter. The average bill values continue to grow in a pretty healthy manner. We have an industry-leading average bill values. Our own brands, which is our big differentiator because these brands and many of these are pretty large brands, including international brands that we have in our portfolio, they continue to gain traction, and they are a big differentiator because these brands are not available anywhere else on any other platform.

Ajio Rush, we have expanded pretty significantly. This is a 4-hour delivery promise, and that is now available in 600-plus cities. So this is a curated assortment in each micro market, and we are able to deliver whatever you order within 4 hours. Shein continues to have strong momentum. The app installs continue to scale pretty rapidly. We've already scaled the number of options to -- we are launching 1,000 new options per day. These are small drops, high width of options. Now we have achieved critical scale. We are also kind of investing now in promoting the brand, and this is showing good traction.

Premium brands, again, had a pretty healthy quarter with pretty strong high single-digit same-store sales growth. Multiple categories were driving the performance, including premium menswear, eyeswear and kidswear. We entered into an exclusive partnership with Kurt Geiger. It's a premium British footwear and accessories brand. So it adds to our portfolio. We have the largest portfolio of international premium brands in the country, and there are several other exciting opportunities in the pipeline.

Ajio Luxe had, again, a pretty healthy growth. The brand portfolio grew 24% on a Y-o-Y basis with option counts up 11%. Many of the brands which are available on Ajio Luxe are brands where we have exclusive rights, and they're only available on Ajio Luxe. So that's a big differentiator for the platform, and these are brands which are very well sought after by customers.

Jewels business had a pretty healthy quarter with -- a healthy quarter with average bill values going up by 53% on a Y-o-Y basis. The grammage has gone down a little bit, but not substantially, which means that the business is seeing pretty strong growth. The design-led diamond jewelry, that continues to gain traction. We've been trying pretty hard and over the last few quarters, the share of diamond has been increasing, which does help in improving margins as well.

On the consumer electronics business, again, a pretty healthy quarter. The Digital India Sale, we had our first ever INR 500 crore sales in a single day. The overall 30% Y-o-Y growth during that period. The growth was again quite broad-based across laptops, mobiles, televisions. resQ, which is our big differentiator, we have now presence across 1,600-plus locations where we are able to fulfill the promise of most cities, same-day installation and delivery, otherwise, same-day delivery and next-day installation.

Our B2B business, JMD, again, we have got to a critical mass of retailers where we are present. And the focus is on improving the wallet share there and the number of times they purchase and how much of their demand we are able to service. Mobiles continues to be the mainstay for this, but other categories, especially TVs and IT-related categories also continue to do well. So beyond mobiles, we've been able to expand the offering.

Yes, that's a quick update on the Retail.

For the FMCG business, we have Ashutosh Goyal, who is CFO for Reliance Consumer Products.

Thank you, Hemen-ji. Good evening, everyone. So from an FMCG business perspective, we closed our revenue of INR 22,000 crores in '26. And for the quarter 4 alone, we delivered a revenue of INR 7,350 crores. Both these are 2x growth on the similar period for the last year.

In terms of Campa brand, we delivered a revenue of INR 4,700 crores, making it fourth-largest carbonated soft drink brands in the country in a very short span of time. Independence, our essential brand, delivered a revenue of INR 2,600 crores for the year and became one of the most promising and trusted brand in the country.

Our packaged drinking water business is growing and scaling up very fast right now, and we have become third-largest water player in the country. We started foraying into our international business last year. And this year, we have our presence in 40 countries.

In terms of the category performances, so we saw categories growing across the board. So beverages grew by about 3.2x over the last year, and this was primarily led by the supply chain expansion and strong execution in the market. In terms of the daily essentials, we grew by about 1.6x over the last year, led by our brand Independence and certain new acquisitions like Udhaiyam and Manna. On HPC categories, we have launched new products under brands like Velvette and scaled up brands like Glimmer under the soaps category. Foods saw good positive traction across the subcategories like biscuits, confectionery, snacks and other processed foods.

To really scale up the business, we are investing into manufacturing capabilities, and we intend to become one of the largest manufacturers of cold drinks in the country. We are continuing to expand and have almost 12 plants across India, and we will continue to expand as the business grows. From a food park perspective, we are setting up certain integrated food parks, which can manufacture multi-category products, which will help us in driving cost efficiencies and integrated operations.

None of this scale would have been delivered without our distribution depth. So we are now servicing the Indian market through 5,000-plus distributors and about 3 million outlets. We are also expanding our category presence in newer markets like packaged foods, we have entered into Northeast, West Bengal and Bihar, et cetera. While we entered into the international markets last year, we would like to continue to expand our presence into the international markets by foraying into the newer markets as well as expanding our reach into the existing markets.

In terms of the marketing, we had a 360-degree approach in terms of marketing campaigns across activities. So we had mass media activations, which is led by certain activation like IPL '25 and T20 World Cup. We have also partnered with some of the influential celebrities to amplify our brand presence across India. On digital side, we are using certain categories for social media-first campaigns, and this is helping us to reach consumers faster. We are also investing in activating our outlets at the ground level to make the reach and presence visible to the consumers.

In the last quarter, we made certain investments in M&A acquisitions. This is primarily two categories. One was Goodness Group, which is an Australian-based company. They are into functional beverages and health-based drinks. This is really helping us in terms of foraying into a category which is growing at a very fast pace. We also acquired 100% stake in a company, which is Tamil Nadu based and which is -- have a brand called Manna. They are into millet-based products. And again, this is a fast-growing category and will help us and complement our current portfolio.

Thank you.

So for the Media business, we have today, Ishan Chatterjee, who is Sports CEO for JioStar.

Hi, everyone. I'll walk through the details of the JioStar business now. We had a very strong Q4, and I'd like to call your attention to maybe two things on this page. The first is the sheer scale that JioStar is now operating at. As you can see from the slide, we achieved a monthly active user reach of 550 million people in March, and that was driven by a very strong lineup of sports, but also on the entertainment side.

On the sports side, the big property that we had, as you can see on the right-hand side, is the T20 World Cup. We also, in the T20 World Cup, broke a world record for the maximum number of concurrent streams at the same time at 72.5 million. The previous record was held by a global company that -- the record was 65 million across the globe, across multiple markets. We did 72.5 million in India alone during the World Cup.

The other thing I wanted to call out was if you look at the platform MAUs, the chart that you see in the middle of the page, even when we don't have marquee ticket like World Cup, you can see that we are hitting on average now a steady number of over 400 million MAUs, which is a reflection of the scale of our platform.

The second thing that I wanted to call out from this last quarter is that we made foundational bets on technology and on AI-driven technologies in particular, to make sure that we are competitive in a very increasingly technology-led marketplace. And I wanted to call out three examples like this. All 3 are currently available on JioHotstar. So if you haven't tried these three things, please try it whenever you have some time.

The first one is called Tadka. That is our launch of micro content. We've launched with over 100 shows. And we are one of the few platforms globally that has both horizontal content as well as vertical content in a way that meets multiple consumer needs.

The second is a deep product integration that we did with OpenAI's ChatGPT, which has transformed the search functionality within the app. So earlier on, if you wanted to search, you would have to go in and type something. We have now switched that to voice. And the integration that we have done with ChatGPT is also very good at recognizing Indian accents and especially regional languages and regional dialects.

And the third one that I wanted to call out is actually live today, live right now as an IPL game is going on, and that is an in-app commerce integration with Swiggy. This is our first-ever content commerce integration at this scale. And the idea is while you're watching a game, especially if it is happening at around 7:00 to 10:00 at night, you can also order food, get the food delivered and complete the entire transaction within the app itself without ever leaving. So these are three big initiatives that we launched in the last quarter.

If I look at what was driving some of that performance, I'll start with sports. These are the three big properties that drove a lot of our engagement through the quarter. We started off with the Women's Premier League on the right-hand side. This is on the back of a very successful Women's World Cup that our team went and won. You'll see a growth of 20% in overall reach and a watch time growth of 80% over the previous WPL. So it gives you an idea of the momentum that the women's game is seeing.

That was followed by the T20 World Cup that I just covered. In addition to the peak concurrency record that I spoke about briefly, we also achieved an overall platform growth of 30% growth in reach over the previous World Cup that was held in the U.S. And a lot of that momentum flowed into IPL. For IPL, the opening weekend was the largest viewership weekend we have ever seen on IPL. And as of yesterday, this is up till yesterday's CSK-MI match, we are seeing a 15% growth in our overall reach and a 27% growth in connected TV reach. This is where you consume the JioHotstar app on your smart TV.

On the entertainment side, we also had a lot of success across the various content portfolio that we took to market. The first, of course, is Bigg Boss itself. We saw a 40% growth in digital watch time over the last season across all the editions. We had a very strong slate of originals as well. Chiraiya, for example, turned out to be the most-viewed short-run show in Q4, and it's since then become one of the most watched shows on our platform. And from an unscripted or reality TV perspective, if you look at those 2 titles over the -- Splitsvilla in its 16th season, and despite that, we were able to double watch time this year over the previous season. We also launched a new reality TV format called The 50, which delivered the biggest-ever season premiere on JioHotstar.

So if I was to summarize the highlights of JioStar's business in Q4, as I already covered, our overall reach is now at approximately 500 million, growing 10% quarter-on-quarter. We also had a very strong paid subscriber growth, driven primarily by marquee sports, which is originally the WPL and then, of course, the T20 World Cup. And I already covered some of the new initiatives that you saw -- that you can see on the app.

On the sports piece itself, in addition to the World Cup becoming the most watched T20 tournament ever, we also recorded the highest-ever monetization of the T20 World Cup, driven by strong advertiser depth as well as expansion into multiple categories. This is despite the RMG ban, real money gaming ban that we saw during this -- the previous calendar year. And we had continued momentum going into IPL, where we delivered, as I said, the biggest-ever opening day weekend in terms of viewership.

In entertainment, our linear TV share is now -- stands at 34.7%, almost in line with the next 3 networks combined. Our digital watch time -- entertainment watch time grew by 35%. And on the back of that, we also saw record growth in digital entertainment ad revenue, driven by a much wider client base as well as very strong monetization on some of those impact properties that I shared with you.

And finally, in terms of the financials, as you can see, we had a strong revenue growth this year. A lot of that was driven by subscription revenue momentum across the board. In terms of the ad revenues themselves, we saw very strong ad revenues in the sports business overall and also specifically in the digital ad revenue business. The TV entertainment ad revenue remained under some pressure, especially due to spend cuts that we saw on the FMCG side. But through careful cost management of the P&L, we were also able to deliver an industry-leading annual EBITDA margins.

So with that, I'll hand over to Hemen -- Oh, right. Sorry, I'm also going to cover Jio Studios. And the point that I'd make over here, this is just an example of the slate that Jio Studios has brought to the market. I'm sure many people over here would have seen Dhurandhar, which is the biggest movie now that, not only from the studios, but in the industry overall. But we also wanted to call out some of the other marquee titles, all of which have been performing very well.

Okay. So Dhurandhar, as you would have read in the press, is now a INR 1,000 crore-plus franchise per film, crossing 40% of India's overall box office. And it's also the highest-ever grossing Indian film overseas. If what Anshuman is saying is true, I please encourage all of you to see it. It's a fantastic movie. And also in addition to the movie itself, it also was one of the biggest music albums of 2025. And also the sequel is now the biggest music album of 2026. You can see some of the performance that you see across the global music platforms, including Spotify, and in terms of the number of views, that's 40 billion-plus views, which is a lot.

And finally, on the back of that, Jio Studios is now the largest content studio in India by revenue, by catalog size as well as with box office share. You can see here a number of the different blockbuster hits that the studio has presented. And the industry also has rewarded the studio with over 500-plus awards across its content slate, including our Oscar nominee, Laapataa Ladies, from a couple of years ago.

Good evening to all of you. I hope I'm audible. So we'll talk about the O2C, the operating environment wise, all of you, I think, in fact, everyone is seeing the oil market closely and reading about it.

So crude market, now this, probably, slide would sound a bit anachronistic in the sense, what are you talking about Brent crude of $70.3 or gas oil crack of $23.6 and all that. This is the average for the year. So that's why it looks like this. But otherwise, all of you are familiar, we'll get to that as well.

So during the last year, of course, the crude market remained oversupplied most of the year. Both U.S. and EU sanctions on Russia have been tightened throughout the period. And if you look at the refining part of it, it's been structurally tight, of course, and the demand has been pretty strong at about 0.8. On the downstream sector, of course, more will be covered in the later slides by Mr. Amit Chaturvedi, but ethane economics were one bright spot, remain favorable. And there are a lot of challenges around the Middle East conflict, but that's towards the fag end of the year that we have seen this happen. So to sum up, strong fuel cracks, because of supply tightness is what we've seen throughout the year in terms of the refining business and downstream margins, they remain under pressure.

Impact of the Middle East conflict and what actions RIL has taken, is covered in this slide. Supply, of course, we know that SoH is pretty important, maybe more than 20% of the world's oil actually comes from -- through the Strait of Hormuz. So that's been hit. So there are -- most of you are aware that there are a few countries which have outlets like Saudi Arabia from Yanbu, not the entire volume, but part of the volume can move out from the West, which they have implemented. Then UAE, about half of its production, it has a pipeline from Fujairah, where you can actually load. It's technically outside the Strait of Hormuz.

The other Middle Eastern countries which have some outlets, of course, Oman is completely outside the Strait of Hormuz, that crude flows. And then Iraq has some from the Port of Ceyhan in Turkey. So those are the countries which have an outlet. Otherwise, the rest has to come through Strait of Hormuz.

So other than their own refining and all that people have had to close down their production or regulated rather, I would say. So the cut is estimated at about 10 million barrels per day now. Some people say 9.1 million, different analysts have different numbers, but that's the order of the supply cut that's happened.

How have we made up this cut because there's not so much of oil coming from the rest of the world. It's -- I think IEA has released something like -- they have announced a release of 400 million barrels. That's over a 3- to 4-month cycle. So maybe about 3.5 million, 4 million barrels per day getting made up from there. So significant shortage of oil in the market.

In terms of transit because ships which are already there, this includes crude and product. So the transit-wise is down from about 20 million barrels earlier to about 4 million barrels. Sometimes this cannot -- this may not be absolutely accurate because earlier, we were calling something the shadow fleet where they were putting off their AIS and coming through. Now even legitimate tankers are doing that to avoid the Iranian hits. So sometimes it's -- accurate number may not be there, but this is the kind of estimate that we've seen.

Dubai crude has surged to $168, never before kind of a price. So I was talking about the earlier slide where we were talking about $70, which people would laugh at. So actually, the price actually went up to about $168. LNG price also went up to about $27 per MMBtu for a few days. So these are the kind of situation which we've never seen, totally unprecedented in the world. Never have we seen even during the Iran-Iraq crisis or anything like that, this kind of shortage in the market.

What is the refining capacity offline in the Middle East is about 3 million barrels per day. And all of you know that even in the East, a lot of refineries because they're not having adequate crude and all that have cut back some of their capacity. That's another 3 million barrels of capacity closure. So this is the Middle East particularly, and then there's a little more capacity outside. Again, naphtha, large amounts of naphtha actually flow out of the Middle East to the crackers. So that's a crisis, which Amit will cover in more detail. And on the utilization also, he'll cover, so I'm not getting it.

So fine, this is a situation everyone knows about what have we tried to do differently. So one is we've been pretty agile. We have lost a significant volume, maybe 40% to 50% of the volume, which is required for the refinery was incidentally coming from the Middle East, not everything from SoH, but a significant volume coming through the SoH. So we had to quickly work on this to overcome this limitation so that we don't have a sharp cut in our refinery throughput.

So we've been able to, I would say, successfully get a lot of the cargoes from different places. And these include Venezuela, Russia, Brazil, Mexico. So we've been talking for several years that we have processed more than 200 grades of crude oil in our refining system. That's the kind of flexibility which we have had. That stood in good stead, I would say, in this particular incident because we've had relationships right from Canada, South America, America, then Middle East, West Africa, all the places. So we could actually get that crude in and we could ensure that more or less, we were running our refinery at close to capacity. There was some minor equipment issues and all which we faced in the refineries. So a little bit of throughput here and there, but I would say fairly there on top.

On ethane feedstock, of course, Mr. Amit will cover that. And we also placed the petroleum products into the domestic market. We've increased our LPG supplies to the domestic market almost fourfold and also on R-series gas, which Mr. Sanjay Roy will cover. He will advise on that, but we have also increased the gas availability to the domestic market.

Financial performance-wise for the year '25, '26, again, strong performance. Revenue growth of close to 5.7% and EBITDA of -- growth of 10%. And this is again despite the geopolitical and trade pressures that were there. Now geopolitical issues in March we know, but actually, there have been geopolitical issues around the year. We are familiar with that.

And the reason why the EBITDA is up is largely the cracks, okay? They're up significantly. Feedstock and product placement, I've given you some examples of what we've done. We have done it around the year, but it was very critical during March to really make things happen, and we've managed to ensure that refinery is supplied fully.

Downstream margins were a bit weak, will be covered a little more in the next section. So domestic demand has been pretty stable. Of course, all of you know and probably there will be questions around a lot of under-recovery there, but gasoline at 6.5% growth; gas oil, 3.6% and the petrochemical products also reasonably strong growth.

For the quarter, largest energy shock, I've already mentioned about it. Availability was a challenge. We did many things to ensure that the refineries are supplied the full crude oil. Now most of the people may be just looking at, yes, the cracks have gone up. It's very important to note that the premium on the crude, the freight and the insurance costs have probably skyrocketed, okay? If you look at the price of -- let's say, the freight, freight costs, easily 10x to 15x the freight that you normally see, okay? That's the range to which the freight has gone up.

Premiums, what typically OSPs and all of you are monitoring a couple of dollars here and there for Saudi Arabia over the benchmarks. They have sold cargoes themselves, we hear anywhere between $20 and $30 a barrel. And for May, they have set the price at $20 premium. So that's the kind of increase that has happened in the premium.

And insurance because of the war-like situation, it's been all over the place, maybe $25,000, $30,000 what we were paying earlier, has gone all the way up to [ 6, 5 ], a little more also depending upon which insurance company you're dealing with. That's kind of insurance premium. So practically from a few thousand, it's gone all the way to millions of dollars. So all these have been a bit of a drag in terms of capturing the entire margin that one would have liked to. And SAED, of course, at the fag end of the year, we've had introduction of SAED. Effective 27 March, we have the SAED also which has come in.

Now we've had to -- in the -- because the requirement of LPG in the country is pretty high, and we are very import dependent. We actually had to increase our LPG fourfold, as I mentioned. And Mr. Sanjay Roy will cover a little more on this. Polymer deltas have been a little weaker because of the very elevated feedstock price.

So the margin capture, I've already mentioned that the premiums on crude and other things need to be reckoned. Freight also generally has been very high. Ethane has been kind of a robust feedstock. I think it has been mentioned repeatedly in this forum on -- over several quarters. That stood us in a good position and the high polyester margins.

This is the -- some of the physical parameters that we look at. Throughput-wise, I told you 20.3 is what we did in the previous year. Now it's about 19.5. And this was possible through agile sourcing, the way we went around the world scouted, scrambled around and got the cargoes. Operationally, we have done the maximum kind of gasifier output. So in a situation where there is -- fuel costs have skyrocketed, this is a pretty important point that it helped us in reducing our external purchase of fuel.

Transportation fuels, again, corresponding to 12, it is about 11. We have a lot of time charter vessels in our fleet, both for crude and products. That has helped us somewhat dampen the impact of the very high freight rates. And aromatics production, wherever possible, we have tried to increase it to capture the higher margins.

So these are again some figures on the cracks. If you look at the Brent price, again, this is year-on-year about 7% up at $80.6. Gas oil cracks has gone up to $35.4. Gasoline cracks are down $5.6 and ATF again up at $36.3. I think the reasons are pretty obvious. Refinery run cuts happened, Middle East refineries were shut down. We actually had a situation where product was actually coming from -- typically, most of the middle distillate flow from Asia to -- and the Middle East to Europe, but you've actually had flows coming towards Asia Pacific all in the last few months of the quarter. So those are the few changes which have happened, and that's the reason why these cracks are so high.

Demand-wise, between the last quarter of Q4 '25 and Q4 '26, demand is slightly up, 102.7 MMb/d to 103.4 MMb/d. And if you look at the gasoline demand, it is 26.9 MMb/d to 27.1 MMb/d, slightly up. Diesel is more like 28.9 MMb/d to remain flat, whereas ATF slightly down from 7.9 MMb/d to 7.8 MMb/d. Definitely, there is an impact of what happened in March in this picture.

Domestic market, of course, we are all insulated from price volatility, not actually insulated because we import 80% of our crude oil, but the policy is such that we are insulated because of which demand is pretty robust. It's grown at 2.7% year-on-year. Gasoline demand is up by 7%, diesel demand by 5% and ATF demand by 3%. So demand has grown here in the country. Of course, the impact was more only in March. Maybe we will see the impact as we go forward.

RBML, again, a good story of growth. We've been presenting every quarter that we've been growing pretty strongly. So volume growth is almost 27% up. Market effectiveness also improved 1.99 and 2.67 for gasoline and diesel. Retail outlets are up, I think, 50 or 60 outlets up from last quarter. Charge points are up. E-mobility also about increase of 5%. And CBG and CNG is another area we are focusing on, and it's up by 65%. ATF is stagnant, one can say at about 5.9%. So these are largely what has happened on RBML, which is our JV for retailing.

So just to give -- I mean, to conclude and talk about these ones. What do we see going forward? I think there's been damage to infrastructure. The extent of it probably will be assessed when things come down a bit. But there is definitely infrastructure that has been hit. And going forward, we expect to see lower capacities on production as well as on refining, both is what we understand based on the situation. Demand because of the high oil prices, though we have not increased prices yet in -- I mean, we have not increased the prices of fuels, about 50, 60 countries in the world have increased prices. Refining infrastructure is constrained, like I mentioned, because of this refineries being hit also in the Middle East.

