Nice to meet you all after a very short break. You know, many of you have been actually secretly enjoying this one-and-a-half-hour concise format where you could half write the report, you could half listen, you could half read, all in the comforts of your home. Clearly, this is a change of scene, but we are pretty delighted to welcome you here and really for the opportunity to present and interact. Broadly, the format remains the same. I'll do the financials and each of the businesses. Maybe I'll do the O2C too. The new addition is on JioStar, where Kevin will present on JioStar. That's, as you know, a big acquisition. It completely changes, revolutionizes the entertainment and sports industry. We thought it would be a good opportunity there. I also have a few slides on our progress on new energy, which I will cover subsequently. With this, let me start with the overall numbers. Before that, just the overall macroeconomic, okay. Yeah, okay. This is all about the context being significant volatility, tariff-related. We saw geopolitical conflicts continuing. You all know there were significant pressures on the margins overall on the back of both China capacity, weak demand. I think the clear standout is when you look at the overall numbers, the fact that ours has been a more domestic focus. If I start with each of the businesses, obviously with O2C, we saw strong demand growth. You have seen it in gas oil. You have seen it in gasoline. You have seen it in ATF. You have also seen it in polymer, polyester. Oil and gas demand has been good. Retail has been actually in some ways mixed. First half was slow. Also, if you recall, we had three full quarters of significant streamlining and rationalization that we did. Beginning last quarter, and more importantly, this quarter, you can see the pickup in EBITDA. The second half also benefited from Maha Kumbh and festive demand. Jio is a very strong performance, customer additions, 5G subscribers, the ARPU going up. We did not lose customers or we did not lose the intensity of data consumption too. The full year, if you look at it, energy when I say energy year, I have taken O2C and upstream as part of the 8% number. We saw that weaker cracks, polyester, to a great extent negated by a lot of things that we did on feedstock optimization. Domestic push has been a big standout. I have a few slides on A, our market share, and B, what has been the growth in volumes there. Overall, I think the other point I would definitely flag is when you look at the O2C or energy performance in the context of how other global refineries have performed or standalone petrochemical manufacturers or even actually integrated players. If you see the numbers, it is absolutely standout in terms of our performance. On Jio, EBITDA was lower by 8%. Jio Platforms up 17% on the back of, of course, the leadership in technology, the number of customers add, the ARPU increase. We are now the world's largest data company and have 191 million 5G subscribers and ARPU at INR 206 plus at 13.5%. On retail, I talked to you about the first half being soft and all the efforts on streamlining and rationalizations of stores, etc. From the third and fourth quarter, it has been pretty good. Also, all the operating metrics in terms of transactions, in terms of number of customers, all of them holding pretty well. A lot of focus on Quick Commerce. Dinesh will talk to you about what we are doing on Quick Commerce. Of course, on JioStar, which with effective date was somewhere in November, it is the largest media and entertainment company in India. We have, again, I do not want to steal the thunder of Kevin, but 280 million subscribers. I think I do, I just like the statistics on 61 million live concurrency. I think it means a lot in the context of what you have seen even globally. Kevin, do talk about this when he presents. These are the overall numbers on a full year basis. Revenue up 7%, but obviously muted on EBITDA and PAT. We talked about O2C's performance there. When you look at each of the, obviously, the consumer business fully offset the weakness there. When you look at the PAT numbers for each of the entities, you can see JPL at INR 26,000 crores. It's up 22%. And RRVL, almost INR 12,400 crores, up 11%. RIL standalone impacted because of O2C. Here is the balance sheet. It's been a flat net debt environment. You look at the CapEx versus our cash profits, clearly we continue to be below. All the numbers are pretty healthy there and allow us to invest. Just for the quarter, revenues were up about 9% and EBITDA 4% up. Again, PAT 6.4%. Here, broad story on margins. When we talk about O2C, we will see that there has been this broader compression on deltas across transportation, fuel, and polymer. Also maybe not on the polymer side, definitely has been weak. Big offsets with Jio with up 18% and retail up 14%. Oil and gas was impacted with lower production. With this, Anshuman. Thanks, Shrikanth. Good evening, everyone. Welcome to the Physical Analysts Meet. An update on the performance of Jio Platforms. Strong revenue and EBITDA growth. This was a combination of both the tariff impact flowing through, but in addition, a lot of success that we're seeing with our home rollout, home broadband rollout, both combination of fiber, but more importantly, fixed wireless. I'll speak a bit more about that. Consolidated operating revenues for the full year at INR 128,218 crores and EBITDA at INR 64,170 crores. Roughly around 17-18% growth. For the quarter, the consolidated revenue was very close to INR 34,000 crores. The total subscriber base at 488.2 million. That's a net addition of 6.1 million for the quarter. The little bit of impact that we saw a couple of quarters ago when tariffs were raised is well and truly behind us. We are now adding subscribers. We're seeing good traction on the ground and also seeing very good consumption trends on the ground. ARPU is at INR 206.2. A little bit of flow through of the tariff increase and also some bit of more data consumption in this quarter. Data traffic on the network grew 20% year-on-year to 49 EB in this quarter. We continue to break all records for data consumption. This is not only Indian records, but global records. The growing 5G subscriber mix as well as the home connects are all adding to the data traffic growth. We are also seeing good traction with digital revenues as well. Digital service revenues on the back of cloud services, which are now launched for enterprises. We won some good competitive tenders for government clients. A bunch of services around IoT that we provide and also the content bundling that we do for services provided to our home customers. A whole lot of initiatives leading to this strong financial and operating performance. I'll speak through some of those. Mobility, our lead, our success in the 5G deployment and now 5G consumption and customers' uptake of 5G is very clearly visible on the ground. This map from Ookla shows again we have pretty much pan-India 5G coverage now. We cover most of our customers. We have been able to transition 191 million users to 5G, which is the largest base outside of China. If you recollect the last quarter, it said we had spoken about how we are now the world's largest data company in terms of overall data consumption. We continue to be ahead of companies from China as well. We got in China Mobile. 5G traffic as a percentage of total traffic has been growing. We are now at 45% of total wireless traffic is on 5G. This continues to grow. Data consumption is continuing to grow. We are seeing the per capita consumption for consumers when on 5G network is significantly higher. People are finding the usage to use more data. We believe that is sticky kind of usage. That will give us the ability to monetize that more as we go forward. We have really not started monetizing 5G. Effectively, 45% of data that people today are consuming is being offered to them free of cost. They become eligible to use that data, but after that, they are not really paying for it. They're getting into the habit of consuming content, consuming data, consuming 5G services. We believe that's a very big opportunity for us in the same way that LTE was a big opportunity for us in 2016. The fact that that differentiated LTE gap, LTE data capacity creation that we had done, which subsequently led to the revenue market share, finally it has to reflect at some point in time. We're seeing a similar trend now beginning to emerge here. We see this as a massive opportunity as far as wireless services are concerned and even home broadband services are concerned. At these scales where 191 million users, 45% of data traffic on the network, we are able to give 224 Mbps 5G download experience. The overall download experience across all the tests that we do and then external agencies do, they have all been very positive. The customer user experience has been extremely positive on the 5G network. Despite the growth in traffic, we are holding up quite well. A case study, an example of that was the Maha Kumbh, which I am sure all of you are familiar with. This was over 660 million devotees gathering within 40 sq km in 45 days. The way our network held up, and we did put in a lot of effort to make sure that the network held up during those 45 days in the Maha Kumbh, it was the densest data consumption population convergence that anybody had ever seen globally. We were working with our vendors, with our partners, and they were tracking the data usage as well. It was mind-boggling for all of them. Nobody anywhere in the globe had ever seen something like this. There were limited access zones. There were jammers put all across. We still had to make sure that people were able to consume as much data that they wanted. They were online all the time. A big difference we saw here, the uplink traffic used to be quite high. A lot of people were uploading videos and pictures. Normally, that is not the way you plan your network. You would expect downlink to be much more. We had to therefore adjust some of this there on the ground, on the site. We were able to, with our spectrum that we have, but the government had given us some spectrum during that period to just provide services to the customers. We were able to test the elasticity of that network, really, in that small period or small space where we saw 2.2 million GB of data traffic. 