Reliance Industries Limited

Good evening and welcome to the financial research presentation for the full year of 2023 and the fourth quarter of financial year 2024. We have Srikanth who will first talk about our consolidated financials followed by Kiran who will give the highlights of digital services business and Akshuman who will walk you through the financials for the digital services business. Dinesh will then take over and speak about the salient performance of Reliance Retail followed by Sanjay Roy who will talk about ENP and then Srikant will come back to talk about the O2C business, the summary and he will close out. Thank you for coming on a Monday evening. Over to you, Srikant.

Yeah, thanks. And good evening to all of you. Starting off with 23-24, looking at the full year picture, the year of milestones, we have crossed a lakh and 75,000 crores in EBITDA, more than 100,000 crores in PBT, more than 20 lakh crores in terms of market cap. On JPL side, 100,000 crore mark we've crossed and 20,000 crores net profit and of course completed the fastest rollout for our 5G network. On RRVL, we have crossed the 300,000 crore mark and net profit of 10,000 crore plus. And, you know, we have more than 75 million square feet. So clearly, you know, we are the first Indian company to cross these milestones on standalone basis. If you were to look, JPL and RRVL at this level, you know, would be among the top 20 and top 30 companies respectively. Looking at 23-24, EBITDA lacking 79,000 crores up 16% year-on-year. We delivered net profit of 79,000 crores up 7.3%. When you look at our consumer business, EBITDA now close to 80,000 crores, which is up almost 17% year-on-year. Five-year CAGR for our consumer business at 30%. And this has been enabled on the back of larger physical and digital footprint, increase in footfalls, the increase in the number of transactions, increase in the number of registered subscribers. On 5G, it is on the back of higher customer engagement, 5G rollout, and FTTH penetration. A highlight also has been the resilient OTC performance, given what we are seeing on cracks. And this has obviously been aided by significant operational flexibility, focus on feedstock optimization, light feed cracking and high domestic placement helped us overcome uh the you know the challenging environment on the oil and gas uh led entirely by ramp up in kgd6 production um our balance sheet uh net debt has been falling and the cap extend also has been lower in all in all we have delivered you know our EBITDA has doubled in the last five years Just key highlights here, you can see that for retail revenue up 18 percent, up 29 percent. We have seen margin expansion. As I mentioned, food falls greater than a billion, which is 36 percent higher, 300 million registered customers we have now. Our own fashion and lifestyle brands are now driving growth. Three brands have more than 2000 crores of annual sales. On digital services, you know, it's been about 12 to 13% across revenue and EBITDA. And our EBITDA margin at 50.2%, it is also higher by 50 business points. And overall, when you look at it, we stand out in terms of the net subscriber ad of 42.4 million. Data traffic is up 31% year on year. And we have now 108 million subscribers transitioned to 5G. On O2C side, EBITDA at 62,393, half a percent higher. The context being the weak margin environment globally. Also the environment, you know, when you look at some of the downstream petrochemical deltas, they are all multi-decade lows on the back of supply overrun. What we have been able to offset this week margin environment by focusing on light feed cracking, on focusing on feedstock sourcing and optimization. And of course, it was helped by the fact that the domestic demand environment has been pretty strong. You know, for example, on polymer side, we have seen a 14% increase in demand year on year basis. Oil and gas, the story, 20,191 crores. This is really the highest EBITDA that we have reported. This is up about 49%. This is on the back of KGT6 production, which in itself was up 57%. It was to some extent that volume was, growth was offset by the fact that there has been a 5% decrease in KGT6 price realization. Bringing these numbers together, revenue at 10 lakh crores, you know, up 2.6%, and the revenue growth is muted because, as you may have observed, that oil prices declined by 13.5%, you know, on a year-on-year basis. And overall, when you see EBITDA growth of 16, you saw that other than OTC, the other businesses had strong growth. um pbt at uh uh was about 11.4 percent uh as i mentioned it was uh one lakh pro mark it crossed um overall net profit was uh up on 7.3 percent even though ppt was up 11.4 percent because uh as you may recall in the last year uh you know we did avail of uh uh took avail of all the tax credit that were available and now we are uh back to normal tax really led by oil and gas on volumes retail because of categories and margin expansion digital services on the back of strong subscriber growth and operating leverage and others really reflect contribution from other businesses higher treasury income and and the focus on cost which has helped us reduce some of the unallocable expenses This is moving to the fourth quarter numbers standalone. EBITDA at 47,150 up 14%. and net profit of 21,243, which is really flat on a year-on-year basis. And as I was mentioning, revenue is up because we saw double-digit growth in both O2C and consumer business. EBITDA, we have seen the contribution from across businesses and particularly big growth in KGD6-related EBITDA. Overall net profit was muted only because of the fact that we availed of the tax credits particularly in the fourth quarter of last year. However, when you see the quarter on quarter, you can see there is a sharp increase and that is primarily coming because of O2C where post maintenance and inspection we saw an increase in volumes. Also, when you look at the individual net profits, you can see that JPL is actually for the quarter is 5600 crores. RREL is about close to 2700 crores. So strong EBITDA growth. You know, we have a portfolio of very dynamic businesses which are doing well. This is just the bridge and you can see that the biggest contribution here is on a year-on-year basis coming from oil and gas and all the other businesses have also done well. The fact that all units are operational post the M&I turnaround. We also saw sustained performance with marginal declines in volume there. And on the retail side, store rationalization and seasonally affected this performance. Digital services, you know, we had 11 million customer addition in this quarter, which primarily drove the earnings there. And on the balance sheet side, you can see that net debt is down by 10,000 crores. It was 126,000 crores in March 2023, now down to 116. And you can also note that the capex for the year is lacking 32,000, which is about You know, last time it was 142. So there has been a 10,000 crore reduction in capex, as well as the fact that the capex for the year, you know, if you compare it to the cash profits of a lack and 42,000 crores. So the capex is lower than the cash profit that we have. and uh clearly this is uh you know we have talked about keeping net debt a bit below one and at these levels it will be about 0.65 and um you know going forward uh this kind of balance sheet provides unparalleled financial flexibility and uh you know we'll continue to keep track of these ratios with this uh uh i'm giving it to uh kiran yeah thank you srikanth

