Reliance Industries Limited · NSE:RELIANCE
Reliance Industries — Q4 FY2022 Earnings Presentation
70 slides from Reliance Industries's earnings presentation, May 6, 2022
Slide 1: Cover letter to stock exchanges
May 06, 2022 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 o
Slide 2: 4Q FY22 Financial Results Presentation
4Q FY22 Financial Results Presentation 6 May 2022 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: FY22 – Highlights
FY22 – Highlights 1. Record annual earnings ✓ Consolidated EBITDA at ₹ 125,687 crore, up 29% YoY (5-year CAGR of 17.7%) ✓ Net profit at ₹ 67,845 crore, up 26% YoY (5-year CAGR of 17.9%) 2. Robust O2C earnings despite unprecedented volatility and dislocation in global energy markets 3. Consumer busin
Slide 6: FY22 – Key Achievements and Milestones (1/2)
FY22 – Key Achievements and Milestones (1/2) 1. Revenue up 27% YoY; EBITDA up 26% YoY Retail 2. Crossed 15,000 store benchmark, added ~7 new stores a day in FY22 3. Registered customer base for physical and digital platforms at 193 Mn, up 24% YoY Revenue ₹ 199,749 crore EBITDA ₹ 12,423 crore 4. Inve
Slide 7: FY22 – Key Achievements and Milestones (2/2)
FY22 – Key Achievements and Milestones (2/2) 1. Revenue up 56% YoY; EBITDA up 38% YoY O2C ✓ High utilization across sites, volumes up 7.2% YoY at 68.2 MMT ✓ Strong fuel margins led by demand revival, gas to oil switching, refinery closures Revenue ₹ 500,900 crore ✓ Feedstock flexibility – maximised
Slide 8: Consolidated Financial Results : FY22
Consolidated Financial Results : FY22 Change 1. All businesses contributing to Revenue and EBITDA growth (₹ crore) FY22 FY21 YoY Revenue 792,756 539,238 47.0% ✓ Structural growth in consumer businesses EBITDA 125,687 97,580 28.8% ✓ Integration, feedstock flexibility, agile operations aiding O2C Fina
Slide 9: Contributing Factors to Change in EBITDA (FY22 vs FY21)
Contributing Factors to Change in EBITDA (FY22 vs FY21) 1. O2C contributed 52% of incremental EBITDA FY22 vs FY21 - ₹ crore (YoY) 125,687 ✓ Sharply higher fuel cracks led by middle distillates 6,233 458 2,581 ✓ Higher volumes with recovery in demand and reopening 5,199 14,552 2. Oil & Gas – successf
Slide 10: Robust Trend in EBITDA
Robust Trend in EBITDA EBITDA (` crore) 1. Sharp increase in EBITDA post pandemic hit FY21 125,687 2. Diversified earnings stream capturing advantage of 102,280 97,580 92,656 economic revival 74,184 3. Businesses leveraging benefits of scale, competitive 55,529 cost position, higher operating rates
Slide 11: Consolidated Financial Results : 4Q FY22
Consolidated Financial Results : 4Q FY22 Change Change 1. Strong YoY performance (₹ crore) 4Q FY22 3Q FY22 QoQ4Q FY21YoY ✓ Revenue growth led by O2C and Retail business Revenue 232,539 209,823 10.8% 35.1% EBITDA 33,968 33,886 0.2% 27.7% ✓ All operating segments contributing to EBITDA growth Finance
Slide 12: Contributing Factors to Change in EBITDA (YoY)
Contributing Factors to Change in EBITDA (YoY) 4Q FY22 vs 4Q FY21 - ₹ crore (YoY) 1. Strong growth in O2C contribution 1,103 33,968 ✓ Sharply higher fuel cracks led by middle distillates 2,264 ✓ Steady demand growth across products 1,076 89 2,834 2. Oil & Gas – successful ramp-up in KG D6 production
Slide 13: Contributing Factors to Change in EBITDA (QoQ)
Contributing Factors to Change in EBITDA (QoQ) 4Q FY22 vs 3Q FY22 - ₹ crore (QoQ) 1. O2C – firm despite volatility caused by Ukraine conflict 1,008 ✓ Strength in fuel cracks offset by weak downstream 979 711 477 chemical margins and high energy cost 123 33,968 33,886 2. Oil & Gas – lower EBITDA refl
Slide 14: Robust Balance Sheet with High Liquidity