Fuel cracks, this situation being what it is and the fear, like Red Sea, navigation has been affected long after the Houthis have stopped actually attacking ships. So once there is an attack, there is always this fear. And as far as the merchant ships are concerned, they are very concerned. Insurance companies are very concerned. So there will be some impact of all these factors. Market also will be considering these factors. So we think cracks may remain strong for some time to come with damage to refinery as well as all these concerns being there.

Reintroduction of SAED is something which we have to reckon with. It was there during '22 also, and they have reintroduced it and 2 tranches have also been announced. So that's some risk that is there in the business, which we will have to take.

So what are our strengths under the circumstances? High complexity. We're able to process, like I mentioned, more than 200 grades of different feedstocks we have been able to source and process. I mentioned about the kind of spread in terms of the geography, starting from Canada, all the way up to Middle East, Africa, Europe, all the places we're able to acquire. Asset operation excellence in operations, all that also ensures that we have a very high utilization and reliability. And we have an end-to-end value chain in sense we have a footprint overseas, too. All these help us capture the value in the supply chain.

So with this, I will conclude, and I'll ask my colleague, Mr. Amit Chaturvedi to take over. Thank you.

Thanks, Srini. So as Srini mentioned, quite a toxic quarter, the last one, especially the last month of the quarter, last month of the financial year, March when Strait of Hormuz got blocked. Middle East typically accounts for 13% of the ethylene capacity and 25% of the global commodity chemicals exports, which is like polyethylene, styrene, polypropylene, a whole lot of methanol, a whole lot of chemicals. But the main things -- the 2 major most important things, 3.8 million tonnes of naphtha flows out of this Strait every month and about a huge amount of polyethylene also comes out from the Port of Jebel Ali, from Kuwait, from Abu Dhabi, a lot of ports. All this actually got blocked.

Several Middle East and even Asian facilities because most of the beneficiaries of this naphtha flow are the Asian industry, Asian crackers all over the place in Taiwan, Korea, Japan, Malaysia, Singapore. They all got badly impacted because of the feedstock shortages and also the gas -- the fuel gas shortages also because Qatar Energy, one of the largest suppliers of LNG in this part of the world, declared a force majeure. It got hit by the missiles from Iran and it declared a force majeure on entire 77 million tonnes of LNG operation.

Crackers, of course, as I said, they got started starving for feeds, Taiwan, Singapore, PCS and many others, actually. These 3 are just the 3 names, but a whole lot of industry got impacted because of this naphtha shortage. And the operating rate -- ethylene operating rate in this part of the world dropped from 80% to 60%. This happened sometime around later part of the March because initially, the -- whatever had started to flow on 20th of February from this part of the world and had crossed Hormuz, it was reaching Far East Asia until the middle of the March. Asia imports, as I said, about 50%, 60% of naphtha and 55% LPG from Middle East.

Talking annual numbers, and as Srini also mentioned, these numbers look a little odd because these are all annual numbers. Naphtha prices, $726, they were up 13% year-on-year basis. Ethane prices were more or less flat, slightly lower, 14% down, $23. The base is low. So that's why I said slightly, it's about 14% down. Polyethylene and PP deltas with naphtha were weaker because of the very firm naphtha prices. PVC was up about 2% because of flattish EDC. And polyester chain was up 16%, primarily because paraxylene was doing very well in this quarter compared to the same quarter last year. And that resulted in the polyester chain deltas and we count it starting from the paraxylene and MEG right up to the 3 polyesters that we make.

Ethane prices were pretty flat because while this part of the world was in complete turmoil, the U.S. was setting quite pretty peaceful. And ethane being a commodity, which is very hard wide. So it is not driven by demand pulls because of supply disruptions. There are people who are designated buyers, there are people who are designated sellers and a very tight infrastructure supply chain is established. So this remained quite stable.

Naphtha prices, of course, increased 13% year-on-year. And the effect of that is shown in this slide, where in this quarter, calendar '26 first quarter, while the ethane margins remained -- ethane to ethylene margins remains pretty healthy, but ethylene to naphtha margins actually went severely negative because of very high strong naphtha prices. And of course, as I said earlier also in these meetings, our feedstock is roughly about 75% of the ethylene comes from non-naphtha sources. So this situation was pretty good to be situation for us.

In terms of demand growth, polyethylene and polypropylene grew 3%. PVC was down 10%, primarily because a lot of PVC goes in pipe applications. And as we all know, almost like 65% of PVC in the country is imported. And these are special pipe grade material, which used to come from Middle East beyond Hormuz, which got disrupted. And therefore, the demand was impacted because of that.

Fiber was more or less decent at 5%. Polyester overall was 1%. Filament was slightly weaker, but staple and PET demands were pretty healthy in the last quarter. PET, of course, it's the beginning of the summer season. So the bottle industry starts asking for the demand, and that's what it remained healthy.

Talking about business dynamics, feedstock availability and logistics constraint disruptions, they are -- we are still in the state of shock. Srini also mentioned about it. A lot of fuel and a lot of feed supplies are under disruption. Nonintegrated plants across Asia and EU are -- have been both vulnerable. And we have seen -- because of this vulnerability, we have seen sharp reduction in operating rates in both regions of the world. This could result in accelerated recovery of the cycle, which in last couple of years and last couple of quarters, we've been talking that naphtha cracking margins have been under serious stress.

Exemption from customs duty on key petrochemical products, which was announced by government, and this is for this quarter because of the sudden sharp rise and to ensure that the end sector demand is not impacted. It was done. It is true -- it is valid till end of this quarter. And now since the prices are slightly getting moderated from the peaks that they had seen, this is likely to get revoked in the second quarter, hopefully.

Domestic demand for downstream chemicals continues to be influenced by availability and price because even today, as we are talking, there have been a lot of disruptions, not only in the region, but also within the country itself. Quite a few of capacity today remains impacted because of the feedstock and the fuel shortages.

Talking about our strengths and priorities, deep integration with the refinery streams. And as Srini showed, our refineries have been operating pretty close to their capacity levels. So as far as our petchem feeds are concerned, we have been pretty secured in that term. On naphtha, of course, our capacity of producing naphtha is significantly higher than what we consume. So we do not have had -- we haven't had that concern. Off gases, we continue to receive them from the refinery. And ethane, which comes from U.S. has remained unimpacted because of all these disruptions. So virtual ethane pipeline remains intact. Our VLECs continue to operate. Of course, last couple of quarters, they've all been coming through Cape of Good Hope because of the Suez Canal remaining blocked, but that remains intact, and it has been as for last 4, 5 quarters or a little more actually.

Priority, of course, our key priority is going to be accelerated project execution. We are in the midst of 2 very large projects, the Vinyl project and the PTA project. Their execution, timely execution is a key priority for us. And demand is -- we believe demand is likely to be resilient for the products, considering the fact that a whole lot of the products, they get consumed in end applications, which are quite price elastic.

I'll request Karan to cover the last slide. Yes. Thank you so much.

Thank you so much. For the new energy, let me actually, for this time, start from the revenue first. We had a very significant event in the last quarter where we have signed probably one of the world's largest green ammonia supply contract with Samsung C&T. This effectively demonstrates the confidence that the offtakers have in our integrated green energy and green chemicals ecosystem and the development work which is already happening on the ground. This is one of the very -- one of the first supply contracts that we have signed and obviously, we are in advanced discussions with a number of offtakers from Japan, Korea and Europe. So you will see more announcements.

Walking backwards effectively from revenue, there is a significant work which is now happening on our generation side. At the Kutch, where we are developing this solar generation around-the-clock renewable energy generation complex, which is progressing rapidly. The entire land development, project development work is progressing. The detailed engineering work is already at full speed for the entire 12 parcels of 5.3 lakh acres of land.

On the transmission side, as many of you may already be aware, we have already awarded the EPC contracts and the construction is progressing on both the lines. First is from Kutch to Lakadia substation and the second is Kutch to Jamnagar captive line that we're setting up 765 kW. We have also started work at rapid pace at Jamnagar for the green chemicals complex where detailed engineering, fabrication, modernization work is happening at good speed for green hydrogen, green ammonia trains.

Walking backwards to the giga factories and where I have been continuously giving you update over the last few quarters. The commissioning of various factories, both solar and battery, again, are progressing at a good pace, module and cell, which has already been commissioned a number of lines. We have achieved the ALLM (sic) [ ALMM ] listing for both the module and the cell, the first for HJT lines in the country. And the work on commissioning of polysilicon, ingot paper, solar cell and glass continue to progress well, and we aim to commission these factories in the next few quarters. As I had already mentioned the last time, we have expanded the capacity to 20 gigawatt fully integrated capacity. So all the commissioning work, the giga factories are progressing towards achieving that capacity.

On the battery, as again, I had mentioned last time that we are now scaling the capacity to 100 gigawatt hour, where the equipment -- the production line equipment orders have already been placed that effectively makes us one of the largest non-China LFP manufacturer globally, which is significant in this current environment, especially when there has been a significant volatility in lithium carbonate price leading to the battery price volatility.

The first phase of 40 gigawatt hour manufacturing of BESS and the battery cell, again, is progressing at a rapid pace. We have already got the equipments on site. The building construction is progressing rapidly at different stages. And progressively, we will start commissioning this capacity during the year. I have certain incredible photos this time, especially from the manufacturing, but I thought that maybe next time, we'll present a much more comprehensive view with the pictures from Jamnagar and Kutch for the analysts.

Thank you. With that, I'll hand it over to Sanjay.

Good evening, everyone. Let me just give you a recap of the quarter gone by. So we -- the production was pretty steady. essentially, we are still being able to -- we are still managing the decline. It's much lower than what we had envisaged, but there is a decline. We had expected about 12% to 14% decline as against that, we are getting about -- we have been able to manage it to 8% decline. So that's reflected in the production figures.

Overall, if you look at it on the EBITDA numbers as well as EBITDA margins now, EBITDA margins are slightly lower than the previous quarters only because the -- in terms of the operating costs, they've been slightly higher. There are 2 components. One is, we are doing refurbishment activities for asset integrity purposes, so painting the CRP and offshore platforms and so on. Also, to some extent, the government deliveries have been slightly higher this time around. But as we continue to invest in workovers and in additional wells and further both in the R cluster and the MJ field for which we expect the rig to come later this year, this should all even out.

Overall, we see KG -- the CBM continues to grow in production. So we see that in the CBM production figures. Price, again, the ceiling price is applicable. Now they have revised the price this time around. But overall, we see that with the changes that are in the global scenario that we are seeing, the prices, if not in this half, but the half later, we will see the impact. I'll talk about that in detail.

All right. Just again, we spoke about the overall annual, but also in terms of the quarterly performance, we can see the consistently the production decline in KGD6. But again, we are making the efforts to stabilize that decline and with further activities that are planned for augmentation of production, we should be able to offset that decline to some extent.

Again, if we look at CBM, it's higher in production, and we'll continue with the 40 multilateral wells that we've been drilling because they've been giving us the higher productivity as we have seen. In terms of price realization, yes, it's slightly lower year-on-year because -- again, because of the ceiling price largely, which is both in KGD6 and CDM, yes, again, it's market-driven. CDM does not have any ceiling price.

Just to give you a perspective, I think everybody has heard about the Strait of Hormuz right now and the impacts that we are having on the global supplies as well as the price outlook. Now as you've been seeing, the LNG prices have been hovering around before the escalation before the war broke out around $11 to $12 or maximum up to $13. But then with the impact of the war on the Qatar field, the Ras Laffan and the 2 trains being impacted out of the 14 trains. So that's affected 17% of the capacity. What that implies is that from -- as the Qataris are mentioning that it may take them almost 5 years to bring that back. So that's capacity that is not there.

Meanwhile, we were always aware that in the current global capacity is about 400 million tonnes, 450 million tonnes. However, you are expecting to see capacity additions based on the FIDs that have taken place in the U.S. of about 200 million tonnes playing over the next 7 to 8 quarters. Now this would offset that. And the -- what we expect is that in the near term, prices will still remain elevated. But again, the overall -- as new capacity comes online, you would offset that elevated prices. But overall, we still see the trend would be towards not being as impacted as what was envisaged earlier. So we still believe that the capacity that has gone down to some extent, will offset the impact of the glut.

Indian gas market, as you are all aware, the energy -- LNG imports are anywhere in the range of 50% to 55%. 60% of that comes from Qatar. Now with the trains -- with 2 trains not being available, certainly, that impacts Indian markets. As far as KGD6 is concerned, there was a notification by the government to reallocate it to the city gas region, which we've done in the interest -- in larger public interest. So currently, as far as prices are concerned, we are getting near to maximum of the ceiling price. So the ceiling price itself has been revised to about $8.9 per MMBtu.

So overall, just to give you a sense, so the -- whilst we -- because of the war, we expect prices to be a little bit better than what we had envisaged prior, but we are also making all the efforts possible to augment the production, both from KGD6 and CBM. Thank you.

A couple of questions with respect to the refinery operation. First up. Now, my understanding is if alternate crudes continue to be sort of the only option that we have, the dispute sustains for a while longer, now the chemical composition of crudes from the US and Africa and even Venezuela are markedly different in terms of sulfur content API and others. So, how much of distillate yield can actually change because obviously, US Crudes and Venezuelan crudes are geared towards more of light distillates. I think Russian and Middle East crudes are obviously something that are more optimal from our Indian distillate yield perspective, so do you see that as a risk at all? If, those are the only crudes that are available for us?

So Venezuelan crude typically tends to be very heavy. It's very heavy oil and U.S., of course, is lighter crude. Canadian is heavy. Then we have South American crudes from let's say Colombia, Ecuador, which are heavy. And we have mentioned in the past that one of the unique features of our refinery is actually processing heavy crude oil. So, the re-entry of Venezuela actually is at one time, we were taking a lot of Venezuelan crude. So that is actually a positive for us. Now, what is the lookalike for the Middle East grades is actually Urals from Russia. It is a great. And then from the east, there are also some lighter barrels, which come from the Russian pack.

So, I think we do not foresee too much of a problem in terms of the composition of crude. So, what we do in the refineries, we blend the light, medium, heavy and then process it. So, we do not see that as a constraint because Russia is very much like a lookalike to the Middle Eastern crudes. Sulfur wise and gravity wise we are okay. And we have a preference for some of these heavy barrels. So, we kind of designed to take care of that. I hope that answers.

And the second question that I had, sir, was with respect to the fuel retail, where I think it was mentioned very clearly that we have -- unlike earlier occasions when margins would turn negative, operations would be curtailed. We have managed to continue our operations. But is there some sort of a level at which we sort of look at then sort of price increases? Because obviously, losses are significant even for us, I would presume, in this quarter. So how are we looking at that business in terms of...

So I think we have actually increased our sales substantially when you look at previous year versus current year. We're talking of double-digit or even 20% type of growth. So the pain is definitely there. We are about 4% to 5% of the market, like I was showing, market share-wise. So there is some pain, but we have to look at the long-term picture. What we've done is we said that there would be phases when it's kind of not so good and then there would be phases when it is growing. So what we have to look at is slightly longer term rather than just from quarter-to-quarter. So while there is some pain in domestic marketing of fuels, PSUs take a fairly large burden of that because they have 95% of the share. We have a lesser share.

And then if we just step away from a quarter-to-quarter and look at long term, probably this is a market which will continue with the fossil fuels for maybe a longer period, let's say, than Europe or some other places, which will be there. So it's a kind of a view that we continue to supply products to the domestic market. We will not be making any curtailments there.

My question is again on the refining side only. So as you had indicated that in the March -- in the month of March in the fourth quarter, we did see some volatility in terms of procurement, freight and other factors. So how is the situation now in the first quarter, how comfortable we are in terms of managing our procurement, freight and other costs? And how should we see the margin environment panning out for us, particularly on both refining and petrochemical side for the rest of the year?

So situation is still maybe, I would say -- from worse to has come worse, okay? It's a degree of change, which is happening gradually as things return to some degree of normalcy. Having said that, we have seen cooling off. If you look at the market, the cracks have cooled off significantly from what we've seen. Same way, the -- what should I say, the war risk then the freight rates and also the premium on the crude, like there were instances when it went up to -- generally, I'm talking about not specific grade or something. It went up to about $40 a barrel. Now people are talking about something which is more reasonable, maybe half that. So there is some improvement. But I think the situation is very fluid. Nobody really knows what's going to happen.

But having said that, situation is slightly better, but it can just change. We are seeing that every day it changes. So my guess is as good as anyone's guess here. The way we would look at it is refining is tight. The market has apprehensions of availability of product. So we think structurally, it's likely to remain reasonably strong. I would tend to say that.

And sir, one more, if I may. What percentage of our production is impacted by SAED?

See, I think the entire DTA refinery has -- is exposed to the SAED. So whenever SAED -- like in the past, SAED was introduced on gasoline, diesel, jet fuel and things like that. Like I mentioned, we are -- most of the product is getting sold domestically. So the SAED takes a different form of a discount to that. So there is an impact on the piece, which is the domestic [indiscernible].

[indiscernible] assume the entire production in DTA would be impacted?

No, it's not the entire -- like I told you the 2 or 3 products. Right now, it's only diesel, only diesel, gasoline and jet. Jet is, of course, small. We hardly produce anything. So it's mostly on the diesel that we are experiencing.

One question on telecom. Anshuman, in your statement, you talked about differentiated services through network slicing. What are we looking there? And what is the opportunity in terms of increasing the realization or increasing the subscriber? How are we looking there?

So as you know, we are -- with our SA technology, we are able to create network slices. We are already doing that for our fixed wireless offering and which is why we have been able to do that more successfully than the other operators, give a more consistent performance level to subscribers. Now you can stretch that, you can use the same architecture to create slices for specialized services. And these would typically start with enterprise offerings where enterprises need certain dedicated slices for assurance of throughput, et cetera.

But then these can go beyond that, gaming, for instance. So where people need higher throughputs and which they are willing to pay a premium for. So that's something that our network is ready for. But of course, we have to see the market, the regulations, et cetera, are also ready for those.

We are not looking at anything on a B2C side kind of a business in the mobility?

Even on the mobility, so you create specialized slices for different use cases. As I said, gaming will be a B2C, direct-to-consumer offering.

In the voice or data, we are not looking to do?

No, not today, not today. You could -- again, you could potentially do that. The network supports it, but whether consumers need something like that, but the consumers pay a premium for that and whether that would be regulatory compliant, I think those are the things that we'll need to work through.

I have a couple of questions on retail. Quick commerce first. There seems to be a fair bit of competition in the market. Horizontal e-commerce players seem to be adding a fair bit of dark stores. And of course, you have the 3 quick commerce players. In that scenario, how do you see the industry consolidating in the next few years? And what are your ambitions about the quick commerce industry? Do you have like a dark store target, a market share target, a user target? And would you be like a consolidator in the industry if the opportunity comes? That will be my first question.

See, on the -- the way we look at our stores is they are omni stores, right? Ultimately, I am looking at wallet share of the consumer, right? People have different needs where they go for weekly, monthly shopping missions to a store and they do top-up from online deliveries, right? I'm using the same big box store to deliver to the customer or walk into the customer, right? Ultimately, that's what I care about. Dark stores are only meant to fill the gaps where -- because my network is designed for walk-in. Now if there's enough concentration at some location where to meet the service levels, I need to put a dark store, we put a dark store, right?

So that's how we look at it. I think that we have a sufficient network right now. We have store expansion plans. Those continue, and I think that should -- that will couple with how the industry goes, where the demand is. We don't have a specific -- because we don't look at dark store or walk-in store. Frankly, every store in my network can deliver to the customer. It's like what is the right note to service to the customer.

And on the consolidation bit?

I don't think I would be able -- too early. Let's see how the industry evolves. There are quite a few players. So we'll see. We are pretty clear. We -- for us, it's more around looking at the wallet share of the customers and meeting their needs, right? How the industry evolves, we'll all see.

And just a follow- on the electronics and fashion that you talked about with launch. So how exactly does the network and the supply chain work in that scenario? Like in the customer, for example, when they order, you would have like different riders placed at different points? Like how is the back-end supply chain working?

No. So you don't place riders anywhere. These are all gig workers, right? I have enough density in the network, right? Now a rider who's there, I can assign him to -- if the order comes to grocery, I can assign from a grocery store. We also have limited assortment of other categories in our dark stores also. But when I have my other -- in electronic store, I can expose the entire grab-and-go assortment, right? And the same rider will go and pick up from the digital store and deliver to the customer. You don't have dedicated riders for a store. It's a network that polygon that you play in.

My question is on retail. So you've delivered 11% growth in retail this quarter. However, if I want to evaluate the retailing business performance on a like-for-like basis, if I deduct 75% of your RCPL sales from the base to make it comparable, it's like a 15% to 16% growth in the retailing business. Now this has come with only a 1% increase in the square footage on a Y-o-Y basis. So just wanted to understand that this significant increase despite the square footage being low, is it mainly the ramp-up of the quick commerce or e-commerce business? Or it's a good mix between a very strong SSSG at the physical stores plus the QC and e-com ramp-up?

And the reason why I'm asking this question is, if I want to make a mental model for your growth in future, how do I split it in 3 parts, your SSSG for the physical stores, your increase in square footage and the ramp-up of QC, if you can even just very roughly tell me the percentage contribution of each of these 3 in addition to answering the earlier question. Yes, that would be good.

Sure. So one, I think I've spoken in my presentation. The impact of RCPL takes the revenue growth from 11% to 14%. There's roughly a 3 percentage point impact because in Q4 last year, that revenue was there, it has gone out, right? See, for the purpose of reporting, we are doing SSSG because that means offline, which continue to be healthy single digits. It's also a mix issue. It depends on where the growth is coming from because the productivity of different formats vary, so difficult to extrapolate from square footage to this thing. But overall, I would say there's healthy growth in the stores -- also QC and B2B are ramping up as well.