5G was bulk of the usage of 5G. The whole area was enabled with 5G. We were giving download and upload speeds of 200 Mbps plus, 141 million voice minutes. This has kind of become a case study for network companies, telecom companies, service providers, vendors. Everybody is looking at this as a case study where these kind of global records were set in a short period of time. We learned a lot to now sweat the assets on our network much more. The deployment that we have already done, plus with the spectrum that we have got, the network is fairly elastic. We can keep adding more customers with tweaks to the network, being able to track where the data consumption or where the consumption is, where the users are. The elasticity of this network is fairly high. That gives us confidence that with the network that we've already created, we can serve hundreds of millions more customers on this network. We feel reasonably confident about that. The fixed wireless stack, now this is something that we had been deploying extensively on the ground. As you're aware about this, the recent TRA report said that we have 85% market share in this. In this particular product, which has gone live in the market over the last three or four months, we have been deploying a fair bit of fixed wireless, both on our 5G spectrum, but also on the UBR. We have developed or now deployed, not only developed. It is in commercial use, the first point-to-point wireless solution for fixed wireless. This is not point-to-point. In the way the network is configured, we can use a single radiating equipment to serve multiple customers. We have been able to, through that, reduce the cost of deployment. The cost that we incur to connect every new home is incrementally much lesser than what you would hear about companies elsewhere which are doing such a thing. The spectral efficiency is higher. We have been able to create the full mapping of the country where our customers are. This is a very important functionality. When we get a customer inquiry or a customer request to connect a customer, we know exactly which way, which technology to use, which site to radiate from for a particular customer. If the fiber is available, of course we connect the customer with fiber. With our 5G spectrum, in some cases UBR, we know exactly in a, it's pretty much 1 m by, or 3 m x 3 m map where we know exactly what kind of throughput different technologies will provide to customers. That is very powerful on the ground when the implementation is going on, when the network engineers have to be on the ground connecting new homes and new premises. All of this has been done completely end-to-end value chain is in our control, be it the devices, the technology, deployment, all of that has been done in-house. We are not taking this technology or taking any equipment from now. Pretty much all the equipment is being manufactured, produced by ourselves within the ecosystem. They have been designed ourselves and they have been produced in India. All of this is made in India and being done completely within the Jio ecosystem. As a result of which, we are feeling confident to be able to connect 100 million homes, which is a target that we've set for ourselves. In the last few months, we have been, in the last six months, we have had 90% of industry net adds, 5x higher than the next nearest competitor. The chart on the right top that you see is the number of AirFiber subscribers, basically the fixed wireless subscribers. We call it AirFiber because unlike the traditional definition of fixed wireless, in our case, we are giving completely synchronous uplink, downlink, throughputs because of the way the network is configured, because of the spectrum that we are using. When we say 1 Gbps at home for home broadband using either our 5G spectrum or the UBR, that's uplink and downlink of 1 Gbps. That's what we have enabled, which is reflecting in the way in the ramp-up of AirFiber subscribers. In the recent months, we have also transitioned from the 5G spectrum to UBR. UBR is now commercially live. Even in situations where we don't have direct line of sight, which has been a big challenge for just about every operator globally, we are able to do without non-line of sight connections as well by reflecting the radios from some other surfaces. This is unique. This is proprietary. We have been doing this successfully and commercially. It's all commercially deployed on the ground. The chart at the bottom is not supposed to be Pacman, but we are fairly, we have good lead over the others in the industry. This is the other deployment which is now being done successfully commercially on the ground, which is our private 5G instances for enterprise customers. As you can see, the network is the same, but we are able to create a dedicated slice for use cases, for enterprises, for whatever the end use case may be, including for fixed wireless. We have a network slice that we use to provide that service and then create a secure tunnel on our own private 5G core. As you know, we have spoken about this in the past, that our 5G core, the whole network core, 4G and 5G core is completely deployed by us. It's our own proprietary core. We are able to create private instances of that for our enterprise customers. This has got many use cases. We already have deployed in some of the industrial situations, industrial premises, including in Jamnagar, and use cases around robotic automation, video surveillance, enhanced security. We are able to give ultra-reliable, low-latency network. I think I have stepped on something. No. We are able to do network slicing to ensure consistent service delivery irrespective of the amount of load that the network may have at any point in time, and able to provide end-to-end managed services. With those few updates around stuff that we are doing on technology and the progress we have made over the last few months, especially on 5G and the home and home deployment, coming to the key operating matrices for the business, the subscriber base, as I said, has grown to 488.2 million. That was a net addition of 6.1 million during the quarter. ARPU went up to INR 206.2. Remember, this is a shortened quarter. In that sense, the growth is a little bit more than that in percentage terms. The average data consumption continues to grow, 33.6 GB per user per month, and seeing a lot of traction in these seasons currently as well. Overall data and voice traffic grew by 19.5% and 3.8% year-on-year, respectively. Coming to the revenue numbers, these are the RGIL quarterly financials, which grew to INR 30,018 crore in terms of revenues and INR 16,188 crore in EBITDA. That is close to 54% EBITDA margin for our connectivity business. The growth has been fairly steady and continuous. The full year numbers for the connectivity business, RGIL, we ended the year at INR 114,000 crore of revenues, operating revenues, and EBITDA of INR 61,233 crore. Both growing in the 14%-16% range. Again, fairly steady and healthy growth delivered across the years over the last several years. The consolidated financials for Jio Platforms Limited, the first three columns are quarterly, and then the full year numbers on the right two columns. Full year fiscal 2025 revenue and EBITDA growth of 17%, consistent EBITDA margins of 50%. This is after a whole bunch of initiatives that are currently being taken to grow our digital services, our other service offerings that we are going to provide to customers. We are maintaining our EBITDA margin at 50%. Q4 revenues at INR 33,986 crore consolidated revenues, which is again close to 18% year-on-year growth, and EBITDA at INR 17,000 crore. Profit after tax growth of 26% to INR 7,023 crore. This was for the quarter Q4. With that, I'm going to hand over to Dinesh to give an update on the retail business. Hi, good evening, everyone. We'll cover the business update on retail. If you look at the performance highlights, we had a very strong quarter with 16% growth on a YoY basis. The revenue for full year was up 8% because the first half was slightly weak. The second half, last quarter, was good growth. Even this quarter, we have done very well. Overall, EBITDA grew at 9% for the full year. For the quarter, it was 14%. EBITDA margin from operations continues to expand. It was up 20 basis points on a YoY basis. On the quick commerce side, we continue to expand our hyperlocal deliveries. The number of orders were up quarter on quarter 2.4 times. That's a pretty significant scale-up that we've been able to do in the last quarter. Consumer brands business is the fastest growing FMCG business in India. We have achieved almost INR 11,450 crores of sales in the second year of operations. We also did the commercial launch of SHEIN with the vision of providing global fashion to every Indian at affordable prices. It's live across app, website, as well as we have a shop-in-shop on our Jio. More than 12,000 options are already available on the platform. We are scaling up the vendor ecosystem to have very quick launch, very quickly large number of options on the platform. We opened 2,659 stores during the year. We continue to expand stores across the portfolio. We are also pretty much done with the streamlining that we had started during the year. Our net addition is about 500 stores. We are pretty much more or less done with the streamlining now. All our operating metrics, whether it's number of transactions, the registered customers, everything continues to grow in double digits. Overall, a pretty healthy quarter. If we look at the breakup, revenue was up 16% for the quarter on a YoY basis. EBITDA from operations was up 15%. Total EBITDA was up 14%. Profit after tax was up 30%. When you look at it on a full year basis, the revenue was up 8%. EBITDA from operations was up 9%. Profit after tax was up 12%. We have almost crossed INR 25,000 crore in EBITDA for the full year and INR 12,400 crore of PAT. Moving on to business updates across each of the businesses. The consumer electronics business, we had pretty healthy mid-single digit like-for-like growth. The average bill values continues to grow. The average bill values were up 26% on a year-on-year basis. Also, we see our conversions improving substantially. There was a 200 basis points improvement in conversions. With the early onset of summers, we saw very strong growth in sales, sales of ACs. Even this quarter, April, has been pretty warm. There is a prediction of this being a pretty hot summer. AC will continue to grow rapidly. Our rescue business, we had a 13% increase YoY on the growth in terms of the number of customers served. We also continue to expand the number of service centers we have, as well as we launched the on-demand warranty services three quarters back. That is again something we are expanding. We have launched our on-demand warranty services to more than 300 cities. GMD, which is our B2B and B2B2C business in electronics, had a very healthy growth of 76% on a YoY basis. We continue to expand our reach in terms of the merchant base, as well as expand the width of participation, right? How many retailers are participating, how much they are buying from us. All those metrics are showing a pretty healthy upswing. Own brands business, where we sell our own brands, not just in our stores, but even in the distribution channel, that business again continues to grow very steadily. The business was up 30% on a YoY basis. We are expanding the reach of the business. The merchant base was up 60% on a YoY basis. We launched several new products across multiple brands, multiple categories to plug the gaps, as well as new features. There are some products where we are bringing new features to the market. These are the first in the market. Compared with the price value proposition, they are finding very strong uptake with the consumers. On the fashion lifestyle side, while the first half was weak, the business has really turned around very well. We had positive LFLs during the quarter. The performance was quite steady, led by the wedding season and festivals. We have been working on repositioning some of our formats. Trends, we did a large campaign, new times, new trends to really reposition the format within the younger audience, as well as the family audience. AZORTE, which is a Gen Z-focused tech-enabled format, there we again did a targeted campaign with a couple of celebrities. The effort is to establish these brands and have top-of-mind recall for the Gen Z customers. In addition, we are upgrading our stores. Trends 3.0, which we have talked about, is an upgraded version of a Trends store, a more digitally enabled version. That is something we are scaling up. We are innovating a lot of our stores to upgrade them to have the latest technology. We also support that with better in-store experience, not just in terms of technology, which is available, but in terms of number of options people see. We have moved on with Project Impetus, which we have talked about in the past, where we are talking of a design-to-shelf cycle of 30 days. We are now doing weekly refreshes in the store. Every time a customer walks in, they get a certain percentage of options which are new. We have kind of optimized the number of options which are available. The stores are less crowded, and they look much more attractive. Now, as a result, our sales are going