Praemium Limited

to meet you all after a very short break. You know, many of you have been actually secretly enjoying this one and a half hours concise format where, you know, you could half write the report, you could half listen, you could half read, all in the comforts of your home. Clearly, this is a change of scene, but we are pretty delighted to welcome you here and, you know, really for the opportunity to present and interact. And broadly, the format remains the same. I'll do the financials and each of the businesses. Maybe I'll do the O2C2. We have the new addition is on Geostar, where... Kevin will present on Geostar. That's, as you know, a big acquisition, completely changes, revolutionizes the entertainment and sports industry. So we thought it would be a good opportunity there. And also have a few slides on our progress on new energy, which I will cover subsequently. But with this, let me start with the overall numbers. But before that, just the overall macroeconomic... Okay, yeah, okay. So this is all about the context being significant volatility, tariff related. We saw geopolitical conflicts continuing. You all know there were significant pressures on the margins overall on the back of both China capacity, weak demand. I think the clear standout is when you look at the overall numbers, The fact that ours has been a more domestic focus, if I start with each of the businesses, obviously with O2C, we saw strong demand growth. You have seen it in gasoline, you have seen it in ATF, you have also seen it in polymer, polyester. Oil and gas demand has been good. Retail has been actually in some ways mixed. First half was slow. Also, if you recall, we had three full quarters of significant streamlining and rationalization that we did. And beginning last quarter, and more importantly, this quarter, you can see the pickup in EBITDA. And second half also benefited from Mahakum and festive demand. Jio is a very strong performance, customer additions, 5G subscribers, the ARPU going up and we didn't lose customers or we didn't lose the intensity of data consumption too. The full year, if you look at it, when I say energy year, I've taken O2C and upstream as part of the 8% number. We saw that weaker cracks, polyester, to a great extent negated by a lot of things that we did on feedstock optimization. Domestic push has been a big standout, and I have a few slides on A, our market share, and B, what has been the growth in volumes there. Overall, I think the other point I would definitely flag is when you look at the O2C or energy performance in the context of how other global refineries have performed or standalone petrochemical manufacturers or even actually integrated players. If you see the numbers, it is absolutely standout in terms of our performance. On Jio, so that's how EBITDA was lowered by 8%. Jio platforms up 17% on the back of, of course, the leadership and technology, the number of customers add, the ARPU increase, and now we are the world's largest data company and have 191 million 5G subscribers, and ARPU at 206 rupees plus at 13.5%. On retail, I talked to you about the first half being soft and all the efforts on streamlining and rationalizations of stores, et cetera. And from the third and fourth quarter has been pretty good. and also all the operating metrics in terms of transactions, in terms of number of customers, all of them holding pretty well, and a lot of focus on quick commerce, and Dinesh will talk to you about what we are doing on quick commerce. And, of course, on Geostar, which the effective date was somewhere in November. It is the largest media and entertainment company in India. We have, again, I don't want to steal the thunder of Kevin, but 250 80 million subscribers. And I think I do, I just like the statistics on 61 million live concurrency. I think it means a lot in the context of what you have seen even globally. And Kevin, do talk about this when you present. So these are the overall numbers on a full year basis, revenue up 7%, but obviously muted on EBITDA and PAT, and we talked about O2C's performance there. When you look at each of the, obviously the consumer business fully offset performance, When you look at the PAT numbers for each of the entities, you can see JPL at 26,000 crores, it's up 22%, and RRVL almost 12,400 crores, up 11%. RIL standalone impacted because of O2C. Here is the balance sheet. So it's been a flat net debt environment. And you look at the capex versus our cash profits, clearly we continue to be below. And all the numbers are pretty healthy there and allows us to invest. And just on for the quarter, revenues were up about 9% and EBITDA 4% up and again PAT 6.4%. Here, broad story on margins, and when we talk about OTC, we will see that there has been this broader compression on deltas across transportation fuel and polymer, and also maybe not on the polymer side, definitely has been weak. And big offsets with geo, up 18% and retail up 14%. Oil and gas was impacted with lower production. With this, Anshuman.

Thanks, Shikant. Good evening, everyone. Welcome to the physical analyst meet. An update on the performance of geo-platforms. Strong revenue and EBITDA growth. This was a combination of both the tariff impact flowing through, but in addition, a lot of success that we're seeing with our home rollout, home broadband rollout, both combination of fiber, but more importantly, fixed wireless, and I'll speak a bit more about that. Consolidated operating revenues for the full year at 1,28,218 crores, and EBITDA at 64,170, so roughly around 17% to 18% growth. And for the quarter, the consolidated revenue was very close to 34,000 crores. The total subscriber base at 488.2 million. So that's a net addition of 6.1 million for the quarter. So, you know, the little bit of impact that we saw a couple of quarters ago when tariffs were raised, well and truly back. is behind us, and we are now adding subscribers. We're seeing good traction on the ground and also seeing very good consumption trends on the ground. ARPU is at 206.2 rupees, so a little bit of flow-through of the tariff increase and also some bit of more data consumption in this quarter. Data traffic on the network grew 20% year-on-year to 49 exabytes in this quarter. So we continue to break all records. for data consumption. And this is not only Indian records, but global records. The growing 5G subscriber mix, as well as the home connects, all adding to the data traffic growth. And also we're seeing good traction with digital revenues as well. Digital service revenues on the back of cloud services, which are now launched for enterprises. We've won some good competitive tenders for government clients. And Then a bunch of services around IoT that we provide. And also the content bundling that we do for services provided to our home customers. So a whole lot of initiatives leading to this strong financial and operating performance. And I'll speak through some of those. Mobility. you know, our lead, our success in the 5G deployment and now 5G consumption and customers' uptake of 5G is very clearly visible on the ground. This map from Ookla shows again, we have pretty much pan-India 5G coverage now. We cover most of our customers and we have been able to transition 191 million users to 5G, which is the largest base outside of China. And If you recollect the last quarter, we had spoken about how we are now the world's largest data company in terms of overall data consumption, and we continue to be that, ahead of companies from China as well, bigger than China Mobile. 5G traffic as a percentage of total traffic has been growing. So we are now at 45% of total wireless traffic is on 5G. And this continues to grow, and data consumption is continuing to grow. And we're seeing... the per capita consumption for consumers when on 5G network is significantly higher. So people are finding the usage to use more data, and we believe that's sticky kind of usage, and that will give us the ability to monetize that more as we go forward. We've really not started monetizing 5G. So effectively, 45% of data that people today are consuming is being offered to them free of cost. they become eligible to use that data, but after that they're not really paying for it. But they're getting into the habit of consuming content, consuming data, consuming 5G services. And we believe that's a very big opportunity for us in the same way that LTE was a big opportunity for us in 2016. The fact that that differentiated LTE gap, LTE data capacity creation that we had done, which subsequently led to the revenue market share, finally it has to reflect at some point in time. We're seeing a similar trend now beginning to emerge here, and we see this as a massive opportunity as far as wireless services are concerned and even home broadband services are concerned. And at these scales, where 191 million users, 45% of data traffic on the network, we are able to give, you know, 224 Mbps 5G download experience. The overall download experience across, you know, all the tests that we do and then external agencies do, they have all been very positive. The customer user experience has been extremely positive on the 5G network. Despite the growth in traffic, we have been holding up quite well. A case study, an example of that was the Mahakum, which I'm sure all of you are familiar with. This was over 660 million devotees gathering within 40 square kilometers in 45 days. And the way our network held up, and we did put in a lot of effort to make sure that the network held up during those 45 days in the Mahakum, you know, it was the densest data consumption population conversions that anybody had ever seen globally we were working with our vendors with our partners and they were tracking the data usage as well and it was mind-boggling for all of them nobody anywhere in the globe had ever seen something like this um there were limited access zones there were jammers put all across but we still had to make sure that people were able to consume as much data that they wanted and they were online all the time and you know A big difference we saw here, the uplink traffic used to be quite high. So a lot of people were uploading videos and pictures, and normally that's not the way you plan your network. You would expect downlink to be much more. And we had to, therefore, adjust some of this there on the ground, on the site. We were able to, with our spectrum that we have, but the government had given us some spectrum during that period. to just provide services to the customers. We were able to test the elasticity of that network, really, in that small period or small space where we saw 2.2 million GB of data traffic. 5G was bulk of the usage of 5G, so the whole area was enabled with 5G. We were giving download and upload speeds of 200 Mbps+. 141 million voice minutes. So this has kind of become a case study for network companies, telecom companies, service providers, vendors. Everybody is looking at this as a case study where these kind of global records were set in a short period of time. And we learned a lot to now sweat the assets on our network much more, the deployment that we've already done, plus with the spectrum that we've got, the network is fairly elastic. We can keep adding more customers with tweaks to the network, being able to track where the data consumption is, where the users are. The elasticity of this network is fairly high. That gives us confidence that with the network that we've already created, we can serve customers. you know hundreds of millions more customers on this network we feel reasonably confident about that the fixed wireless stack now this is something that we have been deploying extensively on the uh on the ground uh as as you're aware about this uh the recent tra report said that we have 85 percent market share in this uh in in this particular product which has gone live in the market over the last three or four months we've been deploying a fair bit of fixed wireless both on our 5G spectrum but also on the UBR. We have developed, or now deployed, not only developed, so it's in commercial use, the first point-to-multipoint wireless solution for fixed wireless. So this is not point-to-point. We can, in the way the network is configured, we can use single radiating equipment to serve multiple customers. We've been able to, through that, reduce the cost of deployment. So the cost that we incur to connect every new home is incrementally much lesser than what you would hear about companies elsewhere which are doing such a thing. The spectral efficiency is higher. And we've been able to create the full mapping of the country where our customers are. This is a very important functionality. So when we get a customer inquiry or a customer request to connect a customer, We know exactly which way, which technology to use, which site to radiate from for a particular customer. If the fiber is available, of course, we connect the customer with fiber. But otherwise, with our 5G spectrum, in some cases UBR, we know exactly... It's pretty much three meter by three meter map where we know exactly what kind of throughput different technologies will provide to customers. And that's very powerful on the ground when the implementation is going on, when the network engineers have to be on the ground connecting new homes and new premises. And all of this is being done completely end-to-end value chain is in our control, be it the devices, the technology, deployment, all of that has been done in-house. So we are not taking this technology or taking any equipment from... Now pretty much all the equipment is being manufactured, produced by ourselves within the ecosystem. They have been designed ourselves and they have been produced in India. All of this is made in India and being done completely within the Jio ecosystem. As a result of which, we are feeling confident to be able to connect 100 million homes, which is a target that we've set for ourselves. In the last few months, we have been, in the last six months, we have had 90% of industry net ads, 5x higher than the next nearest competitor. So the chart on the right top that you see is the number of air fiber subscribers, basically the fixed wireless subscribers. We call it air fiber because unlike the traditional definition of fixed wireless, in our case we are giving completely synchronous uplink, downlink, throughputs because of the way the network is configured, because of the spectrum that we are using. So when we say 1Gbps at home for home broadband using either our 5G spectrum or the UBR, that's uplink and downlink of 1Gbps. That's what we have enabled, which is reflecting in the ramp-up of AirFiber subscribers. And in the recent months, we have also transitioned from the 5G spectrum to UBR. UBR is now commercially live. Even in situations where we don't have direct line of sight, which has been a big challenge for just about every operator globally, we are able to do without non-line of sight connections as well by reflecting the radios from some other surfaces. This is unique. This is proprietary. And we have been doing this successfully and commercially. So it's all commercially deployed on the ground. The chart at the bottom is not supposed to be Pac-Man, but we have good lead over the others in the industry. This is the other deployment which is now being done successfully commercially on the ground, which is our private 5G instances for enterprise customers. As you can see, the network is the same, but we are able to create a dedicated slice for use cases for enterprises or whatever the end use case may be. including for fixed wireless. We have a network slice that we use to provide that service. And then create a secure tunnel on our own private 5G core. As you know, we have spoken about this in the past, that our 5G core, the whole network core, 4G and 5G core is completely secure. deployed by us. It's our own proprietary core. And we are able to create private instance of that for our enterprise customers. And this has got many use cases. We already have deployed in some of the industrial situations, industrial premises, including in Jan Nagar. And, you know, use cases around robotic automation, video surveillance, enhanced security. We are able to give ultra-reliable low-latency network. I think I've... We are able to do network slicing to ensure consistent service delivery, irrespective of the amount of load that the network may have at any point in time, and able to provide end-to-end managed services. With those few updates around stuff that we're doing on technology and the progress we have made over the last few months, especially on 5G and the home deployment, coming to the key operating matrices for the business, the subscriber base, as I said, has grown to 488.2 million. So that was a net addition of 6.1 million during the quarter. ARPU went up to 206.2. And remember, this is a shortened quarter. So in that sense, the growth is a little bit more than that. in percentage terms. The average data consumption continues to grow, 33.6 GB per user per month, and seeing a lot of traction in these seasons currently as well. Overall data and voice traffic grew by 19.5% and 3.8% year-on-year, respectively. Coming to the revenue numbers, these are the RJIL quarterly financials, which grew to 30,018 crore in terms of revenues and 16,188 crores in EBITDA, that is close to 54% EBITDA margin for our connectivity business, and the growth has been fairly steady and continuous. And the full year numbers for the connectivity business, RJIL, we ended the year at 1,14,000 crores of revenues, operating revenues, and EBITDA of 61,233 crores. So both growing in the 14 to 16% range, and again fairly steady and healthy growth delivered across the years over the last several years. The consolidated financials for GeoPlatforms Limited, the first three columns are quarterly and then the full year numbers on the right two columns. Full year fiscal 25 revenue and EBITDA growth of 17%, consistent EBITDA margins of 50%. And this is, you know, after a whole bunch of initiatives that are currently being taken to grow our digital services, our other service offerings that we are going to provide to customers. we are maintaining our EBITDA margin at 50%. Q4 revenues at 33,986 crore, console revenues, which is again close to 18% year-on-year growth, and EBITDA at 17,000 crores. And profit after tax growth of 26% to 7,023 crore. This was for the quarter Q4. With that, I'm going to hand over to Dinesh to give an update on the retail business.