Now that's obviously reflected in the margins also. If you looked at my margins, they have come down a bit because my hyperlocal deliveries are growing pretty rapidly. Internally, we look at the big box growth, right? From the same box, how much I'm able to deliver, whether the customer walks in or I have to deliver, right? When we look at from our network design perspective, where is the demand and to service that demand, what do I need?

Now it's a customer preference for different needs, customers want to walk in or they want to just get things delivered depending on what the requirement is the need for convenience. And we do both ways, right? So for us, it's the wallet share of the customer, right? It just from a reporting perspective, we are saying SSSG. Now practically, if you think as, if I'm delivering -- even delivering from the store, the entire sale is coming to me from that box. And internally, that's how we look at it.

And you have a fairly large square footage now. So on this big base, how do you look at square foot additions, like this 1% growth, which we saw this year, was it a year of consolidation? Or do you think that basically now whatever physical infrastructure you wanted to build is largely built and from here on, it will every year be sort of a very slow growth on this?

See, we'll continue to build. There's a lot of penetration to be done, especially in the Tier 2 and beyond cities. We'll continue to build the store footprint. I guess, last year, we have opened quite a few. We have closed a few. No that's a regular exercise. But on net-net, you'll continue to see square footage of stores increasing, and you'll also continue to see the productivity increasing.

Mid-single digit would be a good estimate for square footage growth?

Again, I won't be able to comment on forward-looking, but you should expect square footage to grow as well as number of stores to grow.

I have questions on Reliance Jio. So the first question is, if I look at the JPL number ex of Jio, the EBITDA was somewhere between INR 800 crores to INR 900 crores a quarter. That has increased to almost INR 1,300 crores in this quarter. So what is driving that increase? That's my first question.

And some color on the time lines for Jio's IPO because we basically -- the publicly stated that first half of 2026 is when we should expect Jio IPO. Is that timeline still hold because we're still not seeing the DRHP?

And last question, any update on the AI data center, which you are planning?

So I'll take first and on second and third, Anshuman would be there. On first, clearly, the services which we have is a comprehensive set of services for home and enterprises. The large part of margin expansion is coming from the operating leverage here because the cost for delivering these services have not gone up. A large part of our contracts are structured like that. And that is leading to the margin expansion in digital services.

Okay. But I mean, just -- so the increase in revenue and increase -- actually increase in EBITDA is more than increase in revenue. So...

I think if you look at the consol JPL minus RJIL, we need to check. I don't think it's more than that. I'll take that offline.

On your second and third question, on IPO, we have a statement in today's press release as well. It's fairly imminent. We are working towards it, and we'll keep you posted. A lot of the work has been done. So we'll keep you posted in the coming days.

And on the third question around the AI data centers. So firstly, I'd like to clarify that the AI data centers are not being done in Jio Platforms Limited. They are going to be part of the intelligence business, so RIL or the intelligence entity that has already been created. We have started. There is work going on, on our own data centers that we need for our captive purposes as well as for our partners in Jamnagar. So that work is going on. We are also working towards our gigawatt scale data centers. And that's something that in the next few quarters, we'll see more progress on, and then we'll update you.

Anshuman, questions. First, what drove JPL growth to be higher than Jio's growth? That's the first question.

Sorry, could you repeat that, [ Deepti ]?

Yes. What drove JPL growth to be higher than Jio's growth? That's the first question. And on Jio, are you expecting further acceleration in subscriber additions so that in absence of tariff hike, double-digit growth continues?

So on the first one and [ Saurabh ], feel free to add. Look, the digital services are growing off a smaller base. So in terms of percentage growth, you'll expect to see higher growth there. We are launching more services. We've spoken about our data center offering, Meghraj, where the scale of that customer update has picked up quite a bit. Our AI cloud offering plus some of the new products we have launched plus our enterprise offering. So you will -- that is expected to grow faster just because it's growing off a smaller base, the percentage growth will be faster. Not to say that Jio or the connectivity piece will not grow, that will also continue to grow, but you expect digital services to grow faster.

And on the second one, look, there is certain organic growth, which we'll expect both in realizations because people will continue to use more services people will tend to upgrade in the plans that they use and subscribe to some of the additional services that we are offering. So you should expect some increase in the ARPU even without any tariff increases. And we spoke about this 4% to 5% kind of number that we have been observing over the last few quarters. That kind of growth happens even without any tariff increases. And then, of course, the subscriber growth rate will be there. We do expect to continue to gain market share in the market. We have a differentiated better offering with much better 5G than what the other operators have been able to establish. So we do expect to gain market share in the market.

And I have one question on the media business. So Jio Hotstar has 5x the amount of Netflix. I mean, has it had a breakeven? That's the first question. And your linear TV has a disproportionate share in the industry. So is the TV advertising for you still growing or it's degrowing?

Yes. On the first one, I think our overall subscription business is one part of the overall business. We have a very large and profitable entertainment business that's driven a lot by TV to the point that you are making. And our overall profitability is a combination of all those businesses. As I mentioned to you earlier, TV is -- sorry, entertainment is a very profitable business that we have. And on TV, we are seeing a large improvement in monetization as per some of the numbers that I showed you before. So I think that is the momentum that we are going to see and the final performance will be a balance of those 2.

Sorry, one question on the oil and gas. So what is known is, of course, -- what I meant was the downstream part, I'm sorry, Sanjay. So what is known about certain products like LPG having supply challenges. You've talked about PVC having supply challenges. But beyond those obvious ones, which are other chemical and petrochemical products where you believe availability can be a challenge if this continues? Like, for example, because we're producing more LPG, are the propane-linked products that supply is getting challenged? Or what are the other areas where we are seeing the challenges?

Yes, partly, you are right because wherever LPG is used as a fuel, those consumption sectors are struggling. In fact, the government is now working in a very cohesive manner. They have formed what is called a joint working group. And this working group is a combination of Ministry of Petroleum, Ministry of -- Department of Chemicals, Petrochemicals and a couple of other ministries also like Food and Public Administration was also part of it. What this group is trying to do is to ensure that the key critical end sector requirements are not starved off for the feedstocks. And therefore, exceptions are being made from the LPG control order to ensure that these critical sectors are not starved for feed.

That's the -- but other than that, yes, there is -- as I said, naphtha is critically short. EDC also has been impacted the supplies. The biggest impact has been on methanol, and that will probably have an impact on the fertilizer sector end sector. Natural gas has got very badly impacted because of Ras Laffan getting hit. And that will also have -- it's impacted. The government is, of course, trying its best to ensure that the critical sectors remain unimpacted to the best extent possible. I mean critical sectors like CNG, PNG. But the other noncritical things, which the government thinks noncritical, they were cut off. And they are continuously reviewing those allocations also to ensure that the common land is not impacted at the end of it.

Sure. One small one on FMCG. Revenue has been written as INR 22,000 crores. But if you look at the 2 key brands where the revenue is given, that's only less than INR 7,500 crores. What are the other big products or brands which are contributing?

So when I talked about the Campa brand, so that was only one particular brand under the beverage category. So our beverage category, the revenue is more than about INR 6,000 crores. And similarly, when I talked about independence brands, which was one part of the category for our daily essentials. So the other larger contributor for this whole category is daily essentials for our business right now, which is almost contributing about 40% to the revenue. So these are the 2 major contributors for our revenue side.

Okay. Just one last on retail. When do you think this -- because of maybe quick commerce or whatever, the dilution in EBITDA margin, by when do you think we'll get that stability? Because your EBITDA growth again has been just about, I think, 3% Y-o-Y. So perhaps because there's more revenue and that's lower margin. So when do we reach that stage that we start getting closer to double-digit EBITDA growth, if that's possible?

See, it's just a function of each business is contributing. It's just a function of the mix, how quickly the offline business grows versus the quick commerce business grows versus the B2B business grows, right? It's a function of the mix. If we slow down the growth of online business, margins will start improving. So it's a mix as far as the online business continues to grow faster.

Anshuman, I had a question for you. You're obviously seeing a lot of momentum in Jio from a subscriber perspective. Let's say, 525 million, that further expands. You're going to get the IPO out as well. So if you take, let's say, a 1-, 2-year kind of view, what does success look like for Jio in terms of financial metrics like ROIC, free cash flows? Any goalposts which you can speak to?

Not really because, look, we're not going to get to forward-looking and where we want to be in a couple of years. For now, I think I'll tell you the priority areas, but I'm not going to put numbers to where we want to be in 1 or 2 years. Priority area on mobility gain some more market share because we have the network advantage, we have product advantage. We have fairly differentiated offering. So we would want to capitalize on that. Home is a priority for sure. And that's something that we've been innovating a lot, and we've seen good pickup in experience.

We have had to do some changes in between moving to nLOS, et cetera, new equipment being put on the ground. But otherwise, that's fairly growing steadily, and that's a priority. Enterprises to an extent is a priority. We want to gain more market share there. We have a much more room to grow and gain market share there. And then, of course, digital services. We have launched a few in the last few -- last couple of quarters, and we want them to scale up, ramp up. So those would be the priority areas. I'll not get into numbers where we would like to be. But yes, they are going to be exciting times. Next couple of years are going to be very exciting for Jio.

So I'll just do the summary one and then open it up for individual businesses. So starting from the consumer businesses side, customer addition is 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% and overall EBITDA growth has been 1.3%, and we'll go through what has been unique in this particular quarter. Overall store count at close to INR 20,000 crores and having added about 430 (sic) [ 431 ] stores. We will talk through in that presentation about 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's what we are doing and very much on track to be the second largest QC player.

On the FMCG side, the demerger happened, as you know, on 1st December, and we are at more than INR 5,000 crores of turnover, and this is 60% 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 sports season and MAUs are about 450 million. On the energy business side, strong growth, 15% you saw the -- of course, we saw that the deltas for the transportation fuel was pretty strong, anywhere between 60% to 100% growth that we saw year-on-year. Jio-bp continues to do well with 24% growth in volumes for both gas oil and gasoline. And the EBITDA on E&P 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 -- Karan 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, revenue is up 10%, EBITDA up about 6% and overall PAT at INR 22,290 crores, which is also up about 1.6%. So again, a strong growth. Revenue has been obviously led by Digital Services, to some extent, Retail. EBITDA fundamentally driven by strong O2C performance, 15% higher. Digital Services up 16%. And consol 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 -- yes -- this is just the business-wise breakup of the EBITDA, starting from O2C and all the way. And as you can see, 15% up on O2C the -- on the back of, as I said, the higher transportation market. And this kind -- of course, it was offset by 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, we'll talk through the scaling up that we are doing on the quick commerce side. And others have been lower because last time, same time, we had very strong performance on treasury side. So that's where you see the reduction on a year-on-year basis.

And I just thought I'll put the context of the 9 months so that we can see the performance for the 9 months that went by. 9% growth in revenues. And when you now see the EBITDA, it's up 18% on a 9 months equivalent basis and PAT 28%. Even if you back out the exceptional, it is up between 13% and 14%. And even the individual segments, when you see business-wise, O2C up 15% on a 9-month basis, E&P slightly lower. Digital Services, up 18% and Retail close to 10%.

And balance sheet remains fairly steady. You can see there is no change in terms of the net debt number, leverage, et cetera. And businesses continue to deliver cash. And when you see the CapEx at INR 33,000 crores, almost 34,000 crores, vis-a-vis the cash profit. So you can see that we continue to generate more cash. And just an update, you may have seen that S&P changed our rating from BBB+ to A-, which is really 2 notches above. They have focused on the fact that a higher portion of our earnings are coming 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 -- A-rated companies and liquidity improves, credit spreads come down and I think we are the first Indian manufacturing company with an international rating of A-.

With this, I'm going to ask Anshuman to take us through the Jio presentation.

Thank you, Srikanth. Good evening, everyone. An update on the results and performance of Jio Platforms in the quarter. Before I start with the numbers and how we have done, I'd 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've developed proprietary technologies, as you can see on the left-hand side across our network. Today, our whole core of 4G and 5G run on our own stack, developed in-house. We've, of course, spoken about the fixed wireless solutions technology that we have deployed in India, which is working very well, which has made us the world's largest fixed wireless operator already, which is again developed completely in-house. It's a completely Jio solution, both the software side -- the software stack as well as hardware, and that's 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 -- the Tele OS that we are offering to homes on their connected devices on the CTV and of course, the set-top box which has now scaled up to over 25 million homes and working very efficiently. And then, of course, the various applications that we have developed and kept launching from time to time, and we'll speak about some of them in a bit.

That, combined with the reach that we have got through a combination of both digital as well as physical with our own family of apps, MyJio, the set-top box, JioTV+ and then, of course, other partner apps that we have got in the ecosystem, be it the Jio Hotstar 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're 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 1 million-plus touch points helps us scale these up and 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 December with 515 million-plus subscribers, 8.9 million net adds during the quarter. We continue to have very healthy growth rate on subscriber additions. 5G user base has been growing very rapidly and quite well, 253 million plus 5G subscribers as well on our network.

Homes, we continue to add almost 1 million homes every month, in fact, more than 1 million homes every month over the last several months. Now we've maintained that run rate, 25 million plus fixed broadband connects and 11.5 million JioAirFiber homes. So these are homes where we are using our own proprietary technology as well as our 5G network, the 5G-based FWA technology to connect these homes. And bulk of the connections are now really happening through these wireless technologies in the last mile. Revenues crossed INR 37,000 crores during the quarter and with a fairly healthy EBITDA margin of 52%, and broadband subscriber share of over 50% 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 have 65% 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 30 to 40 -- every quarter, we're getting around 20 million to 25 million consumers who are converting to 5G or coming into our networks to avail our 5G services. More than 50%. So 53% of our 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, improved the customer experience.

In fact, one of the things that's not included in the slide in this deck is the Ookla ratings, which came in earlier today, where we are -- they've 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 caught into 99% of incremental industry VLR subscriber additions in the 12 months ending November '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 the massive impact that the quality of our network and quality of our services is causing. And we see that trend continuing, in fact, 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 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've 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-month subscription of the Gemini Pro plan. And that's -- on an MRP basis, that's INR 35,000 of value that we are 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 get access to Gemini Pro, the 3.0 model.

Nano Banana, of course, very popular currently. It's 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 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 there is a very good value share arrangement as well between us. So it's a win-win 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 increased 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 fiber.

This is something which is again helping us in picking up the pace of deployment. We have created 3D twin for every network tower that we have, every building in the scope where we are connecting premises, which is pretty much now most of the country. And we are seeing a lot of demand and traction 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 where -- which identifies -- precisely identifies and maps each building and along with the serving technology and micro sites. So for each building and each premise, each dwelling 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 has 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 moats 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-grade connectivity and with completely secured and redundant network for WiFi is something which is increasingly very popular with in sectors like BFSI or commerce now retail, et cetera. 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 are possibly the only one who can offer that end-to-end stack to the customer today to work on.

Again, both the managed WiFi and the cloud offering, both for enterprises, Sovereign Cloud that we are able to offer enterprises, meeting all of the regulatory requirements that they have and in -- with all the functionalities that they would require are enabling us to create moats around our enterprise -- customers' enterprise revenues.

For the hyperscalers, we are able to offer them extremely high throughput and low latency. And that's something which is very important in this new day and age where AI use cases are picking up, the throughputs -- our requirements are picking up. We are one of the only ones, again, arguably the only one who can provide 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 a lot of enterprises, including for firms that some of you may be representing here, who want fully secure end-to-end premise home and office connectivity, VPN kind of service on the network, so secured on the network. Now these are some of the differentiated things that we are doing and which are becoming more popular with enterprise customers, and we are seeing good traction with these.

With that, I'll 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 pace 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 INR 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're giving to customers, the change in the customer mix, the change in the tariff plans. So completely driven by organic means, only no tariff increase built in here.

Total data consumption crossed 60 billion GBs. You're 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 GB per month. So that you've seen a jump from 32.3 GB per month to 40.7 GB per month and half the 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're providing to our customers.

Financial results for RJIL, good healthy increase, 11.8% increase in operating revenues year-on-year and 16.5% increase in EBITDA to INR 18,408 crores, 56.2% EBITDA margin. The operating leverage, of course, we keep -- we've 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 see the right trend.

JPL consolidated financials for the quarter ended, we reported operating revenues of INR 37,262 crores, that's 12.7% year-on-year increase. EBITDA of INR 19,303 crores and EBITDA margin -- consol EBITDA margin at 51.8%. So we saw a fairly healthy growth in the digital services revenues as well and margin expansion primarily coming out of the connectivity business. Profit after tax grew to INR 7,629 crores for the quarter.

I'll hand over to Dinesh now to cover the results for the retail business. We'll come back at the end to take questions.

Thanks, Anshuman. Good evening everyone. In the Retail business, this quarter, we had the highest ever revenue at INR 97,600 crores (sic) [ INR 97,605 crores ]. The revenue was up 8.1%. There are a few things which are factored in here. There was the GST rate rationalization which kicked in on 22nd September. Festive demand this time, the festival 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 -- some of the sales which was built in Q3 last year was in Q2.

And then the third part is the RCPL demerger which was effective during the quarter. So RCPL entire revenue was included in Q2, now that revenue has gone out of retail business. EBITDA came in at INR 6,915 crores. The margin stands at 8%. There are 3 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 hyperlocal commerce business, where we are growing pretty rapidly. And then there is a onetime impact of the New Labor Code.

Hyperlocal 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% in terms of number of orders on a Y-o-Y basis, 360%. So we are scaling up this business very, very quickly. All our operational metrics, whether you look at registered customer base, 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 athleisure brand and part of our premium brands business.

Gross revenue growth of 8%. Net revenue factoring the GST is 9%. EBITDA is INR 6,900 crores (sic) [ INR 6,915 ] crores, 8% margin and profit after tax of almost INR 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 growth 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, packaged 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 volumes during the quarter. And then our B2B business Metro continues to see strong growth driven by footfalls. We are focusing on basically getting the kiranas into the 200-plus B2B stores that we have across the country as well as improving our wallet 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 are present across 5,000-plus pin codes in 1,000-plus cities. This is done through 3,000-plus stores which are both combination of walk-in stores and dark stores that it makes 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 plus orders December. In the first 15 months (sic) [ days ] of January, 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 43% on a Y-o-Y basis. To complement our store footprint, we have been kind of adding dark stores, and we now have a pretty substantial dark store network as well across the country. One interesting trend that you would see is our customer loyalty. See, we are the largest player in terms of F&B, and we have the biggest supply chain there. And F&B is something which drives a lot of repeat behavior.

Almost 1 in 3 to 1 in 4 orders for us have F&B 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 full choice and they don't need to go to any other platform while we have the entire 1P offering onto the platform.

In the F&L business, we operate the largest network of omnichannel stores. We do deliveries from our store across 1,300-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, 2 hours, same-day delivery or next-day delivery, we have different offerings. And that is something no other competitor in the market can actually replicate because nobody has the kind of footprint that we have.

In terms of the performance, the last quarter, the biggest increase had come in the F&L business. So if you look at it 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 a pretty healthy double-digit growth. We continue to strengthen our position in multiple categories, whether western women wear, ethnic wear, party wear. We are launching new products in multiple of these categories to strengthen our position and using celebrity-led positioning to reach out to the target customer base.

Our digital fashion business, Ajio continues to do well. Our average bill value, which has been the focus for us, it is up 21% on a Y-o-Y basis. So the bill values are amongst the highest in the industry. We continue to expand our catalog. We have over 2.8 million options, which are live on the platform. More than 0.5 million options have just been added in the last 12 months itself.

Ajio Rush, which is effectively equivalent of a quick commerce offering where we are able to deliver very quickly. That is live across 420 pin codes in 10 cities. Now the benefit of this is -- customers returns is the nature of this industry. And the biggest reason for returns is customers change their mind or they may order on multiple platforms. When they're 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 -- top 26 cities. So this is leveraging our store network, which nobody else can replicate.

Shein continues to scale, while it still has a small base, but we are seeing pretty good scale up. The number of app installs has crossed 6.5 million. The portfolio is now of options available on the platform is 50,000 plus, and this is growing quite quickly.

Premium brands business, both festive demand as well as the new season collection led to pretty strong performance in this business. We also added, as I spoke about, Fabletics to strengthen our athleisure portfolio. We are also doing a few things. We launched the first Steve Madden Accessories store in Delhi. So if you look at Steve Madden, we have the normal stores. This is just an accessory store. This is something they have not done anywhere. The first Hugo Blue store focused on the Gen Z denim line. So there are some unique things which we are doing where we are partnering with the brands and reaching out to customers in new ways.

In the jewels business, the gold prices have gone up substantially, which is reflecting in the strong growth across the industry players are seeing a 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 has primarily been driven by the gold price increase. We had the best ever Dhanteras with 21% LFL growth. While people are using old gold as an exchange of medium, so that has gone up from 21% to 29%. But still, just given the sharp increase in gold prices and average bill values, the cash investment per bill is also significantly high. But in order to kind of use their existing gold and minimize the cash outflow, people are using old gold as an exchange more than what they were using earlier. And that's a phenomenon we see across the jewel industry.

On the digital business, we had another very strong festive quarter. Both the stores business as well as our JMD B2B 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 resets in select categories like ACs and TVs, which led to pretty strong demand in that -- to those categories. But even other categories like laptops and mobiles and appliances did quite well.

ResQ, which is a key differentiator, our B2B -- our services business, we continue to expand our service network. Now we have presence across 1,600-plus (sic) [ 1,611] cities. And that gives us a unique advantage where we are able to do same day or next day delivery plus installation, which no other player is able to replicate just because of the infrastructure that we have put in, and this is owned infrastructure. So we are able to kind of leverage that and do the installations quickly, which is a big pain point for the customers.

The B2B business, I spoke about, it had a record quarter. It was driven by the highest sales of mobile phones and TVs. These are the 2 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 more on increasing the depth of engagement and increasing the wallet share in this space, which is what is driving the growth of this business.

I now invite [ Ketan ] to cover the FMCG business.

Good evening. So RCPL became the direct subsidiary of RIL from 1st December 2025. We continue our momentum for this quarter, we added INR 5,000 crores (sic) [ INR 5,065 crores ] as revenue. And our YTD numbers stand at INR 15,000 crores. Our important category is daily essentials, where we have grown 1.5x on a year-on-year basis, and our Independence brand has crossed INR 1,500 crores.