up while the inventory is going down. That is a very good sign for the business. We have also spent a lot of effort on improving the design quotient of our products and our own brands. The contribution was up 900 basis points on a YoY basis. Specifically, some of our large and well-known brands, including Netplay and Avaasa, were the best performers during the quarter. Moving on to our online fashion businesses, Ajio delivers again had a very steady quarter. We continue to increase the average bill values, as well as add new customers. We added 1.9 million new customers during the quarter, which is in line with what we have been adding almost every quarter. The number of options available on the platform now is 2.4 million, up 44% on a YoY basis. External brands are the ones which drive traffic onto the platform. Their share was up 11%. Our focus continues to bring more and more exclusive and external brands which we are able to get the customer pull and drive traffic onto the platform. We have also launched same-day and next-day delivery across 26 cities. We are increasing the speed at which we are able to deliver the products. One big benefit of that is returns are directly correlated as your time to delivery goes down, returns go down. We are seeing that very clearly in our data. The All-Star Sale, which is a flagship event for March. In March, most of the online platforms go on sale. This is the time where we acquire a lot of customers. We had a big event, and we added 6 lakh+ new customers during this campaign. We talked about the SHEIN launch, which we have done during the quarter as well. On the premium brand side, the focus is growing the omnichannel presence, especially a lot of luxury and bridge-to-luxury brands. Customers do not necessarily always prefer to come to the store. They want to come to you. There is a meaningful 8% contribution that is coming from out-of-store selling, right? Basically, we are going to the customer's home or letting them order online, and then we are delivering to their homes. That is seeing a very good acceptance amongst the customers. This part is becoming quite meaningful. We launched another very interesting accessible luxury ready-to-wear women's brand, French brand called Maje during the quarter. We have launched our first store in Jio World Drive. On Vision Express, which is our JV with EssilorLuxottica in the eyewear space, we have kind of repivoted the go-to-market strategy. We are launching global new concept stores, as well as renovating a lot of existing stores and the product offering in order to really scale up this business. There is a large market opportunity here. Ajio Luxe, which is the premium, which is the largest platform for luxury and premium brands, we continue to add new brands and new options into the portfolio. The total count of brands now there is about 800. The options was up 19% on a YoY basis. On the jewels business, we had steady growth led by increase in average bill values. As you are aware, the gold prices have increased substantially, which has had an impact on the average bill values, which are up almost 20% on a YoY basis. Our differentiator has been launched targeted campaigns, which are targeted collections which target specific occasions, right? Designs that offering. That continues to do well. We have developed a number of properties over the last several years. Some of those collections, like Valentine's Day, hoops, and bali collections were very well received during the quarter. Grocery was the star performer during this quarter with the highest growth. The stores business continues to outperform with industry-leading performance. Some of the premium formats, including Freshpik and GoFresh, where we provide differentiated assortment and shopping experience, are finding very good acceptance. In the affluent areas, we are launching more and more premium stores. The growth was quite broad-based across categories. The general merchandise and value apparel have a meaningful contribution, especially in our big-box stores, and they are a big driver of margin. Also, there's more strong demand for niche and premium products. These are the products which drive a lot of footfall into the stores, especially the younger customers, because these brands are not available anywhere else. We are able to take them to pan India, and it's a win-win for the brand as well as for the customer. For us, it drives a lot of traffic, especially the younger ones into the stores. The B2B business, Metro, continues to have steady growth, again, pretty broad-based growth across categories. One of the segments that we have identified within B2B is the Horeca segment, where we are putting a lot of focus. That segment had a 37% growth on a YoY basis. JioMart, it has basically three services. There's an under 30-minute quick service. There is a scheduled delivery, where the assortment is much wider. There is subscription service, where you can subscribe, and every day you get, depending on the frequency you choose, we deliver the goods at your home early morning. All three are picking up very well. The average daily orders were up 62% on a YoY basis. Specifically, our under 30-minute offering, which is the widest, which has the widest network reach, we have almost 2,000+ stores which are on the network, covering more than 4,000+ pin codes. This is much wider reach than any other quick commerce player. We have kind of repivoted our model completely to under 30-minute delivery. We are seeing very strong traction with a 2.4x quarter-on-quarter growth in daily exit orders. This number will scale up substantially in the coming year as well. We are also now starting to proactively market this proposition. Our proposition of no hidden charges, quick delivery, and no delivery fees continues to work very well, resonate very well with the customers. We also launched the quick and scheduled tabs. If you go to the JioMart app, there are two separate tabs. That way, the customer is very clear what is available under 30 minutes, what is available. That assortment under 30 minutes, if you want, there is that assortment which gets delivered from the nearest store, that is what you see. If you choose scheduled delivery, you get a much wider assortment, and you can get the delivery for those the next day. They may come from a warehouse or from a three-piece seller. That proposition is now very clear for the customer. The big advantage that we have in this segment is compared to other people who have to set up dedicated store infrastructure. For us, we are only leveraging the infrastructure that we already have. My fixed cost is already being taken care of by my store sales, right? This is all incremental sales, and it's only incremental cost that I have to incur to deliver these orders. We are doing this model in a profitable manner with a very strong unit economics. In addition to our 1P offerings, 3P seller base, in order to plug the gaps, we continue to add 3P sellers onto the platform. The number of 3P sellers was up 22% on a YoY basis. Live selection was up 10% on a YoY basis. Similarly, our subscription service continues to see strong growth. We had a 27% growth YoY on daily orders and 37% growth in apps and web visits. Consumer brands, it's on a very, very exciting trajectory. The business is growing from strength to strength. We did almost INR 11,500 crores of turnover during the year. More than 60% of that comes from general trade. So the brands are very, very, very widely distributed. If we look at some of our key brands, like Campa and Independence, they are all growing very rapidly. Campa has already gained double-digit market share in the key markets where we are available. We are also continuing to add to our portfolio by launching new products and acquiring new interesting brands. Some of the notable acquisitions we have done in the year include SIL, Velvette, which is a personal care brand, and Tags. We have also launched several new products. With Campa, we have launched Campa Energy. With Muttiah Muralitharan, we have launched a new sports ring called Spinner. Our distribution network is already quite wide, and it is expanding pretty rapidly as well. We are present across 1 million+ retail outlets through a network of 3,200+ distributors. In addition to tapping the Indian market, we have also started looking at exports to other markets. We would basically start at that, and we would set up distribution in select markets to really distribute our products where they have the relevant appeal in a pretty big way. That is the update on the retail business. Now I will hand over to Kevin for the JioStar business. Thank you. Good evening, everyone. Our business at JioStar is barely five months old. What I am going to do is share with you what we have been up to for the last five months. I hope each and every one of you all have downloaded the JioHotstar app and are enjoying it. Just to give you a perspective, what I'm seeing is the coming together of two iconic brands, Viacom18 and Disney Star. On today's date, we have created India's largest media and entertainment platform. This platform is built on three business units: the digital entertainment business, the sports unit, and the TV broadcast. I'll talk through each of them. If I look at the digital entertainment platform, within a short period of three months, we went and launched JioHotstar. The merger got completed on November 14. On February 14 is when we went and launched JioHotstar. What I'm seeing is we transferred a robust library of 320,000 hours of content onto the platform. In addition, we added 250 originals or exclusive titles, which is the highest among any of our contemporaries. Thirdly, and most important, this will be the only platform in the world that would have all the biggest American studios to be on a single-plot platform, where you'll have their movies and series coming on one single platform, whether it's from Marvel to HBO, whether it's Warner to Disney, or it is Peacock to Paramount. You'll have all the content on a single platform. This platform of ours, when you look at the width of content that we have, actually appeals to the entire family across India. More important, it's not about reaching out to families across India, but within a family, we have content for each and every individual, whether it's kids, where you have two iconic brands, Disney and Nickelodeon, or for the youth segment, where we have some of the biggest reality shows or non-fiction shows, whether it is Big Boss, whether it is Khatron Ke Khiladi, Coffee with Karan, or Laughter Chef on a single platform. For the women of the household, we have got some of the most iconic brands, whether it's Anupamaa or, I'm seeing is, if you look at it, it's Mangal Lakshmi. For the males, we have got a whole lot of sporting. If I look at our sports portfolio across TV and digital, we have around about 24 sports channels. On today's date, we are the home to the best marquee properties on cricket, whether it's ICC, whether it's IPL or BCCI, but also home to the biggest domestic leagues, the Pro Kabaddi League or the Indian Super League, and also high-end sports or premium sports, which is the Premier League and Wimbledon. Lastly, on the TV broadcast business, we have a very robust TV broadcast business with over 100 channels in 10 different languages, actually reaching out to around about 358 million viewers every day. If I look at it between these businesses, we reach out on a monthly basis to over 800 million people every month. I spoke a lot about, I'm seeing is entertainment. I spoke about sports. We at JioStar look at creating delightful experiences for our consumers. I'm seeing on the 26th of January is when we started bringing up live experiences, where we started streaming live shows. Coldplay was one example. 