Reliance Industries Limited · NSE:RELIANCE
Reliance Industries — Q4 FY2023 Earnings Presentation
71 slides from Reliance Industries's earnings presentation, Apr 21, 2023
Slide 1: Cover letter to stock exchanges
April 21, 2023 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex, Mumbai 400 001 Bandra (East) Mumbai 400 051 Scrip Code: 500325 Trading Symbol: RELIANCE Dear Sirs, Sub: Presentation made to analysts
Slide 2: 4Q FY23 Financial Results Presentation
4Q FY23 Financial Results Presentation 21 April 2023 1
Slide 3: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or
Slide 4: Consolidated Financial Results
Consolidated Financial Results 3
Slide 5: FY 2022-23 – Consolidated Highlights
FY 2022-23 – Consolidated Highlights 1. Record performance led by rebound in O2C and continuing growth in consumer businesses Consolidated EBITDA at ₹ 154,691 crore, up 23% YoY Net profit at ₹ 74,088 crore, up 14% YoY pre-exceptional, up 9.2% incl. exceptional gain in FY22 2. Highest ever O2C ea
Slide 6: FY 2022-23 – Key Segment Highlights (1/2)
FY 2022-23 – Key Segment Highlights (1/2) 1. Revenue up 30% YoY; EBITDA up 45% YoY with 70 bps margin improvement Retail 2. 58% growth in Retail footprint, Total store count at 18,040 3. Digital commerce at 18%, 780 Mn footfalls across formats, up 50% YoY Revenue ₹ 260,427 crore 4. Registered custom
Slide 7: FY 2022-23 – Key Segment Highlights (2/2)
FY 2022-23 – Key Segment Highlights (2/2) 1. Revenue up 19% YoY; EBITDA up 18% YoY O2C Strong global oil demand supported refining margins Better margin capture with yield optimisation and superior product placement Revenue ₹ 594,649 crore 2. Weak global demand weighed on downstream chemical mar
Slide 8: Consolidated Financial Results : FY 2022-23
Consolidated Financial Results : FY 2022-23 Change 1. Revenue growth led by high energy price, growth in Retail (₹ crore) FY23 FY22 YoY Avg. Brent crude up 19% YoY Revenue 976,524 792,756 23.2% 2. EBITDA growth led by strong contribution from all key EBITDA 154,691 125,687 23.1% operating business
Slide 9: Contributing Factors to Change in EBITDA (FY23 vs FY22)
Contributing Factors to Change in EBITDA (FY23 vs FY22) FY23 vs FY22 (₹ crore) 1. O2C - strong growth despite energy market volatility Higher fuel cracks offset weak downstream margins 10,018 4,050 1,54,691 5,551 Operational flexibility and advantageous feedstock 8,132 sourcing aided profitabili
Slide 10: Consolidated Financial Results : 4Q FY23
Consolidated Financial Results : 4Q FY23 Change Change 1. Strong YoY performance (₹ crore) 4Q FY23 QoQ YoY Revenue growth led by consumer business Revenue 239,082 -0.8% 2.8% EBITDA growth led by strong operational EBITDA 41,389 7.6% 21.8% performance across segments Finance Cost 5,819 11.9% 63.6
Slide 11: EBITDA Bridge (4Q FY23 vs 4Q FY22)
EBITDA Bridge (4Q FY23 vs 4Q FY22) 4Q FY23 vs 4Q FY22 - ₹ crore (QoQ) 1. O2C segment supported by strength in middle distillate cracks 2,179 268 41,389 1,213 Weak polymer (PP down 38%) and polyester 2,245 (down 13-36%) margins weighed on profitability 2,052 2. Oil & Gas segment maintained stable p
Slide 12: EBITDA Bridge (4Q FY23 vs 3Q FY23)
EBITDA Bridge (4Q FY23 vs 3Q FY23) 4Q FY23 vs 3Q FY23 - ₹ crore (YoY) 1. O2C segment largely supported by downstream 488 14 41,389 chemicals and feedstock flexibility 2,367 79 139 Polymer deltas up 4-25%, POY +29%, PET +42% 38,460 Sharp improvement in gasoline cracks 2. Oil & Gas – stable EBITDA
Slide 13: Businesses with Strong Cashflows and Growth
Businesses with Strong Cashflows and Growth Digital Services 1. Consumer businesses growth reflecting investments in 3 yr 5 yr (₹ crore) FY23 State-of-the-art infrastructure, logistics for pan-India footprint CAGR CAGR Revenue 119,785 19.8% 38.0% Best-in-class technology choices EBITDA 50,286 29