Robust Balance Sheet with High Liquidity (in ₹ Crore) Mar-22 Sep-21 Mar-21 Gross Debt 266,305 255,891 251,811 Cash & cash equivalent 231,490 259,476 254,019 Net Debt 34,815 (3,585) (2,208) 1. Change in net debt reflects refinancing of high-cost spectrum liabilities of ₹ 30,791 crore with cost effect
Slide 15: Digital Services
Digital Services Q Reliance Industries Limited
Slide 16: Attaining Leadership Across Segments
Attaining Leadership Across Segments ➢ Mobility – # 1 in Revenue and Subscriber market share ▪ AGR market share of 45.4%, Mobile broadband subscriber market share of 53.3% ▪ #1 in average download speed (TRAI MySpeed data) ➢ Home – #1 FTTH service provider within two years of launch ▪ > 5 million ho
Slide 17: Jio's Customer Centric Business Approach
Jio’s Customer Centric Business Approach Simplicity • Simple to understand products and services 01 • Easy to user interfaces in local language • No hidden charges, T&C’s Brand Purpose • Committed and caring brand • Driven by passion to enhance digital life of every Indian Peace of Mind 05 02 • 100%
Slide 18: Jio Digital Experience And Journeys
Jio Digital Experience And Journeys Discover Buy Connect Pay Care Online Omnichannel Simplified KYC Unified Payments Self Care - MyJio In Store Lite Onboarding Plan Recommendation Upsell/ Cross-sell MyJio - Account At Home Fulfilment at home Installation Experience Auto-pay Management Referral Jio A
Slide 19: Transformation Of Network Architecture
Transformation Of Network Architecture Architecture Transformation Guiding principle Expected Outcome From To Closer to the Customer Centrally driven Deeper edge topology Resilient Improved Service Core 2 Availability Compute on the edge Distributed/ Core Localized Data Processing Core 1 Decentraliz
Slide 20: JioFiber – Driving Fiber Connectivity In The Country
JioFiber – Driving Fiber Connectivity In The Country JioFiber Homes Connected (million) 5.3 JioFiber has scaled up rapidly to over 5 2.6 million homes within two years of launch, despite covid lockdowns 0.9 Pace of home connections has accelerated Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 steadily Wired Br
Slide 21: JioFiber – Post Paid Add-On Content Packs
JioFiber – Post Paid Add-On Content Packs ➢ Introduced Postpaid Plans with add on content ➢ JioSTB with bundled content available to all new and existing users at an attractive price starting @ Rs 100 extra per month ➢ The new content plan comes with JioSTB device at Zero Entry Cost for customer Enr
Slide 22: End-to-End Product Suite For Enterprises
End-to-End Product Suite For Enterprises ICT Full Stack Everything as a Service AI-enabled Digital Marketplace ➢ CPE/ End Point ➢ Capex to Opex ➢ Curated by Vertical ➢ Software Defined Gateway ➢ No risk of technology ➢ Curated by Segment ➢ Infra obsolescence ➢ Full ICT Stack ▪ Connectivity ➢ Managed
Slide 23: Investments To Enhance Technology Ecosystem
Investments To Enhance Technology Ecosystem 1 ➢ JPL invested US$ 200 million in Glance, a leading AI-driven lock-screen platform Glance ➢ Glance is aiming to create the world’s largest live content and commerce ecosystem on the lock screen ➢ Partnership with RRVL to integrate Glance’s ‘lock screen p
Slide 24: Building The Most Powerful Brand In The World
Building The Most Powerful Brand In The World - Winner in 12th AGB Awards- Jio recently bagged the 12th Aegis Graham Bell Jio Platform’s ATOM is the winner in the award under Innovation in 5G Automation telecoms category for launching most innovative Category and shortlisted as finalist for other AI
Slide 25: Quarterly Highlights
Quarterly Highlights 11. Strong financial performance across connectivity and digital platform businesses ➢ Consolidated Revenue in Q4FY22 at Rs 22,261 crore and EBITDA at Rs 10,918 crore ➢ ARPU jumps from Rs 151.6 to Rs 167.6 with improving subscriber mix and tariff hike 1. 2 Gross subscriber addit
