Reliance Industries Limited · NSE:RELIANCE
Reliance Industries — Q1 FY2018-19 Earnings Presentation
76 slides from Reliance Industries's earnings presentation, Jul 27, 2018
Slide 1: 1Q FY 2018-19 Financial Results
1Q FY 2018-19 Financial Results 27 July 2018
Slide 2: Forward Looking Statements
Forward Looking Statements 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 3: Corporate Highlights for 1Q FY19
Corporate Highlights for 1Q FY19 Record Net profit of ₹ 9,459 crore, up 17.9% Highest ever quarterly EBITDA of ₹ 21,083 crore, up 51.0% EBITDA of ₹ 6,131 crore, GRM of $ 10.5/bbl Refining DTA gasification stabilized 1,325 Retail outlets operational Petrochemicals Record EBITDA of ₹ 9,211 cro
Slide 4: Corporate Highlights for 1Q FY19
Corporate Highlights for 1Q FY19 Strong traction in consumer businesses – now contributing 20.8% of consolidated segment EBITDA Turnover at ₹ 25,890 crore, up 124% YoY Retail Record EBITDA of ₹ 1,206 crore, up 3x YoY EBITDA margin at 4.7%, up 130 bps YoY Unparalleled retail presence across 5
Slide 5: Consolidated Financial Results: 1Q FY19
Consolidated Financial Results : 1Q FY19 % Change % Change Strong turnover growth led by 4Q FY18 (in ` Crore) 1Q FY19 1Q FY18 Y-o-Y Q-o-Q Volumes growth in petrochemicals 129,120 Turnover 141,699 90,537 56.5% 9.7% High oil price (+49% YoY) Rapid scale-up in Retail (+124% YoY) and Jio 19,950
Slide 6: Consolidated EBITDA: 1Q FY19 vs. 1Q FY18
Consolidated EBITDA: 1Q FY19 vs. 1QFY18 Stable refining and polymer margin environment 35% YoY volume growth in petrochemicals 3,192 95 21,083 New capacities benefiting from uptrend in 808 polyester chain margins 4,160 77 13,962 1,021 Robust growth in Retail business with continuing store ex
Slide 7: R & M Segment Performance
R & M Segment Performance Resilient performance - GRM at $ 10.5 /bbl 11.9 Premium over Singapore margins $ 4.5/bbl 10,000 11.0 10.5 12 Relatively lower margins QoQ due to 8,000 7,152 6,405 6,131 8 Soft light distillate and stable middle distillate cracks 6,000 4,000 Increased supply from C
Slide 8: Petrochemicals Segment Performance
Petrochemicals Segment Performance Record EBITDA, up 82.4% YoY, 19.2% QoQ 22.9 12,000 24 1Q FY19 EBITDA near equal to FY13 EBITDA (pre-start 19.8 20.3 9,211 20 of petchem expansion cycle) 9,000 7,730 16 Significant EBITDA margin expansion 6,000 5,051 12 8 22.9%, up 310 bps YoY and 260 bps Qo
Slide 9: Oil & Gas Segment Performance
Oil & Gas Segment Performance EBITDA improvement largely led by higher oil price 600 44.6 50 realisations 488 500 40 411 Domestic production 17.9 BCFe, down 2.7% QoQ 400 333 30 34.1 300 31.0 KG D6: Gas production 4.1 MMSCMD, Oil & 20 200 condensate production 1,665 BOPD 100 10 CBM production
Slide 10: Retail Segment Performance
Retail Segment Performance Turnover at ₹ 25,890 crore, up 124% YoY, 7.1% QoQ 4.7 1,500 4.5 5 Revenue excl. Petro and Connectivity up 115% YoY 1,206 3.4 1,086 4 1,000 EBITDA at ₹ 1,206 up 3x YoY, 11% QoQ 3 2 EBITDA margin up 20 bps QoQ 500 398 1 Unprecedented reach across 5,200+ towns and c
Slide 11: Digital Services Segment Performance
Digital Services Segment Performance Strong performance led by growth in subscriber additions as well as higher data usage 215.3 million subscribers; net adds of 28.7 642 crore GB data consumption; ~10.6 GB/user/month; 76% of total industry 4G data traffic Highest voice consumption per sub a
Slide 12: Refining & Marketing
Q Reliance Industries Limited Refining & Marketing 12
Slide 13: Performance Highlights
Performance Highlights Continued outperformance over Singapore complex Performance margin – premium of $ 4.5/bbl (₹ crore) 1QFY18 4QFY18 1QFY19 Middle distillate slate maximized in view of strong cracks Revenue 66,945 93,519 95,646 DHDS debottlenecked to higher capacity and design performance