100,000 people enjoyed Coldplay live at the Narendra Modi Stadium in Ahmedabad. What JioStar managed to do, or JioHotstar managed to do, is to take these to millions of fans to their living rooms and let them enjoy the same live experience in their living room across the country. Besides that, I'm seeing we've gone and done two big events on Mahashivratri and Ram Navami. If you look at the numbers for each of these, we looked at 82 million views coming up for Ram Navami. I'm seeing we had Ram Navami, which was through multiple feeds. People could view the arti through multiple feeds, not from a single location. At the same time, they could see something in Ayodhya, Chitrakoot, or Panchwati. Now I'm seeing is all this content, what does it deliver for us? I spoke about the width of the content. These are the numbers. Within a short period of 3.5 months on today's date, we have got 280 million paid subscribers. Actually, to put this in perspective, we are very close to, I'm seeing is globally, very close to the number playing Netplay, which gets this from across the world. We generate, I'm seeing is we have 503 million, I'm seeing is users who come to our platform on a monthly basis, significant ahead of any of our competition. Lastly, as Srikanth was mentioning, if I look at during the India-New Zealand final for the Champions Trophy, we managed a concurrency. When I'm saying concurrency, it is people coming and watching at the same time. This is a world record where we have 61 million people watching a sport at the same time. That shows the strength of the platform. If I have to put it into perspective for you, many of us might know of the Super Bowl in the U.S. Let me tell you, their peak concurrency could be one-fourth of it. I think this shows that people, in spite of having 61 million, we had a seamless viewership for each of these consumers that came on. On TV, we have got a 34% market share. Our content library of 320,000 hours of content is actually six times that of a Netflix or an Amazon. Just from an operational point of view, as I mentioned, we launched JioHotstar app with the best features from both the apps, from both the legacy apps. We seamlessly migrated 500 million+ users and a massive content library within three months. In TV, we lead in seven out of the eight markets that we have across the country. We are clearly focused to be present across a billion screens, whether it's TV, mobile, or CTV in this country. On the back of IPL, many people talk about paid television dying in this country, etc. Remember, in this country, paid television is still in excess of 100 million and still growing. During the IPL, in the first 10 days of the IPL, we grew by around about 1.5 million, I'm seeing households, and we expect that to hit at least three to five by the end of it. Lastly, I'm seeing is that's all we're doing this. To just translate it, what does all this mean into numbers? The biggest part was this merger was consummated in less than nine months, a merger of this scale. Our revenue, if I have to look at it for the period, and I've taken a because it's a very short period, I've taken it from the time we launched is INR 9,497 crores, with an EBITDA of INR 266 crores. We've had a robust financial performance, keeping in mind, in spite of the weak macroeconomic situation that is there. We've had higher sports revenue led by ICC Trophy as well as IPL. Despite the headwinds, we have kept a very close eye on our costs and to ensure that we have profitability and have positive financials for this period. Thank you. That's all from my end. I shall now hand over to Sanjay. Good evening, everyone. Thanks, Kevin. All right, just to recap the performance for the year gone by. This has been by far the strongest year in terms of performance from the oil and gas business. If we look at the year-on-year consolidated EBITDA, it has been almost INR 1,000 crores higher than the previous year, which had at that time set the best performance. The EBITDA margins still remain very healthy at 84%, largely driven by higher production, 4% production from KG D6, as well as stable prices. We did have the benefit of $10.16 as ceiling price in the second half of the year. As well as in CBM, we have completed the first campaign of the 40-well multilateral wells, and that has augmented production. We now are seeing a turnaround in our CBM business. It had been declining for quite some time, but now progressively the production keeps increasing with the welds, the multilateral welds, which has been an innovation of sorts. It's the first time horizontal multilateral welds have been done in India and successfully deployed in the field. We are getting significant upside in production. We were looking at about 4,000 standard cubic meters of gas production from the verticals, but we are seeing about 12,000-13,000 now. That's really the benefit we are getting out of these multilateral welds. This is a recap of the last quarter, the quarter gone by. Again, the quarter was a little bit more muted as compared to the first three quarters, only because production from KG D6, there was a little bit of natural decline on expected lines. More importantly, we had to undertake a lot of maintenance activities towards the end of the quarter. One of the things is we thought, let's complete these activities, particularly the FPSO had to take a planned shutdown for undertaking these maintenance activities. Now all the wells are back up on stream, and we are back to ramping up the production to about 28 million standard cubic meters. Similarly, CBM, we have commenced the second campaign. The production from those will also be seen as we go along. Overall, if we look at the price realizations in KG D6, it has been slightly better year-on-year, quarter on quarter. In CBM, it has been slightly lower again, driven by the Brent prices. Nevertheless, the positive aspect about CBM is that it does not have a price ceiling. You get market-linked prices. How does the global gas market look? We've been, I think, largely we have seen prices hover in the range of $10-$14. What we have seen, there's been a push and pull over there in terms of supply and demand. On one end, because of potentially weaker economies, we have seen the demand being a little tepid. At the other end of the anvil, you have Europe, where the inventory levels are much lower. The refill is a focus area. India demand remains robust. I'll talk about it in the next slide. Going forward, also what we had expected is the LNG glut to come in. As you may be all aware, about 150 million tons per annum of LNG was expected to be brought online from end 2025 onwards and progressively over the next two to three years. We expected there might be a strong pullback in prices. Seeing the delays, again, the Biden administration had to that extent about 20-30 million tons per annum of projects were put on hold. The other projects have faced regulatory delays, like in Corpus Christi and some of the major projects, also in Canada. We feel that it may not be as exacerbated as we had anticipated. The projects may come online, but it should get the gas outlook being what it is. The demand, particularly in the developing nations, would be such that it should be absorbed well enough in the next three to four years. That is really the broad outlook. Going forward, we think we should be on steady ground for gas prices. There will be some amount of volatility, but we feel from an Indian market standpoint, it should be all right. Just to give you a recap of the Indian gas market, it looks pretty strong. The demand has been up by almost 4%, largely driven by city gas distribution and some of the petchem expansions. Again, it is the city gas distribution, both in terms of expansion and penetration. That has largely contributed. Out of the eight MMS CMD, nearly four MMS CMD has been driven by CGD. We are also observing a trend that the LNG markets, the long-term contracts are being pursued rather than short-term. Essentially, gas for the longer term, the demand looks pretty strong and vibrant in India. The ceiling price also, as you may be all aware, is now being revised to $10.04. We are contracted for the volume, so we are all right there. Thank you, and I'll invite Srikanth. Thank you. Starting with the financials, EBITDA lower by 12%. You'll see the slides, but anything from 36-41% fall in transportation fuel and between 2-13% when you look at polymer and polyester, clearly led by Chinese capacity, slowdown on demand. To a great extent, there were some offsets coming because of the fact that India demand was good, 7.5% for gasoline. ATF was about 9%. Both polymer and polyester demand up 5%. We placed a lot through GOBP, and I have in the subsequent slide, I'll talk to you about how impactful it was overall. Also, we benefited from operational excellence. This was the highest throughput that we have done in this refinery. Of course, the continuing benefit from cost optimization, ethane cracking economics worked well. This is the slide. This tells the full story from on gasoline, gas oil, and ATF. When you look at year-on-year change and you look at where it was vis-à-vis five years, anywhere between 25%-27% lower in the case of gas oil, gasoline, and ATF is about 13%. The reasons are known in terms of demand in both China, EU, multiple places. Driving season was slow in the U.S. Similarly, when you look at on the downstream petrochemical side, naphtha was up 4%, but ethane prices were lower by 9%. That benefited us because the deltas were squeezed when you compare it to naphtha, but to the extent we had lighter feed cracking, it helped. The numbers on PE, PP, PVC tell you the story of what a 15, 20-year low means in terms of this environment. It has been a more difficult one. Capacity additions, primarily the big driver, and then, of course, demand also being soft. This is what I was saying in terms of what helped mitigate this otherwise difficult margin environment, whereas volume growth in GOBP, you can see 35% higher. When you look at MS and HSD, ATF up about 62%. Of course, e-mobility is small, but you can see the jump in percentages there. Even if you look at our market share now in motor spirits, about 3.3, in gas oil, about 5.2. Importantly, the effectiveness that you see, the market effectiveness, you can see the score per retail outlet. You can see that the effectiveness of each of these pumps is very strong. It's 1.6. It's 2.6, actually, in the case of HSD. This is something that we would continue to expand in the coming year or more. It's 1,916. There is no reason why it has to be this level. It can be much higher than that. This is the throughput I talked to you about, highest ever at 80.5 overall, all the products. This 2.5% benefit did help mitigate this margin environment. Overall, you look at the throughputs were absolutely maximized in platformers and FCC. The aromatic production, that optimization always happens that we continue to do, focused on high octane exports because from the value point of view and continuing benefit from gasification helped the overall performance. This is just the numbers for the quarter. Again, story not very different in terms of margins being weak, but there were some offsets while fuel was down between 27% and 55%, and the whole polyester chain was down. You did see some offsets in the form of polypropylene slightly higher by 4%. PVC helped at about 13%, and then the whole PBR, SBR, about 10% to 15%. Also, as I mentioned, processing, the whole focus obviously was also on processing the right value of crudes, trying to derive advantage from the value adds coming from crude processing. Domestic placements continued as a point. Some small lift from sulfur prices, which really went through the roof, and some benefit of exchange rate when you look at it from a rupee earnings point of view. This I will not spend too much