Slide 26: Improving Customer Metrices
Improving Customer Metrices ARPU (in Rs) 167.6 138.2 Improving subscriber quality in mobility 119.0 Ramp-up of FTTH business Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Strong flow through of tariff hikes into Per capita data usage (GB/ month) ARPU 19.7 Consistent increase in customer 13.3 engagement 11.6 Ma
Slide 27: RJIL – Key Operating Metrics
RJIL – Key Operating Metrics 4Q’ 21-22 3Q’ 21-22 4Q’ 20-21 Total Customer base ➢ Healthy gross additions offset due to SIM 410.2 421.0 426.2 (million) consolidation Net Customer addition (10.9) (8.4) 15.4 (million) ▪ Net customer decline of 10.9 million ARPU 167.6 151.6 138.2 (Rs/ month) ➢ Underlyin
Slide 28: RJIL – Key Financials
RJIL – Key Financials Operating Revenue (in Rs crore) EBITDA (in Rs crore) 20,901 10,554 19,347 9,669 18,735 17,994 9,003 17,358 8,631 8,313 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 ➢ RJIL revenue up 8.0% QoQ and 20.4% YoY with partial impact of tariff hike ➢ EBITDA marg
Slide 29: Jio Platforms Limited - Key Financials
Jio Platforms Limited - Key Financials Particular JPL Consolidated 4Q’ 21-22 3Q’ 21-22 4Q’ 20-21 Gross Revenue* 26,139 24,176 21,650 ➢ Operating revenue growth at ~22% YoY Operating Revenue 22,261 20,597 18,278 driven by connectivity platform tariff EBITDA 10,918 10,008 8,573 increase EBITDA Margin
Slide 30: Jio Platforms Limited: Annual Results
Jio Platforms Limited: Annual Results Particular JPL Consolidated FY’ 21-22 FY’ 20-21 ➢ JPL operating revenue up 17.3% YoY adjusted Gross Revenue* 95,804 86,493 for IUC, primarily driven by higher ARPUs for Operating Revenue 81,587 73,503 RJIL and ramp-up of wireline services EBITDA 39,112 32,359 ➢
Slide 31: Reliance Retail
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Slide 32: FY22: Full Year Highlights
FY22: Full Year Highlights Reliance Retail Revenue & EBITDA • All time high revenue and profit delivery in a challenging context • Crossed 15,000 store milestone, 2,500+ stores opened in the year 3,616 7,573 10,415 11,784 12,711 15,196 33% CAGR Number of Stores • Scaled Digital and New Commerce busi
Slide 33: FY22 – Financial Performance
FY22 – Financial Performance In Rs crore % Change Parameter FY22 FY21 Change Y-o-Y Gross Revenue 1,99,704 1,57,629 42,075 27% Net Revenue 1,74,980 1,39,077 35,903 26% Total EBITDA 12,381 9,789 2,592 26% Total EBITDA Margin on Net Revenue (%) 7.1% 7.0% - +10 bps Profit After Tax 7,055 5,481 1,574 29%
Slide 34: Awards & Recognition
Awards & Recognition • Featured 56th in the list of Global Powers of Retailing1 - the only Indian retailer to feature in the list • Ranked 2nd fastest1 growing retail company in the world • Ranked 3rd in the list of Fast Company’s Most Innovative Companies – Asia Pacific 2022 ATD2 BEST IMAGES Most A
Slide 35: 4th Quarter Highlights
FY 2021-22 4th Quarter Highlights
Slide 36: Operating Context Improves
Operating Context Improves • Normal store operations impacted in Jan due to disruptions from Omicron % Store Operational & Footfalls strain 104% 97% • Operations progressively normalized with recovery in Feb; March exceeds 89% 98% pre-COVID 95% 61% 78% • Footfalls recover in tandem with operational
Slide 37: 4QFY22: Key Messages
4QFY22: Key Messages 1. All time high revenues despite operating constraints in January more than offset by Feb / Mar performance 2. Broad based double-digit growth across all consumption baskets over last year 3. Strong EBITDA performance; operating EBITDA higher than festive quarter (3Q FY22) 4. M
Slide 38: Revenue: Robust Growth
Revenue: Robust Growth Gross Revenue Rs Crores • Record revenue performance; growth of 23% YoY led by Consumer 58,017 Electronics and Fashion & Lifestyle 47,064 38,211 • Grocery records all time high revenues – strong growth across all channels • Digital + New Commerce contribution at 19% of sales1