So let's start the update on the digital services piece with our true 5G network. As on date, more than 100 million, in fact, 108 million subscribers have migrated to Jio's true 5G services. And if you look at the total traffic that is now being carried or being contributed by these 5G subscribers on a 5G network, it is now approaching 30% of the mobility data traffic, cumulative mobility data traffic. Just keep in mind that it is just about a year and a half since we actually started rolling out our 5G network, and these are staggering numbers for such a short period of time. In terms of quality as well, Ookla, who's always monitoring the quality of various mobility services, especially now 5G services in India, Okla has rated Jio 5G the best network in terms of pretty much every metric. Availability, latency, normal data consumption, video quality across the board on pretty much every parameter that they monitor, Jio is now number one. As a result, you see on the infographic on the right, India is one of the shining lights across the globe with 100%, near 100% coverage of the landmass of the country. using the most advanced 5G services available globally, which is the standalone 5G. And it also means that Jio on its own today has the world's largest 5G subscriber base outside of China. So China obviously has a head start. They have been rolling out 5G for now nearly approaching five odd years. But in just about a year and a half, we have reached the number two position just behind China. In terms of subscriber share as well, so all of these factors, including obviously our 4G network, but now with 5G kicking in in full gear, we continue to gain subscriber share. If you look at just over the last year or so, if you take March 23 position versus what we have in just a month back, we have seen a nearly 3% increase in subscriber market share. And this is not just in any one part of the country or the other. It is across all circles, whether it's a metro circle, whether it is a category A, B or C circle. Across all circle categories, we have seen a strengthening in our subscriber market share numbers. And it's largely also driven by the fact that now we have one of the world's best 5G networks working at scale. And of course, the Geo Bharat ecosystem on the other end is now bringing in what used to be 2G subscribers now onto our 4G network. So that's also increasing adoption. And of course, there are a number of very interesting partnerships that we've been able to create with premium smartphones because 5G and premium smartphones kind of go hand in hand because the true power of a smartphone is showcased by our 5G network and the other way around. So all of these engines firing would mean that we are strengthening our market leadership And this is a story that will continue to unfold into the future as well. Just a small infographic, I think, if you can play that animation. This is just showing how our 5G network over the last, like I said, 18 odd months has really come alive. And the real picture to take from this infographic is the fact that it is not a regional phenomenon. It is not a big city phenomenon. If you look at pretty much across the landmass of India, you can see that now our 5G network is present. And the growth in 5G adoption is largely now dictated only by the adoption of 5G smartphones. Otherwise, our network is now present across the country. We have seen growth in subscriber base, like I said, across all circle categories. So this is just an infographic that gives you a visual appeal, a visual feel for what that journey has been. Now turning to our The other dimension of how our 5G network is helping bringing broadband to India, this is on our fixed wireless strategy to go after homes and other fixed premises. We used to have what we call the geo-fiber story, which has obviously been growing slowly but steadily over the past many years. But again, now with geo-air fiber coming in, we are in a position today to offer our fiber-like broadband through geo air fiber to nearly 6,000 towns across the country. And again, what is very heartening to see is that the air fiber availability is really translating into a very, very healthy demand, not only in the big cities, but we are seeing that more adoption is actually coming from tier two towns because that has been the area where the demand has been the greatest, but Reaching optical fiber to those towns has been time consuming, but now with geo air fiber available in thousands of cities, that's really where we are seeing the strongest adoption. And of course, just like with geo fiber, even geo air fiber comes with a suite of digital content bundled with the tariff plan that subscribers sign up for. And all of that is really translating into very strong engagement as well. So not just adoption, but usage in terms of almost per capita monthly consumption of nearly 400 GB. It's like approaching half a terabyte per month kind of a usage on geo air fiber. And this increased distribution and presence means that our home strategy will also see now an accelerating momentum into the future. Coming to small businesses, which is also one of the other segments which has been hitherto underserved because they also are another category of fixed premises. So like we speak about media bundling, when we are going to these small businesses, what we are actually talking about is a whole bundle which is relevant for businesses. So if you look to the right, everything from connectivity through fiber and air fiber, inside their offices or premises, we are offering an end-to-end managed Wi-Fi service. And in four key segments, which are very large segments in the country, if you take, for example, hotels or small manufacturers or