Reliance Industries Limited

Good evening and welcome to the first quarter FY24 Financial Resources presentation of Reliance Industries Limited. I will now request Srikanth to walk you through our consolidated performance followed by a deep dive on each of our business segments. Over to you, Srikanth.

Yeah, thanks, Shani. Starting off with financial performance, I did 42,000 crores up 5.1% year-on-year. This growth really masks the growth that we have seen in Jio, which is 17%, in retail of 34%, in upstream of 47%, and the fact that, of course, the O2C was down 23%. As you know, the context being first quarter, F523 was... It was an exceptional quarter given the dislocation coming on account of the Russian-Ukraine conflict, which had driven margins to historic highs. And as you know, Mukhusi, it was the highest ever earnings. And from then on, as you know, the graphs have declined between 60 to 70 percent. PVC specifically in petrochemicals was down 35 percent. So the context being that it was an abnormally high quarter in that same time last year. And, you know, those numbers are corrections of 4 to C that you see is more a reflection of the highs that have reached then. So as I highlighted, that was more than offset by the strong performance across our businesses. Net profit at 18,258 crores, lowered by 6% on the back of higher depreciation and finance costs. On the consumer business side, growth continues to be strong with an expanded physical and digital footprint. We have 314 million transactions, which is up 43%. Very strong growth across formats, grocery especially at 59%. And when you look at Jio, the highlight was the addition of 9.2 million customers and the good adoption of 5G. On the energy business side, I talked about the fall impacts, and I highlighted the extent of the fall that we have seen. But when you look at the numbers per se, if you look at it over a three-year average basis, it is higher than that. And we have seen strong performance coming on the oil and gas side, both realization as well as volumes were pretty good, and NGA1 production has started. On the retail side, again, as I said, 34% growth on EBITDA on a year-on-year basis, 20% on revenue. We continue to add and expand 555 stores, taking us close to 18,500. Different metrics, be it footfalls, be it registered customers, all that the traction is good. You know, for example, registered customers are 38%, footfalls are 42%. So engagement is pretty strong. And importantly, the digital commerce and e-commerce continues to be at 18%, but on a significantly expanded revenue base. As you know, we completed Metro Cash and Carry acquisition, and the integration is underway. On the digital side, EBITDA up 17%, revenues up 12.5%, ARPU up close to 181, which is a 2.8% growth year-on-year. As I highlighted, the number of customer ads is something for us to highlight, 9.2 million customers, taking our total customer base to 448.5 billion customers. And when you look at data traffic, it continues to be strong, 28% growth with increased usage across the board. So in a sense, retail has benefited from the network and the infrastructure investments that we have been doing. On OTC side, EBITDA at 15,300 crores, as I mentioned, down 23% year-on-year. I highlighted the exceptional strong year about water. I also highlighted the fact that margins have been significantly lower. When you look at it from point of view of fuel cracks, clearly still the demand is good and it keeps the cracks at above mid-cycle levels. However, on downstream, you know, downstream margins have definitely been more muted given the supply overhang as well as the fact that you do see a bit of subdued demand in as far as downstream chemicals are concerned. However, having said that, the India demand environment is pretty strong. Oil demand up almost 5%, polymer up 16%, polyester up 5%. of 5% and as you have seen there is a fairly conducive environment as well as fuel retailing is concerned. On oil and gas at 4,015 crores of EBITDA which is 47% higher year-on-year benefiting both from volume and price and our production now is at steady state production is about close to 21 mm CMD and As I said, production is up 18%. Price realization has been up. It's now about 10.81, so another 10% close to that. And we have successfully placed 29 MMSCMD of KGD6 gas, essentially signed GSPS with our customers. And it is across a variety of businesses. So these are the numbers when you bring them together. Overall, when you look at revenues down 5%, but we must keep in mind that group prices have been lowered by 31% overall, but the fact that we had strong performance in retail and geo has meant that the revenue fall is only about 4.7. With that growth, we talked about 5.1%, and I talked about the strong traction in the consumer business side, net profit impacted with higher finance cost and depreciation. This is something that we have been telegraphing across the whole of the last set of quarters about the increase. But as you can see, finance cost on a quarter-on-quarter basis is almost flat. When you look at it from a Q point of view, though BTE is up almost 2%, the net profit is down 14%. And I would like to draw your attention to the fact that in the previous quarter, the tax rate provision was at 11.5%. as we transitioned into the new tax regime from FY25. So this quarter on, it is at 25%. So the normalization of tax rate is really what explains the quarter-on-quarter net profit fall. So this is just the pictorial representation of the bridge. You've seen the fall in O2C, but across the board you can see each of the other businesses delivering strong performance. And also on the other side, benefiting from the fact that in the same time last year, there was this impact of rising yields on the portfolio, but obviously now it isn't there, so you can see that. swing in terms of profitability. But as important is the fact that you're seeing rising contributions from other businesses with RTC International in Singapore or METL or India in Sports. All of them have been showing strong performance and that explains the increase on the other segment. And this is the quarter on quarter bridge. Again, OTC muted or a little weak, but offsetting performances across the explanation remain probably the same on the other side too, for the other segment too. And per capita usage is the one I would definitely highlight now at 25 GB a month. So on the net debt side, I would like to highlight that the net debt figure now reflects the demerger of JFSL. Around 15,500 crores of cash and liquid investments have been transferred from RIL's consolidated balance sheet to JFSL as part of the scheme. So now JFSL will have a total liquid asset base of 20,700 crores, including cash equivalents in RIL-associated Reliance Services and Holding Limited, which is now, as you know, part of JFSL. So in short, we are talking about JFSL having 20,700 crores. Net debt has remained flat despite accelerated capex on rollout of infrastructure in the consumer business. The capex for the quarter was 39,600 crores, which was funded largely by all the internal cash flows of 33,000 crores. And the important point again here is, you know, it's accelerated because the rollout of 5G network is on track to be completed by December 23rd. With this, I'm handing it over to Kiran.