Slide 39: Profit: Resilient Delivery
Profit: Resilient Delivery EBITDA Rs Crores • Resilient EBITDA performance; up 2% YoY 3,705 3,617 • EBITDA from operations up 16% YoY 121 534 2,557 • Growth in Grocery and Fashion & Lifestyle revenues boost profits 1 3,584 • Continued emphasis on cost management initiatives 3,083 2,556 4Q 4Q 4Q FY20
Slide 40: Rapid Infra Expansion
Rapid Infra Expansion 1 Store Added in Quarter Stores by Geography 813 837 Additions As at 793 4Q 31st Mar 22 North 160 3,635 South 356 4,520 East 244 3,292 West 33 3,674 123 International - 75 Total Store Count* 793 15,196 1Q 2Q 3Q 4Q Area in Mn Sqft 1.6 41.6 * Total Store count excludes Pharma SIS
Slide 41: Strengthening Capabilities through Partnerships / Acquisitions
Strengthening Capabilities through Partnerships / Acquisitions Marquee Indian Launch a new Lifestyle Couture Fashion Brand Brand with Rahul Mishra Leading Intimate wear Brand Marquee Indian Leading Designer Brand Couture Fashion Brand Building a strong brand portfolio 40
Slide 42: Financial Summary
Financial Summary In Rs Crore % Change % Change 3Q FY22 Parameter 4Q FY22 4Q FY21 Q-o-Q Y-o-Y 57,714 1% Gross Revenue 58,017 47,064 23% 50,654 0% Net Revenue 50,834 41,296 23% 3,822 -3% Total EBITDA 3,705 3,617 2% 7.5% -20 bps Total EBITDA Margin on Net Revenue (%) 7.3% 8.8% -150 bps 2,259 -5% Profi
Slide 43: Performance Highlights – Consumer Electronics
Performance Highlights – Consumer Electronics • Double-digit growth in stores sales YoY on mall recovery; Digital crosses a milestone of 500 stores • Best-ever 26th Jan event with 20% YoY growth; conversion grow +150 bps YoY • Growth across all categories; laptops, TVs & mobiles outperform; AC sales
Slide 44: Performance Highlights – Fashion & Lifestyle (1/2)
Performance Highlights – Fashion & Lifestyle (1/2) Apparel & Footwear • Robust growth over LY; footfalls surpass pre-Covid with 27% YoY growth in average bill values • Early inward of spring-summer range aids growth; menswear, kidswear, footwear does particularly well • Trends Small Town crosses a m
Slide 45: Performance Highlights – Fashion & Lifestyle (2/2)
Performance Highlights – Fashion & Lifestyle (2/2) Jewels • Increased gold rate volatility impacts consumer sentiments; sales in Tier 3 & below remain strong • Diamond share improves by 230 bps YoY driven by wider assortment and impactful activation Partner Brands • Strong double-digit growth – mall
Slide 46: Performance Highlights – Grocery
Performance Highlights – Grocery Offline / JioMart • Growth ahead of the market led by impactful events; customer footfall surpasses pre-COVID levels • Omnichannel capabilities drives consumption; customers buying from both channels shop 35% more • Crossed a milestone of 2,000+ operational stores fo
Slide 47: Performance Highlights – Other Businesses
Performance Highlights – Other Businesses Pharma • Store productivity & online orders double YoY driven with better offers and faster deliveries • Catalogue up 40% YoY; adding Over The Counter, beauty, Ayush & Homeopathy products • Executing hyperlocal deliveries across 8,000+ pin codes; serving ~30
Slide 48: Looking Ahead
Looking Ahead 1. Accelerate store network expansion 2. Strengthen digital commerce & omnichannel capabilities across businesses 3. Onboard merchant partners across categories and geographies 4. Augment product design and sourcing capabilities; grow own brand portfolio 5. Scale up new businesses Deli
Slide 49: Oil & Gas
Oil & Gas Q Reliance Industries Limited
Slide 50: Oil and Gas Segment Performance – FY22