time. You know the broader environment. [Brent] did come off on a year-on-year basis on concerns on tariff, etc. Of course, on a quarter-on-quarter basis, the story on ethane was higher because it was up 42% overall versus last year. Overall, having said that, still the cracking economics were pretty favorable. Both the refining operating rates and the cracker operating rates were fairly stable. When you look at the demand environment, it rose by about 1.2. Primarily, geographically, if you see this in Asia, about 0.4, and OECD America is another 0.4. When you look at it from a product standpoint, gasoline was about 0.4 MMbpd growth and balanced in diesel. This is the, again, you can see the stock fall in the deltas, $6 cracks versus 13.3. China clear reason with the increasing EV penetration also led to some extent by inventory levels were pretty high. The fact that India gasoline demand helped up growing 6%. We continue to focus, as I said, on domestic placement and pushing more volumes here. We think near-term cracks could find some support. Gas oil, again, cracks, you can see a significant fall, $14 versus 23.1. Again, more led by inventories that we saw in Singapore and more exports from the Middle East. Demand, actually, if you see vis-à-vis other products in India, demand was up only about 1.1%. The actions were broadly similar in terms of focusing on the domestic market. Some of these, again, some of the supply disruption kind of concerns can keep the cracks at least stable here. ATF fell in line, actually, you can say, with what we saw in gas oil. Demand for ATF has been good in India. You saw the volume growth in GOBP pretty strong there. We are expecting that these margins stay. Quick ones on each of the individual products with PE, this decreased by 10%. Domestic demand has been good. Again, we're trying always to see how much can we maximize light fuel cracking here. The drivers for domestic demand still remain good, and we do expect that to stay. On PP, again, deltas slightly up, 4%, demand continuing to do well. Again, it's the story of domestic placement. Actually, this whole focus on domestic also plays into the same point that I said. Otherwise, if you did not have a domestic exposure like this, I think in this environment, it would have been pretty difficult. Finally, on PVC side, that improved because of EDC prices being low. We saw a lot of lift there in terms of year-on-year delta increase. Demand continues to be fairly good in as far as agri and infra is concerned. I do not expect too much of surprises there from a domestic demand point of view. Finally, on the polyester chain, that is a big chain for us, and it was down 15%, mainly due to decline in PX prices. The downstream polyester prices, margins did go up, but in the context of what happened in PX, overall, the numbers were still lower. We continue to optimize PX versus gasoline. Overall, again, when you look at polyester demand because of the high, if you recall, we used to always track this high cotton versus PSF, that differential remains attractive, so demand should hold there. These are projects that we had talked about, just putting it there in terms of 1 million ton expansion for polyester. The difference is that it's focused on the high-growth consumer and downstream market. If you see these specifics on active wear, athleisure, hygiene, denim, these are products which can also command a higher premium. That's where the focus is. It is integrated with backward integration with a 3 million ton PTA facility that is also planned. In essence, all these factories will be state-of-the-art, and it's got ensuring that the infrastructure is pretty good from an overall cost effectiveness and efficiency on CapEx. All these projects are there. We are thinking about this project and, of course, the next one on PVC also to see the benefit of all this coming in 2027-2028 in terms of its contribution to the EBITDA. This is the PVC one. This is a more integrated one with caustic chlorine and EDC, both in Dahej, and then VCM and PVC in Nagothane, and then CPVC in Dahej. Again, this, as you know, is a product where India is significantly short. Even as we talk, it's a 2-2.5 million ton shortage, and we think that possibly it's the right time to be investing here. These are the basic updates on the final chain. You can see some of the pictures that we have on the visuals on the land that is acquired near Dahej and constructions commissioned 2026, 2027, but financials coming in 2027, 2028. Sorry. Yeah. Okay. Overall, this is what the focus was always on maximizing margin capture, focus on crude procurement, on getting more and more ethane, focusing on the domestic retail sector, even as well as industrial sectors. We are trying to do a lot of things on freight cost through term charter vessels because one aspect is that the deltas are weak, but what can we do differently in terms of ensuring that we are able to negate, if not fully, but yes, you can squeeze out efficiency. These are things that we are focusing on, larger parcels by converting crude tankers to product services, focus on recycle PET, which we have been talking about. Of course, both the polyester and the PVC expansion should give us volume lift in 2027, 2028 earnings. Yeah. Not a very detailed update, but just to give you some of them in terms of the 10 GW per annum capacity that we have for solar. Importantly, it is designed in such a way that it is quick. We can quickly jump it up to 20 GW. That is an important point there. We are also focused on 30 GW of battery manufacturing. This is essentially cells to pack, and then you integrate it into a BSS system, but that is the whole aspect there. When I talk solar, I just want to remind everybody that it is polysilicon to ingot to wafer to cell to panel. Of course, glass and as well as POE, polyolefin elastomer. When we say it is integrated, we are absolutely integrated from end to end there. The other one, if you see where we are, we have commissioned the first gigawatt scale solar module started. We started. It is BIS certified already, and it is, I would say, the largest from a size point of view at 720 W peak. It is possibly the largest panel that we have. That is already commissioned. Overall, when you see in each of these on the entire solar chain, the engineering is complete. The long lead items and procurements are complete, and construction is going on in full swing. I just wanted you to know, and this is just one part of what is coming up. The other one is battery also will come in. We have talked a lot about renewable electricity generation. If you were to see, and you know, with the access to the land in the Kutch region, the land is arid land, and importantly, the solar radiation is pretty good there. That can fundamentally support almost 100-150 billion units of electricity. It is a very large one. As these panels start getting ramped up, the idea is to lift and shift them as and when that area is ready for it too. All of them are going on there. Again, we have international firms as well as local contractors to obviously level the land and so on. Work has already started. A dedicated transmission line again from Jamnagar here. A lot of things are happening essentially in parallel in such a way that this whole thing comes together. Now in Kandla, we have 2,000 acres of land that we have got. That is where the green hydrogen ecosystem can come in. Before that, electrolyzer, if you recall, with Nel, we are in the process of that electrolyzer manufacturing also, work is going on. What is unique, I think, about bringing it is there has been no end-to-end like this. We have not seen, at least in our mind, we have not seen anybody who is doing end-to-end like this. I mean, when you start in solar and battery and both of them integrate well for renewable energy. This kind of integration, and therefore, if you were to say hydrogen, where are you going to get the green energy from? That integration is very interesting. Importantly, what was plans which used to talk about doing it, now with the commencement of solar production, and I will show you some pictures. I think I have them. You can see that. These factories are huge. I mean, it is built on 5,000 acres, so you can imagine that. I guess at some stage, we will all get the opportunity to go and see it. I am just saying that a lot of work has happened. The uniqueness comes from integration. The uniqueness comes from the fact that it is scale. It is also the fact that the factories are absolutely state-of-the-art. What it means for us is there is cost. There is cost efficiency. There is technology efficiency. When we say what is the cost of producing the final product, there is significant confidence that this is way more attractive than what it would be for anybody to import anything into this country. We are now getting pretty more confident about where those numbers are. It also means that sooner rather than later, we may see that the need for us to scale up, to leverage on the modular aspect of saying, if it is 10, we can take it to 20. We have now the confidence. This is just one aspect of it. Of course, the CBG plants that are there. Just a quick one on the photographs in terms of where we are. I talked to you about the commissioning of a gigawatt line with the largest module size of 720. I don't know whether have you seen the sizes of other ones, but by far in our minds, I think it is the largest, yes. You can see the commissioning, the electroluminescence inspection, the packaging, which is all automated, the edge trimming, the junction box mounting, back support bar placement, the automated guided vehicle. I mean, this is so that you may recall our adverb investment. These AGVs are from them. This is this part of the integration, it also ties in well with the battery manufacturing facility. It is very state-of-the-art manufacturing shop that we have there. It is all on HJT. Efficiency is much higher. People ask about, and you will see that the numbers are pretty good there. We are happy there. Overall, on CBG, we have moved from we want to do to we have 10 plants operational. We want to scale it up quickly to 55. It has been proved well. Cumulatively, it is 200 tons per day of production. Once you take it to 55, it starts becoming meaningful. Overall, these are the plants in which it is there. We signed recently an MOU with Andhra. That gives you access to significant amount of land and use of specialized grass for creating the CBG. Yes, just to summarize, if you see the context, I think the performance context of the world and context of the environment, it is strong. Also, we benefited from the fact that India held well. Demand was good. Of course, our assets and our operations have kept us in very good place. JioStar has been the star performer at something like 18% growth. That is pretty impressive. Overall, it is beyond doubt leadership in the network, the number of customers, 5G customers, ARPU. I mean, you see any operational metrics, it has done pretty well. We have growth drivers from mobility. We have it from enterprises, from home. On retail, we kept flagging that, yes, we are going through this process of streamlining our operations. We went through the pain of three quarters, but starting last quarter and again this quarter, I think the buoyancy is good. We remain very confident about how those numbers will pan out in the coming quarters and year. The brands which we talked about, that I think is it's a very good story if you see in what time frames you have achieved the kind of numbers. I think there is huge value to be created in that brands. Overall, again, on refining and particularly because we are doing, as I said, doing our very best by focusing on all the operational part. I think broadly, slowly, the refining outlook is getting more stable. The additions to refinery