Slide 14: Cementing Leadership Through Accelerated Investments
Cementing Leadership Through Accelerated Investments (₹ crore) FY23 FY22 1. Investments during FY23 aimed at capturing greater EBITDA 154,691 125,687 share of consumer wallet Cash Profit 126,395 110,778 2. Jio leads 5G investments to create strong moat with Capex 141,809 99,472 differentiated servic
Slide 15: Robust Balance Sheet
Robust Balance Sheet (₹ crore) Mar-23 Mar-22 Change Gross Debt 314,708 266,305 48,403 Cash & cash equi. 204,490 231,490 -27,000 Net Debt 110,218 34,815 75,403 1. Net debt increase mainly attributable to working capital changes and translation impact on foreign currency liabilities 2. Continuing emph
Slide 16: Digital Services
Digital Services
Slide 17: Jio Has Established 5G Coverage Leadership
Jio Has Established 5G Coverage Leadership Initial Rollout in 5 Cities Expanded to >2,300 Cities/ towns Pan India Rollout October 2022 April 2023 December 2023 ~60K sites deployed with > 350K 5G cells Fastest 5G rollout of this scale globally 16
Slide 18: 5G To Drive Next Leg Of Growth
5G To Drive Next Leg Of Growth 1 3 Market share gain Accelerate Home & in mobility with SMB connects with network leadership AirFiber 2 ARPU uplift from 4 higher customer Deploy Platform engagement led by Solutions at Scale enhanced video For Enterprises experience Jio 2.0 opportunity to transform d
Slide 19: JioPlus For Premium Postpaid Users
JioPlus For Premium Postpaid Users Jio’s new Postpaid Family Plan allows an entire family of 4 to try the services free of cost for a month Single bill for entire family, data sharing, immersive premium entertainment, affordable international roaming, inflight connectivity and unlimited True 5G
Slide 20: Homes – Establishing Leadership In A Larger Market
Homes – Establishing Leadership In A Larger Market Expanding Accelerating The Market Market Share Gains Rs198 Back-up Plan Broadband For LCO Partnerships Premises AirFiber Solution Creating unmatched scale with differentiated product and execution 19
Slide 21: JioFiber Broadband Backup Plan
JioFiber Broadband Backup Plan Market Expansion – Increasing the customer base by providing an entry at a lower price point Positioned as Back-Up Plan – Winning customers away from other operators Ability to upsell – higher-speed plans, entertainment packs and other products/ services for home
Slide 22: AirFiber Accelerates our Connected Homes Strategy
AirFiber Accelerates our Connected Homes Strategy Ability to provide speed, capacity and indoor coverage due to differentiated spectrum holding Sub-6 & mmWave outdoor In-house development and technology partnerships for CPE Jio JioSTB with required equipment Wi-Fi TV Router 5G Service stabilit
Slide 23: SMB – Pivot From Horizontal To Vertical Solutions
SMB – Pivot From Horizontal To Vertical Solutions Jio is creating differentiation with one-stop shop vertical propositions to increase customers' revenue growth, enhance operational efficiency and improve profitability Integrated offering for in-hospital pharmacy Grow faster by taking their busine
Slide 24: Managed Video Broadcast Solution
Managed Video Broadcast Solution Network Connectivity Managed Services • Network with multiple redundant paths • End to end solution including equipment's, between stadium and studio for seamless 4K connectivity & monitoring video, multi camera feeds • Dedicated Support crew • 24*7 dedicated video N
Slide 25: Quarterly Highlights
Quarterly Highlights 1 Continued strong financial performance by Jio Platforms Limited Consolidated Revenue was Rs 98,099 crore, growth of 20.2% YoY in FY23 Consolidated EBITDA at Rs 48,721 crore, growth of 24.6% YoY in FY23 In Q4FY23, consolidated Revenue and EBITDA were Rs 25,465 crore and R