Oil and Gas Segment Performance – FY22 Change 1. Significant operational turnaround with ramp-up of (in ₹ Crore) FY22 FY21 YoY KGD6 production Revenue 7,492 2,140 3.5x ✓ Segment EBITDA at 7-year high EBITDA 5,457 258 21.2x ✓ Domestic production at 9-year high EBITDA Margin(%) 72.8% 12.1% 2. Strategi
Slide 51: Oil and Gas Segment Performance – 4Q FY22
Oil and Gas Segment Performance – 4Q FY22 Change 1. Q-o-Q EBITDA is lower with divestment of US (in ₹ Crore) 4Q FY22 3Q FY22 4Q FY21 QoQ Shale business Revenue 2,008 2,559 (21.5)% 848 2. Domestic production marginally lower EBITDA 1,556 2,033 (23.5)% 480 EBITDA Margin(%) 77.5% 79.4% 56.6% ✓ Lower pr
Slide 52: Other Updates
Other Updates 1. KG D6 - MJ Field MJ: FPSO ✓ Lower and Upper well completion campaign for MJ Wells during 1Q FY23 ✓ FPSO construction activities on schedule - expected to arrive in India in 2Q FY23 ✓ Final offshore field installation campaign in progress – adverse weather conditions and unusual curr
Slide 53: Gas Market Outlook
Gas Market Outlook 1. Gas prices continues to remain elevated ✓ Tightness in Gas markets driven by Russia-Ukraine $/ MMBtu JKM NBP TTF HH Standoff Jan’22- Mar’22 Avg 30.83 32.54 33.27 4.59 ✓ Global LNG market likely to remain tight with limited new supplies and incremental demand from Europe as it s
Slide 54: Total Gas Production vs. RIL Production
Total Gas Production vs. RIL Production 10,000 20% 20% 20% 20% 9,000 18% 8,000 1712 1723 1453 1645 15% 7,000 119 688 6,000 MMSCM 5,000 10% 9% 4,000 6846 6638 6504 6801 6844 6450 3,000 5% 2,000 1,000 2% 0 0% 3Q FY21 4Q FY21 1Q FY22 2Q FY22 3Q FY22 4Q FY22 (ex-RIL) Total India Gas Production RIL Produ
Slide 55: Oil to Chemicals (O2C)
Oil to Chemicals (O2C) Reliance Industries Limited
Slide 56: 4Q FY22 Global Environment – Demand and Utilization Levels
4Q FY22 Global Environment – Demand and Utilization Levels Demand Global Oil Demand India Oil Demand 1. YoY global oil demand improved with easing of restrictions and vaccination drive 98.5 mb/d 54.6 MMT 2. Oil demand declined 2 mb/d QoQ with 4.7 mb/d YoY 3.1% YoY ✓ Rising oil prices due to Russ
Slide 57: Global Environment - Price and Margin Trends
Global Environment - Price and Margin Trends Feedstock Prices (QoQ) Product Margins (QoQ) Brent DES West India LNG Transportation Fuels Downstream Chemicals Gasoline - 17.2% $ 101.4/bbl $29.6/mmbtu Gasoil - 71.5% Polymers - 21-27% 27.2% 11.1% Polyester Chain - 11% ATF - 58.8% Naphtha Eth
Slide 58: Domestic Environment – Oil Demand
Domestic Environment – Oil Demand In MMT Domestic Oil Demand 1. 4QFY22 oil demand at 54.6 MMT, up 3.1% YoY 20.6 20.4 20.6 21 ✓ Diesel and gasoline demand remained flat YoY 18 15 ▪ Subdued manufacturing activity 12 7.8 8.2 7.9 9 ▪ Concerns around omicron wave in Jan’22 6 3 1.3 1.5 1.4 ✓ ATF demand up
Slide 59: Domestic Environment – Polymers Demand
Domestic Environment – Polymers Demand Polymer India Demand Growth YoY (4Q FY22) 1. Polymer demand up by 3% YoY as well as QoQ 6% 6% 2. On YoY basis demand remained stable despite higher 4% 3% 3% feedstock and polymers prices 2% 0% ✓ Stable demand growth from essential sectors - -2% health & hygiene
Slide 60: Domestic Environment – Polyester Demand
Domestic Environment – Polyester Demand Polyester India Demand Growth YoY (4Q FY22) 1. YoY Polyester demand growth led by PSF and PET 12% 9% ✓ High Cotton–Polyester deltas supported PSF demand 8% 4% 4% ✓ Strong PET demand as downstream stocked for summer 1% 0% ✓ PFY was down 3% YoY due to high volat
Slide 61: Business Environment – Polymers Deltas
Business Environment – Polymers Deltas Polymer Deltas – 4QFY22 750 1. QoQ polymer deltas down 21-27% 800 682 700 600 539 524 586 ✓ Unfavourable Naphtha cracking economics impacted US$/MMT 500 445 412 441 margins 400 325 300 200 2. Ethane cracking advantagous in higher oil price environment 100 0 3.