capacities are kind of hopefully slowing down. Our new bouquet of new businesses like media and new energy and AI-ready data centers give you a lot of lift to potentially where are the new sources of earnings. With this, I'm bringing the presentation to an end. We will do the Q&A. Your heart left. Skip the beat. Now we'll do that. Of course, after we do that, please join us for dinner. Thanks. Come. We can. I'll just resume the questions. Oh, no, no. She has to. First, thank you for the presentation. Maybe I'll have two questions for Anshuman and one for Kevin. Sure. Anshuman, you've had Jio's had a phenomenal 5G ramp-up. Why do you think, despite this phenomenal performance on 5G, the market share gains have sort of come off? Also, Jio led the tariff hike. Despite this quarter's ARPU actually coming ahead of expectation, why do you think the ARPU is still 15% lower than the number two operator? That's the first question. Yep. Look, we have had very good success with our 5G deployment. The proof of the pudding is in the data consumption trends, where we continue to expand the gap between us and the other operators. The fixed wireless numbers, you've seen the TRA data coming. Why the tariff increase? I think I'd urge all of you to look at the way ARPUs are getting computed. This 15% ARPU gap, when you say, if you just break that up into the reporting basis, look at the denominator in our case, which is the overall subscriber base, the TRA reported subscriber base, and look at the denominator in the case of the nearest rival, which is not that base, which is a different base. You are no longer comparing like to like. We come across intersegmental kind of adjustments, and those are massive numbers. It is really, again, once again, not comparable because you are not looking at what is coming out of mobility revenue versus a whole bunch of enterprise revenues getting intermingled. Those numbers could be of the order of INR 1,100-1,200 crores every month or quarter. We are not comparing like to like. Our assessment tells us that on the smartphone side, where our tariffs tend to be 7%-10% lower, we still have ARPUs which are slightly higher. If you do a strict like-to-like comparison, I will let you people do it and give this task to you. Normally, we have all the tasks. Next quarter, when we meet, we will get into actually doing the numbers. Our assessment is we are slightly higher or a little bit higher, despite the fact that our tariffs are lesser. Therefore, the flow-through of impact or any of that, I think we are fairly confident that we are doing quite well. Our customers are using a lot of data. The higher ARPU, despite our tariff plans being lesser, kind of indicate our customers are picking up the higher plans and their premium is more. The other bit around why the market shares have not increased, they are increasing. They are increasing when you look at data consumption. They are increasing when you look at actual customer traction on the network. Look, again, I will take you back to 2016. Finally, when the network can provide better service, better quality of service, can carry more load, that will translate into more customers coming and enjoying superior services. We do expect that to happen. The fact that we've deployed 5G capacity, which is significantly ahead of the competitors, we believe it will translate the data capacity market share, will translate into data consumption market share, which is something that is already happening, and which will then translate into customer market share and revenue market share, which also we are seeing already beginning to happen. It will only pick up as the time goes by. You've had an excellent acceleration in 5G FWA, but that's still under 6 million, while fiber homes are 18 million. You are reiterating your 100 million home target. Is that banking on 5G FWA acceleration? That is going to be a combination of what we are doing on AirFiber, which is where we have seen a lot of good success in deployment now. The numbers have been ramping up. The fact that we have been able to do that very successfully using both our 5G spectrum as well as the UBR radio gives us the confidence that the last-mile challenges that we have faced in the past while connecting customers, and we have faced quite a bit of challenges in the last mile, which was kind of expected. It is not only a function of cost, but a function of time, really, that we will be able to overcome by doing this wirelessly, which is why we feel reasonably confident. Demand is there. Almost half of our FWA connections are coming from tier three, tier four cities and rural areas. Demand is fairly wide and prevalent. If we are able to provide the service, we feel reasonably confident demand will be there. More than 100 million homes definitely need that service today, many more than them. Does the 100 million have a time frame? I'm not going to give you forward-looking, but yeah, it's a plan. It's a plan. It will have a time frame internally. Thank you. Anshuman, a couple of from my side. First, on the balance sheet side, RJIL, your spectrum has been significantly deployed now from the accounting perspective. While it's not showing up in amortization, did it happen somewhere in between during this quarter? We have capitalized it during this quarter. Most of the 5G equipment has been capitalized towards the end of the quarter. It would show up. Next quarter. Next quarter. Okay. The same accounting rule applies, right? As the capacity utilization goes up, the. That's right. Somewhat similar. We are sitting with the auditors. We have figured out, given them the plans, and on that basis, we will be doing like we did for LTE. Over a period of time, it will get fully amortized. Got it. Second, this year, we did a CapEx of INR 41,000 crore, but that will include the CapEx creditor payout as well. That's right. What was the underlying CapEx for this year? How do you see the CapEx going? We are largely done with the 4G, 5G CapEx. How should we see the trajectory of the CapEx as a percentage of revenue? Look, most of the CapEx around the 5G network has been done. We have deployed 5G now pretty much across the country. Coverage is fairly deep. There will still be some infills. There'll still be some areas where we'll deploy 5G, but that's not going to be very significant. The network-side CapEx that we needed to do for our fixed wireless as well is done mostly, but there'll be a little bit of that CapEx. We are through the big CapEx phase for 5G deployment across the country. Now, really, the expansion which is happening when we are connecting homes, the network side is done a fair bit, some bit remaining. Other than that, when we are connecting a premise, effectively, the customer is paying for the devices. The CapEx for Jio is, at least this phase of CapEx, mostly done now. What should we look at CapEx going forward next year? I told you, there isn't 5G to spend too much money on. We'll still have to spend some money on 5G. Then there's going to be the routine maintenance and a little bit of infill. I'll not give you a number, but the bulk of the CapEx is done. 15%, 16% is something which is achievable as per you? You'll keep trying. I'll keep rejecting. Yeah. Thanks for hosting this, Anshuman. Firstly, on the non-Jio Infocomm revenues, which is now approaching close to $2 billion, growing close to 40% year over year, what are the subparts of that business that are doing really well for you? When you think about, let's say, within that piece of the business, the $2 billion, how much of that now would be, let's say, external customers versus internal group parties? On the first part, we have a few services which have grown quite well. Cloud has grown quite well for us, enterprise cloud, as well as the cloud services, some of the government departments, Miraj project we have spoken about in the past as well. That is scaling up. Cloud is something that is doing very well. We have also launched a consumer cloud offering. The uptake has been quite good. We are not charging for it today, but there we are seeing good traction. The additional services that we provide to our consumers, both on mobility and home content, for example, or some security solutions, those are picking up well, once again. Enterprise, as a part of the overall group, is beginning to grow. Enterprise is often a combination of two or three services. It is never pure connectivity. We are able to bundle in more things. Which, again, as the enterprise part of our business grows, you'll see more of JPL digital services revenues also coming in there. That's normally not pure connectivity. Can you clarify what is that enterprise services? What is included in enterprise services? It could be something as basic as, again, cloud, some cloud facility, the Microsoft Azure stack that we provide to enterprise customers. It could be security solutions. It could be IoT-based solutions. It could be a combination of things that we take to enterprises beyond just connectivity. Just last question on this one. I mean, growth momentum obviously is like 2x of your connectivity business here. That's right. It's off a smaller base, so. From a growth perspective, this should continue to be a meaningfully faster growing piece than the connectivity piece. Is that safe to assume? It should. The market opportunity is there. We are very focused on it. It is coming off a smaller base. Percentage growth will look good. Thank you. Yeah. I've got three questions on the energy side. First is, in terms of your O2C performance, how much could have been contributed by Jio BP alone during this quarter? INR 2,500 crores was the EBITDA for the year. For the year for Jio BP as a whole. Yeah. Second question is on your this polyester expansion that you have mentioned. This is a new announcement, right? This is not part of the. It's part of the, we said INR 75,000 crores we will spend when AGM speech, it discovered O2C projects. This is part of it. FY 2027 is the commissioning of the plant or commissioning of the project? No, I said 2027, 2028, you'll see the benefit of the expansion in terms of earnings, etc. Right. It will be a full impact itself, or there could be ramp-up then also? Too early to say that. Yes, we are determined to obviously get it done and try and see whether it is a full-year impact, but we'll see. Last question is on new energy. You mentioned that the solar factory is like 10 GW. You have commissioned a gigawatt line. That's like close to 10 GW or that? No, no. It's a part of the line. When you say a gigawatt, it's 1 gigawatt or 1.2, that kind of. That's how it comes. You roll out your production in phases like that. I mean, you don't start a full 10 GW line. You will do it as 1 or 1.25. That's the way you scale it in. You will be using the modules internally to build generation capacity in Kutch. Correct. That is correct. You have already acquired land there, and you are setting up transmission towers right now. Yes. Absolutely. Yes. Absolutely. Solar generation is expected by what time? Solar power generation? If you think about overall generation-wise, again, it is fair to say 2027, 2028. That's the kind of time frame by which anything meaningful will happen. It will be used captively in the jungle. Correct. Thank you so much. Hi, sir. Good evening. Prabhal here. Just a couple of questions again on oil and gas. Coming back to the Jio BP mobility, sorry, am I audible? The presentation mentioned about 1,900 outlets already operational. Given the performance and the trends that we see in retail margins as of now, are there any plans to aggressively expand that network to grab market share? That's right. Yeah, we have. We have. Not mentioning the numbers, but obviously, this kind of performance also means that it makes sense for us to invest, and we will expand that network. Right. The second