Thank you, Srikant. Let me start the update for this quarter with our 5G rollout, which has been underway since October of last year. Happy to announce that we are ahead of time with respect to how we're looking to complete this plan. Our plan on record is to complete our pan-India rollout before the end of this calendar year, December 23rd. You can see pictorially already how that 5G rollout has come along. What you see in yellow is the band versus what you see substantially making rapid progress is what is shown in green. 65% of the scope is already completed, and as we speak, more than 90% of the census towns are already covered by Jio's 5G signal. If you look at the number of sites which are deployed, 115,000 5G sites already deployed in Pan India, which roughly translates to nearly 700,000 5G cells, which is contributing to this rollout. So all in all, we are on track to complete what is going to be the fastest 5G rollout anywhere in the world, creating a Pan India coverage for a large country like India within just over a year. If you look at what that has translated to, this entire 5G leadership that we are establishing is also resulting in accelerated customer acquisition numbers. If you look at how the net addition numbers have looked quarter on quarter, you can see that it has been growing quite healthily. When we started our rollout in late last year, the number was around 5.3 million net ads. Then it grew to nearly 6.5 million, and now we are approaching the 10 million mark of net ads. In fact, this number is nearly 1.7 times of what it was just a couple of quarters ago. And obviously, this is the net ad picture, but if you look at even from a retention perspective and also net potent coming from other operators, all of this is being driven by the superior network quality that is being established through both the 5G and the 4G deployments which are underway. So if you look at also how this number has grown year on year, subscriber growth, in a climate where the overall industry growth is very nearly zero, pretty flat growth, what you're seeing is why the rest of the industry has seen degrowth of nearly 3.7%. That has largely been driven by nearly 7% growth year on year in geo-subscriber base. And if you look at the net portents, we were about more than two and a half times the net portents for us as compared to our nearest competitor. While the 5G growth is really driving the top end with respect to quality customers, people who are really keen to upgrade their phones and take advantage of this network, at the bottom of the pyramid, which is really this longstanding vision, which has also been shared by our chairman pretty early, which is to make India 2G moot. I think just recently we announced this product, which is called Jio Bharat. This is a unique go-to-market approach where we have designed this instrument, which can be delivered at under a thousand rupees price point with respect to the phone. But unlike in the past, what we are doing is really creating an ecosystem. So not just us, but this designed by Jio product is now being supported by multiple OEMs. And all of these are being created in India. The entire supply chain and the assembly is being done in India through multiple OEMs with Jio as the technology provider. So it has really been received well in the recent past few days. Our idea is to quickly deploy about a million of these devices through our own offering as well as through the OEM partners and to learn from it and adapt in a very agile way, improve this product rapidly and continue that growth. We're pretty confident that this device, both from a price point perspective and also from completely disruptive offerings. So it supports video streaming, including live video streaming on such an affordable device and also things like UPI. So really the India stack coming to life, even at this price point on the device. So all in all, this entire package really translates into welcoming customers. what used to be 2G customers stuck with 2G devices onto now the full 4G ecosystem while still having the same level of affordability that they had with 2G devices. So we are really looking forward to learning quickly from this initial deployment and to really push ahead that vision of 2G MOOC India as quickly as possible. GeoFiber coming to our home rollout. Today, glad to announce that Of all the wired broadband net ads which are happening in the country, GeoFiber is driving nearly 80% of that net ads. And that has largely been driven by, obviously, a superior product offering, but also very competitive and very innovative tariff plans, which have really made it more attractive to customers. And if you look at what this has led to, it's nearly a 50% year-on-year growth in the subscriber base that we have. Also, the good news is nearly 98% of the new additions are coming on the post-paid plan, which obviously means a higher quality customer base as well as obviously higher stickiness. We are also really pushed to accelerate this rollout through a partnership program. So really we are partnering with the local cable operators as one of the channels. They have deep presence into the towns of India. They have great relationships and obviously they have physical presence in those catchments. So really we are looking now to that partnership to really accelerate this rollout. Already we have partnerships live in more than 1,000 towns, and that's also really one of the secrets behind how we've been able to grow this fast. Of course, in terms of even data, this growth has been around 50% year on year, but if you see the the data traffic on geo fiber that has grown even higher, which has largely been driven by even higher engagement of the, of the customers, uh, over the past year. Uh, looking forward, obviously we have spoken about this, uh, in, in, in the past updates. Uh, but while the, the fiber rollout is, is accelerating, we are also looking to even accelerate that further by using what we call fiber, which is delivering fiber like experiences using wireless. Um, and, um, while we have the 5G rollout underway, what we have done is we