Slide 14: Business Environment
Business Environment Oil Prices 85 Oil prices strengthened - Brent averaged $74.4/bbl in 1Q FY19 up 11.4% QoQ and 49.2% YoY 70 Production loss from Canada, Venezuela, Nigeria, Libya, Angola 55 Heightened geo-political concerns 40 $/bbl Dated Brent Dubai Q1 74.4 72.1 Global oil demand growth
Slide 15: Global Refining Margins Environment
Global Refining Margins Environment Global Refining Margins Singapore margins declined on a QoQ basis Higher exports from China impacted gasoline and $/bbl 16 14 13.9 gasoil cracks 12 11.9 Weak LPG cracks due to higher availability from 10.8 10.6 11.0 10.5 Middle East, US 10 8 Naphtha cracks
Slide 16: Regional Business Environment
Regional Business Environment Middle Distillate Cracks Middle distillate cracks remain supported 18 Low inventory for middle distillate across key trading $/bbl 16.1 15.5 15.3 15.3 hubs 15 Seasonal maintenance in Asia restricted supply 12.0 12 10.8 Lower demand in China led to higher exports 9
Slide 17: Regional Business Environment
Regional Business Environment Light Distillate Cracks Light distillate cracks weakened 16 $/bbl 14.2 13.7 Lower demand in China led to incremental exports into 14 12.1 the region 12 10 Capacity additions in Asia including greenfield capacity in 8 Vietnam 6 LPG cracks moderated on higher export
Slide 18: Regional Business Environment
Regional Business Environment Fuel Oil and AL- AH diff Fuel oil cracks strengthened seasonally 4 QoQ cracks improved marginally with summer demand $/bbl 2.9 3.2 2.2 2 from Middle East Higher flat price and relatively softer demand continue to 0 impact FO cracks on YoY basis -2 Demand displacem
Slide 19: Robust Domestic Fuel Demand Growth
Robust Domestic Fuel Demand Growth Domestic Demand YoY 12 RIL refinery product sales YoY 3.4% MMT 25 9.9 21.3 22.0 9.3 MMT 9 20 3.5% 15 12.5 13.0 6 8.4% 4.2 10 9.6% 6.6 7.1 3.1 10% 13.4% -13.2% 5.3 5.8 3 2.2 2.3 2.2 2.2 5 3.0 3.3 1.8 2.1 1.0 0.9 - 0 MS HSD ATF Kerosene LPG Naphtha Others Exports Cap
Slide 20: Domestic Marketing – Retail
Domestic Marketing – Retail QoQ Volume growth: 8% in gasoil and 16% in gasoline Retail Outlets 1,325 outlets operational - covering key highways Maintaining highest per pump throughput of all the OMCs Highest ever volume contributing to 31% of retail HSD Sales; YoY growth at 28% Focus on h
Slide 21: Domestic Marketing – Bulk and Other Businesses
Domestic Marketing – Bulk and Other Businesses Volume growth of 21% YoY; Market share improved from 6.2% to 7.5% YoY Clocked highest ever monthly volume in May with focused approach on new markets, east Bulk HSD region and sectorial push Maintained priority position with railways; 31% growth i
Slide 22: Strategic Advantage
Strategic Advantage Sourced US crude on better relative economics Responsiveness Capitalized on market opportunity and delivered Jet fuel directly into East Mediterranean end user market Added 2 new value additive crude to the basket Flexibility Maximized Middle Distillate production in view
Slide 23: R&M Business Outlook
R&M Business Outlook Global oil demand growth expected at 1.4 mb/d in 2018 Refinery capacity addition estimated at 800 kb/d in 2018 Middle distillate demand growth expected to remain strong Near term growth led by pick up in industrial demand Medium term demand to be supported by IMO spec
Slide 24: Petrochemicals: Polymers and Polyester
Petrochemicals Polymers and Polyester 24
Slide 25: Robust Financial and Operating Performance
Robust Financial and Operating Performance ROGC complex stabilization driving sustainable volume growth and (₹ crore) 1QFY18 4QFY18 1QFY19 value optimization YoY 1Q FY19 volume growth: PP(+9%), PE (+201%), PVC Production 6.9 9.2 9.2 (+22%), PET (+13%), MEG (+165%) (MMT) ~75% of cracking capaci