schools and colleges and hospitals, these are four very specific categories that we have selected where we are also taking very interesting software solutions to that market on our own and through partnerships. So, for example, if you take hotels, in addition to connectivity and Wi-Fi, we are offering an entire hotel management solution which also bundles in entertainment for the guests who are coming to those hotels. If you look at manufacturing, we are taking in security and surveillance solutions because that's what's necessary to have governance for all of those activities that happen. If you take colleges, obviously, again, ubiquitous connectivity and school and college management solutions. And likewise with hospitals, we are giving them hospital information management solutions as well as again for the patients who are admitted in those hospitals, providing connectivity in room as well as also entertainment solutions for both for the patients as well as their guests. So putting together some of the proven solutions, but making it very relevant. to these verticals is also seeing an increasing adoption, not just of connectivity, but also digital services, broadly speaking. Talking about the numbers now turning to revenue, the consolidated revenue for this year approaching now nearly 110,000 crores, which is almost a 12% year-on-year growth when you look at this financial year as compared to the previous financial year. The consolidated EBITDA, nearly 55,000 crore, And that's also growing even faster at nearly 12.8 or nearly 13% year-on-year. Looking at the quarter, for the fourth quarter, again, the consolidated revenues were at a higher run rate if you look at it on an annualized basis. Revenues at 28,871 crores and EBITDA at 14,360 crores. Today, the subscriber base stands at 481.8 million as on March 2024. and the ARPUs across such a large base is now at 181 or nearly 182 rupees per subscriber. The monthly traffic on Jio also now crossed 14 exabytes per month. Total traffic for the quarter at 40 exabytes up 35% year on year. And this is all being driven by, like I mentioned, the accelerating adoption of 5G as well as the growing penetration of home broadband, both with geo fiber and geo air fiber. And again, like I mentioned, geo air fiber is translating into good demand, not just in the big cities, but also now going towards tier two and beyond. Looking at the data traffic, just giving you a growth. Ever since we came out of COVID, really if you see why there was a very healthy uptick through COVID because that was the only lifeline that people had. And again, like I said, the 5G rollout and the home connects is contributing tremendously to that. And if you look at the per capita monthly data consumption, It is now nearly approaching a gigabyte of consumption per day. Earlier we used to talk about gigabytes per month. Now I think soon we'll have to talk about gigabytes per day. So at 28.7 GB, very quickly approaching the 30 GB per month mark. And again, all of this is largely being driven by the fact that Jio's network continues to be not just a leader in... to our growing story that we are unfolding for the country in terms of digital adoption. With that, I will hand it over to my colleague, Anshuman, who will talk about the operating and financial metrics.

Thank you, Kenan. Good evening, everyone. I'll quickly take you through the operating and the key financial matrices for both RGIL, the telecom business, and JPL, which is a digital services company. For RGIL, Kiran spoke about the subscriber base at 481.8 million. That's a healthy addition of 10.9 million for this quarter at a time when most of the other operators are either losing subscribers or just about maintaining their current base. We have been continuing to add subscribers through this period because of the robust 5G network, the attraction of more users coming onto the 5G network, as well as the initiatives we've taken at the lower end of the market with Jio Bharat. The ARPU was at 181.7 rupees for this quarter, given this quarter had lesser day. Plus, I would like to point out here that at this point, the 5G services are being offered on a promotional basis. We're trying to create the ecosystem for 5G services. We are not charging customers separately for the 5G data offering that we are giving them today, which pretty much means that 30% of the network data today or network usage is being given free of cost. In that context, we've been able to maintain a fairly healthy ARPU and other financial numbers. The total data consumption went up to 40.9 billion GBs for the quarter. So that's, you know, if you look at the previous, the same time last year, that's 35% higher and the per capita data consumption at 28.7 GB per user per month. Voice also continues to grow healthily. We are at 1,008 minutes per user per month. Total voice on the network has crossed close to 1,600 crore minutes per day. So sustained improvement across all of the customer engagement matrices, which has always been a point of importance for us as we try and create this digital ecosystem. The financials for the connectivity business, that is RJIL, in Q4, it reported operating revenues of 25,959 crores, which was a growth of 11% year on year. And the EBITDA went up to 13,734 crores. which is by 11.5% year-on-year with some operating leverage. So EBITDA margin at 53%. Once again, to just remind you that we're not charging for 5G services at this point in time. And despite that, we've been seeing fairly healthy growth in both revenues and EBITDA for the connectivity business. Moving on to the full year numbers for RGIL. The operating revenues for the full year for RGIL standalone also went up to one lakh or across one lakh crores. So at one lakh and 119 crores for fiscal year 23-24. That was a growth of a little over 10% year on year. And the EBITDA came in at close to 53,000 crores. So growth of 12.4% year on year. So almost a hundred basis points increase in margins through this period. Moving on to Geo Platforms Limited, the operating revenue for the quarter for Geo Platforms Limited at a consolidated level came in at 28,871 crores and EBITDA at 14,360 crores and PAT at 5,583 crores. Now looking at the full year for JPL, operating revenue of 1,09,558 crores and EBITDA of close to 55,000 crores at an EBITDA margin of little over 50%. The profit after tax came in at 21,423 crores. So across the board, fairly healthy growth rate, including in the digital segment of the business for JPL, which saw substantial growth through this year. With this, I'll hand over to Dinesh to take you through the results for our retail business.