We continue to kind of gain momentum in beverages, where we continue to have double-digit shares in key markets. Our energy portfolio has been growing very strong, and we have reached INR 1,000 crores in this quarter for the year. We also have started making progress across categories, which we had started scaling up during this year. Biscuits and confectioneries have been led by new category launches and new market launches.

Similarly, we have seen traction in home care and also in personal care. By Q3, we have now 4 brands which have crossed INR 1,000 crores plus. This is just a glance of our total portfolio. We thought just whatever would fit in across. So as you could see, we have kind of launched products across categories and across pack sizes.

Just other update because generally, the updates are only on beverages and all. So we thought we'll give a glimpse of what we are doing in other categories. Our chocolates and confectionery categories are led by -- we have built a comprehensive portfolio using Ravalgaon, Toffeeman and our Lotus Chocolates brands. We keep on launching new products to kind of generate consumer love and create -- continue the fun in these 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 increased uptakes 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 staples side, just wanted to point out, we have started gaining some tractions 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 shoots due to new market expansions. In addition, we have been -- the consumers have been loving our differentiated products under Maliban Wafers and Maliban 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. We'll 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, our work for -- on food parks will begin by -- in this quarter itself -- in the next quarter. In fact, one of the beverage plants 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 -- a majority acquisition in Udhaiyam, which gives us -- further advances our pan-India staples business. Udhaiyam is a 3-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 Udhaiyam.

Also during this quarter, we have acquired some global brands with a global -- which has global markets except certain strategies -- certain territories like Brylcreem; Toni & Guy, which was -- Toni & Guy on premium hair care products. This has been diversified from the salon business. We have also acquired a brand called Badedas and also Matey, which is a specialist U.K. 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 cities, and we want to plan to scale this up in the next couple of quarters. Similarly, we have relaunched SIL, and we have entered into the noodles segment also. This has currently been launched in 4 cities, and we plan to expand this in next quarter. Thank you. Kevin?

Thank you, Ketan, and good evening, everyone. Our platform, JioHotstar, seems to be growing quarter-on-quarter. And this is reflecting, if you see on all our content, whether it's on entertainment or on sports, which I'll talk about a 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, Bigg Boss, which we had playing across multiple markets. It was in Hindi and the 4 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 deliver a 40% growth on digital watch time, clearly shows the power of the platform and how the platform is attracting more and more consumers quarter-on-quarter.

Even among the originals that we talked about, we had some of the top originals, which was Search, which had Konkona Sen and Mrs. Deshpande, which had I'm seeing is -- which had Madhuri in the show. Both of these have been our top performers. If you look at Ormax ratings, which comes for the industry, these are among the tops across all OTT platforms. It didn't stop at that. Even our recent movies, whether it is in Malayalam or Telugu were the most watched movies with Lokah and Mirai.

And lastly, in our last -- in the last presentation, I talked about our first attempt at AI content, right? Happy to share that Mahabharat, which launched on the platform actually was one of our best launches. We're having a 2x viewership 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'd like to point out here is the second point, which is the live watch time for the women's World Cup is actually 10x over the previous Women's World Cup. We need to remember the previous Women's World Cup happened in just 1 year ago in 2025 and the watch time has moved 10x. Even the amount of viewers that it attracted were 4x the number 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 on par 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 strength, if you look at each of the properties that we have, which come up with the next season has seen a huge growth. We have doubled our viewers, both I see this on viewership -- on number of viewers as well as on watch time for kabaddi, making it the second biggest sport after cricket. Each of our tournaments, whether Australia, India or India, South Africa have seen nearly a 1.5% growth, both in watch time and in viewers.

So to our operational performance, I mentioned the platform is growing quarter-on-quarter. If you look at it, our average monthly active users is 450 million. This is a 13% growth over the previous quarter. And if you remember, during the IPL, when I presented the first time that quarter, during the IPL, we had similar kind of monthly active viewers as what we've seen in a quarter which has had very little cricket and lot 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-on-quarter.

Two, our entertainment watch time grew by 15% quarter-on-quarter, driven by the biggest seasons, as I mentioned, of Big Boss and strong performance across our regional and our Hindi portfolio. And lastly, our TV network content continues to deliver big numbers on JioHotstar. All this has led to a record high monetization on digital entertainment. It's driven by stronger CTV mix a wider client base and lastly, robust monetization across each of the impact properties.

On sports, I mentioned earlier, the World -- Cricket World Cup emerged as the most watched women's cricket tournament. And lastly, 3 of the men's bilaterals performed well, both in watch time across Men's T20, and across the one days and the T20 matches, all of that increased by around about 55% from our premerger levels.

The Kabaddi League, the Pro Kabaddi League watch time grew by around about 120% year-on-year, reinforcing kabaddi's position as the most watched sport after cricket.

On to entertainment. Our TV shares continue -- our linear TV shares continue to grow. They've grown by 100 basis points to 34.6%. And this is equal to the next 3 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 INR 200 crores of revenue in the first 15 days. All this on the back of innovative marketing and distribution that JioHotstar provides.

How does all this convert into financials? Our operating revenue for the quarter, a strong INR 6,896 crores and EBITDA of INR 1,306 crores -- INR 1,303 crores, a healthy EBITDA performance in spite of tough macroeconomic environment, a strong performance in subscription revenue across both digital and TV.

As I mentioned earlier, our digital entertainment revenue hit its record highs, driven by CTV and focused content monetization. The TV ad market continues to be challenging due to spend cuts from FMCG and consumer electronics. But the good part is, post GST, December month has shown great signs of recovery, and we are hoping that continues as we go forward. Lastly, it's not fair to compare to a year-to-year comparison as the previous quarter, we started -- the merger got into play only from November 14. So we've had strong momentum growth sustained despite the macro environment conditions. Thank you.

Good evening, everyone. Just do a recap of the quarter gone by. So essentially, our focus is now to manage the decline. There is a natural decline in the fields, in the KG D6 fields, and we're making best efforts to slow down this decline. In fact, if we compare our performance to when we were -- had envisaged the production plan at the time of the field development plan, the overall decline is lower by almost 12%. However, there is a natural 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 to $9.5, which is reflected in the overall realizations in terms of KG D6 and CBM. KG D6 has a ceiling price, CBM does not. But overall, it's aligning with the market trend. So if you look at the EBITDA performance, essentially, we have made about INR 4,850 crores, slightly above that. And the EBITDA margins are essentially impacted by the revenue because of the decline in price and production.

Overall, we still remain a substantive contributor to India's domestic production. We know that India produces anywhere between 90 MMSCMD to 95 MMSCMD. And KG D6 combined with CBM, we are producing about [ 26.5 ] MMSCMD. Oil and condensate still remains steady at around slight -- close to 18,000 barrels, but average is about 17,300 barrels (sic) [ 17,290 ] barrels. In CBM, again, this is turning out to be a bit of a positive story. The initial campaign that we had, the productivity of the wells was -- had improved by almost 2 to 2.5x. But in this recent campaign, we are seeing a much better productivity of almost 3.5 to 4x. So as we are drilling more wells and as we're drilling in areas outside the core areas where we had initially drilled, we're getting better and better performance. So that's encouraging for us, and we will continue to drill wells over there.

So overall, in terms of augmenting the production, we will be having a rig join us mobilize in the second half of this year. And we -- initially, we'll undertake exploration wells in the KG Basin, basically driven by infrastructure-led exploration so that whatever reserves that we can accrete out of it, we can bring on stream by tiebacks to the existing infrastructure. And also, we are planning on doing multilateral wells -- sorry, in KG D6 it 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 R Cluster and Sat Cluster just to get some more reserves upsides and augment the production.

CBM will continue to drill more multilateral wells as we go along. Just an overall understanding on how gas prices are trending. Essentially, we are seeing more and more LNG exports from North America. We saw about 30 million tonnes 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 will rebound. I think the main trigger now is going to be for prices to hold up or increase is going to be the weather and the Chinese rebound.

But otherwise, we expect prices generally to stay where they are and maybe there'll 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's been some moderate growth in fertilizer, but largely driven by the CGD sector. Due to seasonal reason, the power consumption was a little low. But overall, we still see it's stable, the demand is slightly higher at 193 million standard cubic meters. I think the positive, the silver lining here is also in terms of the India demand is that you have the PNG uniform tariff policy by which they have reduced the number of zones from 3 to 2, which means customers largely even if they are farther away from sources, they're paying similar tariffs and they're not burdened by higher transportation costs, which is good. It bodes well.

Now that you have the natural gas grid infrastructure, it means customers wherever in the country can get decent prices, transportation prices, which is similar to the ones who are closer to the sources. In terms of ceiling price, as you're all aware, it's come off it's about $9.72 MMBtu as compared to $10.04 MMBtu in the earlier half. So this will be prevalent over the first half of this year.

Thank you. This is just the overall recap on business.

Good evening. I'll take you through the oil to chemicals presentation. Financial performance, I think the momentum is there. We have done very well in this quarter also. If you look at the year-on-year, operational delivery is pretty robust. Fuel cracks, of course, the market has been favorable. It's gone up by about 60% to 100% when we talk about the fuel cracks. All of you are aware that besides fuel, refinery produces other byproducts also where the cracks are negative. So that's the normal course of the market, but impressive rise in the cracks.

The other important attribute is we've really focused on the domestic market and increasing the placement in the domestic market through our Jio-bp.

Diesel sales up by 25% and gasoline MS sales up by 21%, pretty strong performance there. Ethane, Mr. Amit Chaturvedi will be covering this. So I'll leave it for him. There were certain opportunities of looking at the product mix. So we maximized the gasoline production because of the better economics rather than sending it to petrochemicals. So overall, one could say that there's been stable demand for fuels as well as polymers.

Now when we talk about the earnings, we're talking of EBITDA of INR 16,507 crores versus the previous year when it was INR 14,400 crores (sic) [ INR 14,402 crores ] a 15% growth. That's quite strong. Now if we look at the earnings, there was -- the cracks have gone up, we are saying by 60% to 100%, middle distillate by 60% mainly and gasoline by 100%. There were certain factors which did drag the profitability. One was because of the volatility in the market, the feedstock prices and the premium for the feedstock prices like the official selling price of the Middle East actually went up. So we've seen a significant increase in the OSPs. So that definitely is a higher feedstock cost.

And then the deltas 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 on the vessels doing some trade from Russia or the other countries have been put on the sanction list. So the number of VLCCs available for the trade actually came down. So on the feedstock side, we've had -- one is the price of OSPs 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 crude throughput is 20.6 MMT versus 20.2 MMT -- not crude, sorry, throughput for crude plus the other feedstocks for petrochemicals was 20.6 MMT. How did we pull this off is, we've had situations when suddenly the sanctions came in and we had to cut back. So we could take actions like approaching the national oil companies much ahead of the curve to source the oil without affecting the spot market in any major way.

On the fuel side, again, our cost, so 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 other gaseous or other fuels. So we've optimized that by consuming more of the cheaper fuels. And we also did sourcing of power from the grid. All these contributed to a lower fuel cost.

Now freight cost, I mentioned, was quite high. It rose significantly because of the vessel availability going down due to sanctions. So what did we do? The best we could do was we had a higher share of time charter vessels, which are already available at a lower price. So that gave us some advantage. We also aggregated cargoes instead of taking them in smaller lots, we've tried to pick up larger parcels. That has also helped us cut the freight cost. And we've 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've introduced active technology diesel, which improves the efficiency and the fuel consumption drops by almost 4.3%. So these are certain things we've offered. And wherever there is space to optimize further, we have also introduced combi parcels of some niche grades and supplied it into the Mediterranean.

I mentioned about the strong performance on the domestic market. Now if you look at the volume growth, 24% for gasoline and diesel together. And if you look at the CBG and CNG, I'd like to point out one on the extreme right. There also, it's a 55% growth, and now we are at 10,000 tonnes. The market share, we have grown to about 3.82% for gasoline and diesel at 5.9%. ATF, we are at about 6.1%. Market effectiveness is a measure of how much we are selling per output per outlet as compared to the competition. So there also our -- as compared to the competition, we are in gasoline selling 1.8x what others sell from their outlets and in the case of diesel, 2.7x what the others supply.

Network is up, we are at 2,125; charge points at 6,815; CBG and 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 with innovative products. And then we have some fleet and driver programs, which we are encouraging so that we improve our sales and also give the consumer back in terms of more miles.

These are the reasons why the markets have moved, prices have fallen. Let's say, Brent price has fallen by almost 15%. I think everyone here is aware that oversupply in the market has been pretty high, okay? Our OPEC has unwound 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 oversupply. To some extent, this -- 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 KBDs, 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 prices and at least they're at the $60 per barrel, $63 per barrel kind of level.

Refinery operating rates because the demand has been good in, let's say, U.S. and our own place and everywhere, the demand for fuel is good. So we have had seen very high operating rates, more than 90% in the U.S. Even China, which used to operate in the low 70s and all are more closer to 79%, 80% levels. So that's the story on the operating rates of refinery. And of course, we've had some refinery closures 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 mb/d in third quarter '25 to third quarter '26 to 104.7 mb/d. So 600 KBD is the growth. Normally, we would have seen 1 million, 1.2 million barrels kind of growth. So it is moderate. But I mentioned that the oversupply is more than 2.5 million, 3 million barrels, say, 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/kero, gasoline and diesel, all have gone -- 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%. 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 Jio-bp have done more than 25%.

Diesel demand also up in the country by 3.2%. Again, there's been momentum in manufacturing and the logistics industry. ATF demand up by 2.6%. There's been healthy air travel in both domestic and international sector. Of course, we've had some moderation of that strong growth because of the Indigo issue, which a lot of flights got canceled. Save for that, the ATF demand should have been higher.

This is just a summary of what we've seen. Brent prices down by 15%. I said it's largely oversupply, notwithstanding some geopolitical tensions now and then. Gas oil cracks up mainly because of the refineries and Russia getting attacked -- continuing to get attacked as well as there's a fear of the availability of product in EU because of some sanctions on any diesels supplied to them. Gasoline cracks, again, up very strong gasoline cracks because there were 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 December.

With this, I'll hand over to Amit.

Thanks, Srini. Good evening. So starting with the feedstocks, ethane prices in the last quarter were up 21% compared to year-on-year. And the primary reason was that U.S. Henry Hub gas prices were much stronger this winter compared to last winter. Last winter, this quarter average Henry Hub was about $2.2, this year, it was $3.56 a million BTU. So ethane prices, of course, formed up accordingly.

Naphtha prices, as Srini declined -- mentioned in the earlier part of the presentation, they declined about 14%, basically on weakness of the crude. Comparing the 2 major feeds, how they have performed over the last almost 10 years period, the naphtha and the ethane as cracker feeds. If you see the blue bars are the ethane cash margins on naphtha feed and whereas the green margins are -- 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 4 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 4 years, ethylene cash margins.

However, if you see the green bars, and these are U.S. ethane price-based numbers landed in Asia, they have remained pretty robust. And our portfolio today, ethylene 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 organization's vision and the planning, which went behind. We were the first ones in the world to move ethane from U.S. to Asia in VLEC's level and at that large scale at that large distance. And that has fully paid off in last years. This is very, very evident from this particular slide.

Continuing further on the weakness in the margins in the region, ethylene capacity in the last 10 years have -- from 163 million tonnes, the global ethylene capacity has gone to almost like 230, 240 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 the 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-hand side, they have been struggling pretty badly here and which is also evident from the shrinking PE to naphtha delta, which is shown by the green bars on the chart.

The way we have been handling the situation is we have been doing a 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 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 offer at, as we cater all across India with our volumes, it's an extremely difficult mode of operation, but that's what we've 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 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. Korea, the government has taken initiative to shut down almost 3.5 million tonnes 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 has announced an 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, naphtha prices in this last quarter were down 14% year-on-year. mainly because of based on lower crude prices. Ethane prices, as I said, were up 21% because of the stronger Henry Hub prices. Now polyethylene, polypropylene, PVC, all prices at base prices, absolute prices were down, but in case of polyethylene, the reduction was lesser than naphtha. So therefore, the PE delta and PE-naphtha delta is up 6%, but PP and PVC deltas were down 12% and 5%. In case of polyester, MEG has been pretty weak, so has been polyester, but it has been partially offset by strength in the Para-Xylene, which where we have pretty large volumes.

Talking about demand, domestic demand, polyethylene and polypropylene, we saw a good growth of 4% and 8%. PVC is a product which is the demand basically comes from agriculture and infrastructure. And this year, we had a monsoon, which got prolonged much longer than its normal operation. And therefore, we saw a PVC demand reduction of 12%. However, PVC -- I mean, the country is majorly deficit in PVC. And despite this demand reduction, we were able to place all of our volumes in the domestic market.

On the polyester side, staple fiber had a demand growth of 5%. Filament was lower by about 1%, mainly because of a lot of imports of the downstream products, which is now getting tackled by the imposition of MIP. PET, same reason as PVC. It goes mainly for bottled water and cold drink applications. And because of the prolonged monsoon, the demand of those products was muted, and that resulted in PET being at minus 15%, which skewed the polyester demand growth in domestic market also to minus 4% 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 stock built and the 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 downstream chemicals is likely to remain healthy with the economic growth rate continuing where it is. This is likely to remain steady.

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. I mean about 7 million tonnes is likely to start this year. However, as I said, there is a lot of rationalization happening in Europe and in Northeast Asia, which is Korea. That should balance this new start-ups. But this year, at least, we still believe that the operating rates are likely to be at 80% levels only.

In terms of priorities, we continue to develop domestic downstream markets with customer-centric and differentiated solutions approach, expand the Jio-bp footprint, accelerate the project execution. Right now, as we speak, we are working on 2 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.

With that, I request him.

Hi. Good evening, everyone. I think 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 geopolitical environment and our end-to-end integrated green energy, new energy ecosystem effectively offers the advantages which become very pertinent with whatever is happening in geopolitical 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 estimated of 10 gigawatt per peak annual capacity, and we have already announced that we'll scale it up to 20 gigawatt peak. We're 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 Kutch, where we have got 550,000 acres of land.

We're also setting up the manufacturing of electrolyzers; this is pressurized alkaline electrolyzers. And along with the compressed biogas plants that we are setting 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 offtake contracts.

We are well progressed on this entire ecosystem. And from our perspective, when we thought of this ecosystem, we thought of 5 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 5 benefits become much more relevant and effectively will deliver the significant value for our business and 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 progress report on new energy ecosystem, and I'll 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 our first fully integrated 10-gigawatt peak annual solar manufacturing gigafactory, and we have already announced that we are scaling this up to 20 gigawatt peak annual capacity. As briefed in last 2 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 heterojunction technology. Our modules -- 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 commissioned and fully ramped up to 10 gigawatt peak during the current year.

Our commissioning -- sorry, 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 China. Polysilicon is probably one of the third -- of the 3 large polysilicon facilities outside China and glass, again, one of the largest glass plants outside China are the world class for the solar cell and solar modules.

During this current year, we'll 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 annual capacity. On the battery, again, we are fast progressing on setting up our 40 gigawatt hour best cell, best pack and containerized assembly. And then during phases in the next few quarters, we'll start commissioning it. We're also well progressing on our cell manufacturing, which is, again, sized up to the capacity of 40 gigawatt hour. We have already announced that we'll scale this up to 100 gigawatt hour in various phases and in a modular fashion. All the critical and necessary equipment, production line 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 is completed. We are already on a full swing of construction for our transmission. All the key contracts have been awarded or will get awarded in next quarter.

So our Kutch, which is effectively 550,000 acres, 125 to 150 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 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 billion to 40 billion units of energy electricity generation, which effectively means that on an annual basis, we'll be delivering as much capacity of electricity more than 3 out of 4 countries in the world. So that's 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 have 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 utility is already set up for our expansion. In fact, our solar cell and solar modules that we are producing are getting installed even on the rooftop of this. This is not just green equipment manufacturing buildings. This will be powered by green energy. And as Kutch ramps up, this will be fully powered by green energy.

This is just an update on our solar cell manufacturing, which is now fully commissioned. On the left, you can see automated wafer transfer system inside the cell factories. One of the highly automated AI-enabled smart factories in the world. The construction is much, much superior than any other factory that you'll see globally. The first module manufactured in-house. We have already got all the certifications that are required, including ALMM 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 gigafactory at full 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'll be scaling it up at a giga 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 or two, we'll again see the entire commissioning of polysilicon. Obviously, this is one of the largest polysilicon factories that you will see outside China. India is 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 in length itself is 1 kilometer long. As you see on the right side, that's the inside view of the glass furnace where effectively all the material comes and is melted at 1,500 degrees temperature. Probably this is the only time that you actually see the blast furnace from inside and then the next time you see is when the refractories come for repair around 15 to 20 years later. This is 600 meters in length. That's the scale of the blast furnace that we are talking about. The entire equipment is now moved in, is getting installed. There's a glass roller conveyor system, as you can see from a bird's eye 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 the next few quarters, and we are already expanding it for the next phase of our solar integrated gigafactory.

A few pictures on the entire utility control block that's already up and running. What you can see is actually, the labeling is correct. It should be a control building, which is up and running, which effectively all our facilities for our solar are going to be digitally connected, AI-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, we'll be able to not only operate but manage these facilities, manage the shutdowns, manage the operating and the yield rates and also do a full material traceability and the quality control through our processes in the control room. And I think this is a very important point, and probably I have highlighted that in earlier quarterly presentations 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 don't think so you will see this with any other facility. And I can probably say with much more confidence that I don't think anyone else can build this. Definitely, if the same facilities have to be built in U.S. or Europe, you would be talking about at least 5 to 6x 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, 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 affluent treatment plant. I would also like to highlight that when we are setting up all the utility plants, the infrastructure, it's not been set up just for 10 gigawatt. It's all been set up for 20 gigawatt full facility. And that's a scale that we have set up. That's where -- when we talk about expansion, we talk about in terms of modular expansion. We're 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's been a lot of market news and the rumors. I can say that the -- 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 site. The workers are working on round-the-clock basis. 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.