have created a very dedicated slice because, as you know, we are a standalone network, standalone 5G architecture, which allows things like network slicing. So we have created a dedicated network slice for home connectivity in such a way that it does not conflict with, obviously, the mobility capacity that we are also rolling out. So in a way, we have created two lanes in our 5G highway, one indicator for the home rollout, air fiber, and while still continuing to serve our 5G mobile customers with the best network anywhere in the world. Of course, within the home, again, we are upgrading our Wi-Fi offering. As you know, our geo-fiber offering comes not just with the connectivity to the home, but also wall-to-wall Wi-Fi coverage. So we are now upgrading our Wi-Fi offering to Wi-Fi 6. So our home gateways now going forward will be Wi-Fi 6 compatible, which also means better indoor coverage to Wi-Fi as well. Also, single sign-on. So along with our connectivity, we are also providing a set-top box along with – a bundled offering of pretty much all the OTT media applications, plus, of course, a number of other partner applications like YouTube, etc., all part of that set-top box offering. And what we are doing now is creating a single sign-on framework, which has already been there, but making it even more intuitive and stronger to even support the air fiber offering as well. And, of course, now with additional technologies coming in, we are also augmenting our network operations center and a service operations center so that not just the network quality but the end-to-end service experience of our user including of course the broadband coming into the home, the Wi-Fi within the home and obviously all these applications being delivered through the set-top box all can be monitored and any issues can be proactively addressed even before sometimes our customers are even able to highlight any problems that they may be facing. So all of this taken together between GeoFiber and GeoAirFiber means that we are accelerating our home broadband ambitions to connect as much as 100 million homes in the quickest possible time frame. Now coming to digital platforms, one of the success stories that we have had in the last quarter is GeoCinema and really using GeoCinema to showcase a streaming experience at scale around IPL as the initial showcase of what is possible. Obviously, even before IPL, we had already started introducing the geocinema capabilities through the FIFA as well as the women's IPL leading up to the men's IPL that we had. But with men's IPL, we really created world records in pretty much every category that we can think about when it comes to live streaming. 32 million concurrent users watching IPL at its peak. with more than 17 billion streams served over the season, obviously translating into nearly 160 billion minutes of watch time. And of course, all of this being done in multiple languages with all kinds of interactive features. And effectively, you know, this has really set the stage for the future. I think looking forward, we can see even more content coming through the streaming format as compared to what has traditionally been a linear broadcast-oriented format, which means obviously a set of superior watching experiences that all of the Jio customers can expect to have going forward. All of this has been done through what we call a glass-to-glass solution, which has been built by Jio platforms. Everything from Obviously, the lowest latency, showing a screen which is coming through the streaming format, through the cloud, even faster than it can be put on a screen, even through technologies like DTS, which are much simpler technologies. Production being supported, while traditionally we only had up to HD, but through the streaming format, we were able to support both 4K and 8K videos. Multiple cameras being offered simultaneously for users to choose from. Obviously, a pan-India content delivery, content distribution network that we were able to create from scratch to be able to support the delivery of this media at scale. Multiple other options for keeping the customers engaged, including things like Watch Party, where you can watch things with your friends. Play Along, which is obviously gamification of content, so that people can actually even consume interactive games while they're watching the match. a new monetization model so this was entirely free from a subscription perspective but behind the scenes obviously we stitched up our own ad platform so that we were able to monetize it through the ad monetization framework and like i said all of these being done in multiple languages simultaneously Some of it obviously being also curated content and curated commentary that we were introducing from GeoCinema itself. So really an end-to-end solution which really proved the point that India is ready for streaming and really migrating away from the linear model that the world is moving away from, but India could do it much faster. One of the other things which is also one of the other platform areas which is also finding traction is our IoT platform. So everything from monitoring assets to utilities to things like transportation to even things like agriculture. So now our IoT platform slowly but surely has been gaining adoption. If you look at the right, there are these logos, everybody from Mahindra, Havel, Schneider, Tata Power, and then it comes to automotive partnerships with the likes of BMW, Volkswagen, Ather, and on the Agri side, people like Amul. All of that really using the power of the sensors that we have designed and embedded into many of these solutions that we are using, supported by the narrowband IoT network, which is FanIndia, and in many cases also providing the backend analytics and cloud capabilities, all packaged as one end-to-end solution that we are able to offer across these industry verticals, across these customers. So again, this is an exciting area for us looking forward And this will be a very strong source of additional revenue for JPL looking forward. I will invite Anshuman to talk about our financial and operating metrics.