Slide 26: Data Traffic Continues To Grow Bigger
Data Traffic Continues To Grow Bigger 1.8x increase in quarterly data traffic over two years Total Data Traffic (Crore GBs) 3,028 Increase has been driven by steady 2,461 subscriber additions and higher engagement 1,668 levels (5G, FTTH) Per capita monthly data usage has increased to 23.1 GB vs 13.3
Slide 27: RJIL: Key Operating Metrics
RJIL: Key Operating Metrics 4Q’ 22-23 3Q’ 22-23 4Q’ 21-22 Total Customer base (million) 439.3 432.9 410.2 Jio adds 29.2 million net subscribers Net Customer addition during FY23 6.4 5.3 (10.9) (million) ARPU ARPU continues to improve on better 178.8 178.2 167.6 (Rs/ month) subscriber mix Total D
Slide 28: RJIL: Q4FY23 Financials
RJIL: Q4FY23 Financials Operating Revenue (in Rs crore) EBITDA (in Rs crore) 23,394 22,998 12,315 22,521 12,072 21,873 11,601 20,901 11,046 10,554 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 RJIL revenue up 11.9% YoY in Q4FY23 EBITDA margins increase to 52.6% leading to
Slide 29: RJIL: FY23 Financials
RJIL: FY23 Financials Operating Revenue (in Rs crore) EBITDA (in Rs crore) 90,786 47,034 76,977 37,857 69,888 31,461 FY21 FY22 FY23 FY21 FY22 FY23 RJIL revenue up 17.9% YoY EBITDA growth of 24.2% YoY led by higher revenues and ~260bps increase in margins Sustained growth momentum in key financia
Slide 30: Jio Platforms Limited: Q4FY23 Financials
Jio Platforms Limited: Q4FY23 Financials JPL Consolidated 4Q’ 22-23 3Q’ 22-23 4Q’ 21-22 Operating revenue growth at 14.4% Gross Revenue* 29,871 29,195 26,139 YoY driven by consistent subscriber Operating Revenue 25,465 24,892 22,261 additions and ARPU increase EBITDA 12,767 12,519 10.918 EBITDA Ma
Slide 31: Jio Platforms Limited: FY23 Financials
Jio Platforms Limited: FY23 Financials JPL Consolidated FY23 FY22 Operating revenue growth at 20.2% Gross Revenue* 1,15,099 95,804 YoY driven by full impact of tariff hike and Operating Revenue 98,099 81,587 ramp-up of wireline and mobility services EBITDA 48,721 39,112 EBITDA Margin 49.7% 47.9%
Slide 32: Reliance Retail
Reliance Retail 31
Slide 33: FY23 Performance Highlights
FY23 Performance Highlights 1. Strong performance with revenue up 30% YoY and profit up 45% YoY; Reliance Retail Gross Revenue & EBITDA delivers robust LFL growth across consumption baskets In Rs Crore 2. Continued store expansion with 3,300+ new stores & 25 mn sq ft retail 29% space 2,60,364 CAGR R
Slide 34: FY23 Financial Performance
FY23 Financial Performance In Rs Crore % Change Parameter FY23 FY22 Change Y-o-Y Gross Revenue 260,364 199,704 60,660 30% Net Revenue 230,931 174,980 55,951 32% EBITDA from Operations 17,609 10,932 6,677 61% EBITDA Margin from Operations (%) 7.60% 6.20% - +140 bps Investment Income 319 1,449 -1,130
Slide 35: 4QFY23: Key Messages
4QFY23: Key Messages 1. Strong performance with growth in revenue across consumption baskets Sustained performance in Grocery business drives growth; Consumer Electronics and F&L do well 2. Steady EBITDA performance with margin expansion, operating EBITDA higher than festive quarter (3Q FY23) Gr
Slide 36: Revenue: Steady Growth
Revenue: Steady Growth 1. Record revenue performance; growth of 19% YoY Gross Revenue Rs Crores Grocery records all time high revenues, up 66% YoY 69,267 58,017 Consumer Electronics excluding Devices and Fashion & 47,064 Lifestyle delivers 37% and 19% YoY respectively 2. Digital Commerce and New
Slide 37: Profit: Resilient Delivery
Profit: Resilient Delivery EBITDA Rs Crores 1. Robust EBITDA performance; up 33% YoY 4,914 145 2. EBITDA from operations up 33% YoY 3,617 3,705 121 534 EBITDA margin from operations at 7.7%, up 60 bps YoY 4,769 3,584 Growth in Grocery and Fashion & Lifestyle revenues boost profits 3,083 4Q 4Q 4Q
Slide 38: Rapid Scale up