Thanks, Karan, for all the pictures and the -- really the confidence of 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'm just summarizing and just a few points to be made. 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 uncertainties, but you can see the power of a diversified business, which is doing well. So our 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 when you look at it from that point of view, 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 omnichannel, 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 we talked about the flexibility that we have created in feedstock sourcing, 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 progress that we have made and significant progress. This is the glass factory is something that I want to see before it starts off because this is something we had that we spoke about today also in the Board meeting. And finally, we talk about -- see new energy, we haven't -- AI 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, we said -- we talked about the opportunity, and you can see how rapid has been the progress in terms of the product suite and how fast manufacturing is getting ramped up. Ketan 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.

This is Puneet from HSBC. My first question is on the retail side. You talked about a lot of businesses doing quite well. What are the buckets which you think didn't do that well in this quarter, which led to slightly lower revenue growth?

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 demand went into Q2 versus Q3. We had a very strong Q2 in the apparel business. So that's where I would say, on a Q2 plus 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 RCPL revenues, which is going on. So it's not a like-for-like comparison when you're doing it.

That's 1 month of revenue, right?

Yes, that's right.

And on the quick commerce side, can you give some sense of what is the quantum of cash burn there?

See, the only thing I would say is on a contribution margin level, we are positive.

And on the CapEx side, can you give some color on where major part of INR 34,000 crores is going? And how should one think about CapEx into next year as well?

I'll go through the numbers in my head. Otherwise, you can correct me. But INR 9,000 crores was on the O2C-related expansion, about INR 8,000 crores odd for new energy, about INR 7,500 crores for Jio, about INR 4,000 crores for retail and then the balance real estate and INR 1,200 crores. But these are broad numbers, yes.

Okay. And lastly, on the new energy side, especially when you come to manufacturing ingot 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.

Yes, that's correct. But look, the pricing has also started now moving up with where commodity pricing is. And that, in fact, further validates our strategy for an integrated ecosystem. So one of the key components of the cost through the value chain is also the power cost. And that is where our ability to move to around-the-clock green energy and further optimizing the power cost gives us an additional leverage and the benefit through the value chain.

Okay. And also, can you quantify how much power will you need for your polysilicon -- yes, just last one. Sorry? How much power would you need for your own polysilicon plant here?

I won'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.

Sabri Hazarika from Emkay 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 gigawatts initially or it could be like different?

Yes. Sorry, I can't see you. Yes, that's correct. In fact, without necessarily commenting on the capacities, the capacity for our upstream 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 our first phase, but as we expand our capacities.

So would you be selling outside also or it will be like?

I think by the time, we would have also expanded our capacity.

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.

We are increasing our capacity.

And all this would be like captive or it will also include outside sales?

As I said and we recapped in terms of the avenues for us for selling. It's a round-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 are also increasing significantly, right? So most of it will be captive requirements for us or converting into green fuels, again for the market.

So this will include green hydrogen as well?

Yes, that's correct. That's correct.

And just last one small question. So you are on track to commission the first generation by start of next fiscal. Is that right?

Yes, during next 12 to 15 months, our generation capacity will also start coming up.

Anshuman, 3 questions. Jio's growth is very strong, but ARPU growth is 1% sequentially. So any comments on tariff hike? Second, 5G ramp-up is quite rapid if 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 boom? 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. But what about enterprise?

So on the first one, really no comments on tariff at this point in time, no such plans. We are quite happy with the traction, 1% increase in ARPU. Over the last year, it's gone up by almost 5%, 5.5%. And we have certain handles to improve the ARPU while contributing -- giving more value to the customers, and that's what we will continue to focus on. And we are 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% of the time, they are actually consuming 5G, whereas on any other network, they're consuming 5G for less than 50% of the time because of the nature of the network itself, the stand-alone architecture that we have given.

And with that kind of traction, we want to continue to see that growing. And there will be -- there are opportunities organically, if we can improve our ARPU by 5% to 6% 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 3 or 4 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 being much more active on the Jio network.

So the short answer to the second question, really the quality of the network, the stand-alone architecture, which is providing us opportunities to give more. And we have not even launched some of these slice services, which also are on the road map and will be launched.

To your third question around enterprises, we don't give that split, as you know. You'll have to wait for some more time, and then we will start giving the split, but it's growing much faster than the rest of the revenue line items.

Probal here from ICICI Securities. I have 2 questions. One was again with respect to the new energy business. Of the INR 75,000 crore investment that was sort of planned in the first phase, is it possible to just get a sense of what has been spent so far? And the second part is now that the expansion plans are pretty much getting visible, is it possible to share the sort of revised CapEx plan for the entire chain to get to the 100 gigawatt kind of capacity?

Sure. I think the 100 gigawatt is you're only talking about the battery.

Yes, yes.

Right? From our perspective, INR 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 the next few quarters, probably, we'll bring more clarity on that.

And the second question was 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 others. We have some ethane-based capacity, some is from ROGC and some from naphtha. Is it possible to sort of look at how that proportion has changed between the 3 in terms of even if a broad percentage can we sort of share?

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.

So on FWA with 12 million customers now, are you facing any capacity constraints? And as you go from a total of 25 million to your plan 100 million home customer base, like where will the maturity come from? Like can FWA accommodate that? Or will it be mostly FTTH?

No. So it's FWA 5G and FWA UBR. As I said, we are using all the 3 technologies depending on whichever is the best available at a particular location or a particular customer. Most of the recent additions have been in the FWA UBR category. And there, as you know, the last mile is there's no capacity constraint. Most of the times, it's point-to-point and it is in the spectrum, which is available. We have our fiber backhaul or we have, in some cases, even wireless backhaul already available. So we are not facing any capacity constraints there. We are optimizing for how the number of customers we are connecting with the 5G FWA because there, there 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 location.

So bulk of the new additions would come in the UBR and the 5 gigahertz kind of band. FTTH wherever the fiber is there or it's possible to do the last mile very quickly, we'll continue to do that.

Got you. Second one, on mobile, you're offering some valuable services now, Google AI Pro, Cloud, et cetera. How do you prioritize like say, your own services, Jio AI cloud or Jio AI versus like Google? And what are the kind of costs which you incur in these offering these services?

So as I said the last time as well, Jio is in a very good position. Jio 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 AI Pro is available, is the leading product in the market, Jio has decided to go with them, but not to say that if Reliance Intelligence comes up with something, we'll not offer that.

And Jio is now in that unique position where there is no cost to Jio. Jio is taking products to the market and taking products -- good products 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.

So something about which Google charges INR 2,000 otherwise to the customer, like say, in fact, they're paying you to offer the service through your network?

That is right. That is right.

Okay. Lastly, in quick commerce, what's the dark store count now? And other players have raised cash and are heavily discounting. So how are you managing to get to contribution breakeven because even the #2 player is right now not contribution breakeven?

So number of dark stores, we have about 800 as of now. The total store count I mentioned that is there on the network is about 3,000, right? So dark stores is still less than 30% of the total store count. And my bigger stores, the order contribution is much higher because dark 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 are 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 put good pricing to the customers, but still maintain healthy margins.

So other is the category mix, right? FMV has generally the highest margin, and you need to have an efficient sourcing. The biggest cost in FMV is wastage, which happens, right? Typical vendors, if you look at the mom-and-pop vendors, the wastages are as high as 30%, 35%, right? For us, almost 1 in every 3 to 1 in every order has an FMV component, right, which is value accretive to the customers, and it's also margin accretive to us.

And if Quick Commerce becomes larger, will it remain a headwind for the margins, overall margins for retail?

See, it depends on you are incurring the extra delivery cost, right? You have the infrastructure 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 2,500, 3,000 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 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 has to be incurred 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 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 level, it is margin positive, right? It is adding rupee margin to my bottom line. It's accretive for me.

This is Harit from Investec. So this is the first quarter where there is an RCPL demerger. And from the next quarter, it will be entirely there. So if you could just give us a sense of ex the merger, what the like-to-like growth would be for the retail business? And a little bit back of the envelope suggests that it would be like a 1% impact, but would want to kind of know from you, especially because it comes fully in the quarter and more so on the margins as well. How much of a margin impact would the demerger have from next quarter as we start looking at the numbers?

So from a revenue perspective, there's a month of revenue which has gone out, out of RRVL. It was there. When it comes next quarter, the entire full quarter would be there. You've seen the RCPL revenues, which are there, which has gone out of my portfolio, right? It's a meaningful impact. Adjusted for RCPL, 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.

And do we expect this kind of single-digit bit to be there going forward until the RCPL goes out of the system? Is that the way to think about the next 3 or 4 quarters and going into FY '27?

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 plus Q3, you have a decent 13%, 14% revenue growth, which is there, right? This will always happen in any year. Sometimes festival quarter is in Q2, sometimes in Q3. If you recollect, we had a very strong 18% kind of growth year-on-year last year, right? That will always continue to happen, and you have to look at it on an aggregate basis, right? Aggregate basis, we'll continue to deliver double-digit revenues.

And the last thing was on square feet. So there has been significant gross addition, but there's also been closure. So if you could give us a sense of when do we see in a net addition starting to pick up as you've completed almost all your consolidation work. Just some sense on that would be very helpful.

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-on-quarter, we are seeing an increase, right? So -- it's more BAU. It's more or less kind of BAU. I can't think of -- yes, at every point in time, we'll have some -- you'll always make some mistakes. Some locations may -- the attractiveness of the location may change. Retail is very location-specific, right? But that's normalized, 2%, 3% of your portfolio, you'll keep churning, you'll keep relocating. Even what falls here in this is also a relocation. If I -- if the store lease is ending and that's not the best location, I may take it to another location because I anyways have to incur the CapEx at that point in time, right? So that also comes as an addition and a closure, right? On a net area, quarter-on-quarter, I expect that we'll continue to keep adding area.

Yes. A couple of from the telecom business. Anshuman, can you share some Digital Services. Any update on the JPL IPO 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? Where the revenue will sit? Number three, on the sovereign cloud, you spoke about, are we offering 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 3 questions.

Okay. On the first one, the Jio IPO, look, internally, we are working on it, of course. We are awaiting the new notification to come from the government to see what the final details are going to be. We are working on the assumption that it's in line with whatever SEBI 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.

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, RJIL provides that. Now RJIL well in the back end go and lease some more dark fiber from JDFPL because the dark fiber belongs to JDFPL, but connectivity is provided by RJIL. Now there could be -- there are very few clients who need the license as well who should have the AP1 license to be able to use dark fiber to then create their own connectivity, which is something they can take directly from JDFPL. But normally, ordinarily, we are seeing people coming to RJIL and asking for connectivity solution in which case the RJIL 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 AI Cloud is offered by Jio as a service. That infrastructure has been created by Jio. The sovereign cloud, MeghRaj we have 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 clients, Jio is providing that as a service. The AI layers 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, Google is making AI-based cloud offerings as well, which then they can collaborate with Jio to offer. But the core cloud as an offering is Jio's.

Setting up the GPUs or Reliance Intelligence will be like...

Infrastructure, even today, the data centers are in RIL. So infrastructure spend 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 RIL. So Jio will not incur the CapEx. But as a service -- as a service Jio Cloud is a Jio service. So it can lease data center space from RIL, from Reliance Intelligence, GPUs, et cetera, it can lease it from anybody else as well. Yes, CapEx will be RIL or Reliance Intelligence.

This will be more asset-light as far 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 CapEx will be incurred there.

Got it. Just one last question on the CapEx per sub on the fixed broadband are substantially lower now that we are 25 million. How is the CapEx per customer in FTTH, FWA and UBR FWA? That would be all.

The CapEx per sub actually per incremental sub, of course, it's lower now because the fixed CapEx is now getting spread over a much larger base, so the allocation that we do, et cetera. But the last incremental CapEx that we incur for connecting a sub is actually not much different between the 3. If at all, it's a 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 cost.

Yes. So in the case of, say, FWA, FWA anyway, there is receiving C6, which is installed in the premise. If it's the FWA UBR we installed 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.

Now if you came in with a demand and there was nobody else around you, we had installed C6 for you. The cost is of that C6. But now there could be 7 other users alongside you, in which case, the cost per sub will go down drastically. Fiber whereas is each person getting in a dedicated fiber line. Not allowed anymore.

Okay. On retail, so what is the impact on EBITDA from -- I think you mentioned there are 3 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 from FMCG going away, is there any big number or that's like a small negative number or so?

No, it's a number which is going out. It is a number as well, which...

Which is a positive number.

Yes, yes.

Okay. And so I mean, are we giving that right now? We'll have to wait for the next quarter.

You'll have to wait for the next quarter.

And the impact of labor code, how big is that? And there will be a one-off over there, right, from this quarter?

So when you look at it on an aggregate, the labor code, obviously, there is an impact on gratuity, et cetera. 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 will add a few percentage points in terms of growth rate.

Okay. And Srikanth, I appreciate you saying that near-term short-term volatility in growth rate. But I mean, is there any other better way in which we can visualize the coming quarters in terms of how you can put that in English?

That was the best I did in terms of explaining that we were very constructive about growth rates 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 de-growth. You are talking about growth rates is something that we expect it to be extremely short term. That's what it is, as much as I can say. But yes.

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 opportunity is. And frankly, if you are -- where I am standing, you would also go past and look beyond this extreme and more so in the context of fairly valid set of explanations because it's a combination of things, right? I mean you don't have this Q2 and Q3 and some RCPL demerger and something to do with GST coming at the same time and us accelerating from an EBITDA standpoint, accelerating on quick commerce, lots of things. So yes, we have to see all that in context.

Okay. Just one on new energy. You mentioned that the INR 75,000 crores is for manufacturing-related CapEx. 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 20 gigawatt or something is what you said. So how would -- what kind of number are we looking at? And how would that be funded in terms of debt and equity?

So the right way to see -- so we have always said that we have an eye on credit ratings and you know with this A and all that, you know what is the framework. So why I'm saying that is when you talk about electricity generation, it may not be that every part of our -- 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. Those are -- so the energy supplied will still be in some way, utility.

So you can look at that those kind of power generation assets in a very different way. It may not be that it has to be entirely on our balance sheet. So all that flexibility to take care of in the broader construct of what we are trying to solve. And I'm being very, very similar to what I've been answering this question right from day 0, and it remains unchanged.

This is Nitin from PhillipCapital. Just one question on new energy. China has recently instituted a restriction on export of silver and they are one of the largest exporters. So is that expected to impact us in any way operationally, economically in terms of economics of the project? Any comments on that?

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 a few factors that you need to consider. One, HJT as a technology itself has a lower silver consumption than TOPCon and IBC Tech progresses. Second is we are also working on a 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 to in terms of -- it's effective milligrams per watt peak is what we're talking about or kgs per gigawatt. We're not talking about significant number of tonnes that as the consumption is required.

So from that perspective, the diversified supply chain, the overall plan to reduce the silver consumption and the technological choices. If you see through that prism, we are not unnecessarily concerned about the situation.

Nice to see you all pre-Diwali. So we had -- you have seen the results, strong performance across businesses. And even within each of the businesses, the quality of numbers has just been improving quarter after quarter. And when you look at starting with Jio with 18% growth in EBITDA on the back of strong customers, both mobility as well as homes. So here -- the point here is not about just customer addition. Customer addition, data usage, products that are on offer. So when I talk about quality, I'm referring to a lot of these factors, and Anshuman will take you through in detail on some of these. So resulting in EBITDA margin expansion.

Retail, this is something I know you all have been tracking. Overall EBITDA growth at about close to 17%. In fact, revenues have been higher by about 18%. And this is when you look at the categories, both fashion and lifestyle, grocery, electronics, all of them have seen anywhere between 17% to 23% increase in terms of year-on-year growth. FMCG continues to do well, and that is now with INR 5,300 crores, effectively double. The NCLT approval has come through. So this is something that the demerger will happen in first November, but we are waiting for the written judgment on that one. And here, clearly, the focus is on brand building, on bottling capacity, on setting up of the food parks. Media, and Kevin will talk through, but very impressive set of numbers with 400 million MAUs that we have and a sharp jump in EBITDA, too.

Energy business, that's something that everybody has been tracking, good numbers there, 21% higher on the back of a lot of things, but primarily coming from the increase in cracks across gasoline, gas oil as well as ATF. And some of the factors about ethane, light feed cracking, all of them coming in, in terms of contributing. Volume increase has been there and so on. Domestic placements have been high. Again, both gasoline and gas oil in terms of throughput through the domestic markets up 34%. Upstream has been more stable at about INR 5,000 crores of EBITDA, a little bit lower on account of production coming down as part of natural fall in terms of field performance.

And on the new energy side, we continue to -- we are on track in terms of both the panel production in terms of being ready with the first line for sales as well as the important one in terms of development of cuts so that RERTC can be generated from sometime next year.

So these are numbers when you bring them together, you're talking about 10% increase in revenues on the back of the jump that we saw in retail. And this is despite oil being lower. As you know, oil prices were lower. Overall EBITDA, INR 50,000 crores plus. It's about 15% higher on a set of big numbers. And when you look at it on a PAT basis at INR 22,100 crores, this is pre-minority numbers. It is up -- that is also up 14%. So this is despite finance costs being higher by about 14%. This is despite depreciation up by about 12%. And really, both these numbers are up because of the 5G capitalization that happened and therefore, the spectrum interest, et cetera, now flows through the P&L.

And when you look at the INR 22,000 crores the big numbers in terms of PAT, stand-alone RIL is about INR 9,200 crores, JPL at about INR 7,400 crores and RRVL at about INR 3,400 crores. All of them, as I said, a good set of numbers. And this is just the EBITDA split, but you can see what I had summarized. O2C about 21%, E&P slightly lower, digital services up 17% and retail 16% and with media and others at about 10%, bringing to 14.6%.

So as you can see, all the key -- all the businesses have done well. As I emphasized, you can see in each of the -- as you will see in each of the presentations, the quality of the numbers are just getting better and better and better over the years and over the quarters. So that gives a tremendous stability to the earnings.

And then finally, when you look at the -- just the balance sheet, net debt broadly flat. The CapEx that we spent at about close to INR 40,000 crores, almost in line with our cash profit. So overall, a strong performance and continuing strength in the balance sheet.

And I'm going to request Anshuman to present the Jio section.

Good evening, everyone. So Jio, update on the results. Before I do that, I wanted to bring the attention to the fact that we are operating as a next-gen technology company at scale. We've spoken about this in the past, but every quarter, we have been proving doing new things and demonstrating our ability to develop technology and implement technology at scale. Indigenous technology, we have our own proprietary 5G stack and fixed wireless stack that we've spoken about in the past and which is now working at a significant scale at global scale. 3,400-plus patent applications across 5G and 6G, where we are among the thought leaders now across international forums. We have built several digital services for India at scale and not only built but deployed and people are enjoying those services and those platforms.

Enterprises are using those platforms at scale. Our ability to operate at population scale once again, over 500 million consumers that we hit in this previous quarter. We closed at 506 million homes, we've crossed 22 million and growing rapidly. Enterprises, which is -- which segment also is growing fairly rapidly. So we've got these platforms and technologies or solutions, which are working at scale across all of these categories. And we're keeping -- developing end-to-end control over the value chain and which will help us -- which has already helped us in keeping the cost in control, keeping the whole development cycle in control, being able to bring out new functionalities at an agility which is better than what you see global operators being able to do and taking this full stack approach, which also helps us now possibly taking some of these technologies and platforms to other places as well.

So that's a theme that we're very focused on and we have been working on, and we've demonstrated that repeatedly, and we're continuing to demonstrate that across our business at scale. All of which leads -- gets us market leadership in mobility and home solutions. #1 in connectivity, 506 million subscribers at the end of the quarter, 8.3 million net additions during the quarter. Our Chairman announced the 500 million subscribers in his AGM speech towards the end of August, and we have been growing since then as well. 234 million of these subscribers are 5G users, 21 million net additions in 5G users in this quarter as well.

On homes, we've been making fairly steady and rapid progress, 23 million fixed broadband connected premises, 3 million net adds in this quarter. So our 1 million a month kind of run rate is -- has sustained over a period of time, and it's now picking up more. And out of these 23 million, 9.5 million are JioAirFiber homes using different technologies that we have spoken about. And where -- which makes us the world's largest fixed broadband service provider -- wireless fixed broadband service provider, bigger than Verizon and T-Mobile, which have had a much earlier start. All of this translates into market leadership in financial terms as well, INR 36,000-plus crores revenue, 45% of revenue market share in the connectivity business, 52% EBITDA margin for JPL. Of course, the connectivity business has a much higher EBITDA margin. So a strong quarter with 18% year-on-year EBITDA growth and sustained leadership in connectivity.

On mobility, one of the interesting things that we are observing is the uptick in data consumption and traffic in the nonurban areas, basically Tier 3, Tier 4, rural areas. Pan-India 5G site traffic has grown 2x in the last year, but rural sites have shown higher growth. So the uptake is actually quite healthy there, which is very positive for us because, one, that shows that there is demand coming in from all geographies, all places, all segments of customers and who are now consuming more and more. So devices propagation is -- penetration is better, and they're finding use cases to use the 5G. And two, in many of these areas, we are really the only 5G service provider at this point in time. So we have a healthy lead in that sense as well.

On the network technology side, we have -- with such high 5G consumption, both on the number of subscribers and the data consumption itself, we have clearly demonstrated the most efficient use and most productive use of spectrum that we have got. Average 5G productivity is 3x higher than the LTE on 2300 band. That much more -- we are sweating the spectrum and the assets that much more. Our 5G customers are enjoying 1.5x faster data speed than the nearest competitor. And this is leading to more than half of the network data traffic now, wireless traffic now coming in from 5G. And this number is growing fairly rapidly. If you see the trend on the right, which is of 5G subscribers that we have on our network, it's growing fairly rapidly. In fact, most of the new devices now, it's 85%, 87% plus new devices getting sold are 5G and these consumers are using 5G services right from the start. So that trend is fairly healthy and continues to grow.

