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

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

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

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

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

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

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

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

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

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

So with this, Dinesh -- sorry, Anshuman.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Thank you.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

And on the consolidation bit?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sorry, could you repeat that, [ Deepti ]?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ladies and gentlemen, good afternoon. It is 2:00 p.m. and time to start the meeting. I welcome all of you to the 48th Annual General Meeting of the company. This meeting is held through video conferencing in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the Annual General Meeting. Adequate videoconferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and, therefore, I call the meeting to order.

Register of directors and the key managerial personnel and their shareholding, the register of contracts or arrangements in which directors are interested, and certificate from the secretarial auditor on employee stock option scheme are available and will remain accessible to members.

I wish to introduce for the benefit of new members, my colleagues on the Board of our company. Dr. Shumeet Banerji; Smt. Arundhati Bhattacharya; His excellency, Yasir Al-Rumayyan; Shri K. V. Chowdary; Shri K. V. Kamath; Shri Haigreve Khaitan; Shri Dinesh Kanabar; Shri Nikhil Meswani; Shri Hital Meswani; Shri P.M.S. Prasad; Shri Anant Ambani; Mrs. Isha Ambani Piramal; Shri Akash Ambani. All directors of the company are present at this meeting. Shri V. Srikanth, Chief Financial Officer; Smt. Savithri Parekh, Company Secretary; and Shri K. Sethuraman, and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting.

Ladies and gentlemen, notice dated August 6, 2025, convening this Annual General Meeting and a copy of the annual report for the financial year ended March 31, 2024, have already been circulated electronically to the members of the company. With your permission, I shall take them as read. The auditor's report on the stand-alone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended March 31, 2025, do not contain any qualification, reservation, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the Companies Act 2013. Now I will begin my formal address to the shareholders.

My dear shareowners, Namaste, and a very warm welcome to the 48th Annual General Meeting of Reliance Industries Limited. We meet today on the most auspicious occasion of Ganesh Chaturthi. Lord Ganesh has arrived in our homes and in pandals on our streets. Let us begin this meeting by seeking the blessings of Bhagwan Ganesh for you, your families, the entire Reliance Parivar and for all the people of India and the world.

Friends, the global economy today is navigating through an era of great uncertainty. Geopolitical tensions are rising. Volatility is persistent and predictability is scarce. The world is realizing that conflict produces no winners, whereas cooperation ensures shared prosperity. When nations cooperate, trade flows freely, investments flourish and everyone wins. In today's interdependent world, the prosperity of each country is inseparably linked to the prosperity of all. Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21st century, an age defined no longer by scarcity, but by super abundance and super affordability for all the 8 billion people on this planet.

This has become possible because of the convergence of 3 powerful technological transformations. Breakthroughs in clean energy are unlocking a future of abundance, sustainability and security, raising hopes for overcoming the climate crisis. Breakthroughs in genomics promise dramatic improvements in cure of diseases, longevity and overall health. Breakthroughs in artificial intelligence and allied deep technologies have already begun to boost productivity, efficiency and human potential to unimaginable levels. Because of the miraculous power, AI can now be called the new Kamadhenu, the diving wish-fulfilling cow of our age.

At Reliance, we see these 3 convergent transformations not as distant possibilities, but as immediate opportunities for India. Therefore, we are building the world's most advanced clean energy ecosystems. We are expanding into the frontiers of digital health, life sciences and genomics. And we are developing AI as a new growth engine besides embedding AI across all our businesses from retail to telecom, from energy to entertainment. India, with its scale, talent and entrepreneurial spirit is uniquely positioned to lead in this new era of AI, clean energy and genomics; and Reliance has positioned itself confidently to lead our nation's mission to ensure that abundance and affordability become the birthright of every Indian.

This is our solemn promise. Friends, the possibilities created by these new technologies are staggering. The global GDP today is at $110 trillion, has the potential to reach $500 trillion within the next 25 to 30 years. Imagine, in our own lifetime, we can end poverty globally and ensure that every human being has access to all basic needs. For this vision to be realized, it is our hope that the world leaders choose cooperation over conflict, dialogue over discord and win-win agreements over zero-sum rivalries. Despite geopolitical uncertainty, one truth is crystal clear: India is on the rise and India's rise is unstoppable.

Today, India already ranks among the world's top 4 global economies. Under the determined leadership of our visionary Prime Minister, Shri Narendra Bhai Modi ji, India's GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities and a national priority on deep tech, our economy can grow at 10% annually. This will mean that the per capita income of Indians could rise 4 to 5x within the next 2 decades, making India not just a prosperous nation, but also a more equal nation. And more importantly, India need not copy any foreign model. We have the ability and the responsibility to create an India-first model of development.

This model will use deep tech to bring prosperity and security to India, improve the quality of life of each and every Indian and protect the environment. This model will also harmonize technology with democracy, economy, with culture, spirituality with science and national aspirations with friendship across all nations. This is the collective dream of nearly 1.5 billion Indians to build a nation that leads with both prosperity and compassion. This, my dear shareholders, is the Indian dream. Dear shareholders, as Reliance approaches the close of its golden decade, we rededicate ourselves to the rapid realization of this Indian dream.

We are resolutely transforming our operating model to become a deep tech company with advanced manufacturing capabilities. We are making every one of our businesses AI native, positioning them for hyper growth. Our corporate philosophy of We Care compels us to continuously improve the quality of our products and services in ways that promote the well-being of both people and planet.

Our operating model is now led more by innovation than capital intensity. That is why we are attracting and empowering super talented young leaders who will drive the next wave of value creation with bold innovations. Reliance has never rested on its past laurels. Our founder and forever guide, Shri Dhirubhai Ambani, instilled in us a DNA of relentless reinvention and reimagination. Again and again, we will reimagine and reengineer ourselves to create greater wealth for our nation and higher value for our society. This is my solemn commitment to you.

Dear shareholders, I'm happy to share with you the details of yet another stellar year of business and financial performance achieved despite multiple challenges. In the financial year '25, Reliance delivered a record consolidated revenue of INR 10.71 lakh crores, becoming India's first-ever company to cross $125 billion in annual revenues. Reliance's EBITDA stood at INR 1,83,422 crores and net profit grew to INR 81,309 crores. Reliance's exports were at INR 2,83,719 crores, contributing to 7.6% of India's total merchandise exports.

Reliance invested cumulatively INR 5.6 lakh crores in the last 3 years. Reliance remains the single largest contributor to the national exchequer, contributing INR 2,10,269 crores in the financial year '25. In the last 6 years, Reliance's contribution to the national exchequer crossed INR 10 lakh crores. I'm also proud to report that Reliance's CSR spending in the financial year '25 rose to INR 2,156 crores. Reliance's cumulative CSR expenditure over the last 3 years crossed INR 5,000 crores. This is a clear reflection of our unwavering commitment to social impact.

Friends, employment generation for India's talented youth is a national priority. It is also a priority for Reliance. Globally, the dynamics of employment are undergoing a shift towards flexibility driven mainly by AI and automation. Reliance has also adopted modern engagement formats that combine opportunities for upskilling, entrepreneurial drive, job satisfaction and higher earning potential. Today, our conventional and nonconventional workforce has grown to nearly 6.8 lakh people. I see this growing to more than 10 lakh people over the next few years.

It gives me immense satisfaction to say that we continue to be amongst the most admired employers and rank among the largest job creators in India. Reliance continues to lead across every key growth parameter, revenues, profitability, exports, market value, investments, contribution to the exchequer and social impact. I'm confident that Reliance will continue to break its own records in business performance next year and beyond.

Dear friends, let me begin by sharing with you the impressive performance of our digital business. Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India's digital history. Today, I'm proud to share with you that the Jio family has crossed 500 million customers. The 500 million milestone is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you.

I have heard people say Jio changed my life, and I love Jio. But I say from my heart, actually, each and every Indian built Jio by simply making it a part of their lives. Let me present a short video of our Jio journey. how 500 million Indians made Jio. All of you made Jio.

[Presentation]

Friends, Jio was conceived at a time when India's road to digital transformation was blocked. Prohibitive data prices, poor connectivity and even poorer speeds had stifled the digital aspirations of Indians. That is when we said, this must end, and Jio ended India's digital poverty within a few years. Jio's bold deep tech initiatives sparked India's technological revolution and became the backbone of our Prime Minister's Digital India mission. Let me mention only 5 major achievements of Jio, which were previously unimaginable.

First, Jio made voice calls free from anywhere to everywhere in India. Second, Jio made it a habit for common Indians to watch videos on their mobile and do digital payments also on their mobiles. Third, Jio laid the foundation for India's digital public infrastructure such as Aadhaar, UPI, Jan Dhan, direct bank transfer and empowered a confident new generation. Fourth, Jio enabled the creation of the world's third largest start-up ecosystem in India with over 100-plus unicorns. Fifth, Jio's nationwide 5G rollout, the fastest in the world, has laid the foundation for the AI revolution in India.

Dear shareholders, as a result of these achievements, the financial performance of Jio is scaling new heights with every passing year. Jio's revenue was INR 1,28,218 crores, a growth of 17% year-on-year for the financial year '25, and our EBITDA was INR 64,170 crores. These figures are a testimony to the enormous value Jio has already created and the still greater value it is destined to create.

Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. I assure you that this will demonstrate that Jio is capable of creating the same quantum of value as our global counterparts. I'm sure that it will be a very attractive opportunity for all investors.

Friends, Jio's plans for the future are even more ambitious. They rest on 5 assurances: One, Jio will connect every Indian on mobile and home broadband. Two, Jio will empower every Indian home with digital services like Jio Smart Home, JioTV+, JioTV OS and seamless automation. Three, Jio will digitize every Indian business and enterprise with simple, scalable and secure platforms. Four, Jio will herald the AI revolution in India. Our motto is AI everywhere for everyone. And five, Jio will expand its operations outside India with our own technology to people around the world. I'm extremely confident that the path ahead for Jio is even brighter than its journey so far.

I now invite Akash, who spearheads Jio to take you through what lies ahead in the company's exciting journey.

Thank you, Chairman. Jio is where I began my professional journey, faced challenges, learned lessons and found my purpose. I have grown with Jio. And today, to see it come into its own as an independent company is both humbling and exhilarating. Jio is part of me. Chairman, sir, I want to thank you for your trust, your vision and your guidance. I assure you that Jio is on the path to build on your vision with renewed energy and unwavering resolve to serve India's digital future.

Dear friends, as we take this next step in Jio's journey, it gives me great pride to reflect on how far we've come. Today, Jio serves over 500 million happy customers. To put that into perspective, it's more than the combined population of the United States, the United Kingdom and France. This isn't just a milestone in terms of scale. It's a testament to the deep and widespread trust that Jio has earned from every corner of India. Very few companies in the world have the privilege of serving 0.5 billion people.

Fewer still do it with the consistency, commitment and care that Jio has demonstrated. This achievement, therefore, belongs not just to Jio, but to each and every individual who believed in Jio and stood by it. And with that belief comes responsibility, the responsibility to lead, to innovate and to serve with purpose, not to sell, but to truly serve the customer, putting their needs at the heart of every innovation. Today, Jio carries the largest wireless data traffic in the world. India's next digital leap and Jio's next growth engine will come from businesses, large and small.

Jio is building simple, scalable and secure platforms for MSMEs and enterprises alike. From franchisee management to AI-powered solutions across verticals, we're enabling every business to compete globally. This is not just digitization. It's the democratization of enterprise-grade technology. Jio's transformation into a deep tech company is now unmistakable. We've done it on a technology stack that is designed, developed and deployed entirely in India by Jio's own engineers.

From developing our own 5G core to rolling out the fastest 5G services in the world and now deploying our global first home connect technology, we have cemented our place as a deep tech company. Our proprietary home connect technology, UBR, and industry-first innovation has revolutionized home broadband, offering gigabit speeds while avoiding cable cut disruptions and supporting high-end applications. Jio AirFiber is now the largest fixed wireless provider in the world, adding over 1 million homes per month. And now with the integration of AI, we are building a stack that will power intelligent services across India.

From Gen AI-enabled customer journeys to AI-powered diagnostics and automation, Jio is laying the foundation for India to become the world's first AI native digital economy. Building on this foundation, Jio True 5G has redefined speed, reliability and the reach of digital connectivity. Today, more than 220 million users are benefiting from Jio's True 5G network.

Friends, at the heart of all our offerings is our customer. At Jio, customer service is not a department, it is a promise. We are redesigning every touch point to delight the user, not just serve them. Whether it's discovering, buying, using or resolving issues, our systems are now event-driven and API-enabled with Gen AI at the forefront. This transformation is structural, aligning our architecture and feedback loops to deliver precision and delight at scale.

This relentless focus on innovation has also driven our strongest financial performance here with record revenue, profitability and customer engagement. As we look ahead, Jio's journey will be beyond India. Our innovative technologies are now ready to be deployed globally and solve global challenges. With strategic partnerships and a clear road map, we will take Jio services international, creating value for partners and shareholders alike.

Behind every achievement is a mission to serve customers with heart to connect the unconnected, uplift every citizen. As we move forward, Jio remains committed to this service, ensuring that our technology empowers all of you. To give you a glimpse of where the mission is headed next, I now invite my colleague, Kiran, to join me to showcase some of Jio's latest innovations.

Thank you, Akash. Today, Jio is the only operator that can activate gigabit speed Internet in under 24 hours across India. In the past, getting broadband installed even in our largest cities meant waiting, delays and multiple site visits before installation could even begin. It was frustrating for homes and small businesses that simply wanted to be connected. At Jio, we decided India deserves better. And we completely reimagined this using our deep tech platforms. We built something no one else has attempted at this scale, a digital twin of India's physical infrastructure.

This is a living, breathing 3D model of our entire nation, covering every terrain, every locality and every single building. The moment a customer places an order, Jio's digital twin system allows our engineers to check the local network conditions for that specific customer and precisely plan the entire installation instantly right from their offices. And within 24 hours, the rooftop unit is installed and the customer's premises is live with gigabit speeds. This homegrown capability puts India and Jio at the forefront of technology innovation and sets a new benchmark in serving customers at scale.

Now last year, in our AGM, we introduced Jio AI-Cloud with up to 100 gigabits of free cloud storage for all Jio users. More than 40 million Indians have trusted Jio AI-Cloud to back up their most important photographs, files and videos all securely. Today, we unveiled the next generation of Jio AI-Cloud that is more than just storage, but an AI-powered memory companion. Imagine being able to find and relive your most precious moments simply by speaking in your own language. You could, for example, say, "Hello Jio. [Foreign Language]. And Jio AI-Cloud will search your entire library and instantly bring back vibrant images of your celebrations.

Jio AI-Cloud also makes everyday organization effortless. For example, when you scan a receipt, it categorizes it automatically under bills or when you upload a picture of your Aadhaar card, it again automatically categorizes it under identity documents. And with our new AI Create Hub, Jio AI-Cloud becomes not just a place to store memories, but also to create them. Anyone can turn simple photographs into shareable reels, collages or promo videos with no expert skills required at all. Imagine a small shopkeeper creating a professional product reel in minutes or a parent compiling a family album with just one click. We are making Jio AI-Cloud smarter and more human and are excited for you to try these very soon-to-be-released features.

And now back to you, Akash.

Thank you, Kiran. Jio's vision is to empower every connected home and business with advanced digital services. Today, we are proud to announce another leap forward called JioPC. Our world is being reshaped by AI. But for AI to be truly inclusive, it must be present in every Indian home and business. JioPC is that revolutionary product that transforms your TV or any other screen into a full-feature AI-ready computer. You can easily get started by connecting a keyboard to your Jio set-top box. Instantly, you get a virtual computer powered from Jio's cloud with no upfront investment. You simply pay for what you use.

And because JioPC lives in the cloud, it's always up to date, secure and you can remotely upgrade your memory, storage and computing power based on your growing needs. For the first time, anyone in India can tap into high-performance compute on demand. You can go from creating documents to running advanced simulations, all on the same JioPC. We are partnering with leading providers to bring a rich library of applications and powerful AI tools to boost your productivity and creativity. JioPC is not just about giving people a computer. It's about giving every student, every professional, every entrepreneur in India, the same AI-ready power that only few have had so far. This is computing for India reimagined.

Next up, we are proud to give you a first look at one of our most exciting upcoming products, JioFrames. JioFrames is an AI-powered wearable platform and ecosystem made for India. With support for multiple Indian languages at launch, you can simply speak to Jio's multilingual AI voice assistant. It is a hands-free AI-powered companion designed for the way India lives, works and plays. With JioFrames, you can capture your world like never before. Take HD photos, record videos or go live, every memory is instantly stored in Jio AI Cloud. JioFrames goes beyond capturing moments.

Reading a book, just ask for a summary or an explanation. Cooking a new dish, get a step-by-step guide while your hands are busy. Traveling to a new city, instantly learn about the landmarks around you. You can make calls, take meetings, listen to music or enjoy podcasts. With built-in open ear speakers, you hear crystal clear audio while staying aware of the world around you. JioFrames brings the power of AI into your everyday life in the most natural way possible. Intelligence will not just be in your pocket. It will be right in front of your eyes.

Dear shareholders, let me now talk about our media and entertainment business. The formation of JioStar marked a defining moment for India's media ecosystem. In just a few months, we have created a revolution by strategically leveraging content, AI and technology to reshape how stories are told, delivered and experienced. JioStar offers 320,000 hours of content, 6x more than the next 2 OTT platforms combined with 30,000 hours added every year. Our advanced AI tools and technology innovations are empowering viewers like never before. As a result, our media and entertainment business delivered a record-breaking performance.

The launch of JioHotstar brought over 600 million users on board within 3 months. This included over 75 million connected TVs. With 300 million paying subscribers, JioHotstar is now the world's second largest streaming platform achieved entirely in our country, India. This record shows the immense potential of Indian consumers. In addition, with a 34% TV market share equal to the next 3 networks combined, we are well on our path to serve 1 billion screens across mobile, TV and connected devices. JioStar will continue to expand across platforms and geographies. We have created an experience that combines the best of content, software and AI through JioHotstar.

We always want to push the boundaries and give our customers a more elevated experience. And now let me give you a glimpse of what's coming to JioHotstar. Finding what to watch from thousands of hours of content can feel overwhelming. That's why we have built Riya, your new voice-enabled search assistant that makes discovering content effortless. Riya is built for the way you think and speak, whether it's key moments from your favorite shows, highlight reels of your favorite players or even a deep dive match analysis, Riya understands you.

Just say what you want across years, seasons and episodes and Riya will curate it for you. No more scrolling, no more searching, just ask and Riya delivers. Now introducing VoicePrint, the next leap in immersive storytelling. For the first time on JioHotstar, you will be able to enjoy sports and entertainment in your favorite Indian language without losing the magic of the original performance. With the power of AI voice cloning and lip sync technology, your favorite stars won't just get dubbed, they will actually speak in your language in their own voice with perfect lip sync on screen. Here's a closer look.

[Presentation]

So whether it's a cricket match or a blockbuster movie, you can now watch it in your own language in the most natural and authentic way. Paramount to our success has been the unmatched viewing experience we've delivered, and we are always pushing boundaries further. Today, we're excited to introduce JioLenZ, a breakthrough that lets you experience your favorite content like never before. With JioLenZ, you can explore multiple viewing options that adapt to your personal preferences in a single click. It's your content, on your screen, exactly the way you want to see it.