Hi, good evening everyone. We'll cover the business update on retail. So if you look at the performance highlights, we had a very strong quarter with 16% growth on a YOY basis. The revenue for full year was up 8% because the first half was slightly weak. But the second half, last quarter was good growth and even this quarter we have done very well. Overall EBITDA grew at 9% for the full year. For the quarter it was 14%. EBITDA margin from operations continues to expand. It was up 20 basis points on a YOY basis. On the quick commerce side, we continue to expand our hyperlocal deliveries. The number of orders were up quarter on quarter 2.4 times. So that's a pretty significant scale up that we've been able to do in the last quarter. Consumer brands business is the fastest growing FMCG business in India. We have achieved almost 11,450 crores of sales in the second year of operations. We also did the commercial launch of Sheen with the vision of providing global fashion to every Indian at affordable prices. It's live across app, website, as well as we have a shop-in-shop on our geo. More than 12,000 options are already available on the platform, and we're scaling up the vendor ecosystem to launch very quickly a large number of options on the platform. We opened 2,659 stores during the year. We continue to expand stores across the portfolio. We are also pretty much done with the streamlining that we had started during the year. So our net addition is about 500 stores. And we are pretty much more or less done with the streamlining now. All our operating metrics, whether it's number of transactions, the registered customers, everything continues to grow in double digits. So overall, a pretty healthy quarter. If we look at the breakup, revenue was up 16% for the quarter on a YOY basis. EBITDA from operations was up 15%. Total EBITDA was up 14%. And profit after tax was up 30%. When you look at it on a full year basis, the revenue was up 8%. EBITDA from operations was up 9% and profit after tax was up 12%. So we've almost crossed 25,000 crores in EBITDA for the full year and 12,400 crores of PAT. Moving on to business updates across each of the businesses. The consumer electronics business, we had pretty healthy mid-single-digit like-for-like growths. The average bill values continues to grow. The average bill values were up 26% on a YOY basis. Also, we see our conversions improving substantially. There was a 200 basis points improvement in conversions. With the early onset of summers, we saw very strong growth in sales of ACs. Even this quarter, April, has been pretty warm, and there's a prediction of this being a pretty hot summer, so AC will continue to grow rapidly. Our rescue business, we had a 13% increase YOY on the growth in terms of the number of customers served. We also continue to expand the number of service centers we have, as well as we launched the on-demand services last three quarters back. So that's again something we are expanding. We have launched out on-demand warranty services to more than 300 cities. GMD, which is our B2B and B2B2C business in electronics, it had a very healthy growth of 76% on a YOY basis. We continue to expand our reach in terms of the merchant base as well as expand the width of participation, right? So how many retailers are participating, how much they are buying from us, all those metrics are showing a pretty healthy upswing. Our own brands business, where we sell our own brands, not just in our stores, but even in the distribution channel, that business again continues to grow very steadily. The business was up 30% on a YOY basis. We are expanding the reach of the business. We have the merchant base was up 60% on a YOY basis. We launched several new products across multiple brands, multiple categories to plug the gaps, as well as new features. There are some products where We are bringing new features to the market. These are the first in the market. And compared with the price value proposition, they are finding very strong uptick with the consumers. On the fashion lifestyle side, while the first half was weak, the business has really turned around very well. We had positive LFLs during the quarter. The performance was quite steady, led by the wedding season and festivals. We have been working on repositioning some of our formats. So trends, we did a large campaign, new times, new trends, to really reposition the format within LFLs within the younger audience as well as the family audience. Azort, which is a Gen Z focused tech enabled format, there we again did a targeted campaign with a couple of celebrities. So the effort is to establish these brands and have top of mind recall for the Gen Z customers. In addition, we are upgrading our stores. So Trends 3.0, which we have talked about, which is an upgraded version of a trend store, a more digitally enabled version. So that's something we are scaling up. We are renovating a lot of our stores to upgrade them to have the latest technology and also support that with better in-store experience, not just in terms of technology which is available, but in terms of number of options people see. So we have moved on with Project Impetus, which we have talked about in the past, where we are talking of a design to shelf cycle of 30 days. We are now doing weekly refreshes in the store. So every time a customer walks in, they get a certain percentage of options which are new. Also, we have kind of optimized the number of options which are available so the stores are less crowded and they look much more attractive. Now, as a result, our sales are going up while the inventory is going down. So that's a very good sign for the business. We have also spent a lot of effort on improving the design quotient of our products and our own brands. The contribution was up. 900 basis points on a YOY basis. Specifically, some of our large and well-known brands, including Netplay and Avasa, they were the best performers during the quarter. Moving on to our online fashion businesses, Agio Delivers again had a very steady quarter. We continued to increase the average bill values as well as add new customers. We added 1.9 million new customers yesterday. during the quarter, which is in line with what we've been adding almost every quarter. The number of options available on the platform now is 2.4 million, up 44% on a YOY basis. External brands are the ones which drive traffic onto the platform. So their share was up 11%, and our focus continues to bring more and more exclusive and external brands which we are able to get the customer pull and drive traffic onto the platform. We've also launched same day and next day delivery across 26 cities. So we are increasing the speed at which we are able to deliver the products. One big benefit of that is returns are directly correlated as your time to delivery goes down, returns goes down, and we are seeing that very clearly in our data. The all-star sale, which is a flagship event for March. In March, most of the online platforms go on sale. This is the time where we acquire a lot of customers. We had a big event and we added six lakh plus new customers during this campaign. We talked about the Sheen launch, which we have done during the quarter as well. On the premium brand side, the focus is growing the omnichannel presence, especially, you know, a lot of luxury and bridge to luxury brands. Customers don't necessarily always prefer to come to the store. They want to come to you. So there's a meaningful 8% contribution that is coming from out of store selling, right? So we are basically, we're going to the customer's home or letting them order online and then we are delivering to their homes. So that's seeing a very good, very good, acceptance amongst the customers and this part is becoming quite meaningful. We launched another very interesting accessible luxury, we're ready to wear women's brand, a French brand called Moj during the quarter. We have launched our first store in GeoWorld Drive. On Vision Express, which is our JV with SLR Luxordica in the eyewear space, we've kind of repivoted the go-to-market strategy. We are launching global new concept stores as well as renovating a lot of existing stores and the product offering in order to really scale up this business. There's a large market opportunity here. Geolux, which is the premium, which is the largest platform for luxury and premium brands, we continue to add new brands and new options into the portfolio. The total count of brands now there is about 800. The options was up 19% on a YOY basis. On the jewels business, we had steady growth led by increase in average bill values. As you are aware, the gold prices have increased substantially. which has had an impact on the average bill values, which are up almost 20% on a YOY basis. Our differentiator has been launched targeted campaigns, which are targeted product, you know, collections which target specific occasions, right? Design-led offering. That continues to do well. We have developed a number of properties over the last several years. And some of those collections like Valentine's Day, Hoops and Bali collections were very well received during the quarter. Grocery was the star performer during this quarter with the highest growth. The stores business continues to outperform with industry leading performance. Some of the premium formats including Freshpick and GoFresh where we provide differentiated assortment. and shopping experience are finding very good acceptance. And in the affluent areas, we are launching more and more premium stores. The growth was quite broad-based across categories. The general merchandise and value apparel have a meaningful contribution, especially in our big box stores, and they are a big driver of margin. Also, there's more strong demand for niche and premium products. These are the products which drive a lot of footfall into the stores, especially the younger customers because these brands are not available anywhere else. We are able to take them to pan India and it's a win-win for the brand as well as for the customer and for us it drives a lot of traffic, especially the younger ones into the stores. The B2B business, Metro, continues to have steady growth, again, pretty broad-based growth across categories. One of the segments that we have identified within B2B is the Horeca segment, where we are putting a lot of focus. That segment had a 37% growth on a YOY basis. Geomart, it has basically three services. There's an under-30-minute quick service, there is a scheduled delivery, where the assortment is much wider, and then there's subscription service, where You can subscribe and every day you get, depending on the frequency you choose, we deliver the goods at your home early morning. All three are picking up very well. The average daily orders were up 62% on a YOY basis. Specifically, our under 30-minute offering, which has the widest network reach, we have almost 2,000 plus stores which are on the network. covering more than 4,000 plus pin codes. So this is much wider reach than any other quick commerce player. We have kind of re-pivoted our model completely to under 30 minutes delivery. And we are seeing very strong traction with a 2.4x quarter-on-quarter growth in daily exit orders and this number will scale up substantially in the coming year as well. We are also now starting to proactively market this proposition. Our proposition of no hidden charges, quick delivery and no delivery fees continues to work very well, resonate very well with the customers. We also launched the quick and scheduled tabs if you go to the Geomart app. There are two separate tabs. So that customer is very clear what is available under 30 minutes, what is available. So that assortment under 30 minutes if you want, there's that assortment which gets delivered from the nearest store. That is what you see. If you choose scheduled delivery, you'll get a much wider assortment and you can get the delivery for those the next day they may come from a warehouse or somewhere else. or from a 3P seller. So that proposition is very now, very clear for the customer. The big advantage that we have in this segment is compared to other people who have to set up dedicated store infrastructure. For us, we are only leveraging the infrastructure that we already have. My fixed cost is already being taken care of by my store sales, right? This is all incremental sales and it's only incremental cost that I have to incur to deliver these orders. So we are doing this model in a profitable manner with a very strong unit economics. In addition to our 1P offerings, 3P seller base, in order to plug the gaps, we continue to add 3P sellers onto the platform. The number of 3P sellers was up 22% on a YOY basis. Life selection was up 10% on a YOY basis. Similarly, our subscription service continues to see strong growth. We had a 27% growth YOY on daily orders and 37% growth in apps and web visits. Consumer brands, it's on a very, very exciting trajectory. The business is growing from strength to strength. We did almost 11,500 crores of turnover during the year. More than 60% of that comes from general trade. So the brands are very, very widely distributed. If we look at some of our key brands like Kampa and Independence, they are all growing very rapidly. Kampa has already gained double-digit market share in the key markets where we are available. We also continue to add to our portfolio by launching new products and acquiring new brands. new interesting brands. So some of the notable acquisitions we have done in the year include Sill, Velvet, which is a personal gear brand, and Tags. We have also launched several new products. So with Kampa, we have launched Kampa Energy. And with Muthia Mordedharan, we have launched a new sports ring called Spinner. Our distribution network is already quite wide, and it is expanding pretty rapidly as well. We are present across 1 million plus customers. retail outlets through a network of 3,200 plus distributors. In addition to tapping the Indian market, we have also started looking at exports to other markets and we would basically started that and we would set up distribution in select markets to really distribute our products where they have the relevant appeal in a pretty big way. That's the update on the retail business. Now I'll hand over to Kevin for the Geostar business.