The initiatives that we're taking to continue to grow our wireless subscriber base more, mobility subscriber base, a lot of customer campaigns that you would have seen in the last quarter, bundled offerings, anniversary and festive offers, IPL offers. So just getting -- giving customers more for -- more value for their buck, which we have always done, and we are continuing to provide that. Jio Bharat has a companion phone or our LTE network with a whole bunch of new security functionalities that we have built in. We launched -- we demonstrated that at the IMC earlier this month and which is becoming quite a hit. People are -- there are functionalities like allowing only certain numbers.

Customers can choose to allow only certain numbers to be able to access on that particular mobile, parental control or these days, if it works the other way, you can control the device that your parents are using, you can control the numbers that are able to access that and try and prevent fraud. And that's a fairly popular functionality where you can actually, through the network integration, control the numbers that can access a particular device.

We have also done partnerships with OEMs to bring more devices at different price points in the 4G and 5G segments. And that's something that you'll hear more of. We're still trying to penetrate, convert almost 225 million or maybe 215 million 2G users and upgrade them. So working on bringing more devices that are more suitable and affordable for them.

And then at the same time, expanding the products and services. 5G SA has enabled us or is enabling us to provide a few functionalities, which only we can do on our network at this point in time, of course, ultra low latency. But things like URSP, so route selection for a particular UE device, which we are now working with some OEMs to enable better quality of service on their devices, PPDR, which is working with the government agencies on public protection and disaster recovery. So some of these are functionalities which our 5G SA network is enabling us to do. Some of these are getting monetized and others will get monetized over a period of time. And then, of course, bundling all of our digital offerings along with the connectivity.

On homes, we are driving digitization of 1 million homes every month. So if you see the run rate on the chart on the right, that's picking up fairly steadily. And we expect that trend to continue. In fact, if anything, keep growing with our wireless broadband offerings that we are able to connect homes with much faster. Almost 1 million homes -- new homes got connected every month in this quarter. And we extended our global leadership with a subscriber base of 9.5 million on wireless broadband.

So JioAirFiber, which is a combination of both offering services on the 5G network as well as UBR. And both have been fairly steady. The quality of service has been as good, if not better, sometimes than FTTH. I only say not better because fiber still gets cut. Here, there is very little disruption. These networks run at almost 99.99% availability most of the times. And then set-top box as a gateway for discovery, which is what we are providing to every home and a whole bunch of integrated experiences. I'll just cover that in a bit.

And in terms of growth initiatives here, converting more or connecting more homes, there has been -- we're seeing a lot of latent demand every new area that we are launching our services in and now the AirFiber services are available pan-India. There is massive adoption. And with some of our OneJio offering, which basically provides connectivity along with all of the content and security solutions, et cetera, there is a lot of demand coming in from there. We are now able to provide 1 Gbps connectivity as we spoke about this in our AGM, any user can get connectivity of up to 1 Gbps in 24 hours in almost the entire country, I think pretty much the entire country wherever we have mobile connectivity. And then adding more products and services. Set-top box, an important one that is becoming a digital gateway. We've also now developed something called TeleOS, which is set-top box equivalent on the TV itself.

So all of those features, functionalities, which come through a set-top box through our tie-ups with OEMs, we are able to provide those on the home screen. So you don't need the physical device. But of course, we have the physical device, the set-top box also available wherever needed. And then offering JioPC, gaming and content, a few of these offerings, which are now being rolled out or have been rolled out and are becoming more popular on the field.

TeleOS -- JioTeleOS, which is our own operating system, which is what we use for the set-top box. And now we have basically made it into an operating system that other OEMs can work with and some -- we already have some OEM partnerships where they're using the JioTeleOS for -- in their TVs. It's getting embedded and which enables replication of the set-top box. Really, it's -- you don't need the external device. It's -- all of those functionalities are coming in the TV itself, be that OTT and live and catchup TV, all the OTT content that we offer on the set-top box.

JioPC, which we have now launched, which is in the beta phase. And many of you are JioHomeFiber or AirFiber users must have seen that on your set-top box, that's live, and that's -- the uptake has been quite remarkable. And the experience has been quite remarkable. The minutes of usage is growing. Almost every month, we are seeing dramatic increase in the number of minutes of usage of that.

JioStore, which gives an opportunity for other developers to come in and offer their apps and -- on the OS itself, security, home automation and parental control are all functionalities which have been built into the JioTeleOS and which can get integrated in the -- with the service.

For the enterprises as well, the OneJio approach, a combination of both connectivity and products where now we've spoken about this in the past as well. Our focus is getting more revenue pools coming in from the enterprises beyond connectivity. And almost all -- it's not 100%, but almost all of our large enterprise customers are taking more than one service from us. So it's not only connectivity, it's connectivity plus a bundle of services.

So the managed services stack is what we are offering them, including connectivity, managed WiFi, compute, security. Our Jio Cloud is becoming quite popular with the enterprise clients, Jio Cloud Telephony. The pan-India network and being able to provide them connectivity now with our UBR offering or JioAirFiber offering, we are able to connect any premise, any enterprise 24 hours and -- through a common unified interface for the customer, and this is Gbps-level connectivity. So we are able to offer this, which, again, we are fairly uniquely positioned to be able to offer this. And when it comes to SMBs, this becomes quite important for them to have a single interface to get all of these services and connectivity through the same service provider.

And then we are doing partnerships and tie-ups with other service providers as well as we take our services to the consumers. And we've been expanding our market share. Of course, this is -- as you all are aware, this takes longer to break into enterprises, but we have segments like the BFSI or hospitality, where we clearly are the market leader now and increasingly in some of the other segments as well.

A few other launches in recent times, the Jio PC, converting any TV or screen into a computer, cloud computer. Now again, most of you by now would be familiar with this product itself, and many of you may have used it or have got it in your own connections. We have now launched this. It's still beta. So we are not really charging customers for this, and we are trialing it. The pickup has been very healthy. We are including functionalities in this where you can -- users can actually buy capacity -- compute capacity based on their requirements for certain periods of time, so they don't need to have very high processing speed or processor capacity. If they don't need it, they don't have to pay for it, and they can buy it for whenever is a requirement. We are giving -- integrating it with the JioWorkspace, so they get everything all of the office functionalities on their cloud PC.

We have also tied up with some of the partners, service providers, where we are able to offer more software through the Jio Cloud PC. So for a consumer, it's -- there is no difference between this -- or there is no difference between what this Cloud PC can give them versus a traditional computer. But of course, this is far better because you can optimize, you can pay for only what you need to use. And the upgrades are automatic. You don't even have to go and buy a new computer. So this is something that we are very excited about and the initial feedback from the market from consumers has been very, very positive.

JioFrames, you've seen this. We have developed using our own complete hardware and software stack, our own AI. It is -- the hardware also is being -- has been developed by us, has been optimized by us and is getting manufactured in India. The OS, of course, is our own multilingual. We are already supporting 10 languages. We should be supporting 12 languages fairly soon. The price points are significantly below where the global companies are today offering their products. You will see these coming into the market in the next few months at price points which are very suitable for the Indian demand, Indian requirement. That's been the effort that we are working on. We'll have some models coming in reasonably soon, but the mass scale model should come over the next few months.

Coming to the results now of the connectivity business. The total customer base, as I said earlier on, went to 506.4 million. That was a net add at 8.3 million in this quarter. So we're seeing fairly sustained growth there. ARPU at INR 211.4. That continues to grow steadily. In fact, the increase from the INR 195 to INR 211 is post the tariff hike of last year. So this impact, this really has been coming mostly out of increased usage plus some of the 5G upgrades that people are doing as we keep launching -- keep nudging consumers to move to higher unlimited 5G plans.

Total data consumption on the network has gone to 58 gigabyte, per capita data consumption at 38.7 GB per user per month.

The operating revenue for RJIL came in at INR 31,857 crores in this quarter, which was a fairly healthy 12.4% year-on-year growth. EBITDA came in at INR 17,874 crores, which is 17.4% growth. EBITDA margin expanding to 56.1%. So all in all, fairly good growth. The operating leverage is playing out quite well, and we continue to see healthy margin expansion in our connectivity business.

For Jio Platforms consolidated business, consolidated financials for Jio Platforms Limited, operating revenue was at INR 36,332 crores. EBITDA increased 18% Y-o-Y to INR 18,757 crores and profit after tax at INR 7,375 crores, 13% growth year-on-year. So again, steadily increasing the contribution of nonconnectivity business increasing in every quarter, including with -- from a whole bunch of new services that we are offering in the market. The digital services are becoming -- are getting monetized. So that growth rate has been fairly significant.

Moving on, I have a brief section on our AI announcement that we made in our AGM speech end of last month. Our playbook for the AI, well, we've got all of the components and ingredients that are needed to really bring the best AI services products and solutions to the market, both for enterprises and for consumers. We have, of course, the go-to-market reach and customer access, connectivity, understanding of consumers and enterprises that Jio brings to the table. We have the global partnerships, strategic partnerships, access to models, access to technology and resources from most of these large AI companies.

We have -- within Reliance Industries, we have the capability to build the infrastructure, the power, which is really needed to put all the AI infrastructure in place. And in Reliance Intelligence, we have created a company as a 100% subsidiary of RIL, which will use -- utilize all of this, which will invest in developing AI capabilities, infrastructure and then build solutions and products and take them to market through Jio or through the other ecosystem companies that they have got. We've already made a lot of progress here.

Some of our products already integrate a fair bit of AI that is homegrown, of course, using JioBrain and integrating with the leading products and models of other service providers and doing some of that ourselves and building products and services for the entire consumer segment plus also SMBs and enterprises. So the partnership with Meta, a joint venture that we have formed in Reliance Intelligence, is 70-30 partnership. That's been formed to develop solutions for enterprises, for example. We'll do similar partnerships with others as well, not joint ventures necessarily, but partnerships.

And similarly, we are developing products for the consumer segment. Now all of this will go to the market through Jio because Jio has the access. Jio knows what the customers are using and are looking for. So it's a fairly synergistic play between all of these ecosystem players coming together and developing the best of AI for Indian consumers and Indian enterprises. And that includes AIDC infrastructure that we're developing in Jamnagar that we have announced gigawatt-scale DC in Jamnagar. We are -- we have already announced a GCP region -- cloud region in Jamnagar, working with Google, which is going to be powered by 100% RIL green energy. It's going to be fairly unique in that sense to have access to so much of green energy in that one location.

AI model capabilities, we're working with partners. As you are aware, some of our tech partners already are doing cutting-edge work in AI and some of the other companies as well, and we are collaborating and working together with them. AI for consumers, some of our products are coming in the market or are already utilizing this, be it on some of the things that you see in MyJio or JioHotstar. These are already getting integrated into those apps that consumers are actively using.

And then developing AI for sovereign use cases and for enterprises and SMBs. Now this is a priority area for us at Reliance. There is a 100% subsidiary of RIL, which is going to be working just on this and synergizing and working together with all of the other ecosystem companies like Jio. The CapEx is going to be done here. The infrastructure is going to be built here and whatever other kind of partnerships, access to compute infrastructure that is needed is going to be done here. The products and services that are developed go to market through our other companies, ecosystem companies like Jio, like our media business or retail.

And that is where Jio plays a very critical role and Jio benefits really with all of these products and solutions which are developed. And Jio continues to have the flexibility to work with other service providers as well. So it doesn't only have to work with Reliance Intelligence. Of course, if Google and Meta and OpenAI bring in more products, Jio can go and collaborate with them as well.

Slightly longish today, but that's the end of my presentation. We'll take the Q&A later. I'll hand over to Dinesh now.

Hi. Good evening, everyone. We had a very strong quarter. We delivered 18% growth on a Y-o-Y basis. I think this reaffirms the resilience of the business model and all the engines are firing. We -- if you look at growth across consumption baskets, so all our major consumption baskets have grown strongly. Online channels also continue to grow well. We are quickly scaling up our Quick Commerce offering pretty aggressively. We are also scaling up our store footprint as well. We added about 400-plus new stores during the quarter.

If you look at all our operational metrics, number of new customers added, number of transactions, all of those have a pretty healthy trajectory. If you look at transactions have actually grown at 27% vis-a-vis revenue growth of 18%. That is because of the significant growth coming from the online channels. We made a public commitment and implemented changes to pass on the GST benefit to consumers immediately once the new GST rates came into effect. It was done very seamlessly and very clearly and transparently communicated to customers. We continue to add new partnerships into our business. During this quarter, in our premium brands business, we entered into partnerships with 2 very global marquee brands, Stella McCartney and Max & Co.

If you look at our numbers, gross revenue up 18%. Net revenue is up 19%, slight difference because in the last week, the GST rates came down. EBITDA from operations is up 17%, same as total EBITDA and same growth rate for profit after tax.

Grocery, that is the biggest consumption basket we have. We have 3,500-plus stores across the length and breadth of the country. We continue to leverage that footprint for omnichannel expansion. If you look at most of the Tier 2 and beyond cities when we enter, we are the first modern trade retailer in those geographies. We introduced modern retail to a significant part of the country. We also are leveraging that infrastructure to offer omnichannel capabilities to customers, omnichannel offering, where the entire store assortment is available with quick delivery to the home as well. In the bigger cities, we are also complementing our store network with dark stores so that we reduce the last mile delivery radius, and we're able to deliver that quickly.

Another interesting trend that we are seeing is the premium formats are growing significantly faster, while we are seeing strong high single-digit LFL growth in our big box stores, the premium formats are actually clocking double-digit growth. Similarly, Metro, which is our B2B business, that again continues to be on a very strong trajectory with growth coming from multiple categories. We continue to have engagement with the kiranas and grow our share of wallet with them.

JioMart, we are quickly scaling up our Quick Commerce offering, which is now available in 5,000-plus PIN codes across 1,000-plus cities. We added close to 6 million new transacting customers during the quarter, which is up 120% on a quarter-on-quarter basis. Our quick hyperlocal deliveries continue to be in a strong trajectory with 42% growth on a quarter-on-quarter and 200% growth on a Y-o-Y basis in terms of average daily orders. To complement our 1P offering, we continue to add new sellers so that we provide the entire range to customers. We have also started Quick Commerce for electronics and accessories. In fact, we are also doing it for fashion.

In electronics, we have our stores -- the large part of our stores, which have been enabled on the Quick Commerce network, where the entire grab-and-go assortment is available on Quick Commerce for 30-minute delivery within 10 -- top 10 cities. We are also now aggressively investing behind brand building and create awareness of our very strong proposition, which is unmatched prices, convenience and no hidden charges. So we basically promoted a campaign with MS Dhoni to leverage the demand for the festival season.

Fashion business also had a very strong quarter with very strong LFL growth. The new formats, Azorte and Yousta, they continue to scale up very well. Yousta reached a milestone of 100 stores with a significantly large number of stores which are in the pipeline and will come -- become operational in the next 2 quarters. We are also kind of focusing on the ethnic wear category for the festive period, also focusing on giving customers a complete look because customers, when they come to a store, they are looking for everything, not just apparel. And for us, that helps improve our average bill value. So in addition to apparel, footwear, beauty, accessories, imitation jewelry, those are all categories where we are enhancing our offering, and the share is increasing quite meaningfully.

Ajio, our online fashion business, had again a very steady quarter. We've been focusing on premiumizing the offering, add more and more exclusive brands as well as other international brands into the portfolio. And as I mentioned earlier, Ajio Rush, which is the Quick Commerce offering in online, that we have made available in 300-plus PIN codes across the top 6 cities. And the way it works is you basically have a curative -- curated premium assortment, which is available in those particular PIN codes. And if the customers order that, it gets delivered within 30 minutes.

The benefits of that is, as you know, quick commerce -- online has the highest returns. So the returns on Ajio Rush are significantly lower. The ASPs are significantly higher because the assortment which is curated is more premium in nature. It's a convenient service. And the conversions are much better, right? And in the PIN codes where we have made this service available, we see a very strong uptick, customer adoption in this service.

Shein, which we launched a couple of quarters back commercially, we have crossed 6 million app downloads. Monthly active users are upwards of 11 million. We are now also starting to invest behind educating the customers about the relaunch of Shein because now we have a significantly large portfolio of almost 25,000-plus options, which are live on the platform. And every month, we continue to add new options into the portfolio.

On the premium brand side, as we spoke about, we entered into partnerships with Stella McCartney, which is a conscious luxury ready-to-wear brand and Max & Co., which is a youth-oriented women's ready-to-wear brand. There are quite a few other exciting partnerships in the pipeline as well.

Our beauty business, which is Sephora and Tira, continues to expand pretty aggressively. We launched Fenty Beauty in India in the last quarter. We are further expanding our presence significantly in Tier 1 markets.

On the jewels business, as you know, gold prices have gone up significantly over the last quarter and even before that. As a result, the average bill values are up pretty substantially. Now what has happened across the industry is that volumes have gone down because purchasing power has been impacted because of the significant prices -- increase in prices of gold. So the growth has been steady. I think as the gold prices stabilize, the growth will -- again, the volumes will also pick up. Another interesting thing which you are seeing is instead of investing more in new gold, the share of exchange has gone up substantially. So it used to be about 22% earlier last year, which has now gone up to almost 33%. So people are basically recycling gold rather than investing in new gold because of the increase in prices. On brand building, we have launched a new collection with Raveena and Rasha and then campaign is up and running. We are looking at that to capitalize on the Dhanteras buying, which will happen.

Electronics business, again, had a very, very strong quarter with very, very strong LFL growth. There was some impact in the time period between the announcement of the GST rate reduction on select categories and the actual GST rates came into effect on 22nd September. So during that interim period, people deferred -- these are all high-ticket purchases. So people deferred their purchases. So there was some impact of sales. But after that, the pent-up demand picked up pretty well, and that has continued into the festive season. We had a very strong Independence Day, as you know, is a big -- that week is a big week. During that period, we had almost 24% growth over last year.

resQ, which is a big differentiator for us, we are now present in 1,600-plus locations. So we are offering the resQ services, expanding it along with our store footprint, and it has a pretty wide presence now. Our own brands business, we are tapping the overseas market in partnership with local in-market players. Also, we are strengthening our offering with launching new variants in each of the categories. Our B2B and distribution business also had a pretty robust performance. It continues to be dominated by mobile phones and TVs, and that itself there the focus is on increasing the width of distribution as well as the share of wallet of the retailers, which are both on an upswing.

Quick on our FMCG business, 2x growth on a Y-o-Y basis for H1. Q2 was INR 5,400 crores of top line, so pretty strong growth. All our brands -- the main brands are Campa and Independence, both are seeing very strong market share gains. And as we are expanding the supply chain, the volume growth is pretty substantial.

General trade contributes almost 75% of sales. We are doing a lot of on-the-ground activations to -- basically for the purpose of brand building and make the push through the trade channel. We have signed up several MOUs for food parks and looking at setting up manufacturing facilities across the length and breadth of the country. We've also acquired the brand called Velvette, which is a pretty old heritage personal care brand. This will drive our growth in the Personal Care portfolio. It has a pretty strong brand record and customer loyalty. So we will be scaling up the product portfolio as well as expanding the geographic presence of this brand.

Thank you. Good evening, everyone. The last time I presented to you all was just after the IPL that was there. And with the IPL came an influx of a huge amount of audiences. Our biggest challenge at that point of time is how do we convert these audiences to remain on the platform and watch our entertainment content.

As Srikanth mentioned earlier, we have managed to have 400 million monthly active users on this platform, and I'll tell you what we did to retain them. So if you look at it from an entertainment point of view, I'm seeing this quarter for us was a lot of entertainment. Some of our biggest shows, I'm seeing is what IPL is to cricket, Big Boss is to entertainment. Big Boss across languages has performed exceedingly well with a 54% growth in watch time across JioHotstar nights. Two is we had some of the best short series. Criminal justice was what we had done last. I'm seeing is then we launched Special Ops. Special Ops turned out to be the second highest watched series on the platform only to follow Criminal Justice and remained #1 for 4 weeks in a row.

As much as we look at trying to see how we can come up with these huge tentpoles, one of the objectives that we have as for JioHotstar is to ensure that we have more and more engagement and how do we get consumers to come to us on a daily basis then come and watch us just on a weekend or binge watch on a weekend or just watch something which is dropping once a week, right? So our objective there is to try and we give them series, which are 100 episoders. We did a highly successful one in Tamil Nadu, and this is something that we'll replicate across markets.

Heart Beat was one of our top-rated shows, 100 episodes, and we had a drop happening every day. And we saw consumers coming to this platform for 100 days on a daily basis. And for us, that's something that we like to also pivot with to make sure that we have stickiness on this platform.

Lastly, Kyunki Saas Bhi Kabhi Bahu Thi Season 2 is what we launched. Happy to share with you that this show actually has been the biggest show across TV and digital and our biggest launch in the last 5 years on the platform, shown a 2x growth over the best ever show on Jiohotstar. And lastly, for the premium audiences, we continue to be the go-to destination for any premium home in this country only because each and every big American studio content is there on this platform. So that's entertainment.

Talking about sports. JioHotstar actually has become the largest sports platform. It's not just cricket. Across sports is where people come to this platform. If you just look at it, we did the India-England series, and this series was one of the most watched test series on any digital platform till date, 170 million viewers with 1.1 billion viewership time for live cricket. But it's not only about cricket, right? What's more important for us is looking at all different sports. So if you see Wimbledon, Pro Kabaddi, Premier League, each of them have started showing substantial growth. Clearly, I'm seeing is consumers look at this platform to offer them the best sporting events across. So that's from the content point of view.

Just to give you a quick one on the operational performance, sports, the 3 tournaments that we had, which is India England, Wimbledon and the U.S. Open, both of them -- all 3 of them delivered record viewership and monetization. The ongoing Pro Kabaddi League, which is actually the second biggest aggregator of audience after Cricket, has seen a massive growth of around about 148% year-on-year on watch time on JioHotstar.