Thanks Anshuman. Hi, good evening everyone. In terms of key performance highlights for retail business, it was a very important year for us. Crossed the milestone of 3 lakh crores in revenue and 23,000 crores in EBITDA for the full financial year. Our overall revenues grew 18% on a year-on-year basis and 11% on a quarter-on-quarter basis. Sorry, 18% for full year and 11% for the quarter on a YOY basis. In terms of segmental growth, the growth for grocery for FY24 was the highest at about 31%. Fashion lifestyle grew at about 23% and consumer electronics grew at about 18%. Our EBITDA margins continue to expand. For the full year, the EBITDA from operations was at 8.1%, which is a 50 basis points year-on-year growth. and for the quarter was 8.3%, which is a 60 basis points year-on-year growth. So we are consistently seeing the benefits of operating leverage as the infrastructure that you put on the ground over the last two to three years. It's yielding fruits across channels also and across baskets. The growth is strong. So while the stores are growing, our digital and new commerce initiatives also continue to scale up nicely. And they contributed about 18 percent of revenue during the financial year 24. All our operating metrics have a strong upward trend. Our registered customer base grew upwards of 300 million. Both footfalls and transactions were over a billion for the financial year. We continue to expand our store footprint. During the year, we added 1840 new stores with gross area addition of 15.6 million. Just for reference, this is more than the total retail area for the next largest retailer in the country. For the quarter, we added 562 stores with a gross area of 7.8 million square feet. Our total retail area now stands at close to 80 million square feet. We completed a fundraise of equity fundraise of 17,800 crores last year. We had earlier announced a fundraise from QIA, KKR and Adia. And as part of the same round, Reliance Industries infused 2,500 crores, taking the total equity capital raised to about 17,800 crores. In terms of overall revenue, if you look at it, 3,6,000 crores for the year, total EBITDA of 23,000 crores and profit after tax of 11,000 crores for the full year. So pretty healthy growth in all the financial metrics. Moving on to some of the key highlights across the various business segments. On electronics, a consistent trend that we have been seeing and disclosing in the last few quarters is growth in average bill values as well as improving conversions. So what we see is people are spending more on mobile phones, ACs, etc., on consumer durables. So that's showing a healthy growth in average bill values, which is driving the growth for this business. We saw pretty strong sales in ACs, summers came in in March and that trend continues. We had the Digital India sales event, which saw 15% YOY growth in sales. Across categories, whether it's mobile phones, whether it's consumer durables, the growth is quite robust. Rescue, which is our key differentiator, continues to expand its service network. We opened 24 new centers during the quarter. We have over 1,000 centers overall across the length and breadth of the country, and we serve 1.2 million customers with the Rescue offering. We've also launched the out-of-warranty services, and we are scaling that up pretty nicely. Our product business as well as our B2B, B2C business, JMD, continues to scale up well. We continue to add new merchants in the JMD business. We continue to expand the distribution footprint for our products, getting our products available at new and new counters, and keep adding new SKUs to expand our product offering. During the quarter, we also launched a new brand, Vazeel, where we introduced a range of coolers and we'll be expanding it to other categories. Fashion and lifestyle, we had a few festivals during the quarter, as well as the winter wear, which drove sales and customer engagement, especially in the cooler parts of the country. Some of our new formats, which we had launched last year, specifically U-Star, Azord and Gap, They continue to do very well. We are seeing very strong customer reception for these formats and we are scaling up these formats to set up more stores across the country. Our own brands in the fashion lifestyle business, bulk of what we sell is our own brands. and they continue to drive the growth. Three of our brands crossed the milestone of 2000 crore annual sales, which puts them amongst the largest fashion brands in the country. We also continue to work on building a fast fashion supply chain ecosystem and increase the number of options that we launch because this helps us increase the freshness in our stores as well as reduces the inventory across the stores. and some of the formats like U-Star, et cetera, which are more younger focused, they require a lot of new options getting launched every week. So that's something that we are working on and it's scaling up pretty nicely. Geo B2C, we continue to focus on improving the customer experience. We look at launching new product features. So we launched this quarter, we launched the product rating feature, which we started with a pilot. And then now it is available for all products across the platform. We are also working on storefront personalization. So if I open the open the geo app versus somebody else opening, depending on preferences, past behavior, past purchase behavior. What have we browsed in the past? The recommendations that come and what will be visible will be very different. So that does improve a lot of relevance and customer experience. Our focus is on exclusive brands and new brands on the platform. So we continue to strengthen the portfolio. We grew the catalog 30% on a YOY basis. The all-star sale, which is a March 1 event, which we do every year. In fact, most of the fashion retailers had some event at that point in time, but we were able to demonstrate very strong traffic growth and a lot of customer additions during that period. We did outperform most of our peers. Premium brands business continues to do very well. In fact, that's a trend that we are seeing across consumption baskets where There is a customer focus towards premiumization. So premium brands, premium products are doing better than their peers in the value side. In our partner brands business, we had a 20% growth during the year. Agio Lux, which is the luxury part of our Agio platform, that is doing while still small compared to the overall size of Agio platform, continues to do well. We added 20 plus new brands. We have over 600 brands available on the platform and we continue to increase the option count. So options were up 