Thank you, Kiran. Good evening, everyone. I will summarize the financial results for the quarter in this section of the presentation. So JPL had a strong operating and financial performance during the quarter. Consolidated revenues for the quarter were at 26,115 crores. That's a growth of 11.3%. EBITDA grew at 15% to 13,116 crores. There was sustained subscriber growth, as Kiran also spoke about, 448.5 million subscriber base at the end of the quarter. Network leadership driving bulk of this, and we are seeing early traction with our 5G rollout as well. So both leadership and the subscriber growth as well as MNP growth and the subscriber traction remains very strong. The ARPU for the quarter grew to 180.5 rupees. Now this is really the growth is being driven by the additional data consumption or increase in the tariff plans of consumers. There was no tariff increases that we have imposed. The monthly data traffic on the Jio network was 11 exabytes. So data consumption continues to be very strong, driven by both 5G as well as, you know, some events during the quarter which resulted in higher data consumption. The data consumption was up 28.3% year on year. And that continues to grow every quarter at a very rapid pace. And we continue to see that trend on our network. Kiran spoke about the 5G coverage and we are well on track to complete pan-India coverage before the end of the year. Moving on, the data traffic, if you look at the trends, it's been growing at a faster pace every quarter. This quarter, the monthly data traffic crossed 11 exabytes. For the quarter on the whole, it was more than 33. And this was a function of multiple things. Of course, 5G adoption also now showing up on the network, fiber to the home ramp up, as well as some events like IPL, which resulted in a lot of data consumption on the network. The per capita data consumption increased 20% year-on-year to 25 GB per user per month now. And, you know, we're continuing to build capacity in the network both through the 5G expansion as well as anyway the network expansion that we continue to do. So we are well prepared for data traffic growing much more in the quarters to come. Moving on to the key operating matrices for RGIL, our connectivity business. Our net customer edition of 9.2 million subscribers during the quarter, which is seeing an increasing trend, are going to 180.5 rupees per month this quarter. Both data consumption as well as voice consumption growing very rapidly and consistently. So we're seeing consistent usage and growth on both data and voice front. Moving on to the financials for RJIL. Again, steady growth quarter after quarter and we have sustained this for several quarters. The revenue, operating revenue for RJIL for the quarter came in at Rs. 24,042 crores and the EBITDA at Rs. 12,663 crores. So that is an EBITDA margin of 52.7% for RJIL, our connectivity business. Moving on to the JPL financials, operating revenues of 26,115 euros for the quarter, the 1Q24, the left column that you can see there, which grew 11.3% year-on-year. EBITDA grew to 13,116 crores, 14.8% YOY growth, and the profit after tax crossed 5,000 crores for the first time for JPL consolidated. It was at 5,098 crores during the quarter. That's a 12.5% year-on-year increase in the reported net profit. With this, I'll hand over to Dinesh for the finance retail summary.