question was on the upstream part of it, where you mentioned that there is some decline that has been seen in terms of production. Obviously, these are all marginal fields that you had developed. What kind of trend can we expect for the next couple of years? The second part I had was that, is it at a stage where the government share of profit petroleum is now slightly higher, and that also impacts the earnings for that part of the business? Sanjay, your area, you want to talk? He's trying very hard to. That's all. Yeah. To Yeah. To arrest this pace of decline. Yeah. Sure. Yeah. The fact is there is going to be a natural decline. Two things that we have observed are the performance is slightly better than expectations, and we've also identified some upsides. We're working on those upsides, and we're looking at doing some workover jobs also to augment the production sometime next year. We have identified a few additional wells in the fields where we feel the reservoirs are not getting depleted. Those are things that we're trying to bring on stream. Yes, there will be a decline, a natural decline, but we're trying to offset that and augment it with some of the activities that we expect to start from the middle of next year. What was the second part of the question? I was saying that the government share of profit petroleum, has the investment multiple reached a stage where their share starts to really go up substantially over the next couple of years? Not as yet. I mean, it's still in a good place. It all depends on the price realizations. Obviously, we believe the production is good. But it's natural to expect when you're getting more value, the share of profit petroleum may shift. Again, as of now, we don't see that shifting in the immediate term. One last question, if I may, again, on the expansion projects in the downstream that you mentioned. It's obviously part of the INR 75,000 crore. Is it possible to share the CapEx for these specific expansions on PX and PTA, roughly? Not now, but yes, it is well below 75,000. Overall, maybe in the 60,000-65,000. It is still, we are just putting that together. All right. Thank you very much. Yeah. A question for Anshuman. Anshuman, any thoughts on tariffs? Telecom tariff, hot topic. You had once in two years, once in one and a half years now. Possible to share? Would you say annual tariff, I guess, a possibility now? No, that's too speculative to talk about, really. No, guidance, look, we'll have to continue to see how the market grows. For us, priorities are market growth. Priority is, at this point in time, more 5G user base and traction. That's not a thought currently crossing our minds for sure. Okay. Another hot topic, any comments on IPO? What comment? Someday we will come and tell you now we're going to launch the IPO process. Before that, there's no comment. Okay. Okay. One on retail, Quick Commerce, any plans for 10-minute delivery, DAC stores? How are you thinking about that? Are you seeing any impact of Quick Commerce in the metro cities? No. Dinesh spoke about that, but maybe you can summary again. See, two parts to it. We are looking at a sub-30-minute delivery, right? We are using our store network, delivering within a 3 km radius. Most of our areas, most of the pin codes get covered. We have 4,000+ pin codes we are able to cover within that. There are some dark pockets where we will set up DAC stores also. Wherever there is a genuine requirement, there is enough volume, and we cannot service it within 30 minutes, we may set up some DAC stores as well. That is on the Quick Commerce side of it. Our stores, purely on a standalone basis, are seeing double-digit growth for the last several quarters. Stores are also growing pretty rapidly. We are not seeing that impact either in metro or in any other city. Even metro cities, our stores continue to grow in a pretty healthy manner. Thank you. Lastly, if you can, let's say, talk about overall CapEx for the company as a whole. Should we see a decline, or how should we look at FY 2026 CapEx? We have been holding the CapEx pretty well, I thought. At least the big parts of somebody was asking on Jio. I mean, it's pretty obvious now that that part of the CapEx growth is the big ones have happened, and now on, it's going to be much smaller. Some percentage of revenue you were asking of, I would like to believe it will go down, obviously. I mean, the other CapExs on O2C, which we talked about, are known CapExs which are part of the plan. New energy. New energy is also, give or take, we talked about INR 75,000 crore for setting up of the whole giga factory. And between a combination of what we have spent and we have already committed, I think fair to say that the entire INR 75,000 crore we are already in. The bigger ones will start coming in when you start generating electricity because then you're really taking the panels and generating. That is going into later, further down. Yeah. Overall, CapEx looks in that sense within these boundaries that I talked to you about. Can I go? Okay. Thank you for the opportunity for questions. Maybe just starting with the new energy part of the business, can we talk about the next set of the timelines? When do we expect to hit 10-gigawatt module cell, polysilicon? Also, where are we on the battery manufacturing? We talked about the 30-gigawatt-hour battery manufacturing capacity. Where are we, and what is the more realistic timeline we should think about for the ramp-up? If you can also talk a little bit about the battery technology we are pursuing here as a LFP. Thank you. I'm going to ask Karan to answer this. Also, next time, anything on, I have all my colleagues from Refining and Petchem. Very happy for Srinivas or Sridhar to answer some of these questions. Specifically, Karan, why don't you take? Hi. Hi. Yeah. First question was on the timelines on the solar manufacturing, right? As Shrikanth mentioned, we are very well progressing on all. The entire engineering has been done for the entire value chain, whether it's polysilicon, ingot wafer, cell module, glass, and POE. The equipment orders have been placed, and the construction is going on. I think we have defined that by end of 2025, early 2026, all these factories will get commissioned and will start producing, and we are well on our way to achieve that. The second question was on battery technology. It's lithium iron phosphate. It's large-format prismatic cells, which is for storage requirements, utility-scale storage requirements. Again, very well progressing on that. The construction has already started. In 2026, you'll start seeing starting with packs and then going to the cells, the manufacturing. Again, it's a full entire value chain, including battery materials that we are doing. Thanks, Karan. Can I clarify? The first batch will be the packing of the cells. And then the cell assembly will happen roughly by what timeline? Everything is progressing together. It's just probably a matter of a quarter to two quarters. By the time you will start seeing container, pack, and then cell in that sequence, effectively. Okay. Great. That was on the new energy. If I can also ask a question on refining. Just more in terms of the environment of the crude discounting and the crude environment over the past year versus what we expect in FY 2026. The reason I'm asking is, of course, we had an environment of high Russian crude discounts in the past couple of years, which appears to be narrowing. At the same time, OPEC is releasing more barrels in the market. Net-net, the crude discounting environment, do we expect to improve in FY 2026 versus 2025, or rather stay flat or a little more tougher? Thank you. See, when compared to two years back, we have seen a correction to crude discounts. Crude premiums have gone up because as more and more crude got new markets, got diversified. That situation got corrected to a large extent. Being a complex refiner, we continue to enjoy decent crude discounts when compared to the peer group. In general, AG premiums have slightly corrected with the ongoing easing out in terms of crude production because non-OPEC crude production is coming up in a significant way. We are seeing significant growth in non-OPEC production from last year to this year. That will put pressure on the AG crude premiums going down, which will help the Asian refiners. Yeah. Great. If I may, just last question. On chemical, we earlier talked about increasing our ethane sourcing mix. Where are we in terms of our feedstock mix right now? Ethane, propane, and naphtha. How does that mix change? The timeline of the increasing of the ethane mix, and how does that mix change in the next one or two years? Ethane mix is actually linked to our expansion projects on wine aisles. We have already ordered three new ships with the shipyards. They are likely to start getting delivered sometime 2026, second half. That is the timeline. They are phased out over a period of time. As I said, they are primarily meant, that extra ethane is meant for the expansion project of the wine aisles. Does that answer your question? Yes. Thank you. I think we'll continue with short. On this PVC thing that we are putting up the project, this was actually supposed to be put in ADNOC, right? That has been changed now to Dahej. Yes. That's the same one, right? It's the same one. We shifted the whole project within India itself. This will be a $2 billion. The sum remains same. Actually, we have added a couple of things. We have added a CPVC element also into it. We have added a railwood element also into it. It has become a wider project than what it was. Capacity is also more. Of course, the cost numbers also changed because the cost factors in Abu Dhabi were very different from what they are in India. The size of project has also actually gone up. We were talking about a million tons of PVC then. We are now talking about more than 1.25. How do we plan to consume the caustic? Because we will consume chlorine. We will sink chlorine in PVC. We will be ending up having 1.5, 1.6 million. That's the advantage we have because this particular industry has a challenge of consuming actually the chlorine. We will be advantaged in that position that we will have chlorine conversion. You will push the entire industry into a disadvantage position because we will be having 25% of India's caustic production at one location. I mean, I agree with you. There will be caustic surplus in the country. For a while, for an initial period of one or two years, we will export some of that caustic and manage the situation. Great. One on battery. This LFP battery, this LFP battery, we will be doing it all ourself, as in LFP production to battery production, everything we will be doing? Yeah. As I said, it will be fully integrated from battery materials, which is cathode and old electrolyte all the way to cell battery. Container will not be doing lithium carbonate production because that effectively goes into the mining. India does not have that rich resources. We have a supply arrangement for the carbonates. It's a surplus market. It's a surplus market. Thank you. Thanks. Two questions on telcos, one on retail. On telco, Anshuman, clearly the tariff hikes we've taken for Jio, it is more back-end loaded as compared to other telcos. Should we continue to see benefit of tariff hikes in coming quarters, or most of it is largely behind us? A little bit more because some of our annual plans are still quite popular, and those impacts will flow through almost till the hike happened in early July. When the next recharge happens, there will still be some impact of that. We had also enabled, allowed customers to do stacking, though people do not stack annual plans that much. They do not do. That impact, some impact may still be there. A commensurate margin improvement should be seen, right? As in how ARPU improves? Yeah. They