44% on a YOY basis. Hamdi's, we continue to grow its international presence. We entered the market and launched the first store in Italy. Jewels had a reasonably steady quarter in spite of a steep rise in gold prices, which has impacted sales across the jewelry industry. The business model focus continues to focus on growing the diamond share, which was 100 basis points year on year. And as all of you would be aware, diamond drives a profit of gross marginal profitability to a large extent for the very jewelry business. Our focus in the business has been doing exclusive launches. which are occasion specific and in that theme during this quarter we launched the Makar Sakranti Valentine's Day and Women's Day collection which was reasonably well received by the market. Grocery had another quarter of very steady performance. Smart and smart bazaars continue to drive the growth of the business. What we are seeing is average bill values are going up, driven by premiumization, which also drives better margin as well as the share of non-grocery is increasing. That is driving the margins for this business. Full Paisa Vassal sale, which is our flagship event, had a pretty strong 21% growth on a YOY basis. And what you would see is it's led by new categories, HPC, confectionery and snacks. Another interesting trend that we are seeing is that as we are going deeper and deeper, we are building the deepest regional network of stores in the country. There are regional nuances which are coming into play, which offer strong opportunities for growth. So providing regional assortment combined with national assortment provides a very strong value proposition for the customer. Just as this example in certain markets, The sale during the run-up period to Holi exceeded the run-up period to Diwali. Now, as you know, Diwali is the biggest consumption period in the country. But for the first time, we saw that the sales during the pre-Holi period was very strong in few markets. And that's driven by regional insights that we have around the assortment as well as the communication that we do regionally. and that's where local influencers, digital marketing, your ability to communicate digitally to the right customer segment in a localized manner helps a lot. We are also focusing on growing new categories. So example, international food, body milk, serums, these are some of the new categories which are growing very well. As consumers' preferences are changing, we continue to refine our assortment, our merchandising strategy. So that we catch the new trends and are able to attract customers to our stores with what they are looking for, which are new options as well in addition to what they used to buy. On our B2B Metro business, we continue to see good traction. The Metro Kirana Outserve was a key event which we executed during the quarter to drive onboarding of new Kiranas. As well as in addition to growing the Kirana business, we are also focusing on growing the Horeca segment, which provides a very large opportunity. And that varies from small restaurants to large hotel chains. there's a wide opportunity which is there in the Horeca segment as well, which we are looking to tap. On Geomart, again, this is something that we've talked about in the last few quarters. Our focus has been on improving the average order values, which were 30% on a year-on-year basis, as well as increase the number of units per order, which is up 37% on a YOY basis. While a lot of our selection is driven by 1P, given the wide width of categories that we are present in, whether it's electronics, whether it's a grocery, whether it's fashion. But in order to fill the fill the increase the assortment and provide customers with a wide variety of choice, we are also bringing 3P sellers onto the platform. Our seller base was up 94% on a YOY basis and the selection available on the platform was up 32% on a YOY basis. So we are providing wider and wider choice to the consumers in addition to our entire assortment on our store assortment which is available on the JioMart platform. We continue to look at key events like Holy Ready Sale, Republic Day Sale to drive customer engagement and grow the business. These events act as good points to acquire new customers as well as get them to try new categories, get them to buy more from us. We use a lot of basket builder initiatives to drive growth in customers engagement as well as new categories during these events. We also continue to enhance the functionalities on the platform to improve the shopping experience for the customer. So buy again is one widget which we launched during the quarter. We also have customer ratings for products or independent customer ratings which is available on the platform and we incentivize customers to provide genuine reviews. Consumer Brands Business which is one of our newer businesses had last year was the first full year of operations. The business continues to scale up nicely. We had a 3x YOY growth in general trade channel in addition to selling through the network of our own stores and our B2B network. You would have seen a lot of new brands, new products getting launched from our consumer brands business. Two key brands that we launched last year was Kampa in the beverages space and Independence in the staples space. Both of them had very strong traction. and got very strong customer acceptance. The products were liked by the customers and the price points were quite attractive. We are building the supply chain for these products so that we have a localized supply chain in different parts of the country and looking to scale up these businesses. We launched several new products during the quarter. We launched an energy drink called Campa Runner. We launched Necto, which is an aerated beverage. We also launched Grow Tea, which is a growing category and has substantial potential. And there are a lot of other substantial, other interesting products in the pipeline as well. Acquisitions and partnerships continues to be a core part of our strategy for our consumer brands business. During the quarter, we completed the acquisition of IP rights and trade, including trademarks and recipes for Rawalgaon. As many of you may recollect, at one point in time, they had very well-known confectionery brands and they still... the recipes and this will be a key part of our confectionery strategy. We've also partnered with the Elephant House of Sri Lanka where we will manufacture and sell their beverages under the Elephant House brand in India. It's a very popular brand in Sri Lanka and we've also given them reciprocal rights to sell camp. So that's the quick update on the retail business.