Thank you and good evening, everyone. Our business at GeoStar is barely five months old. So what I'm going to do is I'm going to share with you what we've been up to for the last five months. I hope each and every one of you all have downloaded the GeoHotStar app and are enjoying it. Just to give you a perspective, I'm seeing is this was, I'm seeing is the coming together of two iconic brands, Viacom18 and DisneyStar. And on today's date, we've created India's largest media and entertainment platform. This platform is built on three business units, the digital entertainment business, the sports unit, and the TV broadcast. I'll talk to you to each of them. If I look at the digital entertainment platform, within a short period, of three months, we went and launched GeoHotStar. The merger got completed on November 14th. On November 14th, on February 14th is when we went and launched GeoHotStar. And we had, I'm curious, we transferred a robust library of 320,000 hours of content onto the platform. In addition, we added 250 originals, or exclusive titles, which is the highest among any of our contemporaries. And thirdly, and most important, this will be the only platform in the world that would have all the biggest American studios to be on a single platform, where you'll have their movies and series coming on one single platform, whether it's from Marvel to HBO, whether it's Warner to Disney, or it is Peacock to Paramount, you'll have all the content on a single platform. This platform of ours, when you look at the width of content that we have, actually appeals to the entire family across India. And more important, it's not about reaching out to families across India, but within a family, we have content for each and every individual, whether it's kids, where you have two iconic brands, Disney and Nickelodeon, Or for the youth segment, where we have some of the biggest reality shows or non-fiction shows, whether it is Big Boss, whether it is Kathroki Khiladi, Coffee with Karan, or Laughter Chef on a single platform. For the women of the household, we have got some of the most iconic brands, whether it's Anupama, or if you look at it, it's Mangal Lakshmi. And then for the males, we've got a whole lot of sporting. If I look at our sports portfolio across TV and digital, we have around about 24 sports channels. And in today's date, we're the home to the best marquee properties on cricket, whether it's ICC, whether it's IPL or BCCI, but also home to the biggest domestic leagues worldwide. the Pro Kabaddi League or the Indian Super League, and also high-end sports or premium sports, which is the Premier League and Wimbledon. Lastly, on the TV broadcast business, we have a very robust TV broadcast business with over 100 channels in 10 different languages, actually reaching out to around about 358 million viewers every day. If I look at it between these businesses, we reach out on a monthly basis to over 800 million people every month. So I spoke a lot about, I'm saying is entertainment, I spoke about sports. But we at GeoStar look at creating delightful experiences for our consumers. And I'm saying on the 26th of Jan is when we started bringing up live experiences, where we started streaming live shows. Coldplay was one example. 100,000 people enjoyed Coldplay live at the Narendra Modi Stadium in Ahmedabad. What GeoStar managed to do, what GeoHotStar managed to do, is to take this to millions of fans, to their living rooms, and let them enjoy the same live experience in their living room across the country. Besides that, we've gone and earned two big events on Mahashivaratri and Ram Navami. And if you look at the numbers for each of these, We looked at 82 million views coming up for Ram Navi. We had Ram Navi, which was through multiple feeds. So people could view the Aarti through multiple feeds, not from a single location. At the same time, they could see something in Ayodhya, Chittagut, Upanchvati. So now, I'm seeing all this content, what does it deliver for us? I spoke about the width of the content. These are the numbers. Within a short period of three and a half months, on today's date, we've got 280 million paid subscribers. Actually, to put this in perspective, we are very close to, I'm seeing this globally, very close to the number of Netflix, which gets this from across the world. We generate, I'm seeing this, we have 503 million, I'm seeing this, users who come to our platform on a monthly basis. Significantly ahead of any of our competition. And lastly, as Srikanth was mentioning, if I look at during the India-New Zealand final for the champion's trophy, We manage a concurrency. And when I'm saying concurrency, it's people coming and watching at the same time. This is a world record where we have 61 million people watching a sport at the same time. And that shows the strength of the platform. If I have to put it into perspective for you, Many of us might know of the Super Bowl in the U.S. Let me tell you, their peak currency could be one-fourth of it. And I think this shows that people, in spite of having 61 million, we had a seamless, I'm seeing this, viewership for each of these consumers that came on. On TV, we've got a 34% market share, and a content library of 320,000 hours of content is actually six times that of a Netflix or an Amazon. Just from an operational point of view, we launched, as I mentioned, we launched Jio app with the best features from both the apps, from both the legacy apps. We seamlessly migrated 500 million plus users and a massive content library within three months. In TV, we lead in seven out of the eight markets that we have across the country. And we are clearly focused to be present across a billion screens, whether it's TV, mobile, or CTV in this country. On the back of IPL, many people talk about pay television dying in this country, etc. But remember, in this country, pay television is still in excess of 100 million and still growing during the IPL, in the first 10 days of the IPL. We grew by around about 1.5 million households, and we expect that to hit at least 3 to 5 by the end of it. Lastly, I'm saying this, that's all we're doing this, to just translate it, what has all this been into numbers? The biggest part was this merger was consummated in less than nine months, a merger of this scale. Our revenue, if I have to look at it, for the period, because it's a very short period, I've taken it from the time we launched, is 9,497 crores, with an EBITDA of 266 crores. We've had a robust financial performance, keeping in mind, in spite of the weak macroeconomic situation that is there. We've had higher sports revenue led by ICC Trophy, as well as IPL, And despite the headwinds, we have kept a very close eye on our costs and to ensure that we have profitability and have positive financials for this period. Thank you. That's all from my end. I shall now hand over to Sanjay.