Slide 62: Business Environment – Polyester Chain Deltas
Business Environment – Polyester Chain Deltas Polyester Chain Deltas – 4QFY22 1. QoQ Polyester chain delta down 11% 700 631 600 612 561 ✓ Weak MEG and PTA margins led by higher feedstock 500 prices and capacity overhang US$/MMT 400 300 ✓ Partially offset by rebound in PX margins (+46% QoQ 200 from a
Slide 63: Business Environment – Transportation Fuels
Business Environment – Transportation Fuels 25 Gasoil (10 ppm) Cracks 650 Gasoil 21.6 20 606.0 1. Global gasoil demand declined 0.9 mb/d QoQ to 28.4 mb/d 600 2. Gasoil cracks surged in 4QFY22, due to Mn bbls 15 12.6 $/bbl 550 10 ✓ Expected disruptions of Russian exports to Europe 5.8 521.0 508.0 500
Slide 64: Business Environment – Transportation Fuels
Business Environment – Transportation Fuels Gasoline 92R Cracks Gasoline 1. Global gasoline demand declined 0.6 mb/d QoQ to 25.6 mb/d 20 500 462 15.1 2. Gasoline cracks strengthened $2.2/bbl QoQ due to - 15 12.9 455 450 ✓ Demand recovery in Asia Mn bbls $/bbl → 10 438 5.6 400 ✓ Unplanned outages in
Slide 65: Business Environment – Transportation Fuels (FY22 vs FY21)
Business Environment – Transportation Fuels (FY22 vs FY21) 1. Gasoil YoY Transportation fuel Cracks 15.0 ✓ Recovering consumer demand, increased industrial activity 12.3 ✓ Decline in exports from China and lower global inventories 11.4 ✓ Costlier LNG prompting gas to oil switch 10.0 9.1 2. Gasoline
Slide 66: O2C Performance Highlights – FY22
O2C Performance Highlights – FY22 ₹ 500,900 crore ₹ 52,722 crore 10.5% Revenue EBITDA EBITDA margin 56.5 % YoY 38.1% YoY 140 bps YoY 1. Full year EBITDA nearing pre-covid levels aided by ✓ Higher operating rates across sites – production meant for sale up 7.2% YoY ✓ Sharp improvement in transp
Slide 67: O2C Performance Highlights – 4Q FY22
O2C Performance Highlights – 4Q FY22 ₹ 145,786 crore ₹ 14,241 crore 9.8% Revenue EBITDA EBITDA margin 10.9% QoQ 5.3% QoQ 50 bps QoQ 44.2% YoY 24.8 % YoY 150 bps YoY 1. Strong operating performance amidst volatile energy markets and marginally lower volumes ✓ Steady recovery in economic a
Slide 68: O2C Operating Performance
O2C Operating Performance Feedstock 4Q FY22 3Q FY22 1. Deferred planned turnaround with improvement in margins (Vol in MMT) 2. Feedstock cost minimized by sourcing arbitrage barrels Throughput 19.3 19.7 3. Higher sour crude mix, capturing benefit of wider B-D differential Production meant for sale 4
Slide 69: O2C Business Dynamics
O2C Business Dynamics 1. Oil demand is expected to average 99.4 mb/d in 2022, up 1.9 mb/d YoY Macro 2. Lowering of global GDP and oil demand growth forecast due to Russia-Ukraine conflict 3. Potential lower Russian crude and product exports; sanctions keeping large importers away 1. Low Chinese expo
Slide 70: Thank You
Thank You 69
Reliance Industries — Q4 FY2022 Earnings Presentation on 6ix