Thank you, Dinesh. A very good evening to all on the call. So we ended the year FI24 on a high note. As you can see, we registered in a bit of over 20,000 crores, 20,200 crores, which is one and a half times that of the previous year. And this is mainly on the back of higher production from the fields. The fields have now ramped up. They're performing as per expectations and they're producing up to 30 million standard cubic meters at the current juncture with about 23,000 barrels of condensate. Price realizations were slightly lower during the course of the year, but that has been more than offset by the higher production. If we just recap what we've seen in the quarter gone by. So having ramped up the fields, Overall, in terms of production, it's more or less flat. Even in the price realizations, it's been more or less flat. One good aspect of this quarter going by was that we had an incremental development plan approved by the government. This has the potential to deliver incremental production of four to five million standard cubic meters in a few years to come, which would augment the production that we have. Also, in terms of CDM, we have successfully now contracted 0.9 million cubic meters of gas per day, and we got a realization of about 12.67% plus 78 cents for the next two years. There were five successful bidders, so overall this was a good outcome given the contracts that we are currently seeing, which is slightly over 12% of Brent. clearly a good result for us. So overall, when we look at the production, we can see clearly there's been a sharp increase in production since FY21. And although overall domestic production besides KGD6 has been flat, KGD6 has been the key trigger for incremental domestic production. Almost 90% of the incremental production has been from the fields in KGD6. So overall, when we look at the outlook for the gas markets, Clearly, we've seen two consecutive winters that have been mild. Consequently, you've seen a build-up in the yield storages, which is higher than previous years. In fact, almost 59% versus the 42% that we've seen in five-year averages. That is the yield storages. However, we've seen that there has been some price support, particularly at lower prices. We've seen revival of demand from China, India, and Southeast Asia. And we have also seen prices come back from earlier lows of $8 per annum BTU to currently around $10.5. In the near term, we feel there will be support for the demand. mainly on the basis of strong print prices, which implies that alternate fuels will be more expensive, and also support coming in from Asia, demand support from Asia. Also, there's potential uncertainty of Russian supplies going forward with the expiry is expected in September 24th. Further, we don't expect any substantial energy capacity addition at least till the winter of 2024. So overall, we expect gas prices to be more stable going forward, supported by the higher demand and the current price outlook. So in ending gas market scenario, we have clearly seen demand coming back in a big way, particularly in the city gas distribution, fertilizer and refinery sectors. We've seen a 12% growth year on year, Clearly, you know, we see that this should continue to sustain mainly on the basis of prices being far more competitive as compared to alternate fuel prices, which are driven by high rent levels. Also, you know, policy framework being much more positive. Essentially, there are two areas. One is the uniform price style, which enables customers which are farther away can get gas, the transportation of gas will be far more economical. Also, the recent initiative by the government to ensure that gas-based power is available as compared to low hydrogen generation during summer is a good sign. Further, with infrastructure, pipeline infrastructure projects, currently underway. We expect the current 24,000 odd kilometers that we have of pipeline in the country to be augmented by another 10,000 kilometers, which will give more reach with respect to customers. So overall, there is a strong growth visibility for the Indian gas market. So this bodes well for the overall outlook for ENB and particularly gas. Thank you.