Good evening, everyone. Thanks, Kevin. All right, just to recap the performance for the year gone by. So this has been by far the strongest year in terms of performance from the oil and gas business. If you look at the year-on-year consolidated EBITDA, it's been almost 1,000 crores higher than the previous year, which had at that time set the best performance. The EBITDA margins still remain very healthy at 84%. Largely driven by higher production, 4% production from KGD6, as well as stable prices. We did have the benefit of $10.16 a ceiling price in the second half of the year. As well as in CBM, we have completed the first campaign of the 40 multilateral wells, and that has augmented production. We now are seeing a turnaround in our CBM business. It had been declining for quite some time, but now progressively the production keeps increasing with the wells, the multilateral wells, which has been an innovation of sorts. It's the first time horizontal multilateral wells have been done in India and successfully developed. deployed in the field, and we are getting significant upside in production. We were looking at about 4,000 standard cubic meters of gas production from the verticals, but we are seeing about 12,000 to 13,000 now. So that's really the benefit we are getting out of these multilateral wells. This is a recap of the last quarter, the quarter gone by. Again, the quarter was a little bit more muted as compared to the first three quarters, only because production from KGD6, there was a little bit of natural decline on expected lines. But more importantly, we had to undertake a lot of maintenance activities towards the end of the quarter. One of the things is we thought, let's complete these activities, particularly the FPSO had to take a shutdown planned shutdown for undertaking these maintenance activities. But now all the wells are back up on stream and we are back to ramping up the production to about 28 million standard cubic meters. Similarly, CBM, we have commenced the second campaign, so the production from those will also be seen as we go along. Overall, If you look at the price realizations in KGD6, it's been slightly better year on year, quarter on quarter. And in CBM, it's been slightly lower, again, driven by the brand prices. But nevertheless, the positive aspect about CBM is that it doesn't have a price ceiling. So you get market-linked prices. So how does the global gas market look like? I think largely we have seen prices hover in the range of $10 to $14. And what we have seen, there's been a push and pull over there in terms of supply and demand. On one end, because of potentially weaker economies, we have seen the demand being a little tepid. But at the other end of the anvil, you have Europe, where the inventory levels are much lower. So the refill is a focus area. India demand remains robust. I'll talk about it in the next slide. But going forward also, what we had expected is the LNG glut to come in. As you may be all aware, about 150 million tons per annum of LNG was expected to be brought online from India. end 2025 onwards, and progressively over the next two to three years. So we expected there might be a strong pullback in prices. But seeing the delays, again, the Biden administration had, to that extent, about 20 to 30 million tons per annum of projects were put on hold. and the other projects have faced regulatory delays, like in Corpus Christi and some of the major projects, also in Canada. So we feel that it may not be as exacerbated as we had anticipated. The projects may come online, but it should get the gas outlook being what it is, the demand, particularly in Canada. in the developing nations would be such that it should be absorbed well enough in the next three to four years. So that's really the broad outlook. So going forward, we think we should be on steady ground for gas prices. There will be some amount of volatility, but we feel from an Indian market standpoint, it should be all right. So just to give you a recap of the Indian gas market, it looks pretty strong. The demand has been up by almost 4%, largely driven by city gas distribution and some of the PETCHEM expansions. And again, it's the city gas distribution both in terms of expansion and penetration. So that's largely contributed. Out of the eight MMS CMD, nearly four MMS CMD has been driven by CGD We are also observing a trend that the LNG markets, the long-term contracts are being pursued rather than short-term. So essentially, gas for the longer term, the demand looks pretty strong and vibrant in India. The ceiling price also, as you may be all aware, is now being revised to $10.04. And we are contracted for the volume, so we are all right there. Thank you, and I'll invite Srikanth. Thank you.

