Reliance Industries

“And on new energy, I just wanted to say that it is accelerating and we see the benefit, earnings contribution definitely starting in FY 2028.”

“We are able to, in our minds at least, we see visibility of high teen growth for Jio”

“So, it is all moving in the right direction, and with the investments scaling up, we are quite confident these will start giving us results next year where they will start being accretive to the bottom line as well.”

“I think we have already given the indication that we will see the revenues for FY2028 from the new energy complex.”

“When I say margin accretive absolute and we expect we have outlined in the framework that we have put in from next year onwards we expect the benefits to start accruing in absolute EBITDA.”

“So, the capex has been very much almost flat, similar looking capex that we have seen over the last quarters.”

“With the bulk of the capex really behind us, having completed 5G deployment more or less across the country, and even the UBR core network is deployed across the country. So, the capex has started tapering down.”

“The one development that we have during this quarter is we have got a deepwater rig back in our block in KG-D6, which means it is going to undertake a campaign for workovers and additional development wells, this is all to augment and sustain the production from KG-D6.”

“The transmission capacity we will start seeing the connectivity by first half or actually Q1 of next year and we will have the necessary modules installed for that.”

“the one that we are doing for one of the hyperscalers that is more building the infra part. So, GPU is to the hyperscalers account, but we will build the infra part of it and then the electricity part of it and the telecom”

“We have commissioned several high-speed beverage lines across states in the H1. We are also working in terms of setting up integrated food and beverage parks across the country right now.”

“From an operational excellence point of view, record crude runs despite the disruptions in Strait of Hormuz.”

“Also we have out of the three new ethane vessels that we had ordered we have got delivery of one which has started operating, the second delivery has also happened, the second vessel is now on its way to US for the first load and very shortly we will be getting the delivery of the third vessel also”

“We are well progressing on ingot, wafer, polysilicon and glass manufacturing.”

“June to December is when we will start ramping up cell.”

“Rs.25,203 Crores in terms of O2C EBITDA. As I mentioned, 69% higher, one of the strongest that we have seen, benefiting from the tight fuel markets and the advantage of fuel sourcing.”

“Oil and gas, almost flat, 2% lower. Digital services, we talked about 18% higher at about Rs.22,200 Crores.”

“Retail performance has been, you would have seen the numbers, about 6% revenue increase, about 10% lower on the EBITDA side.”

“And the benefit of all this will be seen through FY 2028 and FY 2029 when this conversion of this scale will translate in terms of value.”

“In terms of the business, the total subscriber base at 542 million, 36 million net adds over the last 12 months. Our 5G subscriber base has now touched 300 million.”

“I think the markets are fundamentally structurally changed, and therefore we are well positioned for that.”

“So, a lot of impact of the sales with September, the festival season shifted to Q3. We see strong growth in Q3 there.”

“Monsoon deficit. So that has caused some demand pressure across some of the key agri dependent states, as well as the food prices are moving up.”

“Domestic demand also is quite strong in India. Diesel at 7.5 and gasoline at 8.5.”

“Now, looking at the near-term dynamics of the market based on various commentators, inventories are pretty low so cracks are expected to remain elevated”

“EBITDA from operations is down 11% Y-o-Y. It is flat on a Q-o-Q basis. The margin is down 140 basis points on a Y-o-Y and 10 basis points on a Q-o-Q.”

“Depreciation and finance costs were higher because of the increase in asset base and increases in debt, which is reflecting in the higher profit after tax decline of 24%.”

“There are some margin pressures here because, especially in the metros and bigger cities where quick commerce competition is high, we are going for price parity.”

“Prices where the market determines where the competition is, but we will sweat the assets more and leverage our scale to improve the margins on the business.”

“Their market share, the share of own brands has gone up to 710 basis points.”

“And the debt numbers are, if you analyze this kind of numbers, which is what the column on September 2026 shows, that is about 250, but it is about 0.47.”

“We have now completed our capex and you can see very healthy cash flow generation over the next several quarters.”

“We became the second largest company by market cap on the first day of the listing, listed at 26.7% premium.”

“making Jio the second most valuable company. It is particularly nice that it follows Reliance, which is the largest market cap company, and first day listing of almost $137 billion in terms of value.”

“We launched Fabletics during this quarter, which was the first store. We also signed exclusive brand partnership with SKIMS.”

“In Q2, we entered into the dairy segment with the launch of ice creams under the brand Bombay Creamery.”

“we launched JioHotstar in three international markets, which is now available in UK, Canada, and Singapore.”

“The answer is absolutely yes. At what price? That is a different one.”

“but we will address this objectively once the tender comes out, keeping the group’s philosophy in mind of profitable growth.”

“EBITDA margin, when you look at it, is 7.8%. EBITDA of Rs.6,228 Crores. This is before a one-time exceptional charge on account of 7-eleven of Rs.108 Crores because as you might have seen in the news, we have shut down the 7-eleven format.”

“Inflation is on a two year high, which is impacting the purchasing power for people. Currency has depreciated significantly.”

“However, when it comes to monetization, we had quite a bit of overhang of the Middle East situation that kicked off during IPL that we saw during the first part of the quarter”

“And what is dragging the margin down is the SAED levy that is contributed to the negative margins.”

“Middle East uncertainty continues. I do not think there is any resolution we are seeing in the geopolitics, be it Russia, Ukraine, or be it the Middle East.”

“Overcapacity in China is likely to emerge as more and more ethylene capacities get started in about next two years, quite a lot of plants are scheduled to start.”

“This is the highest EBITDA that we have declared for consol and simultaneously, the PAT also at close to Rs.30,000 Crores, up 34%.”

“So, O2C led the charge with EBITDA up 68%.”

“And when you look at PAT, standalone PAT is higher and JPL PAT is up 14%. RRVL PAT is Rs. 2,611 crores, that is lower on the back of the transition that I talked about”

“where we believe we are at least two to three years ahead of anybody else working on that technology”

“We opened 303 new stores. Net adds is 200 lower because we also shut down 500 stores.”