On the digital part business, as I mentioned earlier, we maintained 400 million monthly active users, reflecting user stickiness, and that's how we have managed to convert viewers from cricket to entertainment, and I shared with you the content lineup that we had to do that. Our entertainment watch time was poised to grow by 10% quarter-on-quarter.

And last, our digital ad sales has seen a really solid trajectory, led by connected TV, where the revenue is much higher than mobile. Lastly, on the linear business, again, we operate a very big linear network in this country, and we continue to push it hard. Our entertainment viewership on the linear channels has grown by around about 30 basis points to 34.5%. But what's more important, it is close to the combined -- our viewership is actually close to the combined viewership of the next 3 networks put together. Lastly, I am seeing is the linear TV ad revenue has shown a double-digit growth quarter-on-quarter despite the challenging macro environment.

On the financial front, we've had a record EBITDA performance with industry-leading margins in a challenging macro environment. If you look at our EBITDA margins, 28.1%, which is really gold standard within entertainment -- within the media world. Our revenue of INR 6,179 crores and EBITDA, which has grown quarter-on-quarter from INR 1,000 crores to INR 1,738 crores and profit after tax of INR 1,326 crores. Yes, this was on the back of, one, I'm seeing is looking -- keeping a cost control on costs, but more important, strong performance from both subscription on TV as well as on digital.

Our digital ad sales has had a really strong growth. TV entertainment sales has -- continues to see pressure, mainly because of FMCG having major cuts. But with the GST, we are seeing green shoots, and we expect the quarters ahead to be much better. Maybe a sequential comparison might not be right because we had -- from a revenue point of view, because we had the IPL in the previous one. But in spite of that, we've had a robust delivery on revenues. Thank you.

Good evening, everyone. Just do a recap of the quarter gone by. So as you can see, it's slightly better -- pretty much flat, but slightly better than in terms of EBITDA quarter-on-quarter, lower year-on-year. Again, this is because of the natural decline in the KG-D6 fields. Again, like I mentioned last time, the natural decline is a lot less than what we had envisaged. And over time, the sense is that the resource base is a little larger than what we had anticipated at the time of the field development.

Consequently, we are now looking -- we have been working on options of augmenting production from these fields. So we have got a deepwater rig come to our block in the next quarter -- in the next year, the first quarter of next year and drill wells. So we'll have some exploration wells, which is more infrastructure-led exploration wells around the infrastructure -- existing infrastructure that can be tied back rapidly in case of discovery. We are looking at sidetracks to extract more reserves in the MJ field as well as additional wells in the R and Sat Cluster wells to create more reserves. Again, these can be tied back rapidly in the most capital-efficient way. So those are things that we are working on whilst we see this natural decline in KG-D6.

In CBM, the production should have been better. We are trying to drill the multilateral wells rapidly, but because of the adverse weather conditions, it was a roadblock in that sense. So the expectation is we'll be able to rapidly drill these wells in the coming quarters and augment the production.

In terms of price realization, again, year-on-year, it's been higher, just that the ceiling price was also about $10.04 at this time -- sorry, $9.72 at the current juncture. So overall, when we look at this decline, our focus is now how do we augment this decline. And as you can see, it's in KG-D6 that we see it, but then we have identified accumulations and reserves in and around those fields, which we intend to accrete rapidly and augment production.

Just to get a sense of how the gas prices are, as you're all aware, the ceiling price was notified and it's $9.72 in the half going ahead. And we expect overall prices to remain range bound. I mean largely, what's happened globally is that the China demand has come off by almost 16% in the last quarter, whereas U.S. LNG exports have gone up by almost 20%. The only thing that's held up the prices is essentially the political turmoil that we see still in the Russia-Ukraine scenario. But nevertheless, what we see is fundamentally, even EU inventories are still much lower than 5-year averages. So what we expect is prices should hold in this range.

Now since ceiling price is lower, we expect to max out on the ceiling price. So that's about $9.72. Indian market still remains robust. The demand remains robust, about 192 million standard cubic meters per day last quarter, up by about 3, again, led by CGD. We still see growth in CGD, the fertilizer sector, but slightly fell off in the power sector because of the monsoons. But largely, the demand is not a concern at all in India in terms of the availability of gas. That is the key piece, and there's a lot of effort that is underway right now. We are looking at expanding our presence in the East Coast of India along with our partners. So those are efforts underway. And in due course, once that happens, we'll be able to get back more accretion. That's how we're looking at it. Thank you.

Good evening to all. On the O2C financial performance, we can see that the revenue is up about 3.2%. EBITDA is up 20.9% and the margin is up 130 basis points. The reason for the sharp increase in the EBITDA is because of the fuel cracks, gasoline, jet and diesel all going up significantly, and the range has been an increase from 22% to 37%. We'll cover the details in a while. Improvement in the polymer deltas, PE is up by 6%, PP by 8% and PVC by 5%.

Polyester chain, of course, has been weak. It's down by 9%. Another aspect of the good EBITDA growth has been domestic fuel placement through our JV partner, sorry, Jio-bp. Diesel sales are up by 34% and petrol sales by 32%. Also, we have done something on the yield optimization, which I'll cover in the next slide. That has helped also to capture the fuel margins. And we also have ethane as a feedstock where we could procure a little more quantity than normal.

So that also helped in the profitability going up. If you look at the Q-on-Q EBITDA, it improved because of higher fuel cracks already mentioned, but it was partly offset by the higher OSPs of the Middle East because of all the geopolitical tensions and concerns over supply going away from Russia. There has been concern and then the differentials of most of the crude and all have gone up, which impacted the EBITDA to some extent.

Now how did we tap these kind of favorable cracks? We maximized the crude throughput within the same capacity, of course. How we did that was we optimized around blends and different crudes, ensured that always the utilization at the highest level in the crude unit. So instead of 20.2 million, we've been able to take the throughput up to 20.8 million tonnes in that quarter. The other important aspect for the refining margin is the platformer and which makes gasoline as well as FCC, which is also helping in the production of more gasoline as well as distillates.

So these 2 units also were run at a higher utilization rate, increasing the yield of valuable products like petrol and diesel. Also, PP goes up, so that is also one factor which contributes to the profitability. Aromatics, like I mentioned about the polyester chain. So what we could do with that was maximize our gasoline production. So we optimized around that so that we make more gasoline, which is more profitable. The fuel -- fuel of a refinery is pretty important. It's a large component. So how do we optimize the fuel? So we try to cut the cost of fuel by increasing and maintaining a high level of gasifier operations where the coke is converted into syngas, which is used as a fuel.

And also wherever possible, we've imported cheaper power from the grid. So all these are the activities we've done to -- they were good margins, but we had to go and tap those margins, and these are the actions that we've taken. I mentioned about the strong performance of Jio-bp in the domestic market. So if we look at the volume and the growth, which is in brackets. Petrol and diesel together, we've done about 1.8 million kL. That's like a 34% growth. ATF, which is jet fuel, we've done about 157 TKL.

Yes, this is lower definitely than last quarter. But what is important to note is we are maintaining the share there. And all of you would remember that after the incident in Ahmedabad, all the planes became more cautious. They were doing a lot of checks and all. So there was a reduction in the traffic, which caused some of the ATF to go down. E-mobility-wise, on a low base, but we have grown at 32%. CBG and CNG are an important focus for us. We have grown by 70%.

Talking about the market share and the effectiveness, market share-wise on petrol, we are at about 3.6%, diesel at 6.2% and jet fuel or ATF at about 6%, close to 6%, 5.9%. Network, I think that's something which we are aggressively working on to increase our presence and footprint across the country and more -- add more and more outlets. So we are at 2,057. Charge points for our EV mobility solution, it is at 6,431. CBG and CNG stations are at 107 and convenience stores because that adds to the nonfuel sales, that's about 142 convenience stores. So these are the reasons for the strong, I would say, performance of RBML, and we are continuing to work on this to improve further. We've seen that the crude prices have been very volatile. All of you are probably seeing in the newspapers and reading about this.

So quarter-to-quarter, of course, if you look at year-on-year basis, second quarter was of '25 versus second quarter of financial year '26 from $80, it's fallen to $69. And what was the reason? There were a couple of things. The reason for the fall in oil prices was OPEC+ has been unwinding their cuts. They had cut production and more than 2.2 million barrels of OPEC cuts have come back into the market. So that has definitely weakened the price. What has been holding it up from any further slippage in the price is that geopolitics and concerns over whether there could be any disruption, major disruption. That is what kind of supported the price to an extent from further fall. Also, the global refining operating rates have been rising.

Why they have been rising is, again, on the product side also because of the geopolitics, there's concern that product availability could be affected. Therefore, all the -- be it U.S., be it Europe and all have been increasing their runs, been running at healthy levels. So that has actually helped the demand. And using this opportunity, some bit of SPR buildup has happened in countries. So these are the reasons why we didn't have prices lower than this. It is getting supported at this level. How is the oil demand? Oil demand because of all the tariff concerns, has been muted.

Normally, we would have about 1 million barrels per day on an average in a year, but the typical growth, that's what it is. It's about 0.7 million now. And as expected, most of the demand actually growing in non-OECD Asia. Asia is where maximum growth is happening. So 0.5 out of this 0.7 is in non-OECD Asia. Africa has grown by about 0.2. And within this 0.7, if you look at which are the products where it has grown, diesel and jet fuel are the main areas where we have had 0.2 million barrels each of growth. So 0.4 million of this 0.7 million has come from the transportation fuels.

Jet also has improved a little, and that's because we are at pre-COVID levels in terms of the jet demand. Gasoline is relatively flat. We are seeing a lot of moderation of the growth because China is pretty aggressive on EV adoption. That's kind of moderating the gasoline growth. Of course, there's also -- the season is more or less over, so we also find gasoline growth coming down. Domestic demand, again, pretty strong. Economy is doing well. So that's the reason why we are seeing a very healthy growth. I mentioned about ATF, why it is down.

On the fuel cracks, just to give you a summary, Brent crude price is down by 14%. As mentioned, it's because of the unwinding by OPEC+ and they are increasing the output further. Gas oil cracks up by 37%. That's a large number. And that's because one is the attacks by Ukraine on the Russian refineries, taking them off, though some of the refineries are coming back quickly also, but the perception in the market is that this is really risky for what's going to happen to the diesel situation.

And we have lower inventories in Europe as well as Asia. Gasoline cracks also for this time of the season, reasonably good at 8.4%, and that's a growth of 24%. That's because, again, concerns about the refinery outages, and we have lower inventories in Singapore and exports from China also have moderated. Jet fuel cracks, like I mentioned, it's at pre-COVID levels of almost 8.2 million barrels a day. So that's the reason why we are seeing healthy jet fuel cracks. Also refinery outages and all are the reason for this.

So with this, I will ask my colleague, Amit Chaturvedi to take over.

Thanks, Srini. Talking about major feedstocks first. U.S. ethane prices averaged about $0.23 per gallon, up almost 47% compared to the same quarter last year. Last quarter was, of course, marked by very, very low U.S. Henry Hub gas prices where they had dropped to almost $2 million BTU levels. And this time, they are normalized to something like 3-plus level. So that has resulted in ethane prices strengthening as well. But despite this, the ethane cracking remains the most favorable feedstock compared to all other things also, and we'll see it in the slides ahead.

Naphtha prices declined 12%. Of course, as Srini talked, the crude weakened and along with it, the naphtha prices as well. Naphtha cracker operating rates global, they continue to remain weak because of the weak demand and plus the overcapacity that have been created in the world, especially in China. Global cracker operating rates, 79.5%, which is not a healthy number from any standards. However, our cracker operating rates, Reliance cracker operating rates were full 100%, thanks to they being supported by, one, domestic demand; two, a mix of feedstocks, which were ideal, like we get a lot of ethane from U.S. We also use a lot of off gases in our crackers.

So based on that, our economics remains far superior compared to the naphtha crackers, which are competing with us in the same market. Talking about the demand growth, polyethylene and polypropylene grew by 4% and 9%. Staple fiber and filament yarn also grew by 6% and 7%. The 2 products which reflected -- experienced lower growth in demand for PVC and PET, primarily because of very heavy rains this year all across India.

We had floods in a lot of states. Punjab was, of course, flooded, so were many other regions in the country. And PVC being an agrochemical -- agri, I mean, end applications, lots of them was impacted. However, with rains now ending and that seasonality will be over and we expect PVC demand to bounce back again. PET also because of very thin summer this year and plus floods again, it was impacted -- the demand was impacted by that, and that should normalize.

And in the long term, we still believe that the growth story remains intact in the country in various sectors, whether it is textiles, packaging, FMCG, infrastructure, mobility, hygiene, health care, these are the sectors which are growing very healthily in the range of 6% to 8%, and they should keep supporting the demand of polymers and polyester that we manufacture.

Talking about margin environment, we talked naphtha prices were down 12%. Ethane was up 47%. But the deltas, polyethylene, polypropylene, PVC, both -- all 3 deltas were up by 6%, 8% and 5%. And some of them were primarily because of naphtha prices, lower naphtha prices. The EDC also remained very weak due to sluggish PVC demand. And the polyester chain, however, had a -- has been pretty weak of late. Srini also talked about paraxylene and there is PTA also has been weak, mainly driven by very, very huge capacities that have come in China in the last couple of quarters. And talking about comparison of margins from different feedstocks, ethane remains evergreen. It's shown in green color also. So it's the evergreen feedstock, higher than all other possible feedstocks.

Naphtha and propane have been close to 0 in last many quarters, actually, almost like since COVID period. They remain not so competitive feedstocks in today's environment, thanks to, again, huge capacities that have come up in China, in U.S. and in the -- some of them in Middle East as well.

Business dynamics talking about and priorities, Srini side talked about it. Oil demand continues to grow, tracking about 0.7 million barrels a day for this year. And the important thing is that India is contributing almost 14% of this increased demand. China will contribute 10%. Refinery rationalizations and disruptions will support the export demand. Domestic demand expected to pick up as we are entering the festival season now and our retail colleagues talked about that. Downstream chemical margins will remain constrained and the capacities are too much to handle for the world right now.

And volatility in feed, of course, as the crude dances, the feed prices also will continue to dance. GST rationalization, however, has really helped a lot in boosting demand. We have -- we are already seeing it in some of the products. There was, of course, in last quarter, a waiting period where people actually paused to buy as the expectation of lower GST rates was there. But since then, from 22nd of September and now in this current quarter also, we are seeing that demand bouncing up. And especially in polyester end products where the GST rate has been brought down from -- for staple from 12% to 5% and for filament yarn from 18% to 5%. That is likely to give a big boost. And that ultimately ends up as retail products.

In terms of priorities, we'll continue to work on high utilization. Continue focusing on domestic market, which is our forte. I mean when global margins are under pressure because of the capacities, our savior has always been the domestic demand, where our netbacks are best. And we have the marketing network and the wherewithal to reach out to the customer at the shortest possible time. So high service level ratios.

Jio-bp will continue to expand network and increase new mobility solutions offering. Srini had talked in detail about that and accelerate project execution to ensure timely completion. We have 2 large projects which are under execution today, the PVC project and the PTA polyester project, both are under execution stage, and we'll continue to work aggressively to expedite them. With that, I hand it over to Sriram, New Energy.

Yes. Good evening, ladies and gentlemen. Let me introduce myself. My name is Sriram Ramakrishnan. You might have not seen me before, but my colleague, Karan Suri, who covers New Energy is traveling overseas. So it's my pleasure to give you an update where we are on New Energy. So I think you have seen this picture before, what we are building at Reliance in terms of our New Energy business, which I believe is unique in the world. Just like what we did at Jio, where we created a disruption, we are looking to do the same in New Energy.

Let me start from the right-hand side. I mean, with the increasing electrification, the requirement for electricity is increasing across all industries. So we are looking to provide renewable energy around the clock, which -- at a price point which is more attractive than fossil fuel-based power plants. And likewise, we are looking to produce green chemicals, sustainable aviation fuel, again, using green hydrogen and at a price point which is very attractive.

So when you look at how do we deliver this, how do we deliver this renewable energy around the clock as well as how do we produce these green chemicals. So the first part of the equation is our renewable energy round-the-clock power plants, which we will start setting up in Kutch starting next year, where we will be producing renewable energy around the clock using solar power where we convert the photons into electrons, and to produce and supply this power around the clock, we will be using battery energy storage systems, where we will store these green electrons in the battery system and supply it when the renewable energy source is not available.

So this would be a unique configuration. We are piloting these plants in our Jamnagar facility, very successful demonstration of this technology. And we are confident of scaling this up in giga scale starting next year. Likewise, we are also making progress on our electrolyzer giga factories, which will then use this renewable energy around the clock to produce green hydrogen. Now to deliver these projects, we are building up what I believe is the world's only end-to-end integrated manufacturing ecosystem. I think we have communicated previously about our solar PV module factory starting up.

So what we are building up in the solar PV space is the complete value chain, starting with the solar modules, which, as I was telling you, converts photons into electrons. But to make these solar modules, we need solar cells. So I'm happy to say that our solar cell giga factories are -- will be starting up in the next month at Jamnagar. Then we are backward integrating the solar cells into wafers. And to make these wafers, we are also setting up our polysilicon and ingot factories. So this is building the complete value chain, including glass for the PV modules, which again would be one of the largest glass factories in India.

So solar helps us to produce energy from the sun. But how do you store this energy is where our battery business comes in. And my specific focus in new energy is around the battery business. So happy to say that we are making very good progress in starting up our first battery factories by early next year. So we will start with the battery energy storage system gigafactories, followed by the pack factories, which supplies the battery packs for these containerized energy storage systems and then backward integrate into battery cells.

So basically, we are looking to build a complete manufacturing ecosystem around both solar and battery, which will give us supply chain resiliency as we look to scale up renewable energy around the clock. So we had shared with you last time about our PV module lines. We have now commissioned 4 lines. And as I told you, we are close to starting up our first PV cell line, and we are on target to achieve our targeted capacity. And our expansion is going to be in a modular fashion. We started with an announcement of 10 gigawatt peak, which we are now scaling up to 20 gigawatt of solar PV module production, completely vertically integrated.

Likewise, the work on the battery energy storage gigafactory is progressing at a rapid pace. And we have made significant progress at site for a 40 gigawatt hour manufacturing capacity on batteries. Likewise, we are also making good progress in Kutch which is where we are going to deploy our RE-RTC projects. It's about a 550,000 acre site across multiple plots, which we have completed the feasibility study and the different sites are at various stages of land development. So we are looking to finally start adding to the revenue and EBITDA of Reliance with starting our first production of RE-RTC next year.

So this gives you a bird's eye view of what's happening in Jamnagar. I mean, we would love to take you there. The energy there is palpable. When I go there, just seeing the kind of construction, what is going on is, I think, very unique. I have visited factories around the globe, including China, but I can tell you this is unique. what we are building in Jamnagar.

So we are building what will be the world's largest new energy complex. Nowhere in the world do we have the complete ecosystem for PV modules all the way down to polysilicon. Nowhere are you going to have the complete battery ecosystem in one location. And this is at the new energy complex in Jamnagar.

So this is some inside pictures of our PV cell factories, which manufactures our heterojunction technology cells, where what you're seeing on the left-hand side is the print line loaders, sophisticated machines, which does the metallization on the silicon cell so that you have both the forward contact and back contact on the cells. And the tool on the right side, the machine on the right is the texturization tool. And this helps basically increase the light absorption area on a PV cell. So this improves the efficiency of the PV cell, which then is string together to make a module.

The first line will be commissioned, as I was telling you, next month. This is, again, a words review of our glass giga factory. This is by far the largest glass factory in the country, and it is also progressing very well according to our plans. And this glass will be supplied for our PV modules. This, again, is something I'm very proud of. This is probably going to be India's first polysilicon factory, where we actually will be producing polysilicon from metallic grade silicon.

And this is using CVD process. It's extremely high technology process that we are using to produce polysilicon. And this polysilicon would get converted into ingots and wafers. So you basically would draw an ingot and then you slice the ingots into wafers, which will feed the cell factory. So the complete ecosystem for PV module production is all in different stages of commissioning currently at Jamnagar. And looking at the battery gigafactories, happy to share that we are starting to make rapid progress on the ground.

This is a bird's eye view of our battery container building on the right-hand side, where we have work going around on round the clock, and we are looking to start this factory, which would be our first factory in the battery gigafactory complex early next year. So we are currently on track to complete 40 gigawatt hours of battery energy storage gigafactory at Jamnagar. So that was giving you a quick summary that we are making very good progress according to our plans and looking to start generating renewable energy round-the-clock power using the PV modules manufactured in Jamnagar, the battery energy storage system manufactured in Jamnagar.

And what we are building is very unique because we are going to manufacture it. It goes straight from the factory to the foundation. And we would be looking at scaling this up in a modular fashion deployment in the field. And as you saw, we are building the complete value chain where we are looking to squeeze out the efficiency at every stage of manufacturing. So that is what we are working towards, and we look forward to kind of taking you to all to our factories in the near future. Thank you.

Sumangal here from Kotak Securities. First question to Anshuman on the tariffs, right? We've seen in the last quarter some nudges, as you mentioned. Now going forward, should we expect that more or given that we are now 6 quarters since the base tariff hike in the near term, something on the base tariff as well what we saw last year?

No answer at this point in time. Those will happen when they will happen. There are no current plans to change anything on it. We are nudging consumers to consume more and happily pay more, but no immediate plans for the tariffs.

Okay. And then on homes, we are now consistently hitting 1 million plus. So if -- are we close to the peak in terms of monthly run rate? Because if we do that, then we are reaching to our 100 million ambition closer to 7 years from now? Or should we expect this rate to also increase in the coming few quarters?

No, we are expecting to ramp up this rate. The run rate for connecting new homes has been increasing and the technology is working well. A lot of these new connections are being done wirelessly. And therefore, the implementation itself is simpler, faster. And we are expecting that we'll be able to scale this up quite significantly from where we are today.