Rapid Scale up Store Count (#) Store Area (mn sq ft) Registered Customer Base (# mn) 2x 65.6 1.6x 1.4x 18,040 249 193 15,196 41.6 156 33.8 12,711 4Q FY21 4Q FY22 4Q FY23 4Q FY21 4Q FY22 4Q FY23 4Q FY21 4Q FY22 4Q FY23 Serving customers Pan-India 37
Slide 39: Financial Summary
Financial Summary In Rs Crore % Growth % Growth 3Q FY23 Parameter 4Q FY23 4Q FY22 Q-o-Q Y-o-Y 67,623 2% Gross Revenue 69,267 58,017 19% 60,096 2% Net Revenue 61,559 50,834 21% 4,657 2% EBITDA from Operations 4,769 3,584 33% 7.70% - EBITDA Margin from Operations (%) 7.7% 7.1% +60 bps 116 25% Investme
Slide 40: Performance Highlights – Consumer Electronics
Performance Highlights – Consumer Electronics 1. Consumer Electronics business excluding Devices grows 37% YoY; Devices lags 2. Best-ever Republic day sales period up 35% YoY; led by offers and financing schemes 3. Steady growth across categories; capitalized Pre-IPL sales for TVs and category-led p
Slide 41: Performance Highlights – Fashion & Lifestyle (1/3)
Performance Highlights – Fashion & Lifestyle (1/3) Apparel & Footwear 1. Offline business continues growth momentum led by higher ABV & conversions 2. Broad-based growth across categories led by Men’s formals, women’s ethnic wear and kids wear 3. Strong execution of marketing events targeting weddin
Slide 42: Performance Highlights – Fashion & Lifestyle (2/3)
Performance Highlights – Fashion & Lifestyle (2/3) Partner Brands 1. Continue to lead premium and luxury segment with widest portfolio; revenue up 35% YoY 2. Strengthened F&B portfolio by entering into exclusive partnerships with EL&N café 3. Enters into a JV with Circle E Retail to vertically integ
Slide 43: Performance Highlights – Fashion & Lifestyle (3/3)
Performance Highlights – Fashion & Lifestyle (3/3) Lingerie 1. Strong performance across brand portfolio - Zivame, Amante, Clovia; revenue up 88% YoY 2. Focus on expansion across Reliance Retail formats - Trends, Azorte, Blushless, Centro 3. Strengthens product portfolio through new launches and mar
Slide 44: Performance Highlights – Grocery
Performance Highlights – Grocery Offline 1. Grocery delivers industry leading performance with all time high revenue; small towns grow faster 2. Broad based growth in categories led by F&V and Staples; Non-Food contribution growing 3. Record performance during Full Paisa Vasool sale; revenue up ~2X
Slide 45: Performance Highlights – Consumer Brands
Performance Highlights – Consumer Brands 1. Consumer brands on a strong growth path; all categories perform well 2. Leveraging research, design and development capabilities to launch new products Launched Dozo dish wash, GoodLife Delite Pulses & Whole spices, Independence Energy bites, expanded so
Slide 46: Performance Highlights – JioMart + Milkbasket
Performance Highlights – JioMart + Milkbasket 1. Highest ever quarter driven by improvement in all key operational metrics 2. Continued focus on catalogue expansion; option count up by 34% QoQ; expanded seller base by 56% QoQ 3. Trends, Hamleys & Urban Ladder live on platform to augment non-grocery
Slide 47: Performance Highlights – Pharma
Performance Highlights – Pharma 1. Revenue up 51% YoY led by offline network expansion 2. Launched standalone stores, destination for pharma and wellness products 3. Leveraging omni channel capabilities to serve customers 4. Successful execution of marketing events drive customer engagement and traf
Slide 48: Oil & Gas
Oil & Gas 47
Slide 49: Oil and Gas Segment Performance – FY23
Oil and Gas Segment Performance – FY23 Change 1. KG D6 - India’s only ultra deepwater block under (in ₹ Crore) FY23 FY22 production YoY Revenue 16,508 7,492 2.2x Production from 11 wells across two Fields EBITDA 13,589 5,457 2.5x 100% Uptime, Zero safety incident EBITDA Margin (%) 82.3% 72.8% 2.
