Reliance Industries Limited

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

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

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