Hi, thanks, Anshuman. Good evening and And good evening, everyone. Just to quickly cover on the retail side, we continued our sustained growth journey. The revenues grew 19% on a YOY basis. The growth was quite broad based across consumption baskets. Grocery was the star with 59% growth on a year on year basis. Consumer electronics and fashion lifestyle, which are the other two verticals, also grew 14 and 15% on a YOY basis. We continue to expand our EBITDA margin as the benefit of efficiencies and scale keep increasing. Our EBITDA grew 34% on a YOY basis, driven by growth and margin expansion across both grocery and fashion and lifestyle. We continue to make investments in infrastructure and people that really help us enhance our customer value proposition as well as drive efficiencies to deliver sustained growth and margins. Looking at the key operating metrics, footfall continued to grow. There was a 42% growth in footfalls due to 49 million during the quarter. Our registered loyalty customer base stands at 267 million, which is a growth of 28% on a year-on-year basis. Number of transactions came in at 314 million, which was a 43% growth on a YOY basis. We continue to expand our store footprint during the quarter. We opened 555 new stores, taking the total store count to 18,446. Our total retail sales area now stands at 70.6 million square feet. We had announced the acquisition of Metro Cash & Carry India last quarter. We completed the acquisition and we are in the process of integrating that business within Reliance Retail. Key numbers, gross revenue of 69,948 crores for the quarter. EBITDA crossed the milestone of 5,000 crores during the quarter, coming in at 5,139 quarters. While our stores' offline channel continues to grow as we scale up that presence, our other digital commerce and new commerce channels also continue to do well, and their contribution remains steady at 18% of our total sales. Just summarizing 19% growth in overall revenue, EBITDA from operations, 4,896 crores, a 26% growth YOY, total EBITDA at 5,139 crores, 34% growth YOY, and profit after tax of 2,448 crores, a growth of 19% on a YOY basis. So sustained performance across growth and profitability delivered during the quarter. Just to take you through some of the key highlights across our major consumption baskets. Consumer electronics, we continue to see improving conversions as well as increasing average bill values. As we see people spending more on electronics, they are buying better gadgets and there is higher willingness to spend. This quarter, as the summer season started, we had a very successful push on the cooling category, refrigerators and air conditioners, where we were able to increase market share. Also, the back-to-school campaign, we saw a good, strong push-up in laptop sales. We leveraged the IPL, which was during the quarter, which drove a lot of television sales. We also had a lot of regional festivals, and we do this quite often. The entire year, we have the full calendar where each region, we try to capitalize on the main consumption events to drive both customer engagement and growth. The growth was quite broad based. The key stars categories were air care, which did very well. We were able to increase our market share, phones and appliances as well. ResQ, which is a key growth driver for us and a big differentiator for us because none of the other electronics players have enough service delivery capabilities of the scale we have. They crossed the milestone of 1,000 service centers established across the country. That gives us a big, big advantage over other people where we are able to provide same day, next day installation. As well as target out of warranty opportunity, which none of the other players are able to. And we are able to offer brands a one stop solution for all the brands in an organized manner to do the installation, which nobody else can match. Our own brand's business continues to do well. We launched several new products across various categories as well as continue to expand our reach. Our merchant base was up to 2.4x on a YOY basis. Our B2B business within the segment Geomart Digital again had a pretty robust growth. Phones and large appliances were the key categories where there was a lot of push. We continue to expand our merchant base, which was up 71% on a YOY basis. Overall, a very good quarter with very strong operating and financial performance. On the fashion and lifestyle, our store's business for apparel and footwear, we saw a significant uptick in store traffic as well as growing average bill values. As we see people buying more items as well as a trend towards premiumization where people are spending more. We launched a number of new formats last year, notable among them Azord, Centro, Avantra. Kalaniketan, which is one of the acquisitions we had done on the saree space, Vortico. All of them have had very good response and we continue to scale them up this year. We are seeing a significant evolution in customer behavior where earlier Office attire and casual wear used to be different. We are seeing a merging of the two where, you know, semi-casuals both in non-office and office wear is getting acceptable. So there's a trend where people are looking to buy things which can be used both in office and outside. And we are capitalizing on that trend. We are seeing a significant uptick in smart casuals as well as athleisure. we executed a number of regional events during the quarter to leverage the sales that happen, the consumption that happens around the festivities. Agio again had a very strong quarter. We see improvement across operational metrics and very strong growth as well as unit economics. During the quarter, we added 2 million customers and launched several brands to add as well as categories in order to enhance the number of options that we are able to offer to our customers. Our partner brands business in the premium and luxury segment continues to expand its footprint as well as the portfolio of brands. During the quarter, we launched Pritamanger, the iconic British chain. It had a very good response, and we are looking at expanding that footprint further. Ajeolux, which is our online business for premium brands, again had a very strong quarter. The number of options available grew 85% on a YOY basis. We have now over 550 brands available on the platform. Jewel's business sees very strong growth, not just in Metro Tier 1, but even Tier 2 and beyond cities. These are both occasional purchases driven by wedding season as well as regional events as well as core purchases. Both of them continue to do well. We continue to focus our efforts on improving our product offering and launch new designs and collections. That's how we are able to differentiate ourselves in the market. During the quarter, we launched Tanjavur collection on the eve of Akshay Dhrithya. We also launched the wedding collection Vivaham. as well as Mother's Day collection, light gold collection. So there's a lot of effort towards segmentation and offering distinctive designs which are suitable for various occasions to drive customer purchases. Lingerie business continues to grow well. As you know, we straddle across the spectrum right from premium to the core range. Our brands including Amante and Clovia continue to perform well. We are expanding the store footprint as well as launching these brands in distribution. We have a pretty exciting event during the quarter, super-powered