Next, let's look at MaxView, a global-first innovation that transformed how cricket is watched on mobile. Now we're taking it even further with MaxView 3.0, a revolutionary upgrade that puts all your favorite JioHotstar features at your fingertips, multiple camera angles, choices of language, instant highlights and live scorecards, everything right there on the same screen accessible with a simple swipe. This cricket viewing experience has been designed around the way you naturally hold your phone making it more immersive, more intuitive and closer to the action than ever before. Head over to jio.com and ril.com to see even more exclusive demos about the exciting features we have planned to launch.

With that, let me invite our Chairman back on to stage.

Thank you, Akash and Kiran. We are proud of Akash and the entire Jio leadership team for their achievements. I'm sure that you will surpass your successes in the future. Dear friends, Disney, which is amongst the largest entertainment companies globally, has partnered with Reliance to form JioStar. I would now like to invite my good friend, Bob Iger, the CEO of Disney, to share his views on our exciting partnership.

It's a privilege to address the Reliance Annual General Meeting and to mark what is already proving to be an extraordinary partnership between The Walt Disney Company and Reliance. And I especially want to thank Chairman, Ambani, for his leadership and for inviting me to speak to you today.

India is one of the most important and exciting markets for Disney globally. Its scale, diversity and deep love for storytelling present enormous opportunities. And through JioStar, we are delivering the very best in entertainment and sports, reaching audiences at an unprecedented scale.

By bringing together Reliance's digital reach, execution and understanding of the Indian consumer, combined with Disney's rich library of world-class storytelling and beloved IP and, of course, India's strong passion for cricket, JioStar has quickly established itself as a global force in media and entertainment with nearly 300 million paid subscribers. That is truly a remarkable accomplishment in such a short span of time. And we're incredibly proud of what we've achieved so far and even more excited about what lies ahead.

So on behalf of all of us at Disney, thank you for your partnership and enjoy the meeting.

Thank you, Bob, and we look forward to a very strong partnership with Disney. Dear shareholders, let me update you on our news and current affairs business. Network18 is pioneering disruptive models with sharp focus on credible journalism, creative content and innovation. Moneycontrol has consolidated its leadership as India's largest platform for business news, financial markets data and investment analytics. With over 1 million paid subscribers, Moneycontrol Pro ranks among the top 15 subscription platforms globally alongside the Wall Street Journal and the New York Times.

Firstpost is growing rapidly as India's digital-first global view of the world with a strong presence across platforms. In May this year, it recorded over 400 million video views, becoming the most viewed Indian English news channel on YouTube globally. It is now India's first truly global news brand for geopolitics, strategic affairs, culture and lifestyle. In the coming year, Firstpost will expand further with new bureaus in key world capitals. Network18 continues to lead with CNN News18, the #1 general news channel for 3 consecutive years.

CNBC TV18 has retained its leadership in business news for more than 2 decades with an overwhelming market share. With CNBC TV18 Prime and CNBC TV18 Access, it is delivering premium content to CXOs and decision-makers nationwide. It is now looking beyond India for global mind share, market share and revenue share, delivering delight across screens and platforms. I'm counting on the leadership team at Network18 to carry the flag of Indian journalism around the world.

Dear shareholders, I'm proud that artificial intelligence is already at the heart of Reliance's transformation into a deep tech enterprise. To bring even more focus and speed to this agenda, today, it is my great pleasure and privilege to announce the formation of a new wholly-owned subsidiary of Reliance called Reliance Intelligence. This new company is conceived with 4 clear missions: one, to house India's next-generation AI infrastructure.

Reliance Intelligence will build gigawatt-scale AI-ready data centers powered by green energy and engineered for training and inference at national scale. Work has already begun on the gigawatt scale AI-ready data centers in Jamnagar. These facilities will be delivered in phases aligned to India's growing needs, powered by Reliance's new energy ecosystem and purpose-built for AI training and inference.

Two, to house global partnerships Reliance Intelligence will bring the world's best tech companies and open source communities together with Reliance's deep domain expertise and execution strength to deliver performance, leadership, resilient supply and India-first compliance for AI. Three, to build AI services for India. Reliance Intelligence will deliver trusted, easy-to-use AI services for consumers, small businesses and enterprises and solutions for sectors of national importance such as education, health care and agriculture, reliable at scale and affordable for every Indian.

And four, to house talent for AI. Above all, Reliance Intelligence will create a home for world-class researchers, engineers, designers and product builders, combining the speed of research with the rigor of engineering so that ideas become innovations and applications providing solutions to India and the world.

Friends. Today, I am delighted to announce a deeper holistic partnership for AI with our long-standing partner, Google. Through this partnership, we are marrying Reliance's proven capability to build world-class assets and execute at India's scale with Google's leading cloud and AI technologies so that developers, start-ups and enterprises can innovate faster, operate more securely and reach every corner of India.

Let me now invite my dear friend, Mr. Sundar Pichai, CEO of Alphabet and Google, to share a message.

Namaste, and thank you for the invitation to speak today, Mukesh. India is a special place. It's home to some of the world's most dynamic businesses, a thriving start-up ecosystem and incredible amounts of creativity and ambition. We've long been investing in India's digital future, and our partnership with Reliance and Jio has been an important part of how we do that. Our work together over the last decade has helped bring affordable Internet access to millions, helping to power India's digital revolution. And now we are building on this to help shape the next leap with AI.

The AI opportunity in India is immense. It will transform every industry and organization from the largest enterprises to the smallest kirana store. Google and Reliance are partnering to help all of Reliance's businesses transform using AI from energy and retail to telecom and financial services. To support this AI adoption, together, we are establishing a Jamnagar cloud region built for and dedicated to Reliance. It will bring world-class AI and compute from Google Cloud, powered by clean energy from Reliance and connected by Jio's advanced network.

As Reliance's largest public cloud partner, Google Cloud is not only powering the company's mission-critical workloads, we are innovating with you on advanced AI initiatives. And with Reliance and the Jio ecosystem, we are excited to put AI into the hands of more people and businesses so they can do extraordinary things as well. This is only the beginning.

Thank you, and I look forward to building India's AI future together.

Thank you, Sundar. Dear shareholders, today, I am also pleased to unveil a new India-focused AI joint venture with our close partner, Meta. Together, we want to pair the power of open source AI with Reliance's deep domain knowledge across industries. That is why we are forming a dedicated joint venture with Meta to combine open models and tools with our execution in energy, retail, telecom, media and manufacturing and to deliver sovereign enterprise-ready AI for India.

May I now welcome my dear friend, Mr. Mark Zuckerberg, Founder and CEO of Meta, to share a message with us.

Hey, everyone. Great to be here with Mukesh, the Reliance team and all of you. We are at a really exciting moment in time right now. We're seeing glimpses of our AI systems starting to improve themselves. And it seems clear that soon super intelligence is going to greatly improve all of our existing systems and let us build things that we can't even imagine today. At Meta, we want to deliver personal super intelligence to everyone.

We believe that this technology has the potential to bring a new era of personal empowerment to people so that they have greater agency to improve the world in all of the directions that they choose. And that's why I am excited about this partnership. It is a key step forward towards ensuring that everyone has access to AI and eventually super intelligence. Meta and Reliance are going to deliver our open source AI models to Indian businesses to help them fuel their work.

With Llama, we've seen how AI can amplify human potential, boosting productivity, inspiring creativity and accelerating innovation. And now with Reliance's reach and scale, we can bring this to every corner of India. Llama's open source foundation means that whether it's deployed in the cloud, on-premises or through dedicated infrastructure, this technology can be tailored to fit the unique needs of every business, from small start-ups in remote towns to large enterprises in the biggest cities.

With this partnership, we are beginning to build our vision for the future where every entrepreneur, creator and company has the tools that they need to succeed. I believe that this venture will become a model for how AI and one day super intelligence can be delivered to everyone. This is just the beginning. Thank you.

Thank you, Mark. Our joint venture with Meta is a game changer for Indian enterprises and for sectors of national importance. It will bring transparency, portability and community-driven progress, enable sovereign hosting and governance within India and lower inference costs while raising safety and trust. So adoption accelerates from pilot to production across the Indian economy.

Dear friends, another exciting frontier for AI is robotics, especially humanoid robotics. Astonishing advances are taking place in this field. Intelligent automation will transform factories into adaptive production systems, warehouses into autonomous supply chains and hospitals into centers of precision care. We are investing to make India a leader in human-centric robotics powered by AI, creating new types of industries and services, new types of agriculture, new types of jobs and attractive new opportunities for our youth.

Dear shareholders, a decade ago, digital services became a new growth engine for Reliance. The opportunity before us with AI is just as large, if not larger. Jio promised and delivered digital everywhere and for every Indian. Similarly, Reliance Intelligence promises to deliver AI everywhere and for every Indian. With Reliance Intelligence and our strong partnerships, green infrastructure and India-first governance, we are building for the next decade with confidence and ambition. I'm excited about what we will achieve, and I look forward to keeping you updated on our progress in the coming years.

Dear shareholders, it fills me with immense pride to stand before you today and speak about one of the most impactful growth journeys in modern India, the journey of Reliance Retail. We have today India's most advanced, scalable and inclusive retail ecosystem, delivering the highest quality and the widest choice at affordable prices across the country, and it is amongst the fastest-growing retailers globally with scale and depth that is unparalleled in the world. Reliance Retail is now ready to write the next chapter of its super growth.

Reliance Consumer Products had an outstanding growth in its very first year of operations. It has achieved a turnover of INR 11,500 crores, making it the fastest-growing FMCG company ever. It is bringing some of India's most loved brands like Campa to the consumers in a new avatar, making everyone love them once again. I will now ask Isha, who heads our retail business, to tell you about what she and her team have achieved in the past year and about their future plans. She will also share with you the achievements and the growth strategy of Reliance Consumer Products, which will become a direct subsidiary of Reliance Industries.

Thank you, Chairman. Good afternoon, esteemed shareholders, Reliance Retail today is a national movement, a mission to benefit both consumers and producers, accelerate the economy, ignite aspirations and enhance the quality of life of all Indians. Our performance this year reflects not only scale, but the underlying strength and resilience of our business model.

Gross revenues grew 8% to INR 3,30,943 crores. EBITDA rose 8.6% to INR 25,094 crores. These are not just financial milestones. They're proof that ambition, discipline, innovation and execution can work hand-in-hand to create long-term sustainable value. Looking ahead, we are confident of delivering 20% plus CAGR in retail revenues over the next 3 years. This is not an aspirational slogan. It is a prediction grounded in the scale of our capabilities and the depth of opportunity ahead of us, something that no other retailer in India possesses.

It is anchored in the fact that every engine of our growth, offline, online and B2B is already proven, profitable at scale and primed for acceleration. Each one of our large consumption baskets, grocery, fashion and lifestyle and consumer electronics has structural growth tailwinds. This year, we added 2,659 new stores, taking our total to 19,340 stores, covering 77 million square feet in over 7,000 towns. Stores remain the backbone of our retail revenues, contributing around 70% and will continue to grow through high single-digit like-for-like gains plus steady expansion of 2,000 to 3,000 new stores annually.

In many locations, we have been the first modern trade retailer to enter, securing a first-mover advantage and locking in consumer loyalty. When a Reliance Retail store opens in a small town, it creates immense excitement and pride as people feel they have entered India's urban mainstream. Our unmatched digital strength is another accelerator of our retail business. Our online channels currently contribute a high single-digit share of retail revenues, but will grow to over 20% within 3 years. We also lead in hyperlocal quick commerce using our incomparable store network, strategically located dark stores and deep consumer data to offer faster, more reliable deliveries than any competitor.

Our registered customer base has grown to 349 million, up 15% year-on-year. We processed around 1.4 billion transactions in the year, nearly matching the population of India, a scale that only reinforces our ability to grow profitably. Besides these inherent strengths, our confidence in achieving 20%-plus CAGR is grounded in 8 growth enablers, each with measurable proof of performance. First, we know the Indian consumer better than anyone. Our unmatched insights are drawn from scientific data mining from billions of real transactions across every state, every income segment and every lifestyle pattern.

This is why formats like Fresh Signature in Tier 2 cities and the introduction of exotic fruits into mainstream grocery have taken off so quickly. Second, our product development engine is creating powerful own brands such as Independence in grocery, Avaasa in fashion and Kelvinator in electronics. These brands deliver global quality at Indian prices. They not only expand our margins, but also deepen consumer loyalty. Third, our superior sourcing ecosystem is a strategic advantage.

From farm to fork in grocery to a 30-day mind-to-self cycle in fashion, we can move products from concept to consumer faster than our competitors, while enriching farmers, artisans, tribal communities, designers, small suppliers and logistics partners. It gives me special happiness to mention that we are sourcing more products from women-led enterprises. Fourth, our omnichannel architecture integrates the best of digital and physical retail, maximizing consumer delight, whether through smart cards, self-checkout, AI kiosks in stores or the endless aisle of JioMart online. We offer convenience, choice and consistency to customers across every touch point.

Fifth, our unsurpassed market reach of nearly 20,000 stores is supported by India's largest tech-enabled supply chain, which enables 10-minute quick commerce in metros and scheduled deliveries in remote villages alike. This reach is a moat that is hard to replicate at scale. Sixth, we empower India's 42 lakh merchants, kiranas, traders and HoReCa businesses through our B2B formats, Metro and JioMart Digital, giving them access to products, technology and financing. Kiranas have always been the backbone of India's local economy and an integral part of our neighborhood communities. We ensure that kiranas and other merchants grow first so that we grow along with them; hence, ours is a growth model of partnership and shared prosperity.

Seventh, our tech-led capabilities from AI-driven demand forecasting to robotics-enabled warehouses. This allows us to scale with precision and efficiency, ensuring profitability even in aggressive growth phases. Eighth, our people. 2.5 lakh strong, our people are the soul of Reliance Retail. They're trained, empowered, motivated and mandated to deliver. Last year, we invested over 45,000 man hours in their skill development across new competencies like AI, ensuring our talent stays ahead of market trends. For the fourth consecutive year, we have been certified as a Great Place to Work, a recognition of the high-trust, high-performance culture that fuels our execution. All these trends translate directly into guaranteed and growing profitability across our segments.

Dear friends, another factor that puts our retail business on a growth runway is that we are operating in categories where growth is continuous and noncyclical. In grocery, we sold 18 crore liters of milk, 14 crore liters of cold beverages, 11 lakh metric tonnes of staples and 3.8 lakh metric tonnes of fruits and vegetables last year. The category will grow through large format expansion, hyperlocal quick commerce and subscription services.

In Fashion & Lifestyle, AJIO has grown 7x in the last 5 years. New formats like YOUSTA and Azorte are capturing younger audiences, and our Shein partnership brings global fashion to India at affordable prices. TIRA is not just redefining beauty in India, it is inspiring confidence, creativity and self-expression for an entire generation. Swadesh connects thousands of artisans to mainstream retail, turning heritage into an opportunity.

In Consumer Electronics, we grew 3x faster than the market. Our resQ aftersales service now operates in over 300 cities. Acquiring the Kelvinator IP strengthens our consumer durables range, and JioMart continues to expand across quick commerce, schedule delivery and subscriptions, while JioMart Digital helps small retailers match the service levels of modern trade. Our supply chain powered by automation, AI and robotics is designed to deliver reliability at any scale.

Dear shareholders, Reliance Retail is not just participating in India's consumption boom. We are propelling it. And we are doing so with the discipline and confidence that comes from funding growth through strong internal cash flows. This is why 20% plus CAGR is not just achievable, it is a target we are going to surpass. We have the market, we have the model, we have the means and, most importantly, we have the mindset to make it happen. With your trust and support, we will continue to fuel India's retail story and light the way to a brighter, more prosperous future for all our stakeholders.

Dear shareholders, let me now turn to one of our most promising growth engines, our Consumer Products business. Reliance Consumer Products Limited is set to become a direct subsidiary of Reliance Industries. This will consolidate our consumer brands into a single sharply focused company. Let me explain the benefits of this decision. First, India's consumer market is a $2 trillion high-growth opportunity, expanding at over 8% annually. We need a strategic approach to seize this opportunity. Second, our 350 million middle-class households have a combined purchasing power exceeding INR 100 lakh crores. They represent 600 million digitally native and increasingly brand-conscious consumers who seek premium experiences at affordable prices.

Third, for the first time in India's history, rural markets consisting of 900 million consumers are driving 65% of FMCG growth. They are adopting global quality branded products faster than urban markets with penetration growing at 35% annually. This combination of a rising middle class and accelerating rural adoption marks an unmissable consumption opportunity. Fourth, RCPL is not just observing this transformation. We are shaping it by becoming a manufacturing company to deliver global quality products at Indian prices.

RCPL, as a separate company, will give this business the independence to focus exclusively on its markets, products and customers without competing for management bandwidth. It will provide the agility to respond quickly to changing consumer trends and competitive dynamics. It will also allow us to attract the best talent in the industry, offering them a clear mandate and an exciting growth platform. This structure will enable sharper execution, faster innovation cycles and deeper operational focus, all critical to winning in consumer markets.

Our performance already speaks volumes about our ability to capture this opportunity. In just 3 years, RCPL has achieved what took other companies decades. Last year alone, we had revenues of INR 11,500 crores, making us the fastest-growing FMCG player in India. Campa Cola now holds double-digit market share across many states, breaking a 30-year MNC duopoly. Campa Energy gained 2 million social media followers in just 90 days, faster than established brands with decades of presence. Our daily essentials brand, Independence, has crossed INR 1,000 crores in revenue.

We started in India, have entered West Asia, Sri Lanka and Nepal and are now also exporting to West Africa. Our target is to enter at least 25 countries in the next 12 months, building an Indian consumer brands powerhouse with global reach. We believe that brand India will shine bright globally on Indian consumers and tech brands conquer the global markets. Our competitive strength rests on 4 pillars: The first is deep tech innovation. We have established a 150,000 square foot R&D hub with over 100 scientists and 15 patents filed. Its mandate is clear, better than market quality, first-to-India products and first-to-world innovations.

The second is manufacturing scale. We have invested INR 3,000 crores in 12 state-of-the-art facilities equipped with Industry 4.0 technologies, achieving the highest efficiency rates in Indian FMCG. Over the next 3 years, we will invest INR 40,000 crores to create Asia's largest integrated food parks with AI-driven automation, robotics and sustainable technologies securing lasting cost leadership. The third is distribution reach. In just 18 months, we have reached 1.5 million outlets, 5x faster than any competitor in Indian FMCG history. Our omnichannel network will cover 95% of India's population through retail, digital and B2B channels.

Our signature partner program offers higher retailer margins, enrolling over 10,000 new partners every month. Our integrated marketing across cricket, entertainment and digital platforms reaches 800 million Indians, creating matchless brand visibility. And fourth, at the heart of this, is our people. We are attracting the best talent across categories and functions. They are building brands that consumers love and trust, and this is only just the beginning.

This FMCG business will also be the blueprint for expansion into apparel, electronics and other large and high-value consumer categories built on deep consumer insight design excellence, deep tech manufacturing scale and unmatched distribution. Our near-term ambition is clear, to be the fastest-growing consumer brands company to reach a INR 1 lakh crores revenue within 5 years.

Our long-term ambition is to become India's largest FMCG company with a global presence. This will make RCPL a big new value-creating engine for Reliance Industries, comparing it to a retail business in both size and profitability.

Thank you. I now invite our Chairman back on to the stage.

Thank you, Isha. Dear shareholders, let's applaud Isha and the entire retail team for their superlative achievements. Isha has presented a truly ambitious growth path for our retail and consumer products business. We will achieve these ambitious goals by riding India's growth wave powered by technology and driven by our passion to create products that inspire loyalty and love.

Dear shareholders, now we turn to our energy business. Let me invite Anant to present the progress of our E&P, Oil-to-Chemicals and New Energy businesses. This is the first time he is addressing you at a Reliance AGM. I'm as excited as all of you to see him make a debut on our AGM platform.