should. Look, there are lots of combination of things which impact the margins there. This revenue increase should improve the margins. Second question. Telco vendor payables, how much is roughly the number right now? The vendor payables? Yeah. CapEx creditors is now. CapEx creditors. Sorry, you have the numbers, but we've mostly taken credit now. It's all converted into loans. We don't have much of that now. Okay. Got it. Thank you. On retail, the question is, is the turnaround largely done? Because there were three parts from what I understand. The B2C rationalization, which, as we saw today, you guys are adding stores. Second one on the B2B side, and third one was fashion being slow. Where are we in terms of B2B rationalization and fashion update? See, it's pretty much done. If you look at on the store side, we continue to add new stores while we weeded out all the stores which didn't make sense, right? We opened 2,700 new stores. We closed almost 2,200. My net addition is only 500. B2B also, we've kind of weighed down some of the low margin categories which were not making sense. That transition has also been completed. That is already reflecting in the numbers. If you look at our margins, margins are expanding because of both of these. Now, when you look at the fashion, yes, the market has still been weak. If you look at most of our competition, the market is still weak. For us, Q3 was a good quarter, even Q4, with all the work that we have been doing on reducing the design-to-shelf cycle, reducing inventory, increasing the design quotient, making design more AI-enabled. All of that is starting to bear fruit now. We have had positive LFL growths and double-digit growth in the fashion business in this year. So it's turned around. We believe it's turned around the leaf, and we'll see this continuous growth quarter on quarter going forward. Got it. When should we start seeing any meaningful contribution from SHEIN? We've just launched it. We just did a beta launch in February. It's important to get a certain number of options on the platform. This year is when we look at meaningful scale-up. We'll also start advertising. You need to have certain basic minimum number of options to offer customer the choice before you start advertising too much. The good thing is, just when we did organic, just on their own, we saw significant downloads. It was one of the top 10 downloaded apps during those initial few days when we did the beta launch. I think as we marketed and as we add more options, we should see the pickup in this year. Thank you. Last two questions. Yeah. Yeah. Sorry. If you don't mind, if I may, I have the privilege of the last few questions. I have a series of questions, actually, on the new energy business, if I may ask them one by one. You all are obviously starting module production way ahead of your own in-house consumption, i.e., for power requirements. Now, modules, as you know, are perishable commodities. Are you all looking to sell this in the market initially, especially as the DCR market is extremely lucrative? I think what Shrikanth mentioned with respect to the generation capacity coming later, or generation coming later, it's about the significant capacity coming later. As our modules get manufactured and as we have got the land in Kutch, which is already in development stage, we'll start getting the modules installed in Kutch itself. Having said that, the beauty of an integrated business model, it provides the business flexibility. As the markets give opportunities, whether it's Indian or international, we'll benefit from those opportunities. If I may quiz you further on that, I mean, I understand that basically your EPC has to start six months prior to actually the module production. I'm not aware of actually any EPC work started materially as yet. Your module production has started, but it's still going to take at least six months to get consumed on site. You'll still have a module surplus straight away, right? Let me just say EPC is engineering, procurement, and construction, right? We already started at least two legs. The C leg is also working or progressing. Okay. On AGT, it is clearly the next generation technology that the Chinese as well are going slow on. How are the sort of initial efficiencies that you're talking about? It's pretty good. You had actually targeted 26% to start with and going to 28%. Is that in line? The cell efficiency you're talking about. Yeah, cell efficiency. Absolutely in line. We are seeing those benefits. Okay. On electrolyzers, what sort of tie-up do you have with Nel and what is the technology? I think we have already announced that there's a press release on Nel when we did the tie-up. Nel is actually one of the oldest electrolyzer manufacturing companies out of Europe. They're very good in alkaline technology. That is what we think is going to be beneficial for utility scale. We have a tie-up to set up the manufacturing as well as do technological collaboration with Nel. I mean, in terms of economics, nevertheless, they are on a, I mean, the Chinese, I believe, have reached economics of $350 per kilowatt-hour, right? And Nel is, I thought, more like $1,000. I won't be able to give you the number, but I think in partnership with us, we'll get to the economics, which makes us cost competitive. Okay. Finally, on hydrogen, how far is that out? 2028, perhaps? Again, I won't be able to give you the timeline around hydrogen, but we are very well prepared to sell the market. Because you all have also won several PLIs, right? I mean, they got an expiry date. That's correct. How do you manage, how would you manage that? We'll deliver to the PLIs. Is that right? Okay. Within three years, I think production will start. We'll deliver. It's not much. That volume is not significant, right? If you look at it from overall perspective. Okay. On target to reach a $1 cost? Yeah. Last question. On target to reach $1 cost by 2030? Again, I won't be able to give you an indication on the direction on that. Okay. Thank you. Can I ask one question for Kevin? Can you know the mergers? I understand that the mergers only happened in mid-November, but can you give a sense on the growth that you're seeing? Because television advertising is struggling. It's still below pre-COVID levels. Also, your margins are only 3%. How quickly, with whatever growth ambition you have, do you see that catching up with peers who are at multiple of that? Actually, at the moment, we are in the midst of growing viewership, growing our platform. I always believe, I'm saying, is if you can grow those two parameters, revenues will always follow, right? We are quite optimistic looking at the start where we had, whether it is with the app or if you look at where our channels are performing on today's date. In most markets, we are leaders. We have got eight to 10 of the top ten programs. I think if we can manage viewership, revenue will always follow. Yeah, but there seems to be something very structural about television advertising because despite 100 million pay-TV homes and it growing, it's still below pre-COVID level in three years, three, four years. While digital advertising... Not really. I don't know. What I'm saying is I'm not really. I don't know which source you're looking at, but if you look at the EY reports, etc., television is all way above the pre-COVID. Is it growing? I'm saying is if you look at any of the reports that have come up, okay, and the predictions for the future, okay, it's showing a positive prediction. Television will also grow. Yes. Yes. Very much. Your margin catch-up, do you think the 3% margin will go to double digits in the positive? That's the margin for the company. Digital ad sports and... Yeah. So that's... Do you have a margin ambition or a target? We have margin ambition. We have EBITDA ambition, and this is pretty big. Okay. Thank you. Okay. Thank you. What we have in mind is absolutely. So... Can I just ask for Anshuman one question? Positively the last one. Sure. Thank you. You spoke about 5G monetization. Could you just throw some more light on that? What are your thoughts on that? Basically, how can we look at ARPU improvement in the absence of tariff hikes? Obviously, 5G monetization should be key. 40% of subscribers now on 5G, so... Yeah. 45% of the data consumption, data traffic on 5G. Opportunity to give more services through a combination of things like network slicing, being able to offer some differentiated superior services, enterprise offerings. We see many opportunities there. The network has stabilized quite well. We are confident that we'll be able to demonstrate, provide those services, and then be able to charge a premium for some of those services. Those efforts are going to be taken over the next few months, few quarters. The reason I spoke about the Kumbh case study was also because in very difficult circumstances, we were able to offer fairly differentiated services. Now, we expect customers to be willing to pay for some of those services. Enterprises, definitely. We are differentiated. No other operator will be able to offer those kind of differentiated services. Both additional revenues, incremental ARPUs, as well as just getting more customers because customers will look for those kind of services, we see those opportunities in the next few quarters for us. A question on the retail business. One of the 2,200 stores which were streamlined, if you can just give some picture in terms of between consumer electronics, fashion and lifestyle, and grocery, where the biggest part of streamlining happened. Also on the fashion and lifestyle, you touched upon reducing the timeline from design to shelf and reducing the inventory or increasing inventory turns. Given the SHEIN partnership, is it also coming from their global learning, or is it completely maybe is it because of the SHEIN partnership or done internally? I'll answer the second one first and wait for Dinesh to turn up for the first one. On the no, it's a whole bunch of projects we have undertaken over the last three or four quarters over the last year. We have had a big technical project to cut down on the time from design to shelf. That's been done pretty much by ourselves based on our own experiences across running this business for the last almost 17, 18 years, the learnings that we've got. SHEIN is a different business. That partnership is focused on SHEIN itself. At this point in time, yes, the effort has been to create the domestic supply chain, which we have been able to now roll out quite well. We have over 12,000 options on SHEIN now. We have been able to create the domestic supply chain to be able to give that, provide a similar service as SHEIN offers globally. These are two separate instances. The whole tech platforms are separate. Doro is here. You can answer. Yeah. Sorry. First, one more. I think the question was on the store optimization in terms of, I think it has been across the formats. We have seen store closures, but it's also because of a variety of reasons. It could be just about some stores maybe have shifted because of maybe the trade areas or the consumer preferences moving. Some stores not performing well because maybe just the mall itself is not performing up to the mark and so on. It is a function of a variety of reasons for both fashion, largely, and also for grocery business, yeah? It is both from a small town to largely mall-based stores in large cities. We have seen maybe just optimization in large pockets. We have also replaced all of those stores with new stores. You actually see for the year, there is a net addition of about 500 stores. Yeah. Thank you. That's truly the last question. Thank you so much. We are absolutely delighted that we got this opportunity to present and have this interaction and look forward to the next one three months from now. Thank you. Thank you.