lingerie sale, which did very well, and we did see a lot of customer engagement and traffic during this engagement. We continue to explore launching new products, new categories to strengthen our portfolio. Some of the notable ones were Ribbed Crop Tops, Disney-branded sleep and loungewear, We continue to improve the online experience through adding new features and functionalities, as well as offer in our stores a distinctive customer experience to drive growth in this category. Urban Ladder, we continue to expand our store network. We've opened, as you know, a lot of smart bazaars. These are big stores where we are opening shop-in-shops for Urban Ladder with a range available in those stores. We are looking at catalog expansion to provide our customers with a wide variety of choices available of our products as well as external brands and adding categories, adding multiple categories as well as options in there, including beds, living, living, seating, essential sofas, etc. Grocery, again another quarter of record performance led by both Smart and Smart Bazaar formats. Smart is our 15 to 20,000 square feet store. Smart Bazaars are the much larger stores where we are able to offer a much wider assortment. The public holiday sales event, it did extremely well. We saw very strong footfalls and orders during this period. As we have mentioned in the past as well, we are looking to grow the share of non-food in our overall business that helps us drive our margins and that share is growing quarter on quarter very rapidly. We had strong traction in some of the seasonal categories like ice creams, cold drinks, mangoes. Ultimately, what we are trying to offer is each season what is relevant for the customer. We are also trying to regionalize some of our assortment, which is specific to each region, as well as a premiumization to drive better wallet share and better order values from our customers. As I mentioned earlier, we completed the metro cash and carry acquisition. So we are looking at synergizing our grocery newcomers operating model and the metro cash and carry model. Both are targeting the Kirana segment. There are significant synergies in that business. And we are looking to capitalize on the strong footprint and capabilities that the metro team has in order to further bolster our value proposition to the Kirana segment. We are also looking to expand the Geomart Smart Kirana through the franchising model where these people buy exclusively from us. Overall very strong momentum and performance during the quarter in this segment. In our consumer brands business, we continue our growth trajectory. We continue to expand and enter into new categories as well as enter new geographies by increasing our distribution network in the general trade channel. We saw an ATX or YOY growth in the general trade segment. Some of the category highlights, we launched Campa Cola, which saw very strong traction. We had an 11x YOY growth in this category. In fact, we ran out of the capacity that we had very, very quickly. We also continue to explore new partnerships and product launches during this quarter. We launched Allen Bugles in partnership with General Mills in Kerala, and we are looking to expand that. We also launched a range of deodorants with Europa perfumes. That, again, is showing very good traction in the initial period of launch. Geo Mart continue to expand our seller base as well as the number of options in order to offer a wide selection to our customers, which is seeing very positive response. The business continues to grow very, very well with both increase in traffic customer engagement as well as the average bill values will definitely helps our unit economics. Our options count during the quarter was 6x on a YOY basis, seller base was up 4x YOY basis and as a result the non-grocery categories are growing pretty rapidly and their share is increasing. We built a new marketing property, Grand Shopping Carnival, which saw a lot of new users coming onto the platform, as well as driving some specific categories. The share of electronics during this period actually doubled. We did a lot of promotions, so very strong growth during this period. That's it on retail.

Thanks, Dinesh. So just to give you a recap of the performance in the first quarter of this fiscal. So revenue grew over 4,632 crores. The EBITDA also grew to about 0.15 crores. So that's a 46.7% growth year on year, about 5.6% growth quarter on quarter. This is mainly led by production, increase in production over the quarter with the commissioning of the gas condensate field. We are now pretty much ramped up production at current levels to about slightly over 28 million cubic meters, well on well on our way to achieve the 30 million standard cubic meters, as well as about close to 18,500 barrels of condensate per day. In terms of realization, yes, year on year we had higher realizations, but on a quarter-on-quarter basis, The ceiling price in the last half was about 12.42. In this quarter, about 12.12. Additionally, we have seen that the global gas prices, particularly LNG prices, due to demand factors have come down considerably. So the realization was around 10.81 as a combination of these factors. So as I mentioned earlier, we are well on course. We commissioned the MJ gas condensate field. All three fields, new fields, are currently producing. We have about two more wells to come on stream, but we are now already at least about 28.5 million standard cubic meters, and we are well on track to achieve the 30 million standard cubic meters in the coming months. This is going to be a material increase in domestic production. With production coming on stream, we conducted two rounds of auctions, e-auctions, for a total cumulative volume of about 11 million standard cubic meters. This was very successful. We have signed contracts with over 45 customers across city gas distribution, fertilizer, and refinery, and other industries. To date, we have contracted 39 million standard cubic meters of the KGT6 gas. The price discovery was JKM plus $0.75 per MMBTU, which is obviously subject to the government ceiling price, which is at the current juncture for this half, $12.12 per MMBTU. Just to give you a perspective on gas outlook, the impact on India and the demand and price aspects. So what we have witnessed is the European Union reduced the demand by 20 percent as it is a target of 15 percent. Constantly, we also saw demand being a little sluggish, thereby storage levels being at historical highs. If you compare it to the last five years average, we're at 65 percent. We are at 80 percent. Also, we've seen sluggish growth in the Chinese economy, which has impacted the demand. Now, these are factors that have contributed to the LNG prices being lower than the ceiling price for the first time since the commencement of production. The auctions went well, so in that sense, by having JDM plus $0.75 per MMPTU, We expect to realize a higher price than the benchmark, which should stand us in good stead. These contracts are for almost three to five years, so that is good. In terms of the outlook, we expect price volatility to continue this fiscal, particularly considering high EU storage levels and higher nuclear output from Japan and France. Overall, we hope to see a recovery in demand in China in the second half and with new policy support. And this should at least hold in good stead the price outlook for the balance part of the year. Thank you.