Most esteemed shareholders, our respected Chairman, my honorable seniors and friends, [Foreign Language], Jai Shri Krishna. My dear friends, it is my proud privilege to present our performance and plans of our Energy and Materials business. Our exploration and production business is a cornerstone of India's energy security. It contributes nearly 30% of the nation's natural gas output. As you know, natural gas is vital to India's clean and green energy transition.

In the financial year '25, exploration and production delivered a record EBITDA of INR 21,188 crores. This was driven by higher output from both Krishna-Godavari Basin and coal-bed methane. KG D6 production rose 4% to 28 million metric standard cubic meters per day of gas and 21,000 barrels of oil per day. We plan to add more new wells in the next fiscal. In the KG Basin, we are advancing infrastructure-led exploration with fresh drilling scheduled for 2026. CBM output increased by 30% to 0.8 MMSCMD. This was powered by India's first 40-well multilateral drilling campaign. A second campaign is already underway. We are embracing deep tech in every part of E&P. Our digital operations control center, engineering twins and process twins set new benchmarks in safety, reliability and operational excellence.

Dear shareholders, I am pleased to present the performance of our Oil-to-Chemicals business. This is not merely a legacy business. It is the backbone of Reliance's transformation into an integrated energy company positioned for the next decade of global energy evolution. The past year brought extraordinary complexity in global energy markets. Supply chain disruptions, trade shifts and petrochemical overcapacity posed major challenges. In this dynamic environment, Reliance delivered industry-leading performance. This demonstrates the resilience of our integrated model.

Our success rests on advantages unique to us. Operational excellence, feedstock flexibility, supply chain agility, deep market reach, technology-driven innovation. Our operational excellence is evident in 100% capacity utilization, far higher than the global average of 80%. This directly translates into superior capital returns, and it validates the strength of our model.

Dear friends, our refineries processed a record 72.2 million tonnes of crude in the year '25. Our petcoke gasification complex also delivered record output. Our diversified crude basket of over 250 grades gives unmatched flexibility. It allows us to adapt rapidly to market volatility and optimize processing margins. These achievements powered 11% revenue growth to INR 6,26,921 crores and EBITDA of INR 54,988 crores. These strong margins prove our ability to deliver returns even under the most volatile environment.

Dear friends, our net carbon zero commitment by 2035 is not just a business pledge. It is our commitment to protect mother earth from the climate crisis. Our SEZ refinery has been recognized as the world's most energy-efficient facility. Across facilities, we are shifting to clean fuels. Our efficiency programs have delivered 10 million gigajoules of energy savings in 3 years. Our circular economy initiatives, waste plastic pyrolysis, biomass fuels, hydrogen make Reliance a leader in sustainable materials. This is a strong competitive advantage as sustainability drives value creation.

Friends, hydrocarbons will remain vital for India for several years. Our strategy is clear: excel in traditional energy while building the system of the future. We are developing an integrated portfolio spanning conventional fuels, biofuels, green hydrogen and clean solutions. Our 3-pillar strategy is firm, deepen feedstock integration, convert commodities into specialty chemicals and accelerate green chemistry leadership. Our capital allocation is disciplined with growth aimed at superior returns.

We are investing INR 75,000 crores in new projects as follows: in Nagothane, Maharashtra, 1.2 million tonne PVC plant; in Dahej, Gujarat, an expanded CPVC and 3 million tonne PTA facility; in Palghar, Maharashtra, a 1 million tonne specialty polyester facility. These projects are positioned to meet India's rising demand. Our Hazira carbon fiber facility will be among the world's largest. It will serve the aerospace, defense and advanced materials industries.

Friends, our oil-to-chemical strategy anticipated today's dynamics. With the convergence of energy and materials, the premiumization of petrochemicals and integrated feedstock optimization, we have created a resilient future-ready platform for sustained value creation. We consistently outperform global peers across cycles. This proves the strength of our execution and positioning. Our integrated platform technology leadership and strategic partnerships uniquely position Reliance. We are committed to delivering superior shareholder returns through every energy cycle.

Dear friends, let me also update you on the progress of Jio-bp. Over the past year, Jio-bp has strengthened its position as one of India's fastest-growing fuel and mobility players. We have expanded our retail network to serve customers across key highways, urban hubs and growth corridors. We have introduced differentiated fuels with active technology, delivering better mileage and engine performance. Our EV charging and swapping infrastructure has grown rapidly, making Jio-bp a trusted partner in India's pivot to electric mobility.

We are working closely with fleet operators, last-mile delivery companies and urban transport systems to offer integrated energy solutions. We will continue to expand our network, scale our EV infrastructure and introduce new green fuels, including biofuels and hydrogen. Jio-bp will play a vital role in powering India's mobility needs while driving the transition to a cleaner, more sustainable future.

My dear shareholders, let me now turn to the most ambitious and transformational mission of Reliance in this decade, our New Energy business. When our Chairman unveiled this vision last year, he spoke about 3 convictions: First, that India must lead the new energy revolution; second, that India must achieve true energy self-reliance; and third, that India must emerge as a global leader in new energy.

I am happy to share with you in the past 12 months, this vision has moved from ambition to execution. We are making a tangible and rapid progress. We are building the world's most integrated new energy ecosystem from sand to electrons to green molecules at a scale unmatched anywhere in the world. Our AI-driven smart giga factories are designed to be future-proof, keeping Reliance ahead in technology, ahead in cost efficiency and ahead in reliability.

Products from the giga factories would be deployed for delivering round-the-clock renewable power and producing green chemicals, including green ammonia, e-methanol and sustainable aviation fuel. With immense pride, I can say that Reliance will be the world's only fully integrated self-sufficient company in new energy.

Dear shareholders, at Jamnagar, work on the Dhirubhai Ambani Giga Energy complex is progressing at a record pace. Here is the first glimpse of the construction on this site. It will be unmatched globally in size, scale and integration. 5 million man-hours of engineering, 44 million square feet of building area equivalent to 4x the size of the Tesla Gigafactory, 3.4 million cubic meters of concrete, 7 lakh tonnes of steel equal to 100 Eiffel towers, 1 lakh kilometers of cable enough to reach the moon and back, over 50,000 workers at peak, supported by extensive construction automation.

We have partnered with the world's leading engineering and construction companies to achieve best-in-class quality, cost and schedule. Jamnagar will be the cradle of both the world's largest conventional energy complex and the world's largest new energy complex. Jamnagar is the face of new Reliance and new India.

My dear friends, our solar PV manufacturing platform is already operational. It is demonstrating industry-leading performance. We have successfully produced our first 200 megawatt of HJT modules. These deliver 10% higher energy yield, 20% better temperature performance and 25% lower degradation. We are scaling rapidly in the coming quarters. We will expand to 10 gigawatt power per annum of fully integrated annual solar PV manufacturing capacity. Then we will scale further to 20 gigawatt power capacity.

This will be the largest solar manufacturing facility and the most integrated single-site solar complex globally. In parallel, we are rapidly constructing our battery and electrolyzer gigafactories. Our battery gigafactory will start in 2026. It will begin with 40 gigawatt hours per year and expand modularly to 100 gigawatt hours per year. Our electrolyzer gigafactory will also be operational by end 2026 with the ability to scale up to 3 gigawatt per year. It will enable cost competitive green hydrogen production at a global scale, backed by exclusive global technology partnerships and strengthened by our in-house capabilities.

Together, these platforms will create a multipronged gigawatt scale clean energy ecosystem, solar, battery storage, hydrogen, all under one roof. This integrated approach delivers scale. It also builds a sustainable competitive moat in cost, in technology and in supply chain resilience, positioning Reliance to capture significant value as the global energy transition accelerates.

My dear shareholders, in Kutch, Gujarat, we are developing one of the world's largest single-site solar projects, spanning 550,000 acres of added land, 3x the size of Singapore. At peak, we will deploy 55 megawatt of solar modules every day and 150 megawatt hour of battery containers every day. This will be among the fastest installations globally. This single site could meet nearly 10% of India's electricity needs within the next decade.

Our marine and land infrastructure at Jamnagar and Kandla will connect seamlessly with solar and hydrogen at Kutch. We will produce and export green ammonia, green methanol and sustainable aviation fuel. This will make India a global hub for cost competitive green hydrogen and its derivatives. While our initial focus will be to meet Reliance's own large captive demand, we plan to scale up to 3 million metric tonnes per annum of green hydrogen by 2032. This will unlock a powerful growth engine for global markets.

My dear shareholders, let me now share the progress of one of our new energy initiatives. Reliance entered the bioenergy business with a clear mission to help India achieve energy independence and empower millions of farmers. [Foreign Language] This year, we are building 55 CBG plants with an annual capacity of 0.5 million tonnes. Our target is to scale up to 500-plus CBG plants by 2027. At Jamnagar, we have set up the world's largest bioenergy technology and R&D center. Here, we are developing advanced enzymes and high-yield energy crops. We are also realizing our Chairman's vision of growing energy plantations on waste lands.

This includes building the world's first integrated energy hub, combining smart farms, modular CBG and green hydrogen plants, agrivoltaics and batteries. I am especially proud of our agrivoltaics business where compressed biogas, CBG and solar PV are deployed on the same land. By capturing biogenic CO2 from CBG plants, these hubs will become platforms for green chemicals aiming at fossil parity. This module creates triple value for Indian farmers, green gas, green electricity and higher rural incomes. It will be a powerful growth engine for India's clean energy future. [Foreign Language].

Thank you. Let me now invite our Chairman once again, Jai Shri Krishna.

Thank you, Anant. Let me congratulate the entire leadership team of our energy business for their operational excellence in these challenging times. I'm sure that the leadership team at New Energy will set global benchmarks in executing all their projects, making New Energy a large growth engine for Reliance.

May I now request Nita to tell all of us about the amazing progress Reliance Foundation has made since our last AGM.

Thank you, Mukesh. Dear members of the Reliance family, our esteemed shareholders, Namaskar. I join Mukesh in sending Ganesh Chaturthi greetings to you and your families. May the blessings of Bappa bring health, happiness and prosperity into every home. As I stand before you today, my heart is full. This year marks a very special milestone for me personally and for all of us at Reliance Foundation. It has been 15 years since we began this journey of care and compassion. Today, I feel humbled and grateful to share that Reliance Foundation has reached out to over 87 million Indians from the remotest towns to the largest metros.

We work in every single state and in more than 91,500 villages. That is 1 in every 7 villages of India. Over these years, we have nurtured children through world-class education, empowered women with more opportunities and livelihoods, healed families through affordable health care, provided relief in every natural calamity, inspired youth and athletes with training and global exposure, supported artisans by preserving their craft and dignity, and safeguarded our planet by protecting wildlife and embracing sustainability.

Reliance Foundation is our solemn commitment to shaping a new India, a Viksit Bharat, as envisioned by our Honorable Prime Minister, Shri Narendra Bhai Modi. Let me take you through the work and key highlights of Reliance Foundation's impact. And Atmanirbhar Bharat begins with the Atmanirbhar Gaon. This year, our rural transformation initiatives touched the lives of nearly 1.5 million people across 55,000 villages.

We worked on strengthening rural India, not just at a community level, but within every single household by enabling water security, empowering fishing communities, promoting resilient farming techniques, supporting women with opportunities and children with education. One of the pillars of early childhood education in rural India are the Anganwadis. I'm happy to share that Reliance Foundation in partnership with the state governments of Maharashtra and Telangana has transformed over 1,100 Anganwadis into vibrant play-based learning centers. Our aim is to bring world-class early childhood education to over 10 million children in every corner of India.

Dear shareholders, Education empowers the mind. Health strengthens the body. The key to a happy India lies in a healthy India. Last year, our Sir H.N. Reliance Foundation Hospital in Mumbai completed a decade of service. Recognized as the #1 multi-specialty hospital in India, it has had the privilege of serving 3.3 million Indians so far. At the heart of this journey is our guiding philosophy, respect for life. For us, every life is precious.

At sir H.N. Reliance Foundation Hospital, we are also opening an entire new extension named Jeevan, a cutting-edge wing dedicated to chemotherapy and immunotherapy, especially focusing on advanced pediatric chemotherapy designed to heal our little ones with world-class care and a mother's warmth. I'm happy to share that we are also developing a state-of-the-art 2,000-bed medical city in the heart of Mumbai. This will not be just another hospital.

It will be India's new beacon of health care innovation, where AI-powered diagnostics, cutting-edge medical technology and some of the finest doctors from India and the world will come together to deliver care that will meet the best standards anywhere in the world. Today, some of the best doctors globally come from India. And therefore, I'm delighted to share that this hospital will include a transformative medical college that we hope our country will be proud of and the world will look up to. We are determined to carry forward our mission to make world-class health care accessible and affordable to every Indian.

Dear shareholders, another pillar of Reliance Foundation is education and sports. Through our Education and Sports for All program, we have now reached out to over 23 million children across India. Reliance Foundation is committed to scouting, nurturing and training young talent in multiple spots in the remotest corners of our country. From playgrounds to podiums, our resolve is to help young Indians run faster, leap higher and dream bigger. One of India's favorite sporting dreams is cricket. I'm happy to share that our Mumbai Indians family has now expanded with 7 teams in 4 continents, and our teams have won a tournament in every single continent that they have played in, adding up to a total of 13 titles globally.

But the biggest wins in sports are not always the trophies or medals. They are in the quiet stories of the triumph of human spirit. I would like to share one such heartwarming moment from this year's IPL. Robin Minz, a young boy from a tribal village in Jharkhand, became the first Adivasi cricketer ever to play in the IPL. He grew up with limited means, but his parents made many sacrifices for their son's cricketing dream, from carving a bat from a chunk of wood to borrowing money to afford his first kit.

Today, despite all odds, Robin is a proud member of the Mumbai Indian squad and is known for his fearless batting. His story tells every child in India that no dream is too far and no barrier too big. If you pursue your dreams with honesty, passion and determination. Talent can come from anywhere and reach the pinnacle of success. This is a transformational power of sport. Another great example of that are the women of Indian sport, who have made the country proud on national and international platforms despite all the challenges in their path.

Here, I would like to acknowledge our Mumbai Indians women's team who have won the WPL in India twice in 3 years, more power to them and to all our young girls and boys. At Reliance Foundation, we also remain deeply committed to helping realize honorable Prime Minister's dream of hosting the 2036 Olympic and Paralympic Games in India. As a proud Indian and a member of the International Olympic Committee, I'm happy to share that we continue to make strong progress towards this mission as the fastest-growing major economy. With the largest youth population, India is not only ready but destined to be the home of the Olympic Games. This is a dream shared by all of us, 1.4 billion Indians.

Dear shareholders, the soul of a nation is measured not only in its achievement, but also in how it treats its most vulnerable, including the voiceless. Last year, we introduced you to Vantara, a global movement for wildlife conservation, founded by our youngest son, Anant, and supported by Reliance Foundation. At Vantara, more than 1.5 lakh animals abused, injured often and endangered have found their home, a home where they are cared for and live with the dignity they deserve for the rest of their lives.

In March this year, it was our greatest honor to have the honorable Prime Minister, Shri Narendra Bhai Modi inaugurate Vantara and give his support and blessings to the sacred movement. I'm humbled to share that Vantara has received the Prani Mitra Award, India's highest honor in animal welfare, guided by the wisdom of Vasudhaiva Kutumbakam. Vantara is the embodiment of our shared dream for a compassionate world where every being is protected, cherished and respected, where humanity and nature thrive together in complete harmony.

Dear shareholders, now especially for all fellow Mumbaikers, I want to share something very close to our hearts. Reliance is proud and honored to take up the responsibility of developing and caring for the new Coastal Road Gardens, a green lung for generations to come. Spanning 130 acres, the Coastal Road Gardens and adjoining promenade will be the first of its kind public space featuring walkways, cycling tracks and plazas with trees and flowers in abundance, taking people back to nature. We will nurture this space as a living, breathing and health-promoting gift to Mumbai.

A ribbon of green will now hug our city's edge, a space for every Mumbaiker to catch a breath of fresh air and enjoy magical sunsets by the sea. This is a deeply personal project for me. It's about giving back to the city that has given so much to all Mumbaikers. And it is a responsibility we promise to fulfill with pride and purpose. The Coastal Road Gardens will stand as a legacy of care for our Mumbai, a symbol of balance between development and environment, between progress and preservation.

Friends, before I end, I would like to talk about a dream that came to life 2 years ago in the form of the Nita Mukesh Ambani Cultural Center, a space to honor the arts, the artist and the audience. Over the last 2 years, we showcased the best of the world and India at NMACC, from award-winning broadway shows to maestros of Indian classical music. Earlier this year, we opened Swadesh's flagship store in Mumbai's historic Eros building. And soon, we will be opening our first store in Delhi. And once again, this is only the beginning.

Dear shareholders, in today's ever-changing world, Reliance Foundation stands for something eternal, care. [Foreign Language] Service is remembered as the highest dharma. Care has always been a way of life at Reliance in the legacy and blessings of our Founder Chairman, my father-in-law, Shri Dhirubhai Ambani; and my mother-in-law, Shrimati Kokilaben Ambani. On behalf of Mukesh and me, our children, the entire Reliance family and the fantastic Reliance Foundation team, I thank each and every one of you for your trust, support and enthusiasm.

By 2035, in the landmark year of our silver jubilee, Reliance Foundation is preparing to amplify our impact fivefold, not in numbers alone, but in the lives we touch, the futures we shape and the legacy we leave behind. During the next decade, we aim to reach 400 million Indians, provide quality education to 300 million school-going children, transform the lives of 100 million women and empower 15 million rural household. This is not just about growth. This is about transformation in every city, every village and the remotest corners of India.

Let us imagine a new India, an India that shines not just through its economic might, but through the strength of its values and heritage and the compassion of its people. This is the India we believe in, an India of culture, spirituality, innovation, inspiration and progress. An India that will lead the world. Thank you. Dhanyavad, JaiHind.

Hearty congratulations, Nita. What Reliance Foundation has achieved in the past 15 years is, of course, highly impressive, but you have raised the bar far higher by aiming to amplify its impact fivefold by 2035 when Reliance Foundation celebrates its silver Jubilee. More power to you and your highly motivated team.

Dear shareowners, I shall now share with you our value creation road map for the coming year and beyond. It is with immense pride and with even greater humility and gratitude that I look back on our shared extraordinary journey of value creation of over past 5 decades. In just one generation, Reliance has transformed itself from a Fortune 1000 company to a Fortune 40 global powerhouse, creating over $200 billion in value, all within India.

We have achieved this by staying true to the first principles I have often shared with you: One, what is good for India is good for Reliance; two, build businesses of the future; three, build them world-class and at mega scale, the largest and the most competitive globally with the highest standards of governance; and four, invest in world-class talent and cutting-edge technologies. Faithful adherence to these principles has been our value creation dharma.

Dear shareholders, as I look to the future, I see our oil-to-chemicals business achieving substantial growth and delivering stable returns as geopolitical tensions subside. I also see rapid innovation-driven growth in our materials business. We are well positioned to produce high-value green fuels and chemicals, which India and the world will need.

Our new and clean energy business is being built with a singular purpose to make India self-sufficient in energy and to resolve India's energy trilemma of security, affordability and sustainability through world-scale giga manufacturing, through round-the-clock renewable electricity and through green fuels and chemicals at global scale. This goal may look impossible to achieve now, but we are laying a robust foundation for our country's energy transition so that freedom from imports can be achieved by the time India celebrates 100 years of independence in 2047.