Thanks, Sanjay. Moving to the O2C side, the full year FI24 EBITDA marginally higher than what it was last year at 62,400 crores. You know, I talked about the margin environment remaining challenging, and you have seen that in fuel cracks, which fell anywhere between 20 and 45%. Of course, they were from elevated levels, some extent offset by lower ACED. On the petrochemical side, you know, the decline was also sharp, anywhere between 8 to 21% for polymers. And when you look at the chain delta, it's about 6% individual products were significantly lower. We were able to offset that by focusing on light feed cracking economics, which, as you know, given that almost two-thirds of our cracking happens on light feed, which is an advantage for us, given where the prices of ethane is versus NAFTA. Also, the focus on optimizing crude procurement. Also, we were helped by the fact that the demand environment was good in as far as domestic is concerned, so a lot of placement done domestically. So even in this context, it's a good outcome to have maintained, if not slightly grow the EBITDA for our O2C business. Just for the quarter, you can see that 16,777 up 3% year-on-year and up 19% on a quarter-on-quarter. Overall, as I mentioned, the margin environment has been weak. However, as I mentioned, the set of actions, be it on crude processing, light cracking advantage that we have and the fact that there was also a slightly marginal increase in volumes. On the quarter and quarter side that was much sharply higher at 19% growth because you know all the units were available post the planned maintenance and inspection activity in the last quarter. Also we did see some rebound in gasoline cracks Also, P and PP deltas were also higher than 6% and 7% respectively. Just the context about overall, the key takeaways here are that global for the fourth quarter, oil demand up 1.6 million barrels per day. You look at it geography-wise led by China at about 0.8 million barrels per day and then the other Asian countries. Product-wise, if you see led by really jet up 0.7 million barrels per day and gas oil 0.26. Overall from a quarter point of view, polymer demand was stable, polyester marginally weaker. However, I will show you in the subsequent slides that when you look at it from a year-on-year point of view, the demand has been pretty robust. Operating rates lower, refinery operating rates down by almost 260 basis points because of unplanned refinery outages and maintenance. On the cracker side, lower by 340 basis points because of new capacity additions mainly in Middle East, Asia and also the global demand trend has not been good. This is the oil demand in as far as India is concerned, and they're just focusing on the lower part of the box, which is the year on year. You can see that overall demand for oil at 4.6% strong growth. And if you look at the components, you can see that ATF has been close to 12% growth, diesel about 4.5% growth, gasoline about 6.5% growth. So strong numbers that you are seeing. Almost mirrored when you look at it from a quarter and quarter point of view. and you know gasoline obviously led by the trends in personal mobility diesel on the back of demand for agri as well as mining activities industrial activities growth and atf on the back of passenger traffic and you can see that passenger traffic at 39 million passengers is up about four and a half percent year on year On the polymer side, again, looking at the lower part of the box, this is what I was referring to. Year-on-year growth in polymer, up 14% of which PE has been very strong, 20%. PPE and PVC also have been about 9%. And PE, you know, we have seen this growth, this trend about demand for PE coming on the back of, you know, infrastructure pipes and also the packaging sector, be it FMCG and retail.

PPE is up on the... Something that you could have seen.

In the quarter on quarter basis, the aberration in PVC is really more to do with the fact that at the same time, in fourth quarter and FY23, there were significantly higher imports because as EDC prices collapsed in the US and there was a lot of imports. But other than that, you can see that P and PP grew by 6% and 7% respectively. Polyester side, again, lower part of the box, 4% growth, really led by PET and the beverage segment has been doing well. Increase in tourism, Cricket World Cup, you have seen that kind of growth. And overall, the PSF demand has been weak due to the weakness in the textile export market. And same thing mirrored in the fourth quarter also, you can see that PET demand up on back of the summer that is coming and yarn and fiber has been on the back of weak textile export demand. Overall, when you see the quarter-on-quarter trends, a bit mixed in as far as fourth quarter is concerned. PPP went up, PBC lower by 7%. Of course, the ETH prices falling 16%.

You know, deltas fell anywhere between 8 and 21%.