Thanks, Anjit. So the last presentation on O2C, just setting the context as I highlighted before, first quarter at 5.23 p.m., was once in a generation dislocation of energy markets, which drove fuel margins to historic levels. On the Pekin side, the environment has been a bit soft, more because of the fact that China opening up has been slower than what people have been expecting. Also, at a broader context, if you see the producers and intermediaries continue to destock because of recession concerns in the West. Also, higher interest rate does have some impact in as far as consumer demand is concerned. So that is the broader context of downstream chemicals. But when you look at it from the point of view of fuel, clearly you are seeing strong, continuing strong demand for fuel with the opening of China. And, you know, you saw that on a more broader basis, you can see that overall demand for oil has been has been pretty strong. In that context, when you look at India, both demand for oil fuels as well as chemicals is actually very good. It is among the highest, and it does provide a scope for margin improvements as well as optimization opportunities. So these are the numbers. As I had highlighted, 15,271, that is the EBITDA, down 23 percent on a year-on-year basis, and quarterly it is down 6.3 percent. Year-on-year, as I'll show in subsequent slides, fuel cracks have fallen anywhere between 60 to 70 percent. Even polymer belters did fall in a market which was well-supplied. Polyester margins have been relatively better. It has declined only 3 percent on a year-on-year basis. On Q and Q, continuing correction in fuel packs with supplies and, you know, the more broader global macro headwinds and concerns, that has had some impact in as far as, you know, the margins for fuels are concerned. Also, PVC data was lowered. Actually, PVC among all petrochemical downstream products has seen significant fall both on a year-on-year basis as well as on a quarter-on-quarter basis. Of course, from our point of view, we have been able to focus on our operational excellence with high utilization levels, advantage-free stock sourcing, and the fact that, as I highlighted, the demand for both fuels and chemicals have been strong in India. On the overall environment, as you can see from the data, oil demand up 2.8 million barrels per day when you compare on a year-on-year basis, largely led by China opening, which accounts for almost 2.3 million barrels per day. And there you saw recovery, especially in ATF and gasoline. India demand, as I said, 5% higher on a year-on-year basis. If you can look at polymer demand and polyester demand, again, very strong, 16% higher for polymer and 5% for polyester. And we have seen that India's across the board, be it FMCG or e-com, food packaging, pharma, I mean, we have seen the demand on a more broad-based basis. slight refining and operating rates both on crackers and refinery slightly lower on the back of more, I would say, seasonal maintenance activities. And as far as cracker is concerned, you know, demand, lower demand in U.S. and Europe, you know, impacted a bit, but nothing really significant. This is the domestic oil demand and you can see that's the 5% that I talked about. When you look at each of the components, petrol, that's up 7% year-on-year. When you look at diesel, it's up 8% year-on-year. And when you look at ATF, it's up 13% on a year-on-year. All on the back of travel, holiday, infrastructure spend, farm sector being good, industrial activity, mining activity continuing to be strong. So you're seeing the effect of all of these. And ATF, you know, big jump on the back of tourism. It's almost domestic air travel itself is up 90% year on year. On the components, as I highlighted, polymer up 16%. Here the big driver really from PE and the categories of pipes and FMCG and e-commerce and food packaging. So that's really been the place where PE has gone. And also PP and PVC also has been, you know, good in terms of both 7% for PP and 9% for PVC. On the polyester side, 5% up, of course, the large driver coming from PET and there, as you know, seasonal factors are at play with the summer and, you know, delayed onset of the monsoon. Staple fiber was impacted because the market sentiments were soft with decline in cotton prices. When you look at polymer deltas, you know, when you look at them across, you would see that it is softer, P, P, P, PBC year on year. More pronounced in PBC, which is down 35 percent with the normalization of supplies from U.S. and China. And also P, P also got impacted by ramp up in China capacities. When you look at it on a Q1Q, slightly mixed, you know, we have seen PPNP deltas over NAPTA is up, 4.70 has been up. And PVC deltas, again, as I said, is down 23% led by firm EDC prices. And, of course, we benefited on the back of, you know, E10 prices coming down by 16% given our capabilities out there in terms of using both the feeds. And that has helped also in the profitability. Polyester side, year-on-year down 3%, quarterly up 11%. more