I'm sure that our new energy business will be a major driver of growth for many decades with the potential to become as big as our oil-to-chemicals business in the next 5 to 7 years. In scale, ambition and impact, it will surpass everything Reliance has done so far. It will create unprecedented perpetual value for both India and Reliance.

Dear shareholders, Jio today is the largest data company globally. Its multiple inherent strengths guarantee accelerated growth. All of Jio's 500 million and growing subscribers will move to 5G and eventually 6G by 2030. Jio's home and enterprise digital services businesses are growing at phenomenal speed.

Friends, Reliance Retail, now synonymous with the consumption basket of over 300 million Indians every month is another testament to our ability to create hyper value. In just 5 years, it has leapfrogged from top 100 to the top 25 global retailers, powered by an unbeatable physical digital B2B network that reaches every corner of India. Retail will continue to grow in both B2B and B2C spaces with our customer-centric omnichannel strategy. I can clearly see its revenues grow multifold in the coming years.

This year, I announced the creation of 2 new large growth engines, Reliance Consumer Products and Reliance Intelligence. Each of them has the potential to grow larger than our existing business segments. RCPL as a subsidiary of RIL is a strategic move to create India's largest FMCG company. RCPL's phenomenal growth is guaranteed by the consumption boom in India, our world-class supply chain and advanced manufacturing capabilities.

Our new intelligence business will drive the AI revolution in India. This will enable Indians to adopt AI at scale and make our country a global force in AI. Recognizing these trends, Gartner, the globally reputed technology research and advisory firm, has ranked Reliance Industries alongside Microsoft, Amazon, Google, Meta and Alibaba, stating that these entities are the new superpowers. They are setting the terms for the next global economy.

Dear shareholders, our value creation philosophy is deeply rooted in our work culture. The work culture of Reliance is guided by the wise principle of Mahatma Gandhi articulated nearly a century ago. Our customer is the most important visitor on our premise. He is not dependent on us. We are dependent on him. With this principle, we have fundamentally changed the operating model of all our consumer-facing businesses. We don't sell, we serve.

Our engagement with customers, suppliers and partners is not transaction-based, it is trust-based and, therefore, enduring. The national wealth, employment and societal impact created by our businesses and philanthropic initiatives are already so huge that they make me both humble and proud, but the best of Reliance is yet to come. In 2022, I made a promise that we will double Reliance by the end of our golden decade in 2028. At that time, our EBITDA was about INR 1.25 lakh crores. I reiterate that Reliance will more than double its EBITDA by the end of its golden decade in 2027.

Thank you for your trust, your partnership and your belief in our shared vision. Dear friends, at Reliance, we believe that institutional longevity and perpetual growth are guaranteed only by constant self-renewal. This demands 4 elements: a deep bench of capable leadership at all levels, unshakable core values, a resilient work culture and a never-changing commitment to the original purpose of the organization. We are strengthening all 4 deliberately and decisively.

A major milestone in this journey has been the evolution of our next-generation leaders, Isha, Akash and Anant, who have now completed 2 transformative years on the Board of Reliance Industries, fully embedded in operations and decision-making. They are shaping our businesses with energy, conviction and clarity of purpose. Under the mentorship of senior leaders and independent directors, they are becoming the kind of leaders this era demands: agile, accountable, ambitious, empathetic and consultative. They are supported by hundreds of young leaders in 30s and 40s with domain expertise and the same passion and ambition that built Reliance.

Friends, leadership development at Reliance is not a program, but a foundational strategy. We have institutionalized systems to identify high-potential talent across businesses, empowering them with responsibilities, global exposure and AI tools to lead boldly in a complex world. We are also constantly perfecting our HR practices to enrich our people capital. I want everyone at Reliance to feel the pride of being part of the Reliance Parivar, united by the commitment to serve India and larger humanity. As Reliance, what sets us apart and grounds us are the purpose, philosophy, passion and pioneering spirit of our Founding Chairman, Dhirubhai Ambani.

His legacy continues to guide us as we innovate and grow, ensuring we stay rooted in our Indian identity and values. As India accelerates into her next horizon, so must Reliance. Expectations are rising from all quarters, our people, partners, our country as well as the international community. We are not just preparing for that future, we are shaping it.

Dear shareholders, it has been my privilege to serve your company since its inception and to attend every single AGM of Reliance for the past 48 years. This has given me the opportunity to watch and participate in every phase of Reliance's evolution. I have also witnessed India's incredible journey in these 5 decades from a third world country to one now on the threshold of becoming a first world power. The most important lesson this journey has taught us is that there is no substitute for economic strength. This lesson is reinforced by recent geopolitical developments.

India must gain greater economic strength and do so with a sense of urgency. Our Prime Minister, Shri Narendra Modi ji, rightly exalted us in his Independence Day speech that the yardstick of Atmasamman (self-respect) is Atmanirbharta (self-reliance). India must become self-reliant to the maximum extent in key technologies, critical industries and other vital sectors of the global economy. Throughout our history, Reliance has contributed to this mission of building a strong India, a Balwan Bharat.

I assure our respected Prime Minister that Reliance will follow his command with redoubled efforts. However, the magnitude of the challenge is so large that all Indian businesses must work together with unity as a grand coalition in the spirit of cooperation, mutual learning and mutual support. I had made this suggestion in the last year's AGM, and I repeat it today. There is strength in unity and collective endeavor. And this is what the nation today expects from its business community.

On behalf of all our shareholders, I extend my heartfelt thanks to our Board of Directors for their guidance and oversight. My deepest appreciation goes to all our employees, our greatest asset, whose dedication and commitment have enabled the company to reach new heights. I also thank our business partners for their unwavering support in delivering quality solutions. Above all, I remain profoundly grateful to India and all Indians for their enduring faith in brand Reliance.

Thank you, JaiHind and Jai Shri Krishna.

So, thank you. Thank you for being here, and we'll keep the same format, a very quick introduction at the consol level and then followed by each of the businesses. And like last time, we'll do the Q&A at the end. We have quite a few slides. So I'm asking my team to be focused 10 minutes so that we complete it on time, and then we have the time for the Q&A.

So this is the order with consol and then Jio, Retail, JioStar, E&P, Oil to Chemicals, and New Energy also.

So yes, the purpose was that before doing a jump into the numbers, it's good to put in one place the businesses that we have, a diversified portfolio that we have and really how they are multi-decadal growth opportunities. And starting with EBITDA, with the EBITDA -- we'll start with Jio actually. And here, the emphasis is it's on the deep tech digital services. And here, what I mean is that we have proprietary technology and as far as the tech stack is concerned. The core is concerned, the hardware, the software, the infrastructure, the OSS, BSS, all of them is something that we have built on our own.

And what -- it's all translating now when you look at it and see that what is the traffic. We are the largest carriers of traffic in the world. If you look at the number of customers at 500 -- close to 500 million or the number of homes we are in, all that is facilitated because that is pretty unique, and importantly, allows us to do and offer product and services, which are really not offerable by others, especially when you look at it as what the stand-alone 5G stack does for all this. And when you talk about digital platforms capability, be it on the gaming part of it, the AI cloud part of it and so on. So a lot of opportunities coming because of what we have set out to do. And all this is translating in terms of -- when you see the performance, it's a 19% growth in revenue, a 24% growth in EBITDA.

Same thing when you look at it from a retail standpoint from India's largest retailer, if you see the -- it's a multi-category, it's a multi-format omni distribution. And again, when you see from a size point of view, our assessment is that we would be at least 3x, if not more, than the next nearest biggest retailer. And when I look at it from a listed company space, we would be easily 5x bigger.

So -- and importantly, these are multi-decade opportunities given all the big trends that you are seeing in terms of consumption growth and so on. So this business delivered 11% growth in revenues and 13% in terms of EBITDA. And if you think about it, this quarter is seasonally not the strongest. When you look at all the four quarters, it tends to be that way. But I think the driving blocks and when Dinesh goes through in each of them, you'll see why we remain very constructive of the -- coming back to the growth trajectory, which we had in the past.

And moving to FMCG, this is an absolutely new category, but very impressive numbers. Last year's numbers, you saw INR 11,400 crores. But even this quarter, it is INR 4,400 crores, which is 2x bigger. And the leadership is across all categories. Beverages, people identify because of Campa. And it's interesting to know that in many of the geographies, we have even close to 14% market share. So these numbers are building up very fast. And it's just not the beverages, but as you know, it's got the staples, the discretionary consumption, you have home and personal care, all categories, and that's something that we are very excited about in terms of the opportunity.

Media, clearly, it's one of the best integrations when you think about what this JioStar 1 is. And with becoming the second largest OTT platform globally, and that's -- it's impressive to see how big this has essentially become and with 460 million MAUs and the fact that during IPL, we had about 287 million paid. And even after IPL, the fall is hardly meaningful. So therefore, this is getting good traction. And it is -- while IPL is hogging the headlines, but actually what this portfolio is across both sports and entertainment. And we must not forget linear, linear also, we have a 36% market share. So this is in a good place, almost INR 9,900 crores of turnover, almost close to INR 1,000 crores of EBITDA is what this business has delivered.

On the energy side, you know this portfolio has one of the most integrated portfolios, global scale, size and what it does in terms of offering materials and fuel. And same thing in terms of what we have built for upstream capabilities. So all of them, when you look at it, this quarter, specifically, we benefited from improvement in fuel cracks for sure and polymer and even actually elastomers was also good. But I think the key highlight was the distribution through Jio-bp. And subsequently, we'll talk about the volumes. It's up almost 36% across the main fuel categories. So very impressive numbers. And when I look at stand-alone, I mean, these numbers for fuel distribution is at least 3x bigger than what it was in the same time last -- in the previous quarter. And for upstream, it's been more sideways, a little bit of reduction in the more natural decline of from the KGD6.

On new energy, again, we have got specific slides we'll talk about. Again, here, I do want to highlight that this is pretty unique in terms of what we are trying to do. I don't think it has been attempted in any other place in terms of building the giga factories. And when you're talking about the whole, the whole solar chain and then when you talk about the battery chain and electrolyzer. And you'll see some of the photographs in terms of progress. It's very unique because it's one of the most advanced integrated manufacturing facilities, I may say, outside China for sure and very, very large. And the thing is it is not about gigafactories, it is the integration with Kutch, where we have access to 700,000 acres of land, which means that technically, you're in a position to have 125 gigawatts of production. So that one.

And importantly, the link back to using new energy for captive purposes, as you know, that's a demand which is going to keep going up. And also for green chemicals, which is where hydrogen and the whole green ammonia and so on. So this kind of unique integration and therefore, what it does in our mind from a cost competitiveness is that we believe that it provides attractive return at the manufacturing stage. It provides attractive return at the electricity generation stage. And also, if we were to consume the round-the-clock energy, it is very attractive vis-a-vis even the fossil fuel cost that we are using currently. So it's a win-win in multiple ways.

And this, I think, why -- in some ways, this becomes a perpetual business because as you will see that once the projects are derisked, the idea for us is to then find the right partners to come in and also find the right take-or-pay to ensure that these are not continuously getting added up on the balance sheet. So it becomes, in a way, very, very self-fulfilling, and importantly, self-development because the next set of 10, the next set of 20 gigawatts that you manufacture is self-funded in that sense.

So with this at the backdrop and because I'm saying this because every time we just come in, jump into the numbers and you guys harass us for why is it 2 percentage points less or more, never more or less. So this -- just a whole set of numbers. Revenue is up 6%. But here, the point here is Jio was 19% higher. Retail was 11%. O2C was about 1.5% lower. But then you saw that crude prices were really low.

EBITDA, very strong numbers, INR 58,000 crores, 36%, and I'll come to it. From the business side, digital services, about 23%; retail, 13%; O2C, 11%, all these three. We had a gain on arising from sale of Asian Paints, you know that. And that number was about INR 8,924 crores.

As you know, Reliance was always the economic owner of these shares. And once it is sold, it has come back to us as dividend from Siddhant, which is also -- Siddhant Enterprises, which is also something which is economically owned by us. So that has come in the -- so that gain and the capital gains has already been paid and the dividend has come in here. So there is no more tax to be paid on this amount. That's the point I wanted to highlight because if you look at the effective tax rate, you'll come to 17% -- 17.5%, and you would be wondering why is it that there is no tax because tax is paid. And importantly, because it's dividend, we will set it off against the dividend that we will distribute from Reliance. So that's really what it is. And that is why when I back up -- if I take out this INR 8,924 crores, both from the EBITDA as well as the PAT line, even then what I would call recurring EBITDA and PAT is up 15% and 25%. So what I'm saying is you back out the sale, it is still a very strong set of numbers when you look at EBITDA and PAT.

So this just summarizes the individual businesses and the growth that I talked about. But importantly, what are the drivers for these businesses to do well. And from the O2C side, of course, we have talked about the business model. But I think also we need to note that global refinery adds are definitely very limited and the fact that oil demand is not working out the way people were thinking in terms of sharp fall peaking out and so on and so forth. So there are views on that. But I'm just saying that there is an extreme very low adds on refinery capacity and therefore, demand for oil were to behave differently, then the outlook can be fundamentally different. But for us, that apart, downstream chemicals, you always know, we are very focused on the Indian markets. That's a big benefit coming. And we are also adding capacities in these products. So we are taking care of the volume growth that comes for downstream.

E&P, the -- and Sanjay will talk about it, but the clear focus is how do you ensure that the reserves, the natural decline of the fields are reversed out in a manner of speaking or adding newer capacities. That's the focus to ensure that these kind of EBITDAs are maintained.

Digital services, the 5G network, the stand-alone that we talked about, that's a huge market when you look at it from homes, when you look at enterprises is just, I think, the beginning, especially because today, the type of services which are required by an enterprise are very high. I think you will see a very strong traction when it comes to enterprises. And digital platforms are about the gaming, the JioGames, the AI cloud, I mean, then you're talking about the operating systems, which can be now put directly on PCs instead of having to have set-top boxes. So a big expansion there.

And media and consumer products, and Kevin will talk about it, a very, very strong set of performance that we have. And more importantly, this consumption will only grow as we talk about the broader demographics, the younger population, disposable income and so on.

So in short, all this, we're trying to also highlight the fact that, therefore, with the kind of construct in place and the inflection point that we are in, we are on track to double our value by the end of the golden decade. This is something that Chairman has consistently reiterated in '22 and even as later as last -- in the last AGM, he talked about. So we are very confident about where we will end.

And last, just a slide on net debt to EBITDA, so comfortable. We talked about -- our current one is about 0.59x and CapEx about INR 30,000 crores. So if you're wondering why is it that you're not increasing the -- why you're not reducing the net debt. We have used this cash to essentially repay some of the supplier extensions of credit they had. That was a more better way to manage cash than to run the investment book up. And our ratings continue to be strong. So with this, I'm going to -- if Anshuman is here or Dinesh. Okay. So we are juggling because Anshuman has not reached after the Board.

Good evening, everyone. Just do a recap of the quarter gone by. And as you can see, revenues have been more or less flat and EBITDA have been slightly lower. And when we -- just to characterize the revenue, there has been decline in KGD6 more in the order of natural decline, but there's also another component. We had to take some planned shutdowns for maintenance activities, and that is what was contributed to the lower production. But there has been a natural decline, but this natural decline is lower than what we had envisaged at the time of commissioning these fields. So we still see that we're doing better than what we had envisaged earlier.

In terms of EBITDA margins, again, because of these planned shutdowns and maintenance activities, the OpEx was a little higher in this quarter. So you see the EBITDA margins slightly lower.

In terms of prices, again, year-on-year quarter -- on a quarter-wise comparison, we've seen prices being higher. Now currently, the ceiling price is $10.04. So we are realizing quite close to that despite some pressures on crude oil prices, which affects a certain round of auction that -- in which -- the last round of auction, which was linked to dated Brent. But otherwise, we are pretty much maxing out towards the ceiling price in terms of realizations in KGD6. And in CBM, again, since it's linked to the crude prices, we are seeing lower than expected prices.

Just to give you an overall perspective on the production, we are still producing on a combined basis around 27.5 million standard cubic meters, more like 1 Bcf per day. Condensate production is around 19,300, more or less around the -- close to the 20,000 barrels per day because this is average. The CBM, we continue to do the multilaterals. They will continue to augment the production as we go on.

But just as Srikanth mentioned, what's on the annual, what's going to happen from here? So we have a rig coming by next year. And despite the tight supply chain, we could lock in the rig for a few years going forward. And we expect to undertake exploration, and this is going to be largely infrastructure-led exploration in and around the KG Basin deepwater infrastructure because that's the fastest way we can augment production. We are also looking at some workover jobs in one of our fields, which is currently producing, and that should give additional incremental production. Thereafter, we've identified upsides in these reservoirs for which we're going to do additional wells. And those are -- the engineering has already been done. The commitments have been made for that. And we -- the work is already underway, and we expect that to come in by the second half of '28, incremental production in the fields. And meanwhile, we continue to pursue collaborative exploration, which means we are looking at further expanding exploration across the East Coast, particularly.

Just to give you an overall perspective of the markets, again, all of us are aware of the capacities that are expected to come on stream. But about 150 million tonnes, 200 million tonnes of capacities were LNG capacities projects were expected to come on stream, and they were expected to come online about now. And that would have put pressure on the prices. But what we have seen is there have been delays in the execution of the projects. We expected that in this period around '25, '26, '27, you could see pressures. But projects are delayed and it will take some more time for them to impact prices. It may be more moderated than what we had envisaged earlier.

Some of the projects have come online, that is in Canada and the Plaquemines project, they have come online. But as such, in the near term, we still see prices hovering around $11 to $13 per MMBtu. This is the LNG prices. And despite some sluggish demand from China, demand has picked up from EU and as well as remain robust in India. So overall, we just see this to continue, which implies that our ceiling prices are slightly in KGD6 where the bulk of the gas production is from. We expect that we'll get closer to ceiling prices and the ceiling price is around $10.04. So we don't see any backward pressure right now on that. There have been some outages and so on, but those are short-term effects. But largely, we see the prices in this range going forward.

In terms of Indian gas market, we did see a pullback in the demand. Again, it was more due to a seasonal aspect and the power offtake was much lower. Again, there were early -- there was an early monsoon, and that also had an impact. As such, some of the positive things that we see happening right now is the number of zones for tariff coming down to two versus three. And what we are seeing is a convergence towards one unified price tariff.

Now what that means is rather than focus on where it is, the gas is getting sourced from, you're evening out the playing field and the focus will be on gas-on-gas competition. So if it's -- even if it's LNG landing in the West Coast where the customers are getting the gas, it's more proximal to the customers. East Coast gas will not be disadvantaged. So that is one important thing. Like I said, ceiling price is something which continues on KGD6. And we hope with the new reforms and the ORDA Act and all the aspects that are coming in right now and PNG rules, and we are hoping that the government will review.

So this is essentially an overview of where we are. The focus will be -- we are trying to look at how to sustain the EBITDA and going forward, take initiatives to augment that. Thank you.

I already covered the financial numbers, but quickly. Revenue is year-on-year change is about 1.5%. But the EBITDA is up by a pretty strong number of 10.8%. We're talking of a total EBITDA of INR 14,511 crores. So what contributed to this is, of course, the decline is because of the flat price, but cracks have improved and also the domestic placement has been pretty strong. We'll just cover it in a while.

So we currently have close to about 2,000 retail outlets. But if you see the volume growth in diesel, we are up by 34% and gasoline by 39%. So impressive numbers on the retail side. We'll cover a little more details on this.

Transportation fuel cracks are up by between 7% and 17%. On the petrochemical side, polymers and elastomers, PVC, PP, PBR, SBR, all up by, let's say, 4% and 14%. That's the kind of numbers. And we could have perhaps done a little better in terms of the EBITDA, but we had a planned M&I shutdown of one of the crude units and diesel hydrotreater unit. This contributed slightly coming down.