So starting with the financials, EBITDA lower by 12%. You'll see the slides, but anything from 36% to 41% fall in transportation fuel, and between 2% and 13% when you look at polymer and polyester. Clearly led by Chinese capacity, slowdown in demand. To a great extent, there were some offsets coming because of the fact that India demand was good, 7.5% for gasoline... ATF was about 9%, both polymer and polyester demand up 5%. We placed a lot through GOBP, and in the subsequent slide I'll talk to you about how impactful it was overall. We also benefited from operational excellence. This was the highest throughput that we have seen. done in this refinery. And then, of course, the continuing benefit from cost optimization, ethane cracking economics worked well. And this is the slide. This tells the full story on gasoline, gas oil, and ATF. And you look at year-on-year change, and you look at where it was vis-a-vis five years, anywhere between 25% to 27% lower in the case of gas oil, gasoline, and ATF is about 13%. The reasons are known in terms of demand in both China, EU, multiple places. Driving season was slow in the U.S. Similarly, when you look at on the downstream petrochemical side, NAFTA was up 4%, but ethane prices were lower by 9%, so that benefited us significantly. because the deltas were squeezed when you compare it to NAFTA, but to the extent we had lighter feed cracking, it helped. But the numbers on PEPP, PVC, you know, tell you the story of what a 15-, 20-year low means in terms of this environment. So it has been a more difficult one. Again, capacity additions primarily the big driver, and then, of course, demand also being softer. So this is what I was saying in terms of what helped mitigate this otherwise difficult margin environment, whereas volume growth in GOBP, you can see 35% higher. When you look at MS and HSD, ATF up about 62%. Of course, e-mobility is small, but you can see the jump in percentages there. And even if you look at our market share now in motor spirits, about 3.3%. in gas oil about 5.2 and importantly the effectiveness that you see the market effectiveness you can see the score per retail outlet you can see that the effectiveness of each of these pumps is very strong So it's 1.6, it's 2.6 actually in the case of HSD. And this is something that we would continue to expand in the coming year or more. It's 1,916. There is no reason why it has to be this level. It can be much higher than that. This is the throughput I talked to you about, highest ever at 80.5. Overall, all the products, so this 2.5% benefit did help mitigate this margin environment. Overall, you look at the throughputs were absolutely maximized in platformers and FCC. The aromatic production, that optimization always happens that we continue to do, focused on high-octane exports. because from the value point of view and, you know, continuing benefit from gasification helped the overall performance. And this is just the numbers for the quarter. Again, story not very different in terms of margins being weak, but there were some offsets while fuel was down between 27% and 55%, and the whole polyester chain was down. You did see some offsets in the form of polypropylene slightly higher by 4%. PVC helped at about 13% and then the whole PBR, SBR about 10 to 15%. So also, as I mentioned, you know, Processing, the whole focus, obviously, was also on processing the right value of crude, trying to derive advantage from the value adds coming from crude processing. Domestic placements continued as a point. Some small lift from sulfur prices, which really went through the roof. And, you know, some benefit of exchange rate when you look at it from a rupee earnings point of view. Okay. This I will not spend too much time. You know the broader environment. Brent did come off on a year-on-year basis on concerns on tariff, et cetera. Of course, on a quarter-on-quarter basis, the story on E10 was higher because it was up 42% overall versus last year. But overall, having said that, still the cracking economics were pretty favorable. and both the refining operating rates and the cracker operating rates were fairly stable. When you look at the demand environment, it rose by about 1.2. Primarily, geographically, if you see, it is in Asia by 0.4, and OECD America is another 0.4. When you look at it from a product standpoint, gasoline was about 0.4 million barrels per day growth, and, you know, balance in diesel. This is the, again, you can see the stock fall in the Delta's $6 cracks versus $13.3. And China, clear reason with the increasing EV penetration, also led to some extent by inventory levels were pretty high. The fact that India gasoline demand helped, upgrowing 6%. So we continue to focus, as I said, on domestic placement and pushing more volumes here. And we think near term cracks could find some support. Gas oil, again, cracks, you can see a significant fall, $14 versus $23.1. Again, more led by inventories that we saw in Singapore and more exports from the Middle East. Demand, actually, if you see it vis-à-vis other products, in India demand was up only about 1.1%. Again, the actions were broadly similar in terms of focusing on the domestic market. And some of this, you know, again, some of the supply disruption kind of concerns can keep the cracks... at least stable here. And ATF fell in line, actually, you can say, with what we saw in gas oil. Demand for ATF has been good in India. And you saw the volume growth in GOBP pretty strong there. And we are expecting that these margins stay. And quick ones on each of the individual products with PE. This decreased by 10%. Domestic demand has been good. Again, we're trying always to see how much can we maximize light fuel cracking here. And the drivers for domestic demand still remains good, and we do expect that to stay. On PP, again, delta is slightly up. 4% demand continuing to do well, and again, it's a story of domestic placement. Actually, this whole focus on domestic also plays into the same point that I said. Otherwise, if you didn't have a domestic exposure like this, I think in this environment it would have been pretty difficult. And finally, on PVC side, that improved significantly. because of EDC prices being low, and so we saw a lot of lift there in terms of year-on-year delta increase. Demand continues to be fairly good as far as agri and infra is concerned, and don't expect too much of surprises there from a domestic demand point of view. And finally, on the polyester chain, you know, that's a big chain for us, and it was down 15%, mainly due to decline in PX prices, and... The downstream polyester prices, margins did go up, but in the context of what happened in PX, overall the numbers were still lower. And we continue to optimize PX versus gasoline. And overall, again, when you look at polyester demand because of the high, if you recall, we used to always track this high cotton versus PSF. That differential remains attractive, so demand should hold there. These are projects that we had talked about, but just putting it there in terms of 1 million ton expansion for polyester. The difference is that... It's focused on the high-growth consumer and downstream market, and if you see these specifics on active wear, athlete leisure, hygiene, denim, so these are products which can also command a higher premium, so that's where the focus is. And then it is integrated with backward integration with a 3 million ton PTA facility that is also planned. So in essence, and all these factories will be... state of the art and it's got ensuring that the infrastructure is pretty good from an overall cost effectiveness and efficiency on CAPEX so it's all been projects are there so we are thinking about this project and of course the next one on PVC also to see the benefit of all this coming in 27-28 in terms of its contribution to the EBITDA And this is the PVC one. This is a more integrated one with caustic chlorine and EDC, both in the hedge and then VCM and PVC in Nagatane and then CPVC in the hedge. Again, this, as you know, is a product where India is significantly short. Even as we talk, you know, it's a two to two and a half million ton shortage. And we think that, you know, possibly it's the right time to be investing here. And these are the basic updates from on the vinyl chain. And you can see some of the pictures that we have on the visuals on the land that is acquired near the hedge. And, you know, constructions commission 26, 27, but financials coming in 27, 28. Sorry. Yeah, okay. So overall, this is what, you know, the focus was always on maximizing margin capture, focus on crude procurement, on getting more and more ethane, focusing on the domestic, you know, retail sector, even as well as industrial sectors. We are trying to do a lot of things on freight cost through term charter vessels because one aspect is that the deltas are weak, but what can we do differently in terms of ensuring that we are able to negate, if not fully, but yes, you can squeeze out deficiencies. So these are things that we are focusing on, larger parcels by converting crude tankers to product services, focus on recycled PET, which we have been talking about, And, of course, both the polyester and the PVC expansion should give us volume lift in 2728 earnings. Yeah. So, not a very detailed update, but just to give you, you know, some of them in terms of… the 10 gigawatt per annum capacity that we have for solar. And importantly, it is designed in such a way that, you know, it is quick. We can quickly jump it up to 20 gigawatts. So that's an important point there. We are also focused on 30 gigawatts of battery manufacturing. So this is essentially cells to... and then you integrate it into a BSS system, but that's the whole aspect there. And again, when I talk solar, I just want to remind everybody that it is polysilicon to ingot to wafer to cell to panel. And then, of course, glass and as well as POE, polyolefin elastomer. So when we say it is integrated, we are absolutely integrated from end to end there. And... The other one, so here, if you see where we are, we have commissioned the first gigawatt scale solar module started. So we started. It is BIS certified already, and it is, I would say, the largest from a size point of view at 720 watts. It's possibly the largest panel that we have. So that's already commissioned. Overall, when you see in each of these on the entire solar chain, you know, the engineering is complete, the long lead items and procurements are complete, and construction is going on in full swing. So I just wanted you to know, and this is just one part of what is coming up. And the other one is battery also will come in. We have talked a lot about renewable electricity generation, if you were to see, and you know what the access to the land in the Kach region, and the land is, you know, it's arid land, and importantly... The solar radiation is pretty good there. So that can fundamentally support almost 150 billion units of electricity. So it's a very large one. And as these panels start getting ramped up, the idea is to lift and shift them as and when that area is ready for it to... So all of them are going on. There again, we have international firms as well as local contractors to obviously level the land and so on. So work has already started. And dedicated transmission line again from Jamnagar here. So a lot of things are happening essentially in parallel in such a way that, you know, this whole thing comes together. And... With now, in Kandla, we have 2,000 acres of land that we have got. And there, that's where the green hydrogen ecosystem can come in. And before that, electrolyzer, if you recall, with Nell, we have, you know, we are in the process of that electrolyzer manufacturing also work is going on. So what is unique, I think, about bringing it is there is no… there has been no end-to-end like this. We haven't seen, at least in our mind, we haven't seen anybody who is doing end-to-end like this. I mean, when you start in solar and battery, and both of them integrate well for renewable energy. So this kind of integration and therefore the… if you were to say hydrogen, where are you going to get the green energy from? That integration is… is very interesting, and importantly, what was plans which used to talk about doing it, now with the commencement of solar production, and I will show you some pictures, I think I have them, you can see that, and these factories are huge. I mean, it's built on 5,000 acres, so you can imagine that, and I guess at some stage, we will all get the opportunity to go and see it, but I'm just saying that a lot of work has happened and the uniqueness comes from integration, the uniqueness comes from the fact that it is scale. It also, the fact that the factories are absolutely state of the art. So what it means for us is there is cost, there is cost efficiency, there is technology efficiency. So when we say what is the cost of producing products, the final product, there is significant confidence that this is way more attractive than what it would be for anybody to import anything into this country. So we are now getting, we are pretty more confident about where those numbers are. So it also means that sooner rather than later, we may see that the need for us to scale up, to leverage on the modular aspect of saying, you know, if it's 10, you know, we can take it to 20. So we have now the confidence. And this is just one aspect of it. Then, of course, the CBG plants that are there. Just a quick one on the photographs in terms of where we are. I talked to you about the commissioning of a gigawatt line with the largest module size of 720. I don't know whether you have seen the sizes of other ones, but this by far in our minds, I think it is the largest, but yes. Yes. And you can see the commissioning, the electro-luminescence inspection, the packaging, which is all automated, the edge trimming, the junction box mounting. Back support, bar placement. The automated guided vehicle, I mean, this is so that you may recall our adverb investment. So this AGVs are from them. So it is, and it is, this is, this part of the integration, but it also ties in well with the battery manufacturing facility. So this, it's very state of art manufacturing shop that we have there. And it's all on HGAT. Efficiency is much higher. And people ask about, and you'll see that the numbers are pretty good there. So I'm happy there. And overall on CBG, we have... So it's moved from we want to do to we have 10 plants operational. We want to scale it up quickly to 55. It has been proved well. Cumulatively, it is 200 tons per day of production. And once you take it to 55, it starts becoming meaningful. And overall... These are the plants in which it is there, and we signed recently with MOU with Andhra, so that gives you access to a significant amount of land and use of specialized grass for creating the CBG. So, yes, just to summarize... If you see the context, I think the performance context of the world and context of the environment, it is strong. And also we benefited from the fact that India held well, demand was good, and of course our assets and our operations have kept us in a very good place. Jio has been the star performer at something like 18% growth. That is pretty impressive. Overall, it is beyond doubt leadership in the network, the number of customers, 5G customers, ARPU. I mean, you see any operational metrics, it has done pretty well. And we have growth drivers from mobility. We have it from enterprises, from home. On the retail side, We kept flagging that, yes, we are going through this process of streamlining our operations. We went through the pain of three quarters, but starting last quarter and again this quarter, I think the buoyancy is good, and we remain very confident about how those numbers will pan out in the coming quarters and year. And the brands which we talked about, that I think is, you know, it's a very good story if you see in what time frames you have achieved the kind of numbers. And I think there is huge value to be created in that brands. Overall... again, on refining in particular because we are doing, as I said, doing our very best by focusing on all the operational part. But I think broadly, slowly, the refining outlook is getting more stable. The additions to refinery capacities are kind of hopefully slowing down. And... our new bouquet of new businesses like media and new energy and AI-ready data centers give you a lot of lift to potentially where are the new sources of earnings. With this, I'm bringing the presentation to an end. we will do the Q&A. Your heart left, skip the beat. Now we'll do that. And then, of course, after we do that, we will, please join us for dinner. Thanks.