Slide 26: Business Environment 1Q FY19: Macro View
Business Environment 1Q FY19: Macro View Naphtha price firmed up tracking 3½-year high crude price Naphtha up 11% QoQ and 46% YoY Feedstock prices strengthened with supply limitations arising from shutdown of key steam crackers in Asia Polymer prices also remained supported by firm demand, e
Slide 27: Global Ethylene Cash Cost Curve Steepened with Rising Crude
Global Ethylene Cash Cost Curve Steepened with Rising Crude… 1200 Q1 FY 2019 Q4 FY 2018 Q1 FY 2018 Other Smaller Gas European and JKT Crackers and MTO Naphtha Crackers 1000 Asian Naphtha Crackers Cash Cost ( $ / MT E+P) Q1 2019: Crude ~72.1 $/bbl US Gas 800 Crackers Q4 2018: Crude 63.9 $/bbl 600 Mid
Slide 28: Feedstock Flexibility Provides Optimization Opportunities
…but Feedstock Flexibility provides optimization opportunities Integrated Ethane Cracker Integrated Propane Cracker Gap between Ethane Integrated Naphtha Cracker and Propane/ Naphtha 1000 margins widens as High Butadiene crude rises co-product credit RIL mitigated 800 SEA Ethylene Margins ($ / MT) e
Slide 29: Dahej to Nagothane Ethane Pipeline Installation
Dahej to Nagothane Ethane Pipeline Installation 29
Slide 30: Business Environment – Polymers
Business Environment – Polymers Domestic Demand Growth 1Q FY19 domestic polymer demand up 10% YoY (1Q FY19 Vs 1Q FY18) Increased budgetary support for affordable housing and 16% infrastructure boosted polymer demand 13% 12% 11% Growth in raffia for packaging with sector revival in the cement 1
Slide 31: Polymers – Margins sustain despite volatility
Polymers – Margins sustain despite volatility PP-Propylene HDPE-Naphtha PVC-Naphtha-EDC PP- Propylene 5 Year Avg HDPE-Naphtha 5 Year Avg PVC-Naphtha-EDC 5 Year Avg 800 800 296 700 677 300 287 285 640 617 600 600 529 539 200 400 400 $/MT $/MT $/MT 100 200 200 0 0 0 1Q FY18 4Q FY18 1Q FY19 1Q FY18 4Q
Slide 32: Polymers – Operating Performance
Polymers – Operating Performance RIL Production Key Highlights RIL Polymer production up 45% YoY Production (KT) 1Q FY18 4Q FY18 1Q FY19 Production down 3% QoQ due to unplanned shutdown in PP PP 646 746 702 plant PE 176 530 530 Sustained volume growth from world’s only ROGC complex PVC 156 190
Slide 33: Business Outlook – Polymer Chain
Business Outlook – Polymer Chain Two US ethane based crackers under commissioning; others likely to start-up in 2018-19 Ethane prices continue to strengthen with start-up of new crackers Cracker operating rates likely to dip in the medium term Incremental US supply expected to be absorbed by
Slide 34: Polyester Chain
Q Reliance Industries Limited Polyester Chain | 34
Slide 35: Sustained Recovery in Integrated Chain Margins
Sustained Recovery in Integrated Chain Margins Integrated Polyester Margin Firm crude supported overall sentiments along the polyester chain 800 *Last 5 year Avg Margin Polyester demand growth strengthening integrated chain margins 700 Led by QoQ surge in PTA (+25%), PET (+56%), POY (+3%) 600
Slide 36: Fiber Intermediates Delta Scenario
Fiber Intermediates Delta Scenario PX-Naphtha PTA-PX MEG-Naphtha PX-Naphtha 5 Year Avg PTA-PX 5 Year Avg MEG-Naphtha 5 Year Avg 400 371 200 187 800 358 336 150 598 300 150 600 531 $/MT $/MT $/MT 116 450 200 100 400 100 50 200 0 0 0 1Q FY18 4Q FY18 1Q FY19 1Q FY18 4Q FY18 1Q FY19 1Q FY18 4Q FY18 1Q F
Slide 37: Polyester Delta Scenario
Polyester Delta Scenario POY-PTA/MEG PSF-PTA/MEG PET-PTA/MEG POY-PTA/MEG 5 Year Avg PSF-PTA/MEG 5 Year Avg PET-PTA/MEG 5 Year Avg 300 274 282 300 400 245 320 214 300 $/MT 200 200 153 206 $/MT $/MT 137 200 159 100 100 100 0 0 0 1Q FY18 4Q FY18 1Q FY19 1Q FY18 4Q FY18 1Q FY19 1Q FY18 4Q FY18 1Q FY19