While the cracks have gone up significantly, the fuel oil crack also went up, which means that the heavy crude oils get costlier because of which slight pull down on the feedstock side. So those contributed. Freight also has been pretty volatile. I think all of you know that April, May, June has been one of the very volatile quarters from $60 to $80 almost. That's the kind of range for crude oil. Cracks also from $12, we've seen gas oil low to about touching $20. So it's been a pretty volatile quarter, but most of the pickup has happened towards middle of June. So that's when the recovery came, and it's sustaining now the cracks.

So in terms of the physical parameters, if you look at the throughput, very good 19.1. Of course, because of the shutdown, we are lower than what we were in the previous year for the same quarter. Transportation fuels is about production-wise, 11.4 against 11.6. So these are the various numbers for polymers and fiber intermediates and all. We have done quite well because the shutdown was mainly in the crude unit.

So the secondary units, which are reasonably the ones which generate most of the profit for the refinery, they have run at max throughput. And there was some feedstock requirement, which we managed to get advantageous feedstock for the secondary units. So all these contributed to a strong performance, both from a physical perspective as well as a financial perspective.

Another important thing I'd like to cover is that the fuel cost also, we've been able to manage pretty efficiently. That's because the gasifier runs have been pretty strong. And we also did some external power purchase because of the economics.

So this is a little more color on the Jio-bp performance that we have seen. If you look at the volume growth, like I was mentioning for diesel and petrol put together was 35%. We also market ATF, we are at about 172,000 KL. E-mobility-wise, impressive growth of 134%, of course, coming on a slightly lower base, but yes, that's impressive growth as well. And CBG and CNG also, we have grown quite strongly at 190%. So the market share of gasoline or petrol is 3.6%. Diesel is about 5.84%, close to 6%, and ATF is about 5.9%. So we've done very well on MS and diesel. ATF, all of you would know that during Operation Sindoor, there was a lot of flights were canceled. Then also the Middle East crisis, a lot of flights got canceled. So because of that, ATF demand is slightly down. So this number is a little lower, but I think we are sustaining it.

Retail outlets wise, we're close to 2,000 and charge points are 6,300 almost and CBG stations 100 and convenience stores are about 136. So innovative pricing and products when we say, we have done some campaigns to increase the domestic sales. So one is we gave some discounts for a while and also some lucky draw and things like that. So all this helped us achieve the numbers that you see on the screen.

Now a little more about the market. We have seen the price of Brent actually fall. It's down to about $67.8 as you see. Actually, if you look at the quarter, it's had various factors. Initially, in April, it was quite bearish because of the tariffs being the major concern. But later in May, when we were talking about the IAEA towards the 31st of May, they announced that there is this nuclear enrichment, uranium enrichment happening by Iran. But actually, unofficially it was known by 15th of May. And actually, there were rumors in the market that Israel is going to attack the Iranian nuclear facilities any time. So that actually helped the market little up in mid-May. And in June, of course, we know that the attacks actually happened, the U.S. joined. So because of which the cracks actually gone up.

While there was a lot of concern, and that's the reason why the cracks went down in April significantly and picked up later, actually, we see it's the second half of June that you get the major kind of improvement in the cracks that has happened. So it's a good runway, I hope.

And if you look at the particular margins, they're sustaining, okay? That's because actually the supply/demand, if you look at in the West and all is reasonably strong.

And like Srikanth already mentioned, in terms of refinery capacity addition in 2025, while the gross addition is about 1.3 million barrels, closures -- announced closures are about 1.1 million. So 0.2 million, 0.3 million barrels of net addition only. So this is what is contributing to -- I mean, reasonably good margins, and we hope that this is something which will favor refining companies in the months to come. Even next year, it's like that, I'll cover a little more.

Then coming to the oil demand generally, of course, we are saying that the demand is up to about 103.4 million. That's about 0.7 million to 0.8 million as compared to the previous year. That's the kind of growth that we are seeing. So a little less than 1 million. Earlier, we were seeing about 1 million, 1.5 million, 1.2 million, but now it's about 0.7 million, 0.8 million because of all this tension of tariffs and all that. And out of this, if the refinery capacity addition is only about 0.2, 0.3 million, you can well imagine what it portends for the future.

The global transportation fuel-wise, gasoline has picked up from all the COVID and all that. Now it's up by 0.2 million. Diesel is up by 0.3 million barrels in the globe and jet kero is 0.3. But here, again, importantly, India has been a pretty bright spot, one would say, because you see the growth of the world's growth almost 29% came from India for petrol and for diesel about 20%. So impressive numbers for India generally.

I think I've covered this, but just to highlight a couple of things, while the price of crude has come down, if you look at gas oil, gasoline and ATF, year-on-year, the growth has been pretty strong. And the reasons, of course, gas oil is the conflict, which we happened, I mentioned. Gasoline, of course, the U.S. driving season has been strong and exports from China were lower. So -- and then there was a lot of maintenance and delay in start-up of the refineries after maintenance in the Middle East. So all this contributed to a strong gasoline crack. And ATF cracks normally move in tandem with the diesel cracks. So that's what is a picture that we see.

Talking more about gasoline cracks, what exactly did we do and how did we benefit from this rise in the cracks. So we've seen that Singapore light distillate cracks were low. The U.S. demand was strong and then India's demand was strong, almost 7%. That's a pretty strong demand to see in petrol. So we did that. And what actions we take -- we took was that we've kind of increased our domestic sales that really helped us. And of course, we also export some critical components of what the U.S. needs, which are high-value components. So all these contributed to benefiting from this gasoline crack.

And of course, the conflict that caused a bit of panic and cracks were up because of that also. And again, in India, 3% robust growth on diesel. What we did was again maximize the domestic placement. And besides that, we've also placed volumes into various markets across the globe, be it Africa, be it -- I mean, West Africa, Europe as well as into the African market. So all these were things that we have done consciously from our side to improve the margins.

Jet fuel, I mentioned to you, it is moving more or less in tandem. And what we did was, of course, because of the headwinds, we kind of had to only do about 172 in the domestic market, but we are holding on to the domestic market to the extent possible. And we expect that in the next quarter, as the seasonal demand picks up and people travel, we should have again a good opportunity to increase our sales.

Amit, would you like to cover this part?

I'll now talk about the oldest business of Reliance. So we had quite an exciting quarter, last one. While there was a war in the Middle East, which is the source of all of our feedstocks going on in the quarter. And there was a tariff war going on in the world where the two largest economies of the world were refusing to talk to each other, which created an absolute mess in terms of supply chain disruptions. There were, of course, a lot of hindrances. The freight rates were moving all over the place. There were certain opportunities also. I will talk about them, which we rightfully utilize them.

So this is ethane price in the quarter. It was lower by the previous quarter, but compared to Y-on-Y, it was slightly higher, 24.1 CPG. This is one of our major feedstocks that goes into our plants. Naphtha price, of course, declined by 14% year-on-year, which was mimicking the crude oil price trend.

The operating rate in ethylene markets was 78.3%, which is probably one of the lowest which can have. However, our operating rates in all our crackers was 100%. So we ran our plants full flat out. And thanks to the disruptions which were happening in supply chain all over the world, we were able to place all our product in the domestic market. We kept our focus on domestic, which has always been traditionally also been the best netback market for us. And it was pretty safe. Fortunately for us, it's been growing pretty well. So we use that opportunity and strength of our business to place all the product in the domestic market.

Talking about the price -- absolute prices and margins, naphtha price as we -- as I said, went down by 14%. Ethane price was up 25% year-on-year. In terms of deltas, polyethylene delta was down by about 1%, but polypropylene and PVC, we saw a good rise of 13% and 4%. Polyester chain was down -- the delta was down by 9%, primarily because of the weakness in the paraxylene, thanks to huge overcapacities which have come up in China. EDC prices, of course, were very soft because of the very strong caustic in the last quarter, and that helped us in our PVC business.

Talking about the feedstock margins, nothing surprising in this. Ethane margins -- ethane cracking margins were the best, followed by naphtha and LPG was the most inferior feed to crack.

In terms of going -- talking a little bit in detail about the -- some of the critical products in our portfolio, Polyethylene delta was down by about 1% year-on-year due to slightly weak demand plus some overcapacity, which has come up in the region. The China has started two crackers in Q1 and another two in Q2. They continue to build merrily irrespective of -- and they are focusing on their own, I mean, captive self-sustainability or self-reliability on their side, but it's putting a lot of pressure on the global operating rates.

Domestic demand was down a little bit, 1%. However, what I would like to say is that this basically does not reflect the end consumption status. That continues to -- that engine continues to grow. This is basically a reflection of some of the inventory movements which happened. So the pipeline inventories are right now almost empty, whether it is plastics. And that has happened because there was uncertainty in last quarter and the customers were taking a position in terms of being a little cautious in terms of their buying.

Near-term dynamics, as I said, because the pipeline needs is pretty blank right now and the festival season is around the corner. So we believe the next coming up quarters should be pretty healthy for sale.

Polypropylene delta was up 13%. Of course, it was led mainly by weakness in the naphtha price. PP demand is up 7.2%, thanks mainly to automotive sector, which had a great run in last quarter, at least on the factory production side. Appliances, infrastructure, packaging and hygiene, all these sectors were in pretty good shape. In fact, BOPP sector used the disturbance. I mean, the trade war, which was going on. They used that opportunity and they exported hell of a lot of volumes from India to U.S. because those supplies were kind of getting disrupted from China for a while, plus there was a stock buildup, which was also happening in anticipation of the tariffs which were going to come. So that sector saw a good growth, and these deltas were -- PP was better.

PVC improved, as I said, because of the EDC weakness. EDC prices were very soft, and we are a net short of EDC. We buy almost like 400,000 tonnes of EDC every year. And they were weak because the caustic was pretty strong. Of course, the end sector demand in PVC remains pretty robust. The infrastructure continues to do well, so is wire and cables. That sector is booming at a very, very healthy rate.

Agriculture also was doing very well. Of course, the rains -- early rains have means that there will be a little bit of slowdown this quarter, but very, very low levels of inventory at the end of last quarter would mean that we will sail off this quarter also pretty neatly.

Talking about polyester chain, deltas were down 9%, as I said, mainly because of extremely weak paraxylene prices, mainly because of huge capacities that have come up with China. This was partly compensated by strength in MEG. However, the polyester demand remains very healthy, 9% up on POY and staple was up 3%. What we did was basically because paraxylene margins were pretty squeezed. We used the optimization, and we had the opportunity of switching the reformat between gasoline and paraxylene, and we use that to the full extent to generate maximum value. Upcoming festival season, of course, has a huge impact on the polyester demand, and we are already seeing the early signs of it.

Talking about the dynamics, the market was, of course, as I said, it was extremely volatile. Refinery outlook was stable. We have a healthy demand growth of 0.7 million barrels a day. Downstream chemical margins continue to remain -- global margins continue to remain under constraint. Domestic demand is likely to pick up in the quarter to come.

Our priorities, we keep looking for competitive feedstocks. As I said, the last quarter when the tariff war was at its peak and the U.S. disallowed movement of ethane to China. We used that opportunity to get some of those vessels into our system. As you know, that infrastructure is pretty rigid and only those who have the full chain capability can use that. So -- and we were -- we are the only ones in the world who can handle the kind of ships, which the Chinese customers had. So we use that opportunity to get some of that cheap material into our system.

Jio-bp continues to expand, as Srini said earlier, their offerings, not only in the traditional, but even in the new environment-friendly mobility solutions. And we will continue to focus on our expansion projects also. There are two of them, which we are working on, the polyester expansion and the PVC expansion. That's it for me.

Hi. Good evening, everyone. Yes, we'll go back to Jio. Sorry about the confusion I caused. So an update on the results for Jio. But before that, just some comments around what we're trying to do at Jio, which we've spoken about this in the past as well over the last several years. Just wanted to reiterate some of these points for better understanding of people around this room and elsewhere.

Jio was born as a deep tech company. So while the results, and it's important to see how the connectivity business and the telecom business is doing, but we shouldn't lose sight of the fact that it's really a deep tech company that we have built here. It's one of the leading deep tech companies in India with enormous amount of innovation and technology development that we have done over the years. We have created unparalleled tech infrastructure in the country. And with most of this with our own technology stack, be it the largest greenfield deployment of LTE that we did in 2016 before we launched or the VoLTE deployment, this was the world's largest VoLTE deployment. Even today, our assessment says that Jio carries more VoLTE traffic than all of the other operators globally put together. And this has worked at scale with completely our own tech stack.

We did the world's fastest 5G deployment last year or the year before last, once again, with our own tech stack, with our own core software, hardware and a whole bunch of infra management. The OSS, BSS that we deployed is completely now in-house, and it's ready to be deployed in other places.

We are the first to deploy UBR for UBR-based connectivity at scale. This is a technology that operators worldwide have tried to work on and have not had much success. We have now demonstrated this on the ground with several million homes connected that this works, and we can make it work in an efficient manner. I'm going to spend some time on that.

We hold the highest number of patents on 6G technology already. So that's something that we're doing a fair bit of work already. Most of these are telecom-related tech stacks that we have developed, but this is not the only area that, as you are aware, and we have spoken about this in the past, we have developed best-in-class platform services as well, be it enterprise and consumer cloud offerings.

We are now one of the largest cloud players in the country for enterprises. And with our own Jio Cloud for consumers that we launched and with over 35 million users -- active users there, we are now a force to reckon with when it comes to consumer cloud services as well. And we have been able to provide quality of services, in fact, at par, I would say, better than what is being offered today. And of course, we provide it free of cost, be it cloud, PC, gaming, media stack, a whole bunch of things that we have developed. And these are technologies that will take us for -- support us in the next phase of growth of our company when we take these outside of India. So we saw the first phase of utilization in 2016. Now we're seeing the Jio 5G effect. And hence, going forward, we are going to see the technology effect of everything that we have built up.

With that as background, some of the key highlights of the results for this quarter and what that technology and our commitment to developing innovative technologies and low-cost technologies is helping us to achieve. We are the #1 in connectivity, 498 million subscribers at the end of the quarter. That was a net addition of 9.9 million during the quarter. So more or less, the pace of subscriber addition has come back to what we used to have earlier and it's fairly stable, in fact, growing.

More than 20 million homes connected by the end of last quarter, and this number is also growing fairly rapidly, 2.6 million net adds for the quarter -- last year -- last quarter, sorry. We crossed -- this was a milestone for the quarter. We crossed 200 million 5G subscribers. So once again, by the end of the quarter, we were at 210 million 5G users, 20 million additions during the quarter. And this number has also been growing. As the device ecosystem has evolved, now we see more than 90% -- 93% to 94% of all devices, smartphones are coming in with 5G-enabled, and we are seeing that impact our ability to ramp up our 5G subscriber base there.

Sorry, I went in the wrong order, but now again, coming back to homes. AirFiber, out of the 20 million plus that we connected by the end of the quarter, 7.4 million AirFiber homes, which makes us by far the largest company globally on AirFiber. Now part of this was using the 5G network that we had, but a substantial chunk also is using UBR. And I'll cover that in subsequent slides. But 82% market share, the largest FWA service provider globally.

On the tech side, our true 5G, once again, the 5G SA network that we have deployed, the ability to slice our network to offer better services and some of the services that we are already offering, and I'll again cover that in subsequent slides, is getting enabled because of the network that we have deployed.

On the platform side, digital enterprise solutions, which -- where, again, we are seeing a pickup with some of the new services being taken up quite well by enterprises, consumer taken initiatives.

UBR, a very important piece. And this again, we are going to cover in a subsequent slide. But the fact is that we are the world leaders in this. Today, this technology, this tech stack, the entire value chain, the whole software, hardware stack is only available with us and has been deployed at scale. This is something that all the global operators are looking at us to see how we have done this so successfully. And then a whole bunch of initiatives on AI.

Translating into sustained market leadership. We crossed -- we ended the quarter with over INR 35,000 crore revenues in JPL. I'll give you the exact numbers in a bit, more than 45% connectivity revenue market share and an EBITDA margin of over 52%, where our operating leverage is playing out quite well, and it's been growing. So strong quarter with 24% year-on-year EBITDA growth and sustained leadership in most of our businesses, but yes, connectivity definitely.

So on the connectivity side, this slide just shows the entire tech stack for offering or deploying 4G, LTE, 5G and the AirFiber services that we have done all of this, all of the components of the tech stack that you see on the right, be it the core, be it the automation platforms, OSS, BSS, everything has been done in-house. So we may have started with using some of the vendor services or platforms. But over a period, we have transitioned completely to our core.

Now this is a network of 0.5 billion users with over 200 million 5G consumers, which is running on a stack completely developed in-house. And this is kind of technology. This is the kind of network that globally, companies are looking for. And this is an opportunity, a big opportunity for us. On our network, we have omni cloud support for -- we can do the deployments on-premise or public or private cloud. We have the ability to slice our network, so dedicated network slicing, advanced secure 5G core, which again is unique, fairly unique. This is on our network, we have been able to deploy this with quantum-safe encryption and then the whole 5G in a box for enterprises and private 5G deployments.

This is a stand-alone 5G deployment that we have done. We have spoken about this in the past. I wanted to reemphasize that this is something that only we have been able or we can do in the way that we have configured our 5G network. We are able to provide differentiated 5G experience with the network slicing that we can do. And a single we can -- the one network can be sliced into so many different ways in so many different ways to offer differentiated services and different use cases have different requirements. So we don't need to give the same service to everybody. People doing mission-critical work may need much more prioritized services, which is something that we are able to offer and we offer today.

Our home broadband requires a different kind of bandwidth than some of the other use cases that you see here. We have dynamic slicing. So the route selection, the way it works is fairly dynamic, and we can do this on a real-time basis based on where the traffic is coming from, based on user requirements. Today, we are not offering or differentiating customers based on the -- based on pricing. We are not trying to do that. But for specific use cases, we'll come up with plans that people can use and really get differentiated services.

Coming to some of the numbers to report. During the quarter, we reached a milestone of 20 million connected premises. As I said, 7.4 million on fixed wireless, many of which are using the UBR technology now. end-to-end control on the full value chain, and this is an important point. The whole deployment is being done by our own tech stack. Our own -- in fact, now most of the hardware has been -- is being manufactured by us only and manufactured locally in India. So this gives us enormous ability to scale up our business. The 20 million now we -- over the last quarter, there were months when we did more than 1 million net adds in a month, and that scale is picking up. And we have the ability to keep scaling it because, once again, the network is fully scalable. The tech stack is completely owned by us, can be scaled up and the hardware is also being produced by us.

Also, commercially, we did a few things during the last quarter, given it was a fairly active cricket season and a lot of people wanted to have access to high-quality cricket in their homes and on their mobile devices. So in their homes, we gave unlimited offers and which help us get customers and get a lot of traction on the network.

So this is something I wanted to cover in today's presentation because we have been prioritizing this. UBR, a global-first offering at scale. This is not something new. A lot of operators have tried doing this. A lot of companies have tried working on this. And people have been a little bit successful, but nobody has really been able to scale this.

Now given the quantum of demand in this country, when we're talking about almost 300 million homes, more than that, 330-odd million homes, which at some point in time will require high-quality broadband services at their homes or at their premises, the SMBs, fiber -- last-mile fiber is difficult. And you all know this. We all know this. Where possible, we'd still do it. But otherwise, it's costly, it's time consuming. And this is a constraint that people have felt world over. The solution that they've gone with to the market has been the 5G-based fixed wireless access, which has its own limitations, coverage and cost constraints because you're using the same network, you are putting much more pressure on the same network. You can't really do too much of modification in the way you offer the home services.