And this is coming on the back of commissioning of new capacities, you know, demand I talked about. And so in a way, market was very well supplied. Overall, the product prices also decreased significantly more. And well, between 10 and 19% while NAFTA prices decreased by only 11%. So that's the weakness you saw there. Polyester chain, that year-on-year basis has been lowered by 6%. There was an improvement in PX deltas led by tight supplies. And of course, if you're an integrated producer, you continue to optimize production based on PX versus gasoline economics. That's what we did. And PTA margins there was affected by the capacity expansion in China. On a quarter on quarter basis, probably stable, you know, MEG deltas did improve because of higher freights and PX deltas were lower. Moving to the transportation, you know, cracks on gas oil, you know, demand, as I mentioned, up 0.26 million barrels per day, led by really Asia Pacific and to some extent offset by Europe. And both on a quarter-on-quarter and year-on-year, you can see that the cracks have moderated from the high. But yet at $23, it does remain in the healthy category. Of course, the fall is really more to do with seasonal weakness in demand, supply from new refineries as well as those coming from maintenance. Russian diesel exports continue to be resilient which weighed on the cracks and you can see from the inventory levels there has been a gas oil drawdown from the inventory. Jet-crow demand up by 0.7 billion barrels per day, more led by Asia-Pacific. Quarter-on-quarter cracks moderated with Chinese exports. It's also seasonal demand being lower and year-on-year cracks came off from 26 to 21.2. clearly you can see the increase of the inventory levels building from 101 to 170 on a year-on-year basis. And gasoline cracks, overall, you have seen about 0.2 million barrels per day across North America and Europe. Quarter on quarter, you saw a sharp jump in cracks from 7.6 to 13.3 on the back of unplanned refinery outages, maintenance in US and Asia. We also saw lower inventories and also lower exports from China. And then the part about, you know, the anticipation of the U.S. driving season, which drove quarter on quarter cracks. Year on year, you can see 15 in last year and 13.3 now. So it's basically stable there. Overall, this is the fuel cracks when you see fully a picture. All of them, year on year, you can see FI23 versus FI24, all of them coming off historic highs because FI23 was the year of significant dislocation in the energy markets. As I was mentioning, gas oil impacted by the resilience in Russian supplies. and also higher supplies from new refineries. Gasoline declined again coming from new refineries and also there has been rising demand in China which supported to some extent the cracks, otherwise it would have been significantly lower. And ATF has moderated in line with gas oil cracks and the fact that there is a continuing recovery in global oil travel has also kept the cracks well supported. Yeah, the takeaway from this slide is the fact that, you know, production meant for sale, you know, went up from 16.4 to 17.2 as we came out of the major M&I activity in the last quarter. The other points about, you know, clearly you can see focus has been on crude and ethane sourcing, focus on domestic fuel sales, optimization of gasoline versus PX, focus on gasoline in the US markets, and really sustaining our gasifier operations so that we have very minimal dependence on LNG sourcing. So the broader dynamics here, when you look at it, the point being that oil demand still in 24 is expected to be 1.2 million barrels per day. And it is coming after the growth of 2.3 that we saw in 23. The domestic demand continues to be strong for fuel and downstream chemicals, given the emphasis on infra mobility being there and, you know, the whole consumer sentiment. So leading to buoyancy there. Gasoline cracks, you know, we think is expected to be supported by strong seasonal demand. The fact that there is lower inventory, middle splits will likely remain firm. given the disruptions and refinery vulnerability in conflict zones. And downstream chemical margins, we do expect it to recover gradually with slowing pace of capacity addition. Overall, when you think of it, the challenges from a volatility standpoint really is the whole OPEC plus members extending voluntary production cuts, geopolitical tensions in Middle East and the whole Russian Ukraine aspect and its impact on oil prices. Any attack on energy infrastructure like we saw, you know, does result in loss of refining capacity. So these kinds of things are, you know, challenges, which also impart a lot of volatility. Geopolitics, you know, you're seeing it in higher voyage time, you're seeing it in bunker consumption increases, as well as the increase in freight rates. And the newer refineries starting up in China, Middle East and West Africa, you know, will pose a challenge in the sense that you can have incremental product supply outpacing demand in major markets. So the point here is, you know, there is the whole play of geopolitics. There is this incremental supplies production cut. This can influence energy and commodity prices. But overall, you can see that transportation fuel, given the more broader construct, you know, does look healthy from a broader demand point of view and downstream really slowing down. And, you know, we do hope that for a more gradual recovery in as far as that can build as a concern. Yeah, just to summarize, you've seen the operating performance very strong, very robust on the back of strong execution. We have doubled our EBITDA in five year period. Consumer EBITDA particularly is up 4x in the same period. And when you think about each of the businesses, in our minds, there is strong visibility of continuing growth trajectory as well as the overall when you put the numbers together, our earnings does show very, very subdued volatility when you look at the whole portfolio, take the portfolio as a whole. On the energy business for us, the next phase will be led more by India centric capacity expansion, the vinyl chains we have talked about, customer centricity, the whole focus there and circularity. Our focus on green energy investment involves integrated managing ecosystem and the ability to deliver around the clock power. You know, both at a lower cost as well as cost and with lower least amount of volatility and as far as energy cost of concern. KGD6 coming in at the right time, providing valuable transition fields for the economy. On the retail and geo side, we have a clearly cut strategy as some aspects that Kiran talked about, the strategies in terms of for individuals, for homes, for enterprises and digital platform. Retail, the whole focus is on expanding the omnichannel offering, the focus on logistics, product development and premiumization. And as Anshuman highlighted, today's capacity, almost 30% of the network is on 5G, 5G traffic is almost 30%. And if you think about it from a broader monetization point of view, you can see a larger runway for growth there. Overall, where we have come is to have a very robust balance sheet. You saw the capex intensity being lower. You are seeing that the capex spend is lower than the cash profits that we are making. And the capex in as far as Jio is concerned, a lot of that got completed. in the last in this in the last financial year so overall direction looks good balance sheet looks strong businesses are delivering strong results and outlook also remains pretty pretty robust thank you so much