Come.

Thank you for the presentation. Maybe I'll have two questions for Anshuman and one for Kevin. Sure. So, Anshuman, you've had a phenomenal 5G ramp-up. But why do you think, despite this phenomenal performance in 5G, the market share gains have sort of come off? And also... Geo led the tariff hike, and despite this quarter's ARPU actually coming ahead of expectation, why do you think the ARPU is still 15% lower than the number two operator? That's the first question.

Yeah. Look, we have had very good success with our 5G deployment, and the proof of the pudding is in the data consumption trends. where we continue to expand the gap between us and the other operators. The fixed wireless numbers, you've seen the TRI data coming. Why the tariff increase? I think I'd urge all of you to look at the way ARPUs are getting computed. So this 15% ARPU gap, when you say, if you just break that up into the reporting basis, so look at, the denominator in our case, which is the overall subscriber base, the TRI reported subscriber base, and look at the denominator in the case of the nearest rival, which is not that base, which is a different base. So you're no longer comparing like to like. We come across intersegmental kind of adjustments, and those are massive numbers. So it's really, again, once again, not comparable because you're not looking at what is coming out of mobility revenue versus a whole bunch of enterprise revenues getting intermingled. And those numbers could be of the order of 11, 12 hundred crores every month or quarter. So we are not comparing like to like. Our assessment tells us that on the smartphone side, where our tariffs tend to be 7 to 10 percent lower, we still have ARPUs which are slightly higher. if you do a strict like-to-like comparison. I'll let people do it and give this task to you. Normally, we have all the tasks. And next quarter when we meet, we'll get into actually doing the numbers. But our assessment is we are slightly higher or a little bit higher, despite the fact that our tariffs are lesser. And therefore... You know, the flow-through of impact or any of that, I think we are fairly confident that we're doing quite well. Our customers are using a lot of data. The higher our pool, despite our tariff plans being lesser, kind of indicate our customers are picking up the higher plans and their premiums are more. The other bit around why the market shares haven't increased, they are increasing. They are increasing when you look at data consumption. They are increasing when you look at actual customer traction on the network. And look, again, I'll take you back to 2016. Finally, when the network can provide better service, better quality of service, can carry more load, that will translate into more customers coming and enjoying superior services. and we do expect that to happen. The fact that we've deployed 5G capacity, which is significantly ahead of the competitors, we believe it will translate the data capacity market share, will translate into data consumption market share, which is something that is already happening, and which will then translate into customer market share and revenue market share, which also we are seeing already beginning to happen, and will only pick up as the time goes by.

Also, you've had an excellent acceleration in 5G FWA, but that's still under 6 million while fiber homes are 18, and you are reiterating your 100 million home target. Is that banking on 5G FWA acceleration?

So that's going to be a combination of what we're doing on air fiber, which is where we have seen a lot of good success in deployment now. The numbers have been ramping up. And the fact that we've been able to do that very successfully using both our 5G spectrum as well as the UBR radio gives us the confidence that the last mile challenges that we have faced in the past while connecting customers, and we have faced quite a bit of challenges in the last mile, which was kind of expected. It's not only a function of cost, but a function of time, really. That we will be able to overcome by doing this wirelessly, which is why we feel reasonably confident. Demand is there. Almost half of our FWA connections are coming from Tier 3, Tier 4 cities and rural areas, so demand is fairly wide and prevalent. So if we are able to provide the service, we feel reasonably confident demand will be there, and more than 100 million homes definitely need that service today, many more than that. I'm not going to give you forward looking, but yeah, it is, it's a plan. So it's a plan, so it will have a timeframe internally.

Thank you. And Shubham, couple of, from my side, first on the balance sheet side, RJL, your spectrum has been significantly deployed now from the accounting perspective. Well, it's not showing up in amortization. Did it happen somewhere in between during this quarter?

We have capitalized it during this quarter. So most of the 5G equipment has been capitalized towards the end of the quarter. So it would show up next quarter.

And the same accounting rule applies, right? As the capacity utilization goes up.

That's right. Somewhat similar. So we are sitting with auditors. We have figured out, you know, given them the plans. And on that basis, we will be doing like we did for LTE. So over a period of time, it will get fully amortized.

Got it. Second, this year we did a CAPEX of 41,000 crore, but that will include the CAPEX creditor payout as well. That's right. So what was the underlying CAPEX for this year and how do you see the CAPEX going because we are largely done with the 4G, 5G CAPEX. So how should we see the trajectory of the CAPEX as a percentage of revenue?

So look, most of the CAPEX around the 5G network has been done. We have deployed 5G now pretty much across the country. Coverage is fairly deep. There will still be some infills. There will still be some areas where we'll deploy 5G, but that's not going to be very significant. The network-side CAPEX that we needed to do for our fixed wireless as well is done mostly, but there will be a little bit of that CAPEX. But we are through the big CAPEX phase for 5G deployment across the country. Now, really the expansion which is happening when we are connecting homes, the network side is done a fair bit, some bit remaining. But other than that, when we are connecting a premise, effectively the customer is paying for the devices. So the Capex for Jio is at least this phase of Capex is mostly done now.

So what should we look at Capex going forward next year?

So I told you, there isn't 5G to spend too much money on. We'll still have to spend some money on 5G and then there's going to be the routine maintenance and a little bit of infill. I'll not give you a number, but the bulk of the CAPEX is done.

So 15-16% is something which is achievable as per you?

You'll keep trying, I'll keep rejecting. Thank you.

Yeah, thanks for hosting this, Anjuman. So firstly, on the non-Geo Infocom revenues, which is now approaching close to $2 billion, growing close to 40% year over year, what are the subparts of that business that are doing really well for you? And when you think about, let's say, within that piece of the business of $2 billion, how much of that now would be, let's say, external customers versus internal group parties?

So the first part, we have a few services which have grown quite well. Cloud has grown quite well for us, enterprise cloud, as well as the cloud services, you know, some of the government departments. Migraj project we have spoken about in the past as well. That's scaling up. So cloud is something that's doing very well. We have also launched a consumer cloud offering. And that, again, the uptick has been quite good. We're not charging for it today, but there we're seeing good traction. The additional services that we provide to our consumers, both on mobility and home content, for example, or some security solutions, those are picking up well. once again. And then, you know, enterprise as a part of the overall group is beginning to grow. And enterprise is often a combination of two or three services. It's never pure connectivity. We are able to bundle in more things. So which, again, as the enterprise part of our business grows, you'll see more of JPL, digital services revenues also coming in there. Because that's normally not pure connectivity.

Can you clarify what is that enterprise services? Like what is included in enterprise services?

So it could be, you know, it could be something as basic as, again, cloud, some cloud facility, the Microsoft Azure stack that we provide to enterprise customers. It could be security solutions. It could be IoT-based solutions. So it could be a combination of things that we take to enterprises beyond just connectivity.

And just last question on this one. I mean, growth momentum obviously is like 2x of your connectivity business here. That's right.

It's of a smaller base, so.

But from a growth perspective, this should continue to be a meaningfully faster growing piece than the connectivity piece. Is that safe to assume?

It should. The market opportunity is there. We are very focused on it. So, you know, and it's coming off a smaller base, so percentage growth will look good. Thank you.

Yeah, so I have got three questions on the energy side. So first is, in terms of your O2C performance, how much could have been contributed by GOBP alone during this quarter?

2,500 crores was the EBITDA for the year.

for the year for GOPP as a whole. And second question is on this polyester expansion that you have mentioned. So this is a new announcement, right?

This is not part of the… It's part of the… We said 75,000 crores we will spend. When the AGM speech, it discovered O2C project, so this is part of it.

F527 is the commissioning of the plant or commissioning of the project?

No, I said 2728, you will see the benefit of the expansion in terms of earnings, et cetera.

Right, and it will be a full impact itself or there could be ramp up then also?

Too early to say that, but yes, you know, we are determined to obviously get it done and try and see whether it is a full year impact, but we'll see.

And last question is on new energy. You mentioned that the solar factory is like 10 gigawatt. So you have commissioned a gigawatt line. So that's like close to 10 gigawatt or that?

No, no, it's a part of the line. When you say a gigawatt, it's 1 gigawatt or 1.2, that kind of. But that's how it comes. You roll out your production in phases like that, you know. I mean, you don't start a full 10 gigawatt line. So you will do it as 1 or 1.25. That's the way you scale it in.

And you will be using the modules internally to build generation capacity in Kutch.

Correct.

That is correct. You have already acquired land there and you are setting up transmission towers right now. And solar generation is expected by what thing? Solar power generation?

So if you think about overall generation-wise, again, you know, it is fair to say 27, 28, that's the kind of time frame by which anything meaningful will happen.

And then it will be used captively in the Jamnagarh. Thank you so much.

Hi, sir. Good evening. Prabal here. Just a couple of questions again on oil and gas. Coming back to the GOBP mobility, sorry, am I audible? The presentation mentioned about 1,900 outlets already operational. So given the performance and the trends that we see in retail margins as of now, are there any plans to aggressively expand that network to grab market share? Yes.