Slide 38: Business Environment: Strong Demand Growth Continues
Business Environment: Strong Demand Growth Continues Domestic Demand Growth (1Q FY19 vs 1Q FY18) Polyester demand growth healthy by 12% YoY PFY markets healthy, driven by robust FDY demand 18% 16% 12% PSF demand moderated amidst expectations of price correction in response to uncertainties on
Slide 39: Polyester Chain – Operational Highlights
Polyester Chain – Operational Highlights Production (KT) 1Q FY18 4Q FY18 1Q FY19 Production (KT) 1Q FY18 4Q FY18 1Q FY19 PX 899 944 909 POY 232 251 255 PTA 1180 1155 1164 PSF 175 168 170 MEG 163 428 431 PET 257 283 290 TOTAL 2242 2527 2504 TOTAL 664 702 715 Fibre intermediates production remained
Slide 40: Business Outlook – Polyester Chain
Business Outlook – Polyester Chain Indian markets likely to witness healthy growth with upcoming festive season and improving economic activities Uncertainty around Chinese easing of recycled polyester import ban to influence market dynamics Delay in new capacity additions and restarts expecte
Slide 41: Oil & Gas: Domestic Upstream
Oil & Gas Domestic Upstream 41
Slide 42: Domestic E&P - Production Update
Domestic E&P - Production Update 1Q FY19 (JV Production) KG D6 Panna Mukta CBM Gas Production (Bcf) 13.24 13.8 3.26 Oil Production (mmbbl) 0.14 1.11 - Condensate Production (mmbbl) 0.01 - - Gas realization ($/mmbtu) 3.06 (GCV) 5.73 (NCV) 7.61(GCV) Oil realization ($/bbl) 64.53 71.4 - Note: RIL share
Slide 43: KG D6 Project Updates
KG D6 Project Updates R-Cluster Development on track: Engineering and Fabrication activities underway Rig DDKG1 mobilized, drilling campaign for six wells scheduled to commence soon Option for Satellite Cluster development under various contracts being exercised Engineering and other proje
Slide 44: Other Updates
Other Updates Panna Mukta and Tapti Post Plugging & Abandonment (P&A) of wells, contracting underway for decommissioning of facilities in Tapti field CBM Phase-II activities - Early civil works for wells and facilities underway - drilling to commence in 2Q FY19 Other Blocks CB10 divestment of
Slide 45: Oil & Gas: Shale Gas
Q Reliance Industries Limited Oil & Gas Shale Gas
Slide 46: Price Environment: Natural Gas
Price Environment: Natural Gas US NG Production Trends Dry gas production further increased in 1Q FY19, exiting at 80.2 Bcf/d, 1.4 Bcf/d higher than Mar’18 average 1Q FY19 average HH Gas prices at $2.80/MMBtu, -7.0% QoQ Marcellus differentials to Nymex stable QoQ at ($0.56)/MMBtu Exports to
Slide 47: Price Environment: WTI, NGL and HH
Price Environment : WTI, NGL and HH WTI / NGL QoQ WTI average up ~$5.0/Bbl at $67.9/Bbl US production rising, driven by Permian Basin expansion US oil production at 10.9 MMBbl/d up ~600 Kbpd QoQ Brent-WTI differential continues to support record crude oil exports from US, now >3.0 MMBbl/d
Slide 48: Business Performance Highlights: RIL Share of Volumes
Business Performance Highlights % Chg vs. % Chg vs. 1Q FY19 4Q FY18 1Q FY18 4Q FY18 1QFY18 Production (Bcfe) 23.8 28.7 34.7 -17% -31% Revenues ($ MM) 86 105 94 -18% -9% EBITDA ($ MM) 19 38 24 -50% -21% 6.00 Average Realisation Blended realization 6% lower QoQ with weak HH price 5.00 4.00 On YoY,
Slide 49: Reliance Retail
Q Reliance Industries Limited Reliance Retail 49
Slide 50: Reliance Retail
Reliance Retail 50
Slide 51: Reliance Retail’s Presence
Reliance Retail’s Presence 4,003 18.6 million 93,000+ Retail stores SqFt. of retail space People strength 4,530 25 million > 50 million Customers walk-in to Trends Jio Points Loyalty customer base store during 1QFY19 502 > 400 > 4,000 MT National & International brands of mangos sold during 1QFY19 O