And just one last one. On the AI bit, you explained a lot of the entities will be a 100% owned subsidiary and the go-to vehicle could be something like Jio. Now from a group perspective, if I look at the value proposition, I mean, what could be at the IP level and what could be the value proposition by the vehicle like Jio? Any -- how should we think on that?

So it will really depend on the nature of the products and solutions which are formed. And this will be like any other -- there is a lot of value in the IP, which is being created, but the ability to access customers, users, enterprises is really critical. Today, the battle is for that, who knows the users best, who knows what is required and can come, develop new things fastest. And we are seeing that play out across most of the current use cases. I'm not talking about the models themselves and the amount of innovation, which is happening there.

But on the products and solutions, really, it really depends on what kind of products and solutions these are and how you can take them to the market, how you can really integrate them with some of the existing platforms or potentially take them directly to users and enterprises. And each of these will really depend on the nature of the service, nature of the offering, what the economics are and then there will be a value sharing between the IP owner and the actual go-to-market.

So a couple of questions, again, carrying from Reliance Intelligence. Now Reliance Intelligence is all about DC or GPU as a service? Will it reside in Jio or it will be in Reliance Intelligence? And as far as DC to DC connectivity, on the connectivity part, will it go to the InvIT or the Reliance Jio will have any role to play in that?

So the Reliance Intelligence company is going to develop, invest in whatever is required to create intelligence products, which would also require a lot of infrastructure, a lot of compute, the GPUs, et cetera, which is going to be done by Reliance Intelligence only, the product...

What's the role of Jio in this entire thing?

So Jio is going to develop its own products and it's going to work with Reliance Intelligence to bring those solutions to the market. Today, Jio can -- is tying up with different AI companies, different product solution companies to take those to the market, developing its own as well.

Look, think of Reliance Intelligence as the -- I should name companies, but AI companies which are coming out with products and solutions. Reliance Intelligence is not looking to do its own LLMs at this point in time. But the product and solutions, AI-based product and solution companies and using its own infrastructure, its own people, its own capabilities.

Jio is a user. Jio is the user of those capabilities, which are going to be built. Jio would also work with Meta and would work with OpenAI and Google and Microsoft to use their products and services as well. So Jio is -- will have an open slate to work with anybody that it wants to do, whereas Reliance Intelligence is competing with the Meta and the Google for the AI products that are coming into the market.

Got it. Second, on the tech stack, which we spoke so elaboratory in the 2 sessions now last time and this time. Any commercial development to talk about there? Are we close to signing any tech deal globally? -- commerciality there you can share?

Can't comment on it right now, but we're seeing a lot of intent, a lot of demand. So we are working on that.

Sachin Salgaonkar, Bank of America. Three questions. First question, a follow-up on Reliance Intelligence. Any broad understanding in terms of CapEx investments we could see that over a period of time? And can you clarify if the DC investments will be a part of Reliance Intelligence or not?

Yes. So the DC investments are going to be part of Reliance Intelligence. The infrastructure will be -- the components, something might be in RIL directly, otherwise in the subsidiary itself. We announced the gigawatt scale data center that we are developing in Jamnagar. Now hard building will really -- there will be other considerations into where that should be housed, whether in RIL or in Reliance Intelligence.

But everything on compute, we have announced the GCP region in Jamnagar. That is being done by Reliance Intelligence. So that investment will be made by Reliance Intelligence. Of course, that capacity is going to be used by Reliance Intelligence itself but by the other companies as well in the group. who don't need to incur the CapEx for doing that.

Any broad CapEx sense? What kind of numbers are we talking about?

Well, we've started with the first phase of the GCP project itself, and that will evolve into a little over 100 megawatts over the next 2 years. And then we will keep developing. But of course, we are also talking with partners on doing something more jointly. At this point, those numbers are not firmed up.

Got it. And obviously, Google will be using TPUs. Is there a thought process also to get GPUs or the hyperscalers will look at getting GPUs?

So it really depends on the use cases. We've got the flexibility to work with GCP on the -- and use TPUs, but we can -- depending on the nature of the development, we also have an Azure DC in Jhanagarh that you're aware about. So it will really depend on what use cases we are using it for. With GCP, of course, we'll be using their TPUs that are now getting commercialized.

And AI use cases are in very early stages. So is it fair to say we could see some kind of a monetization maybe 12 to 18 months down the line at the JPL level or that might take more than that?

Well, some of the AI use cases, which like search itself, like what ChatGPT or Gemini are doing today are becoming very popular. They may not -- the monetization may still be low, but are becoming popular. In all those cases, the owner of that consumer is going to have a pie of that monetization. So some things may start sooner. But look, we are all working towards and we are all trying to figure out how this can be not only expedited, but how we can -- who will have the right to win in these situations. So it is going to evolve over the next few quarters.

Got it. Second question, in the presentation on corporate side, there was a mention about rural enterprises. So can you clarify these are offerings also towards SMEs or we are yet to launch a corporate package focusing on the SMEs?

No, we already have corporate packages for SMEs. We have -- we are selling the stack to SMEs. We have our own Jio stack Jio Cloud that we now sell to SMEs. So we have various packages, and we're seeing good traction, good uptake there.

Got it. Last question on retail. I remember a year back, digital commerce used to contribute to around 18% of total revenues. Since then, clearly, Quick Commerce has picked up in a meaningful manner. What would be that number right now? And any rough breakup in terms of B2B and B2C contribution out here?

See, we don't give the breakup between that. But overall, with the growth in Quick Commerce, that number has increased by a few percentage points.

Okay. So that 18% might have gone to 20%. So is that a fair range to look into?

Yes, it's gone up. It's gone up marginally.

The good thing is that the offline itself is also growing well. So it's a good tussle to have..

Yes, look at it this way. Our objective is to maximize wallet share with the customer. I'm not neither an offline player, neither an online player. We look at the -- am I capturing enough wallet share of the customer, whether he buys online or offline, that is something that doesn't concern us.

Okay. Understood here. So how should we think about the advantages which Jio Platforms will have from the investments which the group is making in data centers, New Energy, intelligence? How does Jio Platforms leverage it?

So Jio Platform is the entity which knows the customers, which is going to the customers with its digital offerings and connectivity. It has the use cases that it wants developed. It benefits because it now doesn't have to invest a lot of capital, and this is all fairly CapEx-heavy play, at least in the initial few years. It doesn't have to do that. It has another entity which is willing to invest in infrastructure, invest in capabilities, people, et cetera, which will develop these products and solutions for Jio Platform.

Also, Jio Platform is not bound only to Reliance Intelligence. It can work. It can do its own things if it finds it economically viable, but it can also work with other partners. So it's, in some ways, getting the best of all worlds. It doesn't have to invest a lot in CapEx. It has a symbiotic relationship with Reliance Intelligence, where it can together co-develop products and solutions or it could, depending on how the market evolves, work with others as well. So it's kind of derisked model for Jio Platforms. But whatever be the case, finally, the go-to-market, the go-to customer is going to be in some form or manner through Jio Platforms Limited.

And will these advantages be unique to JPL or even Reliance Intelligence can deal with multiple parties?

Reliance Intelligence is in the intelligence game. It will work. It will take -- work with everyone. So there are no restrictions on either of them. Reliance Intelligence will develop products, take them to market. But very logically, today, just about everybody is talking to us because Jio is the access point to enterprises to consumers. Now Reliance Intelligence will, of course, have an ability to work with Jio, but it can do itself. It will have to compete with all of the AI companies. So it is in that business.

And second one is when do we start seeing these investments starting to get monetized? So data centers, when do we start seeing sizable numbers coming in? And when do we start seeing some of that accruing to like JPL?

So JPL is not investing in data centers. So that -- I just wanted to be clear about that. Part of the reason we're doing this is also because it is going to be a little bit CapEx intensive initially. And JPL is not taking that exposure. The CapEx is going to be done by Reliance Intelligence. Having said that, on the data center side, there is increasing requirement. So everybody needs data center capacity. It's something in very high demand today.

People are willing to pay a lot of premium. So data centers are going to be built, and they will get monetized because the end users, the AI companies will have to pay for the data center. So that's a relatively -- that's an infra kind of investment in some ways. When will AI start getting monetized? Well, those are the trends that we are all looking at right now. It's very early days in India, the monetization on the monetization front, but we are seeing some of the global companies beginning to create a market, create -- start generating revenues now.

Of course, that will -- the market has to evolve in India. It's still early days here. And for that, really, it's more than anything else, we need to find the right use cases of people. People will pay, companies will pay, enterprises will pay when they see value. Today, how much will you really pay for somebody having simplified your search from Google to an AI product. So that's something that has to evolve. We all are working on it. I'm sure a lot of companies that you cover are really focused on that.

Sure. And lastly, on retail, like what kind of impact are we seeing from Quick Commerce? These companies are like doubling in size. And I understand you are also investing in Quick Commerce. What's the kind of like dark store count which you have? And are you seeing any impact at all of Quick Commerce and physical retail right now?

Is growing pretty rapidly for us as well. We are up 40% on a quarter-on-quarter basis. We are scaling up that offering pretty significantly. We are investing in dark stores. We are investing in acquiring new customers. Those are investments one has to do. And the average -- your daily orders are going up pretty substantially as a result of that. We are also working on the technology platform. So you will see some developments on that as well. So all of that is happening in parallel.

You mentioned that you invested in some dark stores. So what will be that number? I mean what's the like kind of reach you have? I heard 5,000 pin codes, but beyond that, if you can talk about what kind of investments in dark stores?

See, we have about 600-odd dark stores, which are already operational, and we are opening more as well.

This is Nikhil from Goldman. I had a couple of questions around the new energy and oil to chemical business. Maybe just starting on the new energy first. You mentioned about the progress on the battery containerized plant side. Can you specifically provide update on the battery cell assembly plant? I believe that's the most difficult part in the value chain.

Also asking in terms of where we are in terms of securing all our equipment and from where because the context is about China starting to restrict some of the battery machinery exports. So where we are on that battery cell assembly part, which is probably the hardest process in the value chain.

I just wanted to share that the battery cell factories are also progressing well. So we are started the construction of the cell factories as well as we have secured all the equipment for our first phase of cell manufacturing. And yes, our cell equipment sourcing is happening across the globe, and we are monitoring the impact of the new regulations, which are coming in. But for the most part, we have secured the equipment for our first phase of the cell manufacturing plant.

And in terms of next 3 to 5 years of production of our PV factory and the battery factories, is it fair to say most of the production that will be done in this decade for the next 3 to 5 years will be for captive purpose? Or how long of the production will be used in your assessment for the captive purpose before we are starting to sell to the outside market?

See, definitely, the focus initially, like I said, is to deploy our own power plants, RE-RTC power plants in Kutch, which will first supply all our internal demand, including you saw the presentation, we are setting up a gigawatt data center. So that would also be one of the consumer for this RE-RTC power. And so for the first few years, for sure, it will be internal consumption. And then we are looking how we can market this green RE-RTC power to other C&I customers across the country.

Okay. Maybe just some question on the O2C business. So on a Q-on-Q basis, throughput actually increased more than the EBITDA. Is it because chemical offset the refining improvement? Or is it that even within refining, OSP increase offset the other broader business environment on the refining side?

Like if I understand your question correctly, you were saying that the throughput has gone up, but probably the EBITDA is not kind of reflecting that. Is that your question?

Yes, throughput increase is more than the EBITDA increase on a Q-on-Q basis.

That's right. Actually, because the geopolitical situation was such that the prices of Middle East OSPs are representative, but everywhere across the board, we found that the differentials -- the flat price itself has fallen. I've already mentioned that, but the differentials have risen significantly for the -- particularly the heavy feedstock. So that has offset the.

Right. And how has -- how is the environment changing in particular, over the past month? -- the city seems to have increased further. The cracks are at phenomenally high level across product. But at the same time, it seems OSPs are increasing, freight rates are increasing. Is your margin capture over the past month improving further or net-net struggling to still improve with the higher cracks because OSPs and freights are also increasing?

I can say this that maybe at these margins, one shouldn't say refinery is struggling, okay? I think these are reasonably healthy levels of margins. Having said that, I think if you look at the world, what's happening is on the refining side because of the drone attacks happening between Russia and Ukraine, the oil infrastructure is getting affected seriously.

So the market perceives that there could be a risk to product supply. And what we've seen is everyone has increased the refinery runs. And when they increase refinery runs happen, any small outages tend to magnify the impact. Let's say, we've had some outages in the Eastern Malaysia, maybe in Nigeria. So that's kind of, in our view, supporting the cracks significantly.

This is Vikash from CLSA. So on retail, last quarter, we did hear a little bit about streamlining operations and that having some follow-on impact. Of course, we're back to pretty strong mid- to high teens kind of growth on a Y-o-Y basis. Do you think that there is still some follow-on impact possible of the streamlining thing or that is -- that should be seen as history, and we should be seeing these kinds of growth rates, which is possibly what is the potential growth rate of retail going forward?

So streamlining is more or less done. We are accelerating our store rollout as well. The closures are more or less normalized. You always -- when you open stores, you always make some mistakes, right? But the closures are more or less normalized and you will see BAU growth going forward.

Okay. And on Quick Commerce, so whatever a few KPIs or numbers that you gave, is this up 40% Q-o-Q, just to repeat, 600 Dark stores or so right now, and you're operating in 5,000-plus postal codes. Is that what you said for Quick Commerce or for JioMart?

Yes, 5,000-plus pin codes, 1,000-plus cities -- the dark stores are more in the bigger cities where there are big gaps in the network, right? In the bigger cities, you cannot -- because of traffic, you cannot go beyond 1, 1.5, 2 kilometers for delivery.

So a lot of dark stores are focused on the bigger cities. But then in addition, we have 3,000-plus grocery stores, which are there, which are also participating, right? So majority of the deliveries are happening from the stores. Dark stores are only where there are gaps in the network where we are in dense locations where you -- the distances with the store is more to be able to meet the delivery expectations.

And what has been the average delivery time over here? Has that also improved further.

That's improved substantially. Our promise is 30 minutes and pretty much all the orders are getting delivered in meaningfully less than that. The average is much lower.

Okay. Just on New Energy, so when we start with the first production of the RE-RTC first half of next year. So is the first target to, I think, that 17, 18 gigawatt of internal requirement is by when do we expect that we reach somewhere around that? Is it maybe in a year or two's time or much more than that? Or what is that?

Yes. See, we are starting our RE-RTC power plants next year, and we would be scaling up in gigawatt scale. The exact sequence of scaling up, we would communicate as we progress now in terms of all our land development activities. But we are well lined up to start gigawatt scale rollout for these plants.

Sure. So I mean, just to kind of put that again, since there is a 2030 net zero target, so by then, most of the internal requirement we would have reached to supply through this. Is that how I should think about it or?

Yes. I mean I think it's fair. But also our demand -- internal demand also is growing like the data center example. But yes, our target is we should -- ahead of what we have committed, we should achieve in terms of the net carbon zero for internal reliance requirements.

Sure. And on media, there's this big jump Q-o-Q in margins. Is there something about OpEx amortization or anything which is the reason for it or any big jump in the margin?

I can take that one. Look, the last quarter was the IPL. So the IPL...

So all of the IPL OpEx comes over there.

Yes.

So there's a seasonal amortization thing, which...

Yes. Maybe we could take...

This is Probal from ICICI. Can I just slip in one more?

Just -- I mean, of course, I'll see where we do the question. I just wanted to see maybe 2 more questions and then wait for dinner, of course, we'll be there so we can have that conversation. And even before that, I do want to wish you all a very Happy Diwali and please join us for dinner after these 2 questions.

Can I continue? Just on the petrochemical business, you mentioned about the advantages in terms of ethane sourcing and the pricing advantages versus naphtha. Just wanted to see, can we get a sense of what percentage of our overall throughput today? If you can just give a broad sense between ROGC, naphtha cracker and ethane, are we doing right now? And is it really possible to shift a significant proportion from, let's say, naphtha from ethane even from these levels?

Broadly speaking, approximately 25% is naphtha, approximately. And 25% is ethane and 50% is off gases. But there is a little bit of shift which is possible, depending upon where the absolute prices are, depending upon how much off-gases does Srini give us in the petrochemical business from his cokers, from his FCCs, from the farmers and different units because off-gases are a pool of gases, which are coming up from different units and the economics of each component of those gases as well. So I have given you a broad breakup of that.

Increasing ethane, we want to increase it to the best number possible, but it's, of course, limited by the infrastructure that -- the supply chain that we have built from U.S. to India. And of course, as we all know, I mean, currently, because of the Suez canal disruptions, we are going via Cape of Good Hope that has slightly had a slight impact on that as well. But going forward, we will have extra new vessels also, which we have already ordered and that should further improve the ethane availability for the system.

This quarter, there were some practical opportunities for getting ethane, which enabled us to get the benefits of these economics.

And sir, can we also get a sense of the -- just any update on the expansions that are happening, the petchem expansions that were announced earlier, just progress on that and the time lines on those expansions?

These are very large projects. As of now, our target is to complete them by next year, next year-end, calendar year-end. That's the target we are running with. But these are, as I said, I'm talking about PVC project right now. And as you know, it's a very large and complex project. It has caustic chlorine in it, has EDC, VCM, PVC, and it is across 2 sites. So huge complexities around it. Our target still remains next year.

I think you should take it as his personal target to do it by end of the year. So these are -- always end up being very tight. So let's stick to -- let's be realistic on this.

This is Aditya Suresh from Macquarie. I had one question on the media business. We've seen a very big bump up in monetization this quarter. You also have 400 million monthly active users. So on the media business, can you speak more about the headroom which you're seeing in terms of monetizing these users, more ad revenues, et cetera?

Sorry, can you just repeat that again? Sorry for interrupting you.

This quarter, you saw a big bump up in your ad monetization in the media business. You also have the 400 million monthly active users. Could you speak about the headroom there for that business as you're building it out?

Yes. Actually, we are just at the start of our business at the moment. I'm seeing as I said, our whole objective for this quarter is how could we transfer audiences from cricket on to entertainment. And with the kind of shows that we put up and the technology where we can actually customize I'm seeing is and reach out to consumers and send them content is what's shown us this growth.

So yes, I feel this is just for us, if I look at it, it's just the third quarter that we are in. And our ambition is to try to grow this viewership even more over the monthly active users even more. So as we grow the viewership over the monthly active users, it automatically reflects on revenue. And CTV monetization for us is much higher, and that's where you're seeing this growth.

So the last quarter was IPL. So always just put that in the context, IPL gets us roads of people. We had about 600 million-odd coming last year -- last quarter. So not really comparable between that and this.

In the context of -- it was IPL to retain this many MAUs in the context of entertainment, I think we were pretty delighted with the kind of numbers in terms of what it was.

And with JioMart, you've seen good traction and good scale up. Can you maybe call out about what's different in this version of JioMart compared to previous iterations? And also, as you scaled JioMart and your digital kind of business, the loss in the -- there's not been a commensurate kind of reduction in margins at the overall retail level. Can you speak about how this model of JioMart may be different from some of the other Quick Commerce models we're seeing?

So I think 2 things, right? -- if you look at JioMart in the initial Ava was about scheduled deliveries, right? And at that point in time, consumer behavior adoption, especially on groceries was very different. Over the last couple of years, if you look at it, Quick Commerce has really picked up where people are looking for instant deliveries, right?

If you look at that market has grown substantially. We were a bit late compared to some of our peers in that, but we pivoted our model sometime last year. And once we have kind of pivoted to that model, we had to change our model completely from next-day delivery, which was our base model to -- we started with 60 to 90-minute delivery to 30-minute delivery to now significantly lower than 30-minute delivery to match competition, right?

So we have repivoted our model completely. The way we pick and pack online orders, the way we deliver, setting up the dark store network, dark stores we started setting up over the last 2 quarters, right? Customer behavior is already there, right? Customers are getting used to Quick Commerce. What you have to communicate is your proposition. My proposition is the strongest because I have the widest assortment, right? I have the best pricing. We don't differentiate between pricing in our stores and on JioMart, right?

Thirdly, we don't have any hidden charges. We don't -- what you see is what you get, you don't get any charges when you are checking out, which are not transparent in nature, right? So that proposition is clicking well with the customers. We waited for some time. We wanted our pivoted model to be stress tested before we go out and make the firm promise, right? Once we were very confident in our model about our model that we are able to meet the delivery time lines of competition, we have gone out and communicated our proposition. You get speed delivery, you get no hidden charges, you get best pricing, widest assortment.

So I think that is resonating very well with customers, right? So that's a journey we have gone through. If you look at it, there's been substantial scale up in the last 2 quarters, and that's a positive number. This is a festival season compared to the September numbers. October numbers are meaningfully higher already. And hopefully, after the festive season, the numbers will sustain.

Other advantage that we have is we are not just a grocery Quick Commerce. We have also put our other categories on to the, right? If you look at a normal Quick Commerce player, they'll have maybe a very few set of assortment, maybe an iPhone, new model launches, delivery or something, right? In my big box electronics store, the entire grab-and-go assortment is available for delivery within a 30-minute time line, right? So the choice available to the customer, similarly fashion. Nobody can do that kind of because of my store network that I have, right? The offering has to be obviously curated.

So I think the platform has gone through its journey. The customer behavior, customer expectations have also evolved. And I think we have got our model absolutely right there. And as a result, we are growing pretty rapidly. Also, big advantage we have is if you look at the competition today is mainly in the top 10, 20 cities. right? We are present in almost 1,000 cities. Competition will take many years to reach where we already have a head start there. What we have to do is take share away from competition in the bigger cities. And wherever I am present, I have to firmly establish myself before anyone gets there.

So that's a big advantage that I have, right? Nobody has the kind of network that we have in order to deliver this proposition to the customers, both in terms of network, the scale, the understanding of what sells in each geography because grocery, as you know, a significant part of the assortment is localized, right? We already know what sells in those -- in that region because that's what we merchandise in our stores.

So that's a big advantage that we have. over anybody else. And I think we've got our pieces right, and that's why you are seeing significant acceleration. I'm hoping all of you are using JioMart. If not, please absolutely use it and experience the proposition for yourself. Thank you.