That's right. Yeah, we have. We have. Not mentioning the numbers, but obviously this kind of performance, you know, also means that, you know, it makes sense for us to invest and we will expand that network.

Right. And the second question was on the upstream part of it, where you mentioned that there's some decline that has been seen in terms of production. Obviously, these are all marginal fields that you have developed. So what kind of trend can we expect for the next couple of years? And the second part I had was that, is it at a stage where the government share of profit petroleum is now slightly higher, and that also impacts the earnings for that part of the business?

Sanjay, your area, you want to talk? He's trying very hard to... to address this pace of decline?

Sure. So the fact is there is going to be a natural decline. Now, two things that we have observed is the performance is slightly better than expectations. And we've also identified some upsides, and we're working on those upsides. And we're looking at doing some work over jobs also to augment the production sometime next year. Also, we have identified a few additional wells in the fields where we feel the reservoirs are not getting depleted. So those are things that we're trying to bring on stream. So, yes, there will be a decline, a national decline, but we're trying to, offset that and augment it with some of the activities that we expect to start from the middle of next year. What is the second part of the question?

I was saying that the government share of profit petroleum, has the investment multiple reached a stage where their share starts to really go up substantially over the next couple of years?

Not as yet. It's still in a good place. So, again, you know, it all depends on the price realizations. Obviously, we believe the production is good. But, you know, it's natural to expect, you know, when you're getting more value, the share of profit petroleum may shift. But, again, as of now, we don't see that shifting in the immediate term.

So one last question, if I may, again on the expansion projects in the downstream that you mentioned. It's obviously part of the 75,000 crore. Is it possible to share the CAPEX for these specific expansions on PX and PTA, roughly?

Not now, but yes, it is well below 75,000. Overall, maybe in the 60 to 65,000. But still, we are just putting that together.

Thank you very much.

A question for Anshuman. Any thoughts on tariffs? Telecom tariff, hot topic. You had like once in two years, once in one and a half years now. Is it possible to share and would you say annual tariff is a possibility now?

No, that's too speculative to talk about really. No guidance. Look, we'll have to continue to see how the market grows. For us, priorities are market growth. Priority is at this point in time, more 5G user base and traction. So that's not a thought currently crossing our minds for sure.

Okay, and another hot topic, any comments on IPO?

What comment? Someday we will come and tell you now we're going to launch an IPO process. Before that, there's no comment.

Okay, okay. And like one on retail, like... So, quick commerce, any plans for 10-minute delivery, dark stores, how are you thinking about that? And are you seeing any impact of quick commerce in the metro cities?

So, Dinesh spoke about that, but maybe you can summarize again.

See, two parts to it. We are looking at a sub-30-minute delivery, right? So, we are using our store network, delivering within a 3-kilometer radius. So, most of our areas most of the pin codes get covered. We have 4,000 plus pin codes where we're able to cover within that. There are some dark pockets where we will set up dark stores also. Wherever there's a genuine requirement, there's enough volume and we can't service it within 30 minutes, we may set up some dark stores as well. So that's on the quick commerce side of it. Our stores, purely on a standalone basis, are seeing double-digit like-to-like, like-for-like growths for the last several quarters. So stores are also growing pretty rapidly. We are not seeing that impact either in metro or in any other city. Even metro cities, our stores continue to grow in a pretty healthy manner.

Thank you. And lastly, if you can talk about overall KPEX for the company as a whole. Should we see a decline or how should we look at FY26 KPEX?

We have been holding the CapEx pretty well, I thought. At least the big parts of, somebody was asking on Jio, I mean, it's pretty obvious now that that part of the CapEx growth is, you know, the big ones have happened and now on it's going to be much smaller. Some percentage of revenue you were asking, I would like to believe it will go down, obviously. Okay. Some, I mean the other capexes on O2C which we talked about are known capexes which are part of the plan. New energy, new energy is also, you know, give or take, you know, we talked about 75,000 crores for setting up of the whole gigafactory and between a combination of what we have spent and we have already committed, I think fair to say that the entire 75,000 we are already in, The bigger ones will start coming in when you start generating electricity because then you are really taking the panels and generating. But that's going into later, further down. So overall CapEx looks in that sense within these boundaries that I talked to you about.

Can I go ahead? Okay. Thank you for the opportunity for questions. Maybe just starting with the new energy part of the business, can we talk about the next set of the timelines? When do we expect to hit 10 gigawatt module, cell, polysilicon, and also where are we on the battery manufacturing. We talked about the 30 gigawatt hour battery manufacturing capacity. Where are we and what is the more realistic timeline we should think about for the ramp up? And if you can also talk a little bit about the battery technology we are pursuing here as at LFP. Thank you.

I'm going to ask Karan to answer this and also next time anything on, I have all my colleagues from refining and pet chem so Very happy for Srinivas or Sridhar to answer some of these questions. But specifically, Karan, why don't you take? Hi. Hi, Nikhil.

Yeah, first question was on the timelines on the solar manufacturing, right? As Shrikant sir mentioned, we are very well progressing on all. The entire engineering has been done for the entire value chain, whether it's polysilicon, ink or wafer. cell module, glass, and POE. The equipment orders have been placed and the construction is going on. I think we have defined that by end of 2025, early 2026, all these factories will get commissioned and will start producing, and we are well on our way to achieve that. The second question was on battery technology. It's lithium-ion phosphate. It's a large-format prismatic cells, which is for storage requirements, utility-scale storage requirements. Again, very well progressing on that. The construction has already started. So in 2026, you'll start seeing starting with packs and then going to the cells, the manufacturing. Again, it's a full entire value chain, including battery materials that we're doing.

Thanks, Arun. Can I clarify? So the first batch will be the packing of the cells, and then the cell assembly will happen roughly by what timeline?

So everything is progressing together. So it's just probably a matter of a quarter to two quarters. By the time you will start saying container, pack, and then sell in that sequence effectively.

Great. So that was on the new energy. If I can also ask a question on refining. So just more in terms of the environment of the crude discounting and the crude environment over the past year versus what we expect in FY26. The reason I'm asking is, of course, We had an environment of high Russian crude discounts in the past couple of years, which appears to be narrowing. But at the same time, OPEC is releasing more barrels in the market. So net-net, the crude discounting environment, do we expect to improve in FY26 versus 25, or rather stay flat or a little more tougher? Thank you.

See, when compared to two years back, we have seen correction to crude discounts. Crude premiums have gone up because as more and more crude got new markets, got diversified, so that situation got corrected to a large extent. But being a complex refiner, we continue to enjoy decent crude discounts when compared to the peer group. And in general, AG premiums have slightly corrected with the ongoing easing out in terms of crude production because non-OPEC crude production is coming up in a significant way. We are seeing significant growth in non-OPEC production from last year to this year. So that will put pressure on the AG crude premiums going down, which will help the Asian refiners. Yeah. Great.

If I may, just last question. On chemical, we earlier talked about increasing our ethane sourcing mix. Where are we in terms of our feedstock mix right now, ethane, propane, and NAFTA? And how does that mix change? And the timeline of the increasing of the ethane mix, and how does that mix change in the next one or two years?

So ethane mix is actually linked to our expansion projects on We have already ordered three new ships with the shipyards, and they're likely to start getting delivered sometime 26 second half. That's the timeline. And then they're phased out over a period of time. And as I said, they are primarily meant, that extra ethane is meant for the expansion project of the wine aisles. Does that answer your question?

Yes, thank you. On this PVC thing that we are putting up the project, this was actually supposed to be put in Ednock, right? That has been changed now to Dahej. Yes.

That's the same one, right? It's the same one. We shifted the whole project within India itself.

So this will be a $2 billion. The sum remains the same.

It's actually, we have added a couple of things. We have added a CPVC element also into it. We have added a railroad element also into it. So it's become a wider project than what it was. Of course, the cost numbers also changed because the cost factors in Abu Dhabi were very different from what they are in India. And the size of project has also actually gone up. So we were talking about a million tons of PVC there. We are now talking about 1.25.

And how do we plan to consume the caustic? Because we will consume chlorine, we will sink chlorine in PVC. We will be ending up having 1.5, 1.6 million.

So that's the advantage we have because this particular industry has a challenge of consuming actually the chlorine. But we will be advantaged in that position that we will have chlorine consumption.

No, no, you will create entire industry into a disadvantaged position because we will be having 25%.

Of India's caustic production at one location. But, I mean, I agree with you. There will be caustic surplus in the country. And for a while, for initial period of one or two years, we will export some of that caustic and manage the situation. Great. One on battery.

This LFP battery, this LFP battery, we will be doing it all ourselves as in LFP production to battery production, everything we will be doing? Yes.

Yeah, as I said, it will be fully integrated from battery materials, which is cathode, anode, electrolyte, all the way to cell battery and container. We'll not be doing lithium carbonate production because that effectively goes into the mining. India doesn't have that rich resources. And we have a supply arrangement for the carbonates.

It's a surplus market. It's a surplus market.

Thank you. Thanks, Amin. Two questions on telcos, one on retail. On telco, Anshuman... Clearly, the tariff hikes we've taken for Jio, it is more back-end loaded as compared to other telcos. So should we continue to see benefit of tariff hikes in coming quarters or most of it is largely behind us?