Slide 52: Highlights – 1Q FY19
Highlights – 1Q FY19 Revenue doubled to ₹ 25,890 crore from ₹ 11,571 crore; PBDIT tripled to ₹ 1,206 crore as compared to ₹ 398 crore same period last year Strong growth witnessed across all consumption baskets Our scale Presence in 5,200+ cities across India With over 8,500+ points of pre
Slide 53: Key Performance Highlights
Key Performance Highlights All Figures in ₹ Crore % Change wrt % Change wrt 1QFY18 Metric 1QFY19 4QFY18 4QFY18 1QFY18 11,571 Segment Revenue 25,890 24,183 7.1% 123.7% 398 EBITDA 1,206 1,086 11.0% 203.8% 3.4% EBITDA Margin % 4.7% 4.5% 0.2% 1.3% 1QFY19 revenue more than doubled to ₹ 25,890 crore ove
Slide 54: Contribution from Consumption Baskets
Contribution from Consumption Baskets Revenue Mix – 1Q FY19 Revenue Mix – 4Q FY18 12% 12% 19% 17% 31% 33% 27% 31% Grocery Consumer Electronics 9% 9% Fashion & Lifestyle Connectivity Petro Retail 54
Slide 55: Reliance Retail Store Network
Reliance Retail Store Network Store Presence as on Jun 30, 2018 Reliance Retail Store Count by Region* Jun 30, Mar 31, 2018 2018 North 1,954 1,740 South 2,355 2,130 East 1,910 1,635 West 2,314 2,068 Total 8,533 7,573 Unprecedented reach across 5,200+ cities *Does not include Petro Outlets 55
Slide 56: Performance Highlights – Fashion & Lifestyle
Performance Highlights – Fashion & Lifestyle Trends is democratizing fashion across India 2/3rd of Trends stores serving Tier II & III cities, registers strong growth from these catchments Launched 1st Trends Man store at Vijayawada Reliance Brands continued to expand its partner portfolio
Slide 57: Performance Highlights – Consumer Electronics
Performance Highlights – Consumer Electronics Physical store reach expanding at an accelerated pace Reliance Digital opened 18 new stores; now operates 305 stores Operationalized 794 Jio Points during the quarter Strong assortments across price points in Laundry & Wash Care, Air Care and Hig
Slide 58: Performance Highlights - Grocery
Performance Highlights - Grocery Grocery category witnessed strong growth: High-double digit growth across Staples, Fruits & Vegetables and Home & Personal Care categories help deliver strong revenue growth Launched 100th Smart store during the quarter Two new cash and carry stores launched
Slide 59: Performance Highlights – Petro Retail Owned Outlets
Performance Highlights – Petro Retail Owned Outlets 502 owned retail outlets operational as of June 30, 2018 Recommissioned 7 outlets during the quarter Witnessed healthy volume growth across petroleum products Trans-connect, fleet owner loyalty program continues to gain traction, accounted
Slide 60: Reliance Jio
Q Reliance Industries Limited Reliance Jio 60
Slide 61: Highlights (1/2)
Highlights (1/2) India’s largest and fastest growing wireless data subscriber base (215.3 million as of 30-Jun-18; gross adds of 30.5 million during the quarter; net adds of 28.7 million at growth rate of 8% over previous quarter) Strong and sustained customer uptake of data services (642 crore
Slide 62: Highlights (2/2)
Highlights (2/2) Highest ARPU in the industry at ₹ 134.5 per month, down 1.9% qoq (postpaid offer, upgrade for higher data allowance and special data packs key positive drivers) Best network quality in the country (lowest call drop at 0.13%; average download speed at 18.6 Mbps (more than twice t
Slide 63: Industry Leading Metrics
Industry Leading Metrics Metrics underlining the scale & robustness Population Coverage ~95% 215 million 6.4bn GBs 4.9bn mins Data Traffic in a Subscribers Daily Voice traffic quarter 3.4bn hours 18.6 Mbps 25 million Video consumption Average download per month speed JioPhone users 200 million+ 0.30
Slide 64: Next Generation Network