impacted by a slow recovery, I would say, year on year in China, and also global demand being a bit weak. But on a quarter-on-quarter basis, the jump that you are seeing by 11% is coming on the back of PX margin improvements because of turnaround season, as well as the fact that gasoline demand has rebounded pretty sharply. Also, we did see, you know, recovery in PTA prices as well as MEG. Of course, it was coming from the back of low base and the fact that feedstock prices were pretty soft. And moving on to transportation fuels, and you can see I refer to the 60% to 70% fall, and you can see $52 in the first quarter of FY23 down to about $16.00. in terms of the crack spreads. But overall demand for gas oil has been higher. It's now 28.4 million barrels per day. It was up 0.3 million barrels per day on the back of demand growth in Asia and Middle East. That did offset the impact from lower demand in the West. And when you look at it on a quarter-on-quarter basis, gas oil, you know, lower on the back of lower industrial activity. and also the fact that there is continuity or continuing availability of Russian diesel in the market. Jethkaro again demand went up to 7.2 million barrels per day, almost the main demand coming really from China and US and the cracks from 39.2 down to 14 and even on a quarterly basis it is lower and it has moderated in line with what we saw as the you know the gas oil cracks you saw that. Global ATF demand, it is interesting to note that ATF demand is still 6 percent below 2019 average with lagging Asian demand. That is something I want to highlight. And of course, I talked about the first quarter FI23 being abnormally high there. On gasoline, again, like all the three cracks, this was also up by 0.9 million barrels per day to close to 27 million barrels per day. And again, China and U.S. accounted for it. And it did moderate from a quarter point of view, moderated not because of demand, but because, you know, Russian supplies have been pretty resilient. And also the output from the new refineries have been continuing to be supplied in the market. Overall operating performance you know the cyclone that you know that impact we minimized by depleting inventory. The two shutdowns both the FCC hydrotreater and the H cracker this was completed in this quarter. Um, you know, uh, feedstock, uh, sourcing, uh, focus on, uh, advantage feedstock sourcing was there, you know, we continue to focus on that given the, uh, given the preferred or the regional groups, given the differential and, um, uh, gasoline, uh, gas, gasoline netback, uh, uh, be maximized by focusing on the U S market, um, you know, given demand and the fact that margins were better. and gas fires continue to do well and you know as I always been highlighting that it has eliminated LNG inputs and minimize the cost of fuel for us. Overall demand environment you know it is up, demand you know is up 2.2 million barrels per day and China will account for 70% of that. Demand is coming on the summer driving season. Recovery in China's international travel is positive for jet fuel. And the fact that downstream chemical demand in India is expected to be robust on the back of economic activity. On the margins side, demand is strong, but the fact that there is the limited Chinese exports could help in keeping fuel cracks supported. And downstream chemicals, you know, there could be, you know, higher supply from China which could cap downstream margins. Overall, from a risk factor point of view, voluntary oil production cuts by OPEC plus countries may keep the crude price elevated and could have an impact on demand. And other risk factors could be higher inflation, you know, subdued global demand, higher supply from China. These things may have an effect on our exports into the U.S. and Europe. Yeah. Just to summarize, overall, you've seen through all the presentations, healthy subscriber additions, more than 9.2, about 9.2 million customers that we added, improving operational metrics on geo side. For retail, you know, continue to expand footprint and you can see the traction in digital commerce. And also when you look at all the customer engagement metrics, pretty strong. resilient OGC performance given what we have seen in terms of volatility in the energy markets and the global macro headwinds. Despite decline in product margins, you know, we were able to focus on our operational side and maximize profitability given the operational flexibility that we have. Overall, KGD6, as Sanjay highlighted, you know, when close to delivering 30 MMA CMD in FI24, which will be 30% of India's gas production. Given the broader context of what I said about first quarter of FY23, performance has been strong led by consumer and upstream business. The fact that we have a diversified portfolio across consumption basket helps us on the strong growth and the growth outlook. A robust balance sheet with high liquidity to supply accelerated growth plans. With this, I come to the end of my presentation. Thank you so much for being on the call.