A little bit more because some of our annual plans are still quite popular and those impact will flow through almost till the hike happened in early July. So when the next recharge happens, there will still be some impact of that. And we had also enabled, allowed customers to do stacking. Though people don't stack annual plans that much, they don't do. But that impact, some impact may still be there.

And a commensurate margin improvement should be seen, right? As in how ARPU improves?

Yeah, they should. But look, there are lots of combination of things which impact the margins there. But this revenue increase should improve the margins. Right.

Second question, telco vendor payables, how much is roughly the number right now?

The vendor payables? Yeah. CapEx creditors is now?

CapEx creditors.

Sorry, we have the numbers, but we have mostly taken credit now. It's all converted into loans, so we don't have much of that now.

Okay, got it. Thank you. On retail, the question is, is the turnaround largely done? Because there were three parts from what I understand. The B2C rationalization, which as we saw today, you guys are adding stores. Second was on the B2B side and third one was fashion being slow. So where are we in terms of B2B rationalization and fashion?

See, it's pretty much done. So if you look at on the store side, We continue to add new stores while we weeded out all the stores which didn't make sense. So we opened 2,700 new stores. We closed almost 2,200. My net addition is only 500. B2B also, we've kind of weaned down some of the low margin categories which were not making sense. So that's something that transition has also been completed. That is already reflecting in the numbers. So if you look at our margins, margins are expanding because of both of these. Now when you look at the fashion, yes, the market has still been weak. If you look at most of our competition, the market is still weak. But for us, Q3 was a good quarter, even Q4. With all the work that we have been doing on, you know, reducing the design-to-shelf cycle, reducing inventory, increasing the design question, making design more AI-enabled. All of that is starting to bear fruit now. We have had positive LFL growths and double-digit growth in the fashion business in this year. So we believe it's turned the leaf, and we'll see this continuous growth quarter-on-quarter going forward.

And when should we start seeing any meaningful contribution from Shein?

We've just launched it. We just did a beta launch in February. It's important to get a certain number of options on the platform. This year is when we look at meaningful scale-up. We'll also start advertising. You need to have certain basic... minimum number of options to offer customer the choice before you start advertising too much. The good thing is just when we did organic, just on their own, we saw significant downloads. It was one of the top 10 downloaded apps during those initial few days when we did the beta launch. I think as we marketed and as we add more options, we should see the pickup in this year.

Thank you.

Yeah, sorry, can I, if you don't mind, if I may, I have the privilege of the last few questions. I have a series of questions actually on the new energy business, if I may ask them one by one. You all are obviously starting module production way ahead of your own in-house consumption, i.e. for power requirements. Now modules, as you know, are perishable commodities. Are you all looking to sell this in the market initially, especially as the DCR market is extremely lucrative?

I think what Shikant mentioned with respect to the generation capacity coming later or generation coming later, it's about the significant capacity coming later. But as our modules get manufactured and as we have got the land in Kutch, which is already in development stage, we'll start getting the modules installed in Kutch itself. Having said that, the beauty of an integrated business model is it provides the business flexibility. give opportunities, whether it's Indian or international, will benefit from those opportunities.

So if I may quiz you further on that, I mean, I understand that basically your EPC has to start six months prior to actually the module production. And I'm not aware of actually any EPC works started materially as yet. So your module production is started, but it's still going to take at least six months to get consumed on site So you'll still have a module surplus straight away, right?

Let me just say EPC is engineering, procurement, and construction, right? So we already started at least two legs. And the C-Leg is also working or progressing.

Okay. And on HGT is clearly the next generation technology. The Chinese as well are going slow on it. How are the sort of initial efficiencies?

It's pretty good.

The chairman had actually targeted 26% to start with and went to 28%. Is that in line?

The cell efficiency you're talking about. Yeah, the cell efficiency. Absolutely in line, and we are seeing those benefits.

Okay, and on electrolyzers, what sort of tie-up do you have with NEL and what is the technology?

I think we have already announced that there's a press release on NEL when we did the tie-up. NEL is actually one of the oldest electrolyzer manufacturing companies out of Europe. They're very good in alkaline technology, and that's what we think is going to be beneficial for utility scale. We have a tie-up to set up the manufacturing as well as do technological collaboration with NEL.

I mean, in terms of economics, nevertheless, they are on a – I mean, the Chinese, I believe, have reached economics of $350 kilowatt hour, right? And Nell is, I thought, more like $1,000.

I won't be able to give you the number, but I think in partnership with us, we'll get to the economics, which makes us cost-competitive.

And finally on hydrogen, you know, how far is that out, 2028 perhaps?

Again, I won't be able to give you the timeline on hydrogen, but we are very well prepared to sell the market.

Because you'll have also won several PLIs, right? And they've got an expiry date. So, you know, how do you manage, how would you manage that? We'll deliver to the PLIs. Is that right? Okay. Within three years, I think, production will start.

It's not much. That volume is not significant, right? If you look at it from an overall perspective.

Okay. And on target to reach a $1 cost? Yeah. The last question. On target to reach $1 cost by 2030?

Again, I won't be able to give you an indication on the direction on that.

Okay.

Thank you. You have one question for Kevin. Yeah.

the mergers only happened in mid-November, but can you give a sense on the growth that you're seeing because television advertising is struggling. It's still below pre-COVID levels. And also your margins are only 3%. How quickly, with whatever growth ambition you have, do you see that catching up with peers who are at multiple of that?

Actually, at the moment, we are in the midst of growing our viewership, growing our platform. I always believe what I'm seeing is if you can grow those two parameters, revenues will always follow, right? So we are quite optimistic looking at the start where we had, whether it is with the app or if you look at where our channels are performing on today's date. In most markets, we are leaders. We've got eight to ten of the top ten programs. And I think if we can manage viewership, revenue will always follow.

But there seems to be something very structural about television advertising because despite 100 million pay TV homes and it growing, it's still below pre-COVID level in three years, three, four years. Not really.

I don't know. I'm not really. I don't know which source you're looking at. But if you look at the EY reports, et cetera, television is all the way above the pre-COVID.

But is it growing?

It is. It is. If you look at any of the reports that have come up and the predictions for the future, it's showing a positive prediction.

Television will also? Yes. Yes.

Very much.

And your margin catch-up, do you think the 3% margin will go to double digits?

That's the composite margin that we have.

Digital and sports and… Yeah, so that's… So do you have a margin ambition or a target?

We have margin ambition, we have a bid ambition and this is pretty big. Okay, thank you.

What we have in mind is absolutely, so…

Can I just ask, yeah, for Anshuman, one question. Sure, sure, thank you. You spoke about 5G monetization, so could you just throw some more light on that? What are your thoughts on that? Basically, how can we look at output improvement, you know, in the absence of terrifying? So obviously 5G monetization should be key.

40% of subscribers now on 5G, so... Yeah, 45% of the data consumption, data traffic on 5G. and opportunity to give more services through a combination of things like network slicing, being able to offer some differentiated superior services, enterprise offering. So we see many opportunities there. The network has stabilized quite well, so we are confident that we'll be able to demonstrate or provide those services and then be able to charge a premium for some of those services. So those efforts are going to be taken over the next few months, few quarters. Again, the reason... I spoke about the KUM case study was also because in very difficult circumstances, we were able to offer fairly differentiated services. Now, we expect customers to be willing to pay for some of those services, enterprises definitely, and we are differentiated. So no other operator will be able to offer those kind of differentiated services. So both additional revenues, incremental ARPUs, as well as just getting more customers because customers will look for those kind of services. We see those opportunities in the next few quarters for us.

So a question on the retail business. One of the 2200 stores which was streamlined, if you can just give some picture in terms of between consumer electronics, fashion and lifestyle and grocery, where the biggest part of... streamlining happened and also on the fashion and lifestyle you touched upon, you know, reducing the timeline from the design to shelf and reducing the inventory, increasing inventory turns. So given the Sheen partnership, is it also coming from their global learning or is it completely, you know, maybe is it because of the Sheen partnership or done internally?

So I'll answer the second one first and wait for Dinesh to turn up for the first one. But on the, no, it's a whole bunch of projects we have undertaken over the last three or four quarters over the last year. We have had a big technical, you know, project to cut down on the time from design to shelf. And that's been done pretty much by ourselves based on our own experiences across, you know, running this business for the last almost 17, 18 years, the learnings that we've got. Sheen is a different business. That partnership is focused on Sheen itself. And at this point in time, yes, the effort has been to create the domestic supply chain, which we've been able to roll out quite well. We have over 12,000 options on Sheen now and we have been able to create the domestic supply chain to be able to give that, provide a similar service as Sheen offers globally. But these are two separate instances. The whole tech platforms are separate.

I think the question was on the store optimization in terms of So I think it has been across the formats. We've seen store closures, but it's also because of a variety of reasons. It could be just about some stores maybe have shifted because of maybe the trade areas or the consumer preferences moving. Some stores not performing well because maybe just the mall itself is not... performing up to the mark and so on. So it is a function of a variety of reasons for both fashion largely and also for grocery business. So it's both from a small town to largely mall-based stores in large cities. So we've seen, you know, maybe just optimization in large pockets. But we have also replaced all of those stores with new stores. So you actually see for the year there's a net addition of about 500 stores.

That's truly the last question, and thank you so much. We are absolutely delighted that we got this opportunity to present and have this interaction and look forward to the next one three months from now. Thank you.

Thank you.