Next Generation Network Average download speed (in Mbps) 18.6 Pan India 4G coverage Expanding LTE footprint, Tri- band coverage 9.2 7.2 6.8 Small cells for improved indoor Large fiber optic backhaul coverage and capacity network Jio Operator 1 Operator 2 Operator 3 4/5 sector cells for enhanced Outd
Slide 65: Strong Customer Uptake
Strong Customer Uptake Jio’s mission is to connect everyone and everything, everywhere – always at the highest quality and the most affordable price Subscriber addition has been increasing 215.3 MILLION over past several quarters 29 SUBSCRIBERS 27 21 Gross Adds 30.5 mn Net Adds 28.7 mn 16 14 Churn 0
Slide 66: Financial Performance
Financial Performance Another quarter of strong financial performance Led by growth in subscriber additions as well as much higher data usage Growing traction of digital life Robust EBITDA margins; strong operating leverage to play out Operating and financial efficiency of end- *Gross Reve
Slide 67: Key Performance Indicators
Key Performance Indicators Sustained growth in subscriber addition Net adds during the quarter increased to 28.7 million Lowest churn in industry at 0.30% per month Exceptional growth in wireless data consumption as well as voice Industry leading ARPU trends Affordable prices driving con
Slide 68: JioPhone 2.0
JioPhone 2.0 JioPhone Reduced security deposit of JioPhone 2 All services of JioPhone MONSOON ₹ 501 with enhanced form factor HUNGAMA Exchange existing device Horizontal screen New attractive tariff plan Qwerty keyboard Priced at ₹ 2,999 Offer rolled out on 21st July Available from
Slide 69: Hello JioPostpaid
Hello JioPostpaid Premium service that is truly unlimited 69
Slide 70: FTTH services - JioGigaFiber
FTTH services - JioGigaFiber Largest greenfield Ultra High Speed Connectivity at Home fixed line broadband launch covering High Definition Entertainment on large screen TVs 1,100 cities Connected Digital Shopping through Immersive Experiences Digital Homes Connectivity Platform Smart Home Soluti
Slide 71: MyJio
MyJio Fastest reach to widest base Not just a telco app… Personalized experience for Voucher transfer and transform MyJio each user Loyalty and e-commerce capabilities Full self service app with inbuilt Troubleshooting and remote MACD capabilities diagnostics Innovative post-paid and pre
Slide 72: Jio Media Apps (1/2)
Jio Media Apps (1/2) Live and catch up TV across Premium Video on Demand 16 languages & 11 genres All platform support – Phone, Largest collection: 600+ TV Tablet, TV, Desktop and VR channels, 110+HD channels 4K Content India’s no. 1 Live TV App Largest collection: 6,000+ movies; 120,0
Slide 73: Jio Media Apps (2/2)
Jio Media Apps (2/2) Integrated with JioTune (CRBT) One stop destination for premium Magazines. India’s no. 1 magazine Rated India’s no. 1 Music App app Library of over 40mn songs Unparalleled content: 800+ Launch of Saavn 6.0 magazines from 50 Publishers Personalized and AI Driven C
Slide 74: Other Digital Offerings
Other Digital Offerings Extensive content from thousands Unique data driven education of sources services platform catering to Engineering, Medical, Banking and Popular news from users' location EMBIBE Class 8-10 (Foundation) exams Daily news summaries, evening Transaction closed during th
Slide 75: Jio OTT Apps
Jio OTT Apps Convergence of Messaging, Payments Bank live trials Commerce, Care and Infotainment continuing JioChat Fully encrypted messaging, HD JioMoney Merchant solutions being rolled quality group voice & video out on trial basis conferencing Wide acceptance across offline Enterprise
Slide 76: Growth is Life....
Q Reliance Industries Limited Growth is Life....
Reliance Industries — Q1 FY2018-19 Earnings Presentation on 6ix