Slide 50: Oil and Gas Segment Performance – 4Q FY23
Oil and Gas Segment Performance – 4Q FY23 Change Change 1. Significant uplift in EBITDA on YoY (in ₹ Crore) 4Q FY23 QoQ YoY Revenue 4,556 1.8% 126.9% 13.8% growth in KG D6 production EBITDA 3,801 -2.0% 144.3% KGD6 average production at 20 MMSCMD EBITDA Margin (%) 83.4% CBM average ~ 0.70 MMSCM
Slide 51: KG D6 – MJ Project Update
KG D6 – MJ Project Update 1. Testing and commissioning underway in MJ field 2. One well opened as part of the ongoing testing of the integrated production system 3. Lower and Upper completion completed in four wells Balance wells expected to be completed by 3Q FY24 4. E-auction for sale of 6 MMSCM
Slide 52: Global Gas / LNG Outlook
Global Gas / LNG Outlook 1. Global Gas/LNG prices tend lower amidst lower demand $/ MMBtu JKM NBP TTF HH and ample supplies Jan’23- Mar’23 Avg 18.07 16.07 16.70 2.74 Historical Prices ($/mmbtu) Milder winter across US, Europe and Northeast Asia muted 35 winter gas demand 30 25 EU storages by Mar
Slide 53: India Gas Market
India Gas Market 1. Indian gas market outlook remains optimistic $/MMBtu Mar Avg. DES West Domestic India LNG # Ceiling Price Lower global prices makes gas more competitive and gives April’20 to Sept’20 2.39 5.61 more choices to buyers Oct’20 to Mar’21 7.54 4.06 Higher domestic gas availability
Slide 54: Oil to Chemicals (O2C)
Q Reliance Oil to Chemicals (O2C)
Slide 55: O2C Operating Performance (FY23 vs FY22)
O2C Operating Performance (FY23 vs FY22) change 1. O2C EBITDA at record high (pre-SAED) (in ₹ Crore) FY23 FY22 YoY 2. Favorable fuel cracks with strong global demand Revenue 594,649 500,900 18.7% 3. Downstream chemical margins declined YoY EBITDA 62,075 52,722 17.7% Polymer margins declined 15-32%
Slide 56: O2C Operating Performance – 4Q FY23
O2C Operating Performance – 4Q FY23 1. YoY EBITDA up 14.4%, margins up 290 bps change change (in ₹ Crore) 4Q FY23 QoQ YoY Strength in middle distillate cracks Revenue 128,633 -11.1% -11.8% Competitive feedstock sourcing Performance impacted by SAED of ₹ 711 crore and EBITDA 16,293 17.0% 14.4%
Slide 57: Business Environment 4Q FY23
Business Environment 4Q FY23 1. Global oil demand up 0.8 mb/d YoY Global Oil Demand India Oil Demand Strong growth in Jet/Kero and gasoline demand offsetting 100.4 mb/d 57.6 MMT moderation in diesel demand 0.8 mb/d YoY 6% YoY 2. Strong domestic demand across fuels and chemicals US Ethane Oil
Slide 58: Domestic Environment – Oil Product Demand
Domestic Environment – Oil Product Demand In MMT Domestic Demand 1. Oil demand at 57.6 MMT, up 5.6% YoY and 1% QoQ 25.0 22.5 22.0 2. Gasoline demand up 9.8% YoY 20.6 20.0 15.0 Continuing holiday travel demand post reopening 10.0 7.9 8.8 8.7 3. HSD demand up 6.7% YoY 5.0 1.4 1.9 2.0 0.0 Resilient
Slide 59: Domestic Environment – Polymer Demand
Domestic Environment – Polymer Demand 8.0Polymer India Demand Growth YoY (4Q FY’23 ) 1. Healthy growth in Polymer demand YoY 20% 6.0 4.9 PE and PP demand growth above GDP growth rate 4.1 MMT 4.0 11% 8% with normalized end-use demand and soft prices 67% 1.7 1.9 1.6 1.7 2.0 1.3 2. PVC demand increas
Slide 60: Domestic Environment – Polyester Demand
Domestic Environment – Polyester Demand Polyester India Demand Growth YoY (4Q FY’23) 3.00 1. Polyester witnessed healthy demand growth of 9% YoY 2.50 9% 2.00 8% 1.8 PFY and PSF demand growth supported by 1.6 MMT 1.50 5% 1.01 1.09 16% resumption of schools, offices and marriage season 1.00 0.37 0.4