There is going to be constrained capacity and scalability because the network is limited. Imagine in the Indian context with the amount of spectrum that we get -- that we have, and we have a fair bit, still how much can you really scale up just using 5G.

Some of the specific comparison points, if you look at spectrum limited availability for 5G because that's -- those are the bands that the government auctions and there's limited availability, whereas with UBR on the unlicensed band radio, you can -- there is much more spectrum available, which the government also provides to encourage WiFi services and home broadband services. Because of the nature of the 5G network and because of the nature of the mobility use cases, normally, the uplink, downlink would be asymmetrical in 5G fixed wireless. But here, you can configure the network in the way that consumers want. So it can be completely 1:1. It can be 70-30 based on what the consumers really want, and it can be fairly dynamic again. So if I have use cases at home where I'm watching content all the time, I possibly need a lot more download, but there may be use cases, there may be users who may need a lot more upload. And we can dynamically configure the network for each specific customer.

The throughput varies with load. In the case of 5G, the more the number of users, there will be constraints about how much capacity you can give. There will -- contention will come in. Whereas here, you can dedicate in the case of UBR, dedicate bandwidth to a customer can be stable. We are today offering 1 Gbps plus plans for our UBR-based customers, which is at par with fiber. And we are already now delivering 2.5 -- up to 2.5 Gbps throughput on the field. So as good, in fact, better than fiber. Fiber can get cut sometimes. Even on Jio network, it does get cut sometimes, very rarely, but it does get cut sometimes, but spectrum doesn't get cut. So that's the other big advantage. 5G network won't support very high-end multicast kind of use cases, whereas that can be done with UBR, scalability is much higher.

So lots of advantages. operators globally have tried this. Maybe they have not prioritized this so much because the amount of the demand has not been as high for them to feel pressure on their 5G networks. In India, clearly, that pressure is there. Even with our kind of capacity that we have created, it won't be the most efficient use of our network to provide -- use it up completely for home broadband services. And therefore, UBR is a clear differentiator. We already have operators from all over the world coming and looking at the service that we are providing. They're finding it quite interesting.

So we have our own tech ownership for this, completely in-house. Our own teams at Jio Labs and some of our portfolio companies have developed this, the point-to-multipoint solution for UBR. Performance is now proven at millions of homes and premises. The deployment can be fairly modular based on wherever we need it. There's a little bit of a graphic, you can see this later, but on how easy the deployment is where you're installing an A6 with any eNodeB which already we have, that equipment can go anywhere. It can go anywhere where there is a fiber backhaul. So you don't even need the full tower, but for a representation purposes, that's what you do, and you install the C6 the receiving equipment on top of the customer building and then you connect with fiber or you can even connect wirelessly to the homes and the premises inside.

Deployment is fairly straightforward. Therefore, very little need of any civil work for the deployment, and there is, of course, significant cost advantage. So this has been a great differentiator, and this is helping us really ramp up the pace of our home deployment. The targets of 100 million seem much more doable and in near time based on the use of this technology.

On the enterprise side, we saw some good momentum during the quarter with large enterprises. We have account management -- effective account management. So we've been able to increase our wallet share with a lot of the large enterprises where in several cases now, we are the only service provider. And this is across fairly large companies and especially in the BFSI and the industrial segments.

The connectivity share of overall enterprise pool for Jio has been increasing. It takes time to win the enterprise accounts, but there, we are gaining a lot of market share. We're tapping into new age businesses like bundled connectivity, security and WiFi stack. This is an interesting area. While it's a specific example given here on quick commerce dark stores, but a lot of similar use cases where high-speed connectivity and security is needed is where our services are being preferred by a lot of enterprises. We are also seeing strong momentum in the IoT portfolio. This is, again, in the BFSI segment, we are seeing a lot of traction here. Automotive, again, you would have seen many of the automotive companies using our IoT solutions, that's -- those are on the road, so much more visible. And then differentiated product proposition for these enterprises. So we are seeing good traction here. We're expecting a lot more growth to come in this space as well over the next few quarters.

We launched a few consumer services. Now that our 5G has well matured, it's fairly ubiquitous. Customers are using a lot of the 5G services. So we are now gradually bringing in things that LTE network would have found it difficult to support.

But given 5G on the mobile device and our home broadband, we are able to launch some of these services now like JioGames, which is really cloud-based gaming platform. And the -- here consumers, gamers can get access to all of the high-end games without having to invest, spend money on a console or on high-end devices at home. You're just playing off the cloud. The throughput and the low latency of the network is supporting that. We already have over 3 million registered users for this service. And this, again, we're seeing very good uptake fairly rapidly. We have tied up with some of the global gaming companies, the IP owners. We have over 500 titles with data voice and SMS. So we provide all of this in packs to our customers, and we're seeing a good uptake on this service.

The other service that we have spoken a quarter ago or maybe a few months ago was Jio AI Cloud, which is where we are giving cloud access to all of the users. So we're basically democratizing AI cloud, AI and cloud storage. We are giving up to 100 GB of cloud space free to every consumer. We are helping them use this better. They are no longer facing constraints at 15 GB or even lesser in some cases, where they're running out of cloud space and they're having to pay for that service. And along with the cloud offering, of course, it's not just the storage, but we're giving them a whole bunch of solutions alongside that. So starting with the frictionless sign-in, but then photos, digital locker events. So a whole bunch of things.

This is -- this service is as good as any cloud service that a consumer can get, and this is completely free of cost. And it's now being used by over 33 million registered users. It's scaling up quite well. We think we can push this a lot more. This gets us customer loyalty. This gets us customer stickiness. And of course, this then enables us to offer many more AI-related services, AI-based services to customers who are using this. And the feedback from consumers has been very good for our AI cloud-based services, and we plan to keep scaling this up.

JioPC, something that you would have seen in the last few weeks, fairly straightforward opportunity. India doesn't have enough computers. Students are not able to get enough good compute where they are. You can now with our services, with our connectivity, with the bandwidth that we are offering, you can convert any screen into a computer with all of the processing happening on the cloud, fairly straightforward solution, but maybe markets outside India haven't needed this because of affordability in India, clearly, it's something that students, that small enterprises, SMBs, they all needed this as a service. And now we are offering this commercially, very cost effective. We are giving them flexible pay-as-you-go models, cloud native, everything is happening on the cloud. So you can be much more mobile, you can access these services from any premise. It's really great for students. It's really great for small enterprises where they're able to access all of these things from wherever they are.

We have built in the apps. So when you log into the computer on and you can try it at your homes, if you have the Jio set-top box, you log into the computer, you get -- you see the full screen. And you see it with the apps, you can use any of that. Mostly people don't have the keyboards. So you'll have to just invest in a keyboard to make the usage easier using the computer on a remote is difficult. And then it's fully secured. So those are some of the services and products that we have been scaling up. I wanted to cover in this presentation.

And now coming to the results. The third column is what gives for the current quarter. So we have grown our subscriber base to 498.1 million during the quarter, net customer addition of 9.9 million. The ARPU grew to almost INR 209. The very healthy increase in the total data consumption, which has now gone up to 55 billion GBs during the quarter, 18 exabyte, 37 GB per user per month. So you see a significant increase, a strong 24% Y-o-Y increase in data traffic, and this is just continuing to build. This was the IPL season. So yes, people were consuming a lot of data for watching IPL, but we are now with all those other use cases around gaming and computer and home PC, a whole bunch of use cases coming in, which is growing the data consumption on the network.

Coming to financials. We ended the quarter with -- or for the quarter, we had revenues -- operating revenues of INR 30,882 crores. That was a 17% year-on-year increase. EBITDA showed a much higher percentage increase, 23%, led by both the revenue growth as well as 300 bps year-on-year margin expansion to 56%. So the EBITDA for the quarter was INR 17,300 crores. So very healthy growth on our connectivity business. For the Consol Jio Platforms Limited, the gross revenue came in at INR 41,000 crores, the operating revenue at INR 35,000 crores, INR 35,032 crores, which is -- which was a 19% growth year-on-year. EBITDA of INR 18,135 crores, again, showing higher EBIT -- increase here, 24% year-on-year growth because of the operating leverage, the EBITDA margin going up by 210 basis points during the quarter. And profit after tax came in at INR 7,110 crores at 25% year-on-year increase.

So that -- those are a quick summary of all the financial and key operating results. We'll come back for the Q&A later. Maybe, Dinesh, you want to start with the...

Hi. Good evening, everyone. We'll cover the overview of the retail business. But before we go into the financials, just a quick snapshot of what we are, right? We have built the largest retail ecosystem in the country, which is driven by not just one cylinder, but it's running on multiple cylinders, whether it's B2B, B2C, online, offline. We have built India's largest digital plus online convergence strategy with a very diversified business model. We operate across multiple consumption baskets, which is pretty unique to us compared to most of our peers who are operating in a single category or a single format. That gives us a big competitive advantage vis-a-vis others as well as it has built inherent resilience and diversity into the business model. It also gives us a lot of growth optionality, which is not there for a lot of other people.

If we look at our retail ecosystem, it's the only one in India where we are present in the entire value chain from production to doorstep of the customer across multiple categories. Nobody operates at this level of convergence and intelligence. So we are basically building India's largest intelligent and connected retail ecosystem.

In terms of competition, we are much bigger than anybody else. These are all kind of indicative. If you look at -- we are the only diversified player with operating across so many consumption baskets. And that has given us resilience and it has given us market-leading growth compared to other people who are struggling to grow profitably scale up versus for us, we have been able to scale up our business multifold over the last several years, and that's driven by the platform that we've been able to build.

Highlights of Q1. This was another quarter of strong resilient performance, where the performance shows the strong metrics that we have been consistently been able to deliver quarter-on-quarter. Our revenues grew 11% on a Y-o-Y basis. All the segments continue to do very well. We have given market-leading performance in grocery and fashion. So both these verticals are growing exceedingly well. Consumer electronics, there was some impact of the early onset of monsoon rains. So some of the things like AC sales, which are a significant part of business in the summer, they did get impacted. But overall, pretty resilient performance across all consumption baskets. And that is the benefit of diversification, right? Our number of transactions increased 16% on a year-on basis. We continue to expand our network. And after the streamlining that we had done last year, we are back on the expansion trajectory. We have added 388 new stores during the quarter, while the closures have been quite small.

EBITDA margins continue to expand. Our EBITDA margins have been steady. We are seeing the benefits of operating leverage. So while even we continue with the expansion, the costs which come with expansion as well as some of the costs from last year streamlining that we have been doing, which are kind of running into this year and they will run down. In spite of that, we've been able to increase our margins by 20 basis points on a Y-o-Y basis. So if we look at gross revenue was up 11.3%. EBITDA was up 12.7% and EBITDA margin is up 20 basis points to 8.7%.

We have multiple growth levers, which are helping us drive the growth of this business. So as we spoke last time as well, we've been expanding our quick commerce business. We have the largest coverage across 1,000-plus cities, 4,300 PIN codes. And every quarter, we'll continue to expand this. As a result, our daily orders are up 68% on a quarter-on-quarter basis and 175% on a Y-o-Y basis. This is the fastest-growing digital grocery platform in the country today. We have also now on the path of growing back our store network. We added 388 new stores, and our total store count has crossed 19,600 now.

Also, our Consumer Brands business continues to grow very well. It was -- our revenues were up 2x on a Y-o-Y basis. So we have multiple growth engines, which are driving the growth of our business. And this gives us confidence on our ability to deliver on the vision which our Chairman laid down in the last AGM of doubling our business every three to four years.

Grocery, it is not just the largest consumption basket. It is also the most resilient. We've been seeing very strong growth in this business. Our play across multiple price points and multiple formats that gives us a big advantage over conventional players who are only focused on price and off-line business. If we look at some of the new age categories, we have been able to grow. We have been able to premiumize our offering, which has continuously helped us increase our EBITDA margin -- increase our gross margins. Some of our big categories like HPC, home and personal care, we have seen 15% growth. As you know that the FMCG industry is not growing at that rate. So a lot of substitution demand we are able to do and grow much faster than the industry.

While the B2C business continues to do well, even B2B business, Metro had a very strong growth. Again, if you look at HPC there, we had a 25% growth, right? So we are able to significantly overdeliver compared to what the rest of the industry is doing. We are also encouraging loyalty subscriptions. -- in Metro, we launched the loyalty program in this quarter. And just in a couple of months, we had 100,000 enrollments.

As you know, India's online grocery industry is growing at almost 40% on a Y-o-Y basis. It is shaping consumer habits where people are valuing convenience and speed. So in that context, JioMart is the fastest-growing online grocery platform in the country today. Our daily orders have grown on a 68% on a quarter-on-quarter basis. Our mix of -- I think what we bring to the table is the mix of technology infrastructure, leveraging our store network and the local partnerships that we have. It gives us immense advantage and ability to deliver a very strong proposition for the customers, which is significantly above everybody else.

Our reach is the widest in the industry. As you know, most of our competitors are focused on the metro and Tier 1 cities. We are already doing quick commerce in 1,000-plus cities. We are also focusing on building frequency building categories. So fruits and vegetables, people order, fresh, people order every day, every alternate day, right? So those are a big advantage. As you know, we operate the largest fresh supply chain in the country. Our number of orders, which include F&B is a key metric that we measure. 21% of the orders now had F&B compared to 9% six months ago. So there's a lot of stickiness, which is coming in, a lot of repeat behavior, which is coming in, which is driving traffic onto the platform.

Our marketplace business continues to ride on the technology and the infrastructure that we have built for our 1P business. It helps us provide a comprehensive offering to the customer so that he does not have to go to any other place. And we are able to service every need that the customer has even beyond what we offer in our stores. So to that extent, we continue to add 3P assortment. We continue to add 3P sellers onto the platform, and that helps create user stickiness. Our market catalog is -- marketplace catalog is quite wide at almost 9 million options which are available on the platform, and we continue to grow our seller base as well.

Subscription service is another key differentiator. As you know, there's a lot of stickiness. People actually pay for delivery in that service. And the benefit of it is it's silent 7:00 a.m. You can keep ordering up to 12 at night and you -- while you wake up, things get delivered in the morning. It also rides on a very different milk run supply chain. So the supply chain costs are very low. It's a very habit forming. People order milk 15x a month or 20x a month, right? So it's a very habit forming category where people are willing to pay for convenience, and that's something that creates a lot of stickiness. We have extended the service to 26 cities, and we'll continue to expand this. The number of orders have grown on a 45% on a Y-o-Y basis.

Fashion and Lifestyle business, if we look at what we are building, right? We are building India's largest digitally driven fashion ecosystem, which is highly agile and responsive to trends. I think those are very critical because in the current environment, trends change very frequently. Customer preferences change very frequently. So the earlier model of 90-day, 180-day cycles doesn't work anymore. So we've been able to use a lot of technology. We have talked about project impetus in the past. That has helped us build this largest and very agile fashion ecosystem in the country. We have seen last year was a tough year for the entire fashion industry, but we are seeing a strong rebound this year, and the business continues to grow with very strong LFLs.

We have also taken several initiatives over the last few quarters. So on trends, we have launched a new store design format, which is more trendy, which is more visually appealing to the customers, which is more digitally driven. That is getting us good response footfalls into the customer. We have also shrunk the design to shelf cycle to 30 days. So there's a lot more freshness in our stores. and we are using a lot of AI to come up with designs which are in trend. So acceptability for the customer is very high.

Also, our approach of winning in every price format is working across price points and across formats. So if you look at last 18 months, we have launched several new formats, Yousta, which is for the younger Gen Z customers; GAP, which is an international brand, which we are scaling in India; Azorte, which is a premium fashion format. All of them continue to show very strong growth. Over the last 12 months, we've got almost 170-plus stores and a lot of expansion is happening in this segment. In addition to apparel, we are also focusing on building a lot of non-apparel categories like beauty and personal care because that helps build the basket, helps improve the bill value for the customer who's buying apparel.

We are also looking to enhance our brand image, and we have executed several high decibel campaigns. We did the Mahesh Babu campaign in South India for trends last year. We have done a campaign with Khushi Kapoor for Azorte. We are doing -- we have done a campaign for Yousta as well to have a better connect with the Gen Z customers.

On the -- if we look at on the digital side, the youth-driven fashion, especially people -- younger people, they are much more digitally savvy and that fashion is more digitally driven and value conscious. They are looking for trendy designs, but at a good price. And that is what plays to the strength of AJIO and Shein. We have been focusing aggressively on acquiring a lot of new customers while we continue to get repeat customers onto the platform. The share of new customers was up 18% on a Y-o-Y basis. So we are able to attract a lot of new customers. Also, consistently, we have been focusing on increasing our average bill values by premiumizing our offering, increasing the share of exclusive brands onto the platform, and that has been having good results. Consistently, our average bill values have grown up. They were up 17% on a Y-o-Y basis.

We also launched AJIO Rush, which is equivalent of a quick commerce, where basically we've -- in top six cities, we have carved out space in our stores. And we are delivering from those stores where the promise is within four hours, we will be able to deliver to you. That is live in six cities with 130,000-plus options. These are curated options in those stores because we have a lot of data for those pin codes in terms of what's selling. And what we see is initial signs, it's still relatively young. But what we see that the average bill values are significantly higher. They are 50% to 60% higher compared to a normal transaction.

The acceptability acceptance is much higher. So what we are seeing is almost close to 12% to 15% of bills where we are offering this service are people are adopting a Jio Rush and the returns are significantly lower because it is addressing a need that the customer has. In case of fashion, a lot of returns come because you ordered something from two or three platforms, you got something first and then you return the rest. Here, you needed something, it got delivered to you in a couple of hours, you tried it. It works well. So you keep it, and that's why you see returns which are much lower, which means that with better bill values and lower returns, the unit economics will improve substantially. We also continue to add more options onto the platform. We already have now almost 2.5 million, 2.6 million options available on the platform now.

Shein is something early days. We launched it in Feb. We did a commercial launch in Feb this year. We have already crossed 2 million app downloads, and we have more than 20,000 SKUs, which are live on the platform. And we have not done a lot of marketing on this as yet. We will continue to -- we will start doing some marketing here to get make users aware that Shein is relaunched, but we are seeing very strong traction here.

On the premium side, what we are addressing here is the aspiring Indian. We are building the largest premium and luxury platform for aspiring customers who have traveled -- who travel through the world, who know these brands and aspire for these brands. We have built a platform where there are multiple brands, which means that our customer acquisition cost is quite low, and we are able to offer a platform of brands to these customers. The economics are much better. The bill values are much higher, and there's a lot of brand loyalty here, which is there.

Hamleys, which is our own brand, we have been taking it while expanding in India, we've also been taking it internationally. We are doing a bunch of things where this brand is able to -- it becomes a truly Indian multinational brand.

We have also acquired a few IPs, Superdry and Mothercare, we own where we have a lot of flexibility. We can design these products in India. We can manufacture them in India. We don't have to depend on the parent's supply chain or design capabilities. We are launching the Mothercare everyday range, which will further improve our kids wear proposition. It is completely designed and sourced in India.

Jewels as a segment, the -- as you know, the prices of gold has gone up substantially, which -- because of which the bill values have gone up, but the number of bills have come down. The business is on steady growth. It is steady growth. But obviously, there's an impact on the significant increase in gold prices. In volume terms, the demand for gold has gone down. Our approach of differentiating through targeted theme-based collections continues to work well. We launched the Tirupati collection during this quarter. Also, we are offering 18K jewelry as an alternate to 22 carat jewelry to make it more affordable, especially for everyday wear.

Consumer electronics, I think what customers are looking for here is a service-oriented offering with a solution-led approach, right? People don't know what they have, what they want to buy, and it's a bit of discoverability and service is very important. And while the demand is pretty steady and continues to grow, that is the big -- service is the big pain point of the customers. And today, other than us, there is no other integrated pan-India player who approaches with a solution and service mindset, right? So that gives us a big, big competitive advantage and a lot of stickiness for the customers to continue to do repeat shopping with us. We are also seeing significant increase in average bill values. People are spending -- gadgets are becoming more powerful and people are spending more on those gadgets. So the average bill values are up 26%. Conversions are up 200 basis points on a Y-o-Y basis.

ResQ, which is a service arm, it is our biggest differentiator in this segment. It continues to be the largest and the most popular service network for people, not just for installations or in warranty, but even on-demand out of warranty services. We continue to expand our service network. We are present in almost 1,600-plus locations right now.

Along with our stores and services, we also have a pretty strong own brands portfolio and a large B2B distribution business, which has been continuing to grow pretty rapidly. And when you combine all of this, our brands, our distribution network, our service and our relationships with the global OEMs, that creates a winning proposition for us. And because of which we continue to increase our lead over other peers in the market.

We also -- some of you may have seen the announcement today morning. We've also acquired the Kelvinator brand IP for Indian market. This is part of our own brand play where we want to strengthen and expand this brand to much more categories. We were paying royalty earlier. So this becomes very attractive for us.

FMCG business on a very accelerated exponential growth trajectory. Revenue was INR 4,400 crores during the quarter, which is almost a 2x growth on a Y-o-Y basis. General trade contributes while 70% of the sales. So while it has a big advantage of being able to sell through our store -- our network of stores, both B2C and B2B, but the business has built an own independent distribution network, which is pretty substantial. We did a very high decibel campaign during IPL for Campa, which has a very high record, and we now have double-digit market share in key markets. We are also pretty quickly expanding our supply chain and building pretty robust manufacturing capabilities across the length and breadth of the country. We are using world-class -- building world-class manufacturing and R&D facilities with a lot of automation and backward integration, which will give us superiority on product as well as the lowest cost and help us win in the market.

This business is being demerged. It's in the process of being demerged out of Reliance Retail into a subsidiary of Reliance Industries. So it will become sometime this year once the regulatory approvals are in place, it will become an independent business. And we'll have -- even today, we have an arm's length relationship between our retail business and our FMCG business, but then these two will become completely independent.

Yes. So that's a quick update on the retail business. We can move on to media, and then we can take questions.

Good evening, everyone. I'll try and make this crisp. But I'm saying is now on to the newest business in the Reliance family. JioStar is barely eight months old and our new platform, which we launched JioHotstar is just five months old.

The first quarter for us, I think this is our first big quarter. And if you ask me, it's not only the most important quarter for us, it's also our biggest quarter. Important, I say because in the end of the day, what we do in this quarter helps set the pace for the entire year. And biggest I say because I'm saying is it's got the biggest cricketing event in India, the IPL, which runs for two months over 74 matches. And that's why that makes a big difference for us. So let me just pivot straight into IPL.

I've got three, it's divided into three parts, and I'll tell you why we have divided into three parts. It's the opening weekend, which is first, then talks about the entire tournament and the finale. Now for a tournament like this of this scale, it's really important that we have the biggest opening on day 1, on the weekend that is there. And if you look at the numbers that we managed to deliver for this IPL, okay, we delivered with 1.4 billion digital views. On television, our reach was 253 million. And the total watch time that this tournament for the opening -- for the opening weekend was 49.6 billion minutes. Remember, this is the first time in the past, TV was done by our partner, Disney, and JioCinema used to do the digital part of it. The first time we got together. And coming together, this is what we've seen as outcomes.

With that kind of an opening weekend, it translated for the tournament, if you look at it, it translated to the record viewership, right? The highest reach ever of 652 million on digital and 537 million on TV, giving us a highest cumulative watch time, just short of trillion, billion minutes, right? I think if we didn't have -- I mean, this could have been slightly better if we didn't have a slight break in the tournament because of the geopolitical scenario, we think we could have done even bigger than what we saw.

And lastly, talking about the Finale, right? The Finale became the most watched IPL match, okay, in its history. The Finale actually was the most watched T20. If I have to make a comparison, the previous T20, which was there was the India World Cup when India came into the final of the World Cup, this IPL went and beat those numbers. And it had a peak currency of around about 55 million consumers having a seamless viewership experience.

What did go into numbers? Jio, I'm saying is Jio, the paid subscribers of 287 million. If I have to compare it, I'm saying is Netflix in the world is -- across the entire world is around about 300 million. Just in India, we have 287 million. On digital, we had 6.4 billion hours of watch time, which is a 49% growth in CTV and 29% growth year-on-year. The live video viewers was 652 million with a 64% growth in CTV and 28% growth year-on-year. And as I mentioned, talked earlier about the currency of 55 million, right? As much as digital broke records, we saw huge numbers on television, right? We had the best opening weekend on television of a 7.44 TVR, which is a 39% year-on-year growth. And the IPL finale reached out to 189 million, 12% over the previous record. JioStar now is available in 99% of the CTV households.

Why does it make people -- why do so many people come to watch it on JioHotstar? The reason why it comes watch on JioStar is because of the unparalleled viewing experience that JioHotstar offers, right? For the first time in the world, we came up with this feature of voice search, right? Voice search a simple? You want to go and see a Suryakumar catch. The only thing you need to go is speak and say Suryakumar's catch in so on so game, and it will play up right away. Or if you want to see Bumrah's wickets in a game, you just need to speak up and Bumrah's wickets will all come to you one by one.

Maxview, another feature, which really changed viewing experience where people got to see it on the full screen of the film on full vertical screen and could have the best experience in watching a match.

We also launched six fast channels for the hardcore fans, whether it's, for example, if you're a Mumbai Indian, CSK or RCB fan, we had fast channels, which could give you complete coverage for the entire day. And you could watch the best moments, you could watch the best -- I'm saying is the best games right through the tournament, et cetera, for the super fans.

And lastly, the Jeeto Dhan Dhana Dhan, Play and Win, where we saw -- I'm seeing is people nearly double their engagement. Every user doubled their engagement over the previous year. So that's all about cricket, right?

But more important is it's also on the entertainment front where we really scaled up our entertainment, whether it is movies, whether it's our series or it's our international content or regional content. Criminal Justice, which launched actually yesterday was announced by Ormax as the biggest series ever in 2025, right? No doubt it was the biggest on our platform also. Kesari 2, again, the biggest movie ever happened on the platform across all languages. Mufasa, which is an international show dubbed in multiple languages, also broke records. But even our regional content, whether it is in Tamil or in Malayalam, had huge viewership and broke records.

Now that IPL is over, et cetera, what next for us, right? This quarter has got some of the biggest shows coming on the platform. We'll have Big Boss across five to six languages on -- I'm saying is on the platform. We have Special Ops, which launches today. And I think if there's something that could be bigger than Criminal Justice, it will be Special Ops, which launches today. And you must all try and see how you can catch it over the weekend. Jolly LLB the movie will be releasing on in theaters in this quarter and Trial, which is another readaptation of an international show, which will be there, which has got Kajol in it. And lastly, the biggest one that we see for this quarter, something that will resonate in every household, a show that launched 25 years ago, a show that changed television viewing in this country. We'll be launching this on the 29th of this month across JioHotstar and Star Plus, and we think this show will redefine viewing habits once again.

On an operational point of view, across the three businesses, whether sports, digital or linear TV, IPL '25, as mentioned, was the biggest in terms of both viewership and monetization. But apart from IPL, we had hosted some of the other bigger marquee events like the ICC World Test Championship, and we also acquired the rights -- the digital rights for India and England, which is currently going on.

On the digital front, we averaged 460 million average monthly active users. Two, there was a pivotal change in the digital subscriptions. All this was led by our unique proposition of a hybrid model between AVOD and SVOD. Just to elaborate a little bit on it, we believe in if you give people to consume, loyalty will help you build subscribers, right? So every piece of content on the platform was available to all consumers for four hours free. And after they hit the four hours is when they went into a pay mode, right? And we just believe saying that once people are used to it on the channel, they are more willing to come and pay for it, and that's what helped us turn out those numbers.

Paid subscribers reached 287 million during the IPL.

Lastly, talking about the linear network, we grew our shares on the linear network. We launched Star Utsav. I'm seeing it in the free-to-air markets. And from week 1, we became the #1 channel in the free-to-air markets across markets. In 9 out of the 10 markets, we are leaders across languages. And in most markets, we have 7 of the top 10 shows on it.

And lastly, we've had -- I'm seeing it for the first time we have seen because of the power of the network, we have seen a strong subscription sign-up across all operators in this country.

Over to the financials. We had a strong performance, which was led by monetization and better control on costs with revenue from the operations at INR 9,600 crores. We had a profit before tax at INR 583 crores with a margin of 10.6%. We've had a super performance both on our subscriptions across TV and digital, and IPL posted its highest revenues with a solid year-on-year growth. On the TV entertainment ad segment, yes, we have seen softening in the FMCG sector. The last two quarters have seen across the FMCG sectors being slightly soft, and we have seen some -- I'm seeing -- we have been some hit on our revenues on the entertainment.

I think things seem to be pulling back, and we're hopeful with the season coming up, we should be able to have stronger numbers even on entertainment. Thank you.

Thank you, Kevin. It's tough to match the excitement of JioHotstar, but I'll definitely try. I can still say that our business is also new, New Energy. I think this is a slide where I'll probably spend a few minutes because it presents a snapshot of how we think of our entire new energy ecosystem. And probably this is the first time that we are presenting the entire new energy ecosystem, our products, our solutions.

When we talk about our solar value chain, we are talking about effectively a value chain which converts sand to solar PV modules. And it effectively has around 10 gigafactories that we are developing, which is metallurgical silicon, which is polysilicon, ingot, wafer, solar modules and glass, effectively converting the sand to solar PV modules.

And on battery, again, we are setting up all the way from chemicals to battery cells, packs and BESS as well as mobility batteries. Each of these gigafactories for some of the companies is a business in itself. And for us, this is an ecosystem of the manufacturer.

We are obviously investing a significant in the deep technology. Just to point out, the HJT modules that we are producing and manufacturing, we have started manufacturing, one of the largest in the size for the utility scale, one of the most efficient. And we are not stopping there. We are still continuing to progress on the technology, innovating, increasing efficiency, reducing the cost. The batteries and the solar module that we are going to manufacture will take it up to the captive generation that we are setting up, where intermittent solar energy along with the batteries will be used to get to round-the-clock power generation. And we are confident that the round-the-clock power generation, we can even better the tariffs on the fossil fuel comparable fossil fuel new generation.

Similarly, we are also setting up the manufacturing for electrolyzers, which is stack, BoS and BoP. This will be the alkaline technology that we are progressing with. And we'll use the power generation through solar along with electrolyzer to get to green hydrogen production.

We are also setting up a number of compressed biogas plants and one of the byproducts of that will use along with the green hydrogen to get into the business of green ammonia and green chemicals, along with the captive round-the-clock power, power sales to the third parties and sustainable aviation fuel. This is how we think of end-to-end energy ecosystem for Reliance, effectively delivering the solutions, which includes energy electricity on the round-the-clock basis, which includes green chemicals, which is ammonia, methanol and SAF.

All of this business, when we talk about, obviously, this is largest in scale, ever thought of, ever conceptualized and ever delivered, probably the largest outside China. This is the most integrated in value chain. In fact, this is the only end-to-end integrated business owned by a single company across the world, and I can probably say that. This is deep tech. All the factories are smart factories. They're born digital. And we will be using and we are using our proven skills when it comes to engineering, construction to set this up.

Effectively, what we call this is a Jio moment for our new energy business. Like how Jio revolutionized, democratize the data for Indian customers, we are looking to effectively provide the same solution and energy revolution for the country -- for our country.

Where are we in the progress? We have already started commissioning and completion of a number of our plants and the rest of the manufacturing is in full swing, and I have got a few pictures later in the slides, and I'll walk you through that. As I already mentioned, this will be the world's most advanced in technology and most integrated. It delivers the highest efficiency panels for us. It delivers the highest efficiency batteries for us.

On our energy generation projects, we have started execution. We are mobilizing our resources at the site. And our plan is to do just-in-time installation of the modules straight from the delivery from Jamnagar to the foundation at our generation sites.

Just to highlight the scale, we'll be pretty much installing around 50 megawatt of modules each day, 175 megawatt hour batteries each day at fully operational scale. We are setting up a dedicated captive transmission from Kutch to Jamnagar to get the energy to our Jamnagar requirements as well as the growth businesses that we are doing at Jamnagar. We are planning a fully integrated green chemicals ecosystem powered to green hydrogen and then converting into green chemicals, where we have already got marine infrastructure ready at Jamnagar as well as the land that we have been awarded at Kandla. Well on our target to achieve 55 compressed biogas plants by the end of this year. The construction is pretty much on full swing. And for various plants, we are doing commissioning.

We believe our entire new energy ecosystem, including the manufacturing and starting the generation on the clock and the green chemicals, we will start operationalizing this new energy ecosystem in next four to six quarters on a full-scale basis.

What does it mean for us? For us, new energy is effectively our next growth engine for Reliance. One of the key reasons for us to get into new energy is obviously to provide energy security at an affordable cost for our entire group's captive requirements, which are growing as we are speaking and as you have witnessed in various business presentations as well as for the third-party requirements for India's growing energy requirements to sustain its economic growth. We are setting up this at world-leading scale, full integration, which provides highest efficiency solar panels, ESS batteries, which further reduces the cost, provides latest technology products. All of this translates into attractive return on capital for both manufacturing and generation, but also reduces the power cost and the energy consumption bill for various Reliance Group captive customers by at least 25%. And that's a significant saving for our group companies.

And we have already started receiving a number of inbounds from various investors to participate in these projects, manufacturing growth projects, the generation projects on both electricity as well as on green chemicals. And once we have operationalized this new energy ecosystem, we will obviously pursue some of these win partnerships where we will invite and get investments from some of the partners who also commit on the offtake, especially when it comes to green chemicals.

What we see is in the next few years, this new energy platform for us will become self-funded platform. through its profitability as well as monetization. And it will deliver a perpetual perennial growth for Reliance and our shareholders. And for India, we effectively solve India's energy trilemma, which is getting energy which is affordable, sustainable and self-sufficient. Effectively for our shareholders, it will offer a multi-decadal growth opportunity.

I'll just walk you through some of the pictures. This is the construction site, Bird's eye view. As you can see, we have already commissioned on the top center side, the module manufacturing, the cell, the module Phase 2 is coming on the right side behind that cell. This is the wafer manufacturing that you see the nearest, all the utility blocks and there somewhere on the right side is the polysilicon manufacturing and battery manufacturing that we are setting up.

Just to talk it in numbers, the entire construction is effectively 44 million square feet of the space, which is nearly 4x of Tesla Gigafactory at Nevada. That's the scale that we are talking about. We are talking about 5 million engineering man hours, 50,000 construction workers at the peak. That's the scale of construction and the execution that we are talking about that Reliance has been delivering. We are obviously doing it with our globally leading partners when it comes to engineering, when it comes to construction, when it comes to the technology, we are setting up skilling schools for operating these plants.

This is a module gigafactory. As you can see, some of the EV lines, which are currently in operation. We have already operationalized our module gigafactory. Again, our module gigafactory, you can see our HJT panels, the first time HJT manufacturing happening in India. These are the highest efficiency solar panels.

These are various stringer machines, again, for the module manufacturing. Some update on our cell gigafactory where we have already started equipment moving, both the dry room as well as clean room equipment. And in next quarter or so, we will start commissioning our cell manufacturing. This is our glass factory. This is India's first -- sorry, India's largest solar glass manufacturing facility. We are setting up two trains for that. As you can see, it's pretty long in the length. The entire length of the glass factory is 1.3 kilometers. That's the scale of the glass factory that you're seeing on the screen.

Just to mention even our battery manufacturing factory is 1 kilometer in a length. So you can imagine the scale of construction that we are delivering. This is our polysilicon factory. What you see on the left side is 48 CVD reactors. Just to highlight the polysilicon factory, we are setting up with the purity of 12N. What that means is it doesn't only deliver the polysilicon for the wafers for the solar, but we can also manufacture polysilicon, which is a feed for semiconductor industry. This is all the entire construction, which is happening on the polysilicon end.

Thanks, Karan. So if you go beyond the quarterly performance, we saw a list of all our diversified portfolio. And importantly, what are the drivers for each one of them. New energy is a more detailed presentation in terms of where we are in terms of progress and importantly, where are the value creation opportunities that you saw.

So when you look at each one of these businesses, and we try to say or show why we think that these are multi-decade opportunities in each one of them. And this Jio effect that Karan talked about actually is applicable for new energy. You can say that the Jio effect in terms of being able to deliver significant value is applicable for FMCG. You can see it in every place. I think there are opportunities for us to create the same kind of Jio moment. So these were some of the drivers, and we wanted to show that. Of course, when we talk about the opportunities and the underlying underpinnings really comes from the fact that the demographics, the population, the fact that consumption will grow and it feeds in every part of our business, be it on the materials business, on the transportation fuels on the fuel business, new energy, electricity is going to be deeply, deeply in demand and these kind of opportunities.

And he highlighted the fact as to how even at every stage, be it manufacturing of giga factories or for that matter, electricity generation where the returns are attractive. And after considering these two, he emphasized the fact that if you then compare the cost of power that comes in, it is -- it stands to be attractive vis-a-vis fuel cost for us. And as you know, fuel for us is either gas-based or effectively in some way, coal and coke based. So this is attractive. So the opportunity is very good. And importantly, the size and scale of the operations that are going on, a 1.3 kilometer long factory, I mean, that's a lot of work going on, and I'm sure at some time, you will get an opportunity to see that.

So, and these are businesses which we talk about perpetual growth in the sense that you are able to continuously feed on, on what's happening. And each one of them is -- our strength has been expanding the market. It's been about creating the market. And more importantly, the disruption part is more coming from the -- what we have seen in Jio, and I think every business provides that opportunity. And we are -- all that leads to really is, again, as I said, if you go beyond the immediate quarter and performance, what it is saying is that, therefore, our confidence in being able to deliver on doubling, which our Chairman talked about in '22 and also reemphasized in '24 is very much on track in our mind.

And importantly, we have the balance sheet strength. We have the cash flow generation that you're seeing, the big part of the CapEx, especially on Jio all that is over, and we have the balance sheet and the cash flows to sustain this kind of growth and really set up a different value chain and grow this life is what we have always been saying, and I think this is a glimpse of what are the opportunities that are available for us. Thank you.

So just wanted to understand the cost differential between an UBR versus FWA, the FWA. What is the difference in the cost for CPE for us? Is it material different? Does it make sense for us to be so aggressive on UBR? Is it a long-term solution versus a fiber or still fiber is more preferred over UBR and FWA.

So the cost difference on the CPE device itself will not be too material. It's kind of similar, but the network equipment is more economical for us.

Economical?

Yes, the way we have developed it. Between fiber and UBR, it really is a function of if your fiber is there. So if I have a connected building with fiber, you'll, of course, want to use that fiber. And it's -- well, I shouldn't even say it's long term because UBR is also a long-term solution. That spectrum is there. The equipment work. They have long life. Of course, these are new, but they'll have several -- couple of decades, 20 years, 25 years kind of life these equipment will have. You can continue to use that. And given global allocation of these spectrum bands for WiFi purposes for unlicensed use there is -- the spectrum is going to be available. So there is no reason to not -- to think it is not long-term sustainable.