Slide 61: Business Environment – Polymer Deltas
Business Environment – Polymer Deltas Polymer Deltas – 4QFY23 1. QoQ polymers deltas over Naphtha up by 4%-25% 600 450 482 412 409 400 325 327 340 367 Healthy demand led to rebound in product prices, offsetting 293 $/MT 200 marginally higher naphtha prices 0 2. US Ethane prices declined by 36% QoQ
Slide 62: Business Environment – Polyester Deltas
Business Environment – Polyester Deltas Polyester Chain Deltas – 4QFY23 1. QoQ polyester chain delta up 6% 600 560 488 516 PX margin improved due to tight supplies amid higher alternate value for reformate $/MT 400 200 PET higher margins led by strong beverages sector demand 0 4QFY22 3QFY23 4QFY
Slide 63: Business Environment – Transportation Fuels (1/3)
Business Environment – Transportation Fuels (1/3) 60 Gasoil (10 ppm) Cracks Gasoil 554.7 50 41.5 550 1. Global gasoil demand decline by 1.1 mb/d QoQ to 28.1 40 Mn bbls 522.5 $/bbl 30 533.2 28.6 520 mb/d, with demand declining in all major regions 21.6 20 490 2. Gasoil cracks moderated in 4QFY23 10 0
Slide 64: Business Environment – Transportation Fuels (2/3)
Business Environment – Transportation Fuels (2/3) Gasoline Gasoline 92R Cracks 1. Global gasoline demand up 0.24 mb/d QoQ to 25.6 mb/d 20 463 464.4 460 Incremental demand from China (0.94 mb/d) offset 15.1 15.0 15 decline in other regions 447.7 $/bbl Mn bbls 10 2. Gasoline cracks surged QoQ 430 5.
Slide 65: Business Environment – Transportation Fuels (3/3)
Business Environment – Transportation Fuels (3/3) 1. Gasoil $/bbl YoY Transportation Fuel Cracks Recovering demand led by industrial & manufacturing activity 40.7 Decline in exports from China and lower global inventories 40.0 Costlier LNG prompting gas to oil switching 32.9 30.0 EU sanction
Slide 66: O2C Operating Performance
O2C Operating Performance Feedstock 4Q FY23 3Q FY23 1. Throughput of primary and major secondary units improved (Vol in MMT) marginally Throughput 19.8 18.8 2. Cracker feed-mix optimized based on Naphtha vs Ethane economics Production meant for sale 4Q FY23 3Q FY23 (Vol in MMT) Lower US Ethane pri
Slide 67: Continuing Focus on Innovation and Sustainable Products
Continuing Focus on Innovation and Sustainable Products 1. Recycled Polyester – Commercialized wide range of rPSF and rPFY products (Green Gold™) Micro staple fiber (0.9 D), low BPA PFY and biodegradable recycled polyester More than double recycling capacity to 5 Bn bottles per annum 2. Recycled
Slide 68: O2C Business Dynamics
O2C Business Dynamics 1. Oil demand is estimated to average 102 mb/d in 2023, up 2 mb/d YoY 2. Oil demand to continue recovery path with growth to come mostly from China, US and India Demand Full reopening of Chinese economy in 2H’23 to support product demand Seasonal demand due to summer drivin
Slide 69: Summary
Summary 68
Slide 70: Concluding Remarks
Concluding Remarks 1. Best-ever financial performance delivering robust growth across businesses 2. Record Energy business earnings with favorable fuels market, strong domestic demand Performance and operational flexibility 3. Robust growth across consumer verticals Jio delivered impressive perfor
Slide 71: Thank You
Thank You 70
Reliance Industries — Q4 FY2023 Earnings Presentation on 6ix