With FWA, people had this question that you'll run out of capacity on the network. You'll have more use cases coming in. There won't be sufficient capacity. But with UBR, that's not a constraint. Cost-wise also, it is more economical. Last-mile fiber is more expensive. So in all those regards, it is going to be much more sustainable. Fiber, if it's already there, then of course, you still want to go with fiber.

Just one last question. On the 2.6 million addition on FBB, we understand there was an offer, Jio IP -- sorry, IPL and all. What is a sustainable number in addition are we looking at? Or post Jio, what was the addition rate?

No, it's been fairly steady even after that. Even post IPL, the run rate hasn't slowed down really. We are still giving some offers, commercial offers on the ground because we want people to come in and start using these services. But the run rate has been fairly steady. In fact, it's picked up. Our exit run rate was higher than the entry run rate. So we are now -- as I said, there are months when we are doing more than 1 million net add.

Devanshu from Emkay. Sir, there is some moderation in retail revenue growth, right? So there were some strategic changes that we had implemented last year, and Q4 saw quite a strong pickup in retail revenue growth, right?

So I just wanted to better understand, among categories, is this only because of consumer electronics that we are seeing such kind of an impact in growth? Or was it led by some slowdown in other categories like grocery and fashion as well?

I think as Dinesh said, consumer electronics, we saw some impact. Both grocery and fashion did reasonably well. There was a little bit of impact on devices as well. The device pickup was lesser in this quarter, but that tends to be a bit more bulky because that a lot of supplies happened to Jio, so inventory has been built up, but that's more temporary. So only consumer electronics is where there was a slight impact. And even that was growing. So it's -- but the growth was lesser than what we were expecting.

And remember, Q1 is generally a seasonally weak. It's the seasonally weakest quarter. Growth will pick up. A lot of new store additions happen in Q2 and Q3 because you try to get a strong start with onset of festive season, right? So Q1 always is a muted quarter.

And just a small follow-up, sir. Sequentially, we have seen 6%, 7% drop in revenue, but our margins have remained stable or slightly improved only. So typically, in retail, with sort of lower revenues, we see a lot of negative leverage, right? So -- but we have done a really good job there. So what are the key things that we have done to sort of deliver such kind of a margin performance? And with sort of pickup in the coming quarters, can we expect a good amount of margin gains this year vis-a-vis last year?

See, there's a lot of optimization that we've been doing over the last year, and those impacts are following up -- flowing through quarter-on-quarter. When you, let's say, close a store, there's a cost associated when you -- three to six months, you run down, you fit up the -- finish the inventory and then you have to pay rental three months lock in, all of that happens, right? So those benefits flow through over a period of time, right?

So I think the margin is a result of a lot of cost discipline that we have been kind of looking at. And you're absolutely right that as the business grows further in Q2 and beyond as growth picks up, the margin should expand at a segment level. At an aggregate level, it's a mix impact because different businesses have different margins. But absolutely, at each business level, the margin should expand.

Manish Adukia from Goldman Sachs. Two questions, one for Anshuman and one for the retail team. So, Anshuman, you spent a substantial amount of your time in the presentation talking about the in-house technology stack that you've built at the Jio platform level. When you think about translation of that into numbers for the business, right, one is obviously market share where on the fixed side, you've done very well. But when you think what is the wireless market share and also margin profile of the business and then the CapEx profile of the business, where do you see this in-house stack to reflect in terms of numbers, let's say, in the next two, three, four, five years? And when you think about this quarter where you had substantial improvement in incremental margins in the business, which was missing in the last few quarters, is this now the new normal? Or would there be still quarterly volatility there?

So on the first one, look, the having our own technology and having control over that tech stack and being able to modify it in the way that we need it for our consumer services is going to have benefits across just about everything.

On the revenue side, we can ramp up much faster because all of this is completely in our control versus working with a vendor where you're dependent on the vendor to do certain actions at the time that you really want to expand services. Here, you're not dependent.

A lot of the -- on the cost side, it's very advantageous because you're not paying some huge license fee to somebody. There are still vendors who want on a per sub basis, when you're thinking about scaling up it up from $20 million to $50 million and then $100 million, you don't want to be paying per sub kind of prices. So on cost side, that's a big advantage.

I would say one of the very big advantage is the ability to keep improving, keep configuring the stack as per your requirements, which becomes very difficult when you are dependent on an external vendor ecosystem because then you're completely dependent on what they are able to deliver to you. We are no longer dependent on them. We can prioritize our requirements, and we can really go ahead and work on those.

And then there is the additional revenue opportunity. This kind of tech stack, and we are increasingly getting that confidence with our conversations with operators, global operators, they all want to use this. And this is fairly deployable in whichever market you talk about.

See, today, what happens is in some of the more developed markets, higher ARPU markets, it doesn't pinch them much. So if they're making $40, $40 from a home, they have only those many customers, they have sufficient networks infrastructure. They don't mind just continuing with a high cost base. But if somebody goes and tells them that instead of the $10 or $12 that you're spending on every sub, if you can do that at $3 or $4, that's additional margin. And that's why all of them are becoming interested. So this tech stack should yield us a lot of incremental revenue opportunity as well over the next couple of years. So several advantages. And we are seeing that.

LTE -- now our LTE network or our 5G network, we can scale up as and when we want. We started with a core of 120 million. We have already expanded to 250 million, 300 million, and we can keep incrementally doing it. It's all in-house. It's all our cost only. So that's a very big advantage of having our own tech stack.

On the margin front, it is -- again, we have the cost completely in our control. And therefore, the operating leverage, we should be able to control that much better. So hopefully, we don't have too many unexpected kind of expenses, and we should continue to see improvement because as more customers come and more revenues increase, hopefully, the operating leverage will play out even more.

Second question for -- on retail. So quick commerce or JioMart, we saw very strong growth in quarter-on-quarter daily orders. A couple of questions here. When you think about this industry, which has now maybe become $10 billion plus at an industry level, the quick commerce industry, do you believe at some point in time to really capture the upside, you will have to build a dark store network that will require you to service within 15 minutes because competition is doing that? And do you think that incremental 15, 20 minutes will make a difference, a substantial difference to demand? And does it, at any point in time, given there are so many players in the industry, make sense to consider growing inorganically in this business? Would that bring any kind of advantages? Or do you think organic growth is the right way to build it with the right cost structure?

So I think two parts to it. See, we are already building dark stores. Now the logic of dark stores is it's not that if I have an existing store, if it is within the right radius, you can meet that SLA, right? A lot of our orders actually get delivered within 10 to 15 minutes, 30 minutes is the outer limit, right?

Wherever there are gaps in the network or where there is enough order volume so that -- because beyond a certain order volume, it starts impacting the customer experience in the store. So we are already building dark stores. We are in the process. We have rolled out quite a few in the top 10 cities already. So the dark stores will exist -- our own stores will continue to be the backbone of our model and dark stores will basically supplement the model and help me fill the gaps, right? That's the strategy that we are following. But that's a big advantage.

See, today, if you look at top 40, 50 cities is where most other people -- more than 90% of their orders are coming from top 40, 50 cities. We are already present in 1,000 cities. Most of the cities where we are doing quick commerce today, they will possibly not reach there in the next three years as well. Why should I give up that advantage? I will continue to leverage my store network. Wherever there are gaps, wherever I need to reduce the delivery radius or wherever there is enough order volume, we are going and setting up dark stores. We are not close to that idea. We are actually setting up quite a few dark stores, especially let's say city places like South Bombay where I don't have a big network. That's a large market. So we are setting up a lot of dark stores. We don't want to leave any pocket where we are not competitive, right?

Organic versus inorganic, it's an interesting one. We are, as of now, focusing, I would say, it makes sense. It's very difficult to integrate somebody with your existing network. We've been focusing on, to be honest, focusing on building our network organically. And we have a big customer base, which is already there with us.

And just to add to that, we have seen -- we have been doing some analysis of the cost structures of some of these other players. I don't think inorganic will make a lot of sense actually.

Yes. So for us, see, remember, I only set up a dark store where there's enough order volume, where my store cannot support it or I don't have a store presence, right?

So economics are much better for me because I'm able to leverage existing infrastructure. And most of my dark stores are in places where the order volumes are high and dark stores are positive contribution margin from day 1.

Just a quick follow-up. Are you seeing enough demand in cities outside of top 50? Or is it still like a largely top 50 city phenomenon?

No, we are seeing good demand. See, customers have aspirations and customers are looking for convenience, right? That's a learning that we had. Initially, we also were focusing on the next-day delivery. But I guess we have realized that customers want convenience. The immediate gratification, you order something, you get it immediately. 10 minutes versus 30 minutes is debatable whether how many people value 10 versus 30, but we'll offer whatever the market offers, right?

There is a consumer shift which is happening in consumer preferences across the board. In fact, smaller cities, the average basket values are not very different. The cost structure is much lower. So the unit economics actually ends up. And I have an existing store, the economics works actually even better in the smaller cities. And for the other guys, because they will never -- they will take time for those order volumes to grow beyond a certain level. For them, it will be difficult.

So can I go ahead? Yes. So on retail, at some point of time at the presentation, you said that some follow-up costs of the streamlining of operations, which happened last year. is what is impacting -- is still impacting. So firstly, by when do you think we can get to a clean quarter where those are behind us?

And secondly, if we were to look at revenues adjusted for Jio, I mean, broadly the connectivity piece, that's going to be much lower than the reported 13% kind of a number that -- sorry, 11% number that you've reported. So is that also part of that streamlining thing which is pending or it's more in the margins?

So I think it's more in the margin side when -- let's say, when you shut down a store, right, there's some time lag which happens. You have certain commitments, you have certain lock-ins. Once you stop your operations, it takes time to take out your inventory, take out -- and the people remain on the payroll for a certain amount of time. So it's not a very long period. It relates to stores that we closed in end of Q3 and Q4 for which some of the costs would have come in Q1. More or less, it's done.

Okay. And FMCG, when you mentioned that now the demerger process, is it done or not yet.

No, not yet. It is under regulatory approvals. So once the regulatory approvals are in place, then the business will get demerged out.

And so all the Reliance Retail shareholders will be shareholders of exactly same.

Today it is shareholding of RRVL in this company. So today, it is 100% sub of RRVL. It will just move out and shareholding will get replicated.

And one last thing on new energy. So the module cells, you said that cell production will possibly -- we are one quarter away from that. So by when will we see the first of the integrated production in how many quarters? And by when do you think we'll be done with most of our requirements and start selling -- could start looking to sell outside?

First of all, integrated, the manufacturing ecosystem. Look, we are not waiting for our wafer or polysilicon to get finished. We'll start manufacturing modules. We'll start manufacturing cell. As rest of the factories come in, we'll start utilizing the entire integrated value chain.

With respect to the sale to the external parties, we're already opportunistically looking at it, but our captive requirements are itself so large. And if you look at the entire land parcel that we have got, our captive requirements that we got, we'll be also very opportunistic in what business model works better for us. If selling an energy, which is what as a solution provider as Reliance, we look at, we will be selling energy rather than selling a product, which is either module or wafer. That will be our focus.

Opportunistically, if there's an opportunity to sell and make better margins, probably we'll look at it, but more as, I would say, sporadic pockets rather than a strategy.

Sachin Salgaonkar from Bank of America. Two questions. First one on JPL. Anshuman, clearly, a good amount of investments have been made in tech, and we are at a point where we did see connectivity growth being strong for the last many years. When we think about digital services, what are some of the components in that? We do know there is a corporate business, but what are some of the other parts? And when do we see an inflection point where all these businesses will grow up in a meaningful manner? For last few quarters, we clearly see the growth at 30% plus rate. Is this something which is sustainable? What are some of the drivers out here?

So it is sustainable. I think these are basically tech and platform services that we are offering to enterprise customers mostly who are paying today. Cloud is contributing -- cloud services contributing there. Consumer services, we are not really charging a lot for the services that we are offering other than for some of the content-driven Jio TV or those subscriptions. But we will gradually start charging.

It should -- the current run rate should actually improve because we're launching more services now. We don't have an immediate plan to start charging for these services for the consumer -- on the consumer end. But at some point in time, we'll start monetizing those. And the enterprise run rate has been picking up. It's actually been improving over the last few quarters, and the traction is better now. So you should expect more buildup happening there.

And margins we see on the digital services are slightly lower than connectivity. Is that something those margins will also start improving going ahead?

Should improve with revenues increasing, but currently, the margins are lower because we are still in that build phase really. We have a lot of -- we have a lot of infrastructure and people who are there. Now something like that AI cloud offering, it's an expense today. So it does hit the P&L, but it's creating the market for us. So we are making reasonable margin. That's not an immediate priority, building the market is and getting some revenues is, and then we'll gradually think about that.

Got it. Second question on retail. I mean, the Chairman in last AGM did mention about EBITDA doubling three to four years. If you look at the performance till now since last year, it's been much slower than that. Does that mean the implied growth is moving up and we should see more like 18% to 22% growth in terms of EBITDA going ahead?

See, business should -- if you look at last year, right, last year, a lot of streamlining was done, a lot of stores were closed. My net addition was very, very small, right? In spite of that, we had a pretty decent growth. Now that streamlining is past us, right? So you would see acceleration of growth because logically, as I'm adding more stores, as I'm accelerating my B2B and my online quick commerce businesses, that will start contributing to meaningful revenue growth. So you will see an acceleration in the coming quarters.

Aditya Suresh from Macquarie. It's late on Friday, so I just have one question. So, Srikanth, for yourself. So a lot of different big projects, mega projects, big bets, et cetera. When you kind of bring it all together at a group level for yourself, and maybe in the next, say, 12 months, 18 months, what are some of the top 3 projects, if I may, which you think will drive incremental profit for the group?

So I would like to see it in a 2-, 3-year perspective rather than next four quarters. because if you -- I mean, if you go down and see the new energy investment, absolutely for it to start delivering -- I mean, it's not that in the next four to six quarters, you're going to see some big change in terms of the earnings. But what value we will end up creating is going to be very high. So that's obviously an important part of the project.

In Jio and retail, we talked about -- I mean, this is -- you're going to see these kind of numbers and to the question on retail, when we say that our own belief is that we will come to that kind of -- whether it is a number as what you said or a much higher number that is from where we are, absolutely. That's what we are trying to communicate saying that we do expect when we talked about the doubling of retail and those revenues, we think they are achievable.

And I think the underlying drivers and the whole idea of putting at this level of detail, the components, for example, of retail or for that matter, on Jio and the emphasis on UBR and a lot of things is to really talk about what are the underpinnings of why we are being confident other than simply getting up and saying, we think, yes, we will potentially double in three years, but that is not good enough when we are communicating and that's really the whole idea. And you would have seen that, that has been the underlying thrust in each of the presentations. So it has actually gone beyond a normal explanation of what the quarter was to a more -- the kind of 3-year perspective.

So I mean, it's not a project, our ideas. And I think we have come quite a distance. A lot of the investments have happened. And now as you can see, and even on new energy, the idea of telling you in advance about how it will happen in terms of spend because the potential question always is, okay, you start developing 50, 60, 100 gigawatts, you do the multiplication and you say it's running into billions and billions of dollars. And so how are you going to do that? The whole idea is to say why it is self-funding and how we will derisk by getting in investors, both on the financial side on the take-or-pay. So trying to give you a road map of how this will evolve.

Sanjay from JPMorgan. On the refining bid, and I have to follow up on telecom as well. This new European sanctions package will probably make Russian oil cheaper. Is that some -- is that an option for Reliance at all?

Yes, it's just come out. I think we need to read the entire text. We are evaluating that. Firstly, there will be a wind down, we hope. And second is what is the extent of the sanctions we'll have to see, the definitions of that and all that. Because if you see in the earlier case also, while they said you cannot import products and things like that. But then the definition of the product was substantially transformed and things like that.

So I personally have not looked at if the text has come out, but we will be evaluating the text and then we will take position accordingly. But we believe that we are pretty diversified. If you look at our basket of exports, the portfolio, okay? The light distillates mostly are going to the U.S. or other places. And then our middle distillates going to Europe to some extent, but then we have Africa, we have Singapore, we have West Africa as well as East Africa and even some quantities going to the Middle East.

So we have options. We need to recalibrate and see this. But if there were to be a loss of distillate for Europe, one would expect that the cracks would significantly rise. Actually, that may be disproportionately higher is the experience, what it suggests.

So we'll wait and see. I think I can't really tell you because unless we read that text, we don't know. But we believe overall margins may actually be constructive like what happened when Russian sanctions happened in 2022. Actually, the cracks have been pretty sustained from there.

And maybe there are also volume -- not every volume -- there are volumes which can be attributed to non-Russian crude also, right? It's not that you have a mix of crude, which is part of your diet. So there is always products which can -- which are made by -- with non-Russian...

You can earmark volumes.

Sorry?

You can earmark volumes for export from someone.

Yes, because we also have a lot of flexibility in the refineries and things like that. So we have possibility.

And just to follow up on Sachin's question on the JPL revenue, Anshuman. It's INR 4,000 crores a quarter now, up 40% Y-o-Y, the JPL minus connectivity. One, could you talk about the difference between the gross revenue and the operating revenue? I mean, what are these two?

In the slides that we presented. That's GST.

GST, okay. And that INR 4,000 crores how much is internal versus third party? And what are the big drivers of this INR 4,000 crores?

So I'll not give you the split up, but when we started, bulk of that was internal. And then internal kind of has stayed flat, increases gradually. So most of the new revenues are coming in from the outside. So that's the way you should think about it. We don't give the split separately of different.

If not the split conceptually, which is the biggest service in terms of.

Biggest service today in terms of services that we are offering from JPL, where the revenues are coming into JPL, cloud is big. Cloud is growing fairly rapidly. Some of the content services are material. And then enterprise offerings, WiFi, enterprise WiFi offerings, that's becoming bigger.

So when we offer a service to an enterprise, there's an allocation for connectivity and for the other tech-related services, where WiFi is a popular service, security is picking up. So there are several of those.

Ashish from Citi. So on the retail part of the business, I understand consumer electronics had some headwinds because of early monsoon. So between grocery and Fashion & Lifestyle, if you can just share qualitatively which category have grown faster?

And also any comments on the like-for-like growth across all the three segments?

And on the margins part, you also talked about that all the three segments have different mix. So that also -- margins, so that will also have an impact on how margins plays out. So if you can just rank maybe not specific on the numbers, but if you can rank between these three broader categories, how the margins stacks up?

So margins is an easy one. Fashion has the highest margins. I think that's the nature of the EBITDA margins. Fashion has the highest margins. That's the nature of the industry, right? The gross margins are much higher. And especially, we are selling -- a bulk of what we are selling are our own products where we control the entire value chain, right?

Grocery and electronics, again, I wouldn't want to rank, but there is a relatively thinner margin than fashion. Like-for-like growth for both fashion and grocery was quite strong, mid- to high single digits.

Grocery has consistently been doing very well. Our big box stores have been growing very consistently. And this has been in spite of -- so we don't count quick commerce revenues within stores. While it gets serviced from the store, it gets counted as part of online channel, right? So our stores like-for-like has been quite healthy.

Fashion has also seen a pretty strong rebound with pretty reasonably healthy like-for-like growth. So that business has really turned around, and it's positioned for strong growth in the coming quarters.

This quarter between grocery and fashion and lifestyle, which one has grown faster?

That I wouldn't want to. We don't typically comment on segment level growth.

Thank you, gentlemen. Anyway, there is dinner, and please join us for dinner, and I'm sure the conversation will go on. Thank you so much.