So I'll just do the summary one and then open it up for individual businesses. So starting from the consumer businesses side, customer addition strong at about nine million, taking the total to about 515 million customers. Very good traction on the home side with about 25 million that we have, and we saw a significant margin expansion too. And on the revenue, on the retail side, revenue growth has been about 8%, and overall EBITDA growth has been 1.3%. And we'll go through what has been unique in this particular quarter. Overall store count at close to 20,000 stores, and having added about 430 stores. We will talk through in that presentation about how the quick commerce is progressing. One of the important data points is the fact that we have now 1.6 million orders run rate, that's what we are doing, and very much on track to be the second largest QC player. On the FMCG side, the demerger happened, as you know, on 1st December, and we are at more than INR 5,000 crores of turnover, and this is 60% up on a year-on-year basis. A lot of purchases of brands that we have, which we'll talk through in those slides. Media continues to do exceptionally well, and even though it was not the sports season, and MAUs at about INR 450 million. On the energy business side, strong growth, 15%. You saw the, of course, we saw that the deltas for the transportation fuel was pretty strong, anywhere between 60%-100% growth that we saw year-on-year. Jio-bp continues to do well with 24% growth in volumes for both gas oil and gasoline. And the EBITDA on ENP was lower, as you know, on the back of lower volumes and a bit on the price side. And on the new energy side, Karan will take us through the progress that we are making in terms of getting to the 10 gigawatts of integrated solar chain. These are the results at a glance: revenues up 10%, EBITDA up about 6%, and overall PAT at 22,290, which was also up about 1.6%. So again, strong growth. Revenue has been obviously led by digital services, to some extent retail. EBITDA fundamentally driven by strong O2C performance, 15% higher. Digital service up 16%. And consolidated profit was muted because of higher finance and depreciation. As you know, Jio depreciation with capitalization of 5G assets was the primary driver for higher depreciation. Yeah, this is just the business-wise breakup of the EBITDA starting from O2C and all the way. As you can see, 15% up on O2C on the back of, as I said, higher transportation market. This kind of, of course, it was offset by fairly muted downstream petrochemical performance. Upstream has been impacted coming from lower volumes there. Digital services, very strong growth, as I said, on homes as well as customers. Retail, we'll talk through the scaling up that we are doing on the quick commerce side. Others have been lower because last time, same time, we had very strong performance on treasury side. That's where you see the reduction on a year-on-year basis. I just thought I'll put the context of the nine months so that we can see the performance for the nine months that went by. 9% growth in revenues. When you now see the EBITDA, it's up 18% on a nine-month equivalent basis. PAT 28%, even if you back out the exceptional, it is up between 13% and 14%. Even the individual segments, when you see business-wise, O2C up 15% on a nine-month basis, E&P slightly lower, digital services up 18%, and retail close to 10%. Balance sheet remains fairly steady. You can see there is no change in terms of the net debt number, leverage, etc. Businesses continue to deliver cash. When you see the CapEx at 33,000, almost 34,000 vis-à-vis the cash profits, so you can see that we continue to generate more cash. Just an update, you may have seen that S&P changed our rating from BBB plus to A minus, which is really two notches above. They have focused on the fact that higher portion of our earnings are coming from less cyclical businesses, especially the consumer side. And in their own minds, assessment earnings growth will continue to outpace the CapEx there because of the free cash flows there. And of course, as a company, we will benefit because there are pools of capital which lend only to A-rated consumers, A-rated companies, and liquidity improves, credit spreads come down. And I think we are the first Indian manufacturing company with an international rating of A minus. With this, I'm going to ask Anshuman to take us through the Jio presentation. Thank you, Srikanth. Good evening, everyone. An update on the results and performance of Jio Platforms in the quarter. Before I start with the numbers and how we have done, I'd like to just take you back to the approach to business that we have had over the last several years. In fact, pretty much from the beginning, the emphasis on technology, developing our own proprietary technologies which are suitable for Indian customers, which are suitable for Indian price points, and are truly differentiated and can work at global scale with global efficiencies. We have developed proprietary technologies, as you can see on the left-hand side across our network. Today, our whole core of 4G and 5G run on our own stack, developed in-house. We have, of course, spoken about the fixed wireless solutions technology that we have deployed in India, which is working very well, which has made us the world's largest fixed wireless operator already, which is, again, developed completely in-house. It's a completely Jio solution, both the software side, the software stack, as well as hardware, and that's working quite well. You're, of course, familiar with the innovations that we have done on devices and OS as well. And currently, the home OS, the Tele OS that we are offering to homes on their connected devices, on the CTV, and of course, the set-top box, which is now scaled up to over 25 million homes and working very efficiently. And then, of course, various applications that we have developed and kept launching from time to time, and we'll speak about some of them in a bit. That, combined with the reach that we have got through a combination of both digital as well as physical, with our own family of apps, MyJio, the set-top box, JioTV+, and then, of course, other partner apps that we have got in the ecosystem, be it the JioHotstar or now with the financial services companies, helps us take these technologies and these platforms deeper into the ecosystem, scale them up very fast, prove that they're working efficiently. Of course, that alongside the physical on-the-ground presence as well, the fact that we have 99% population reach and a million touch points helps us scale these up. And we have now proven them at scale and on cost, which is where we see a lot of both organic efficiencies coming in, as well as opportunities for us to really use these technologies beyond just the Jio network and Jio companies. Getting on to some of the key numbers for the quarter, we ended the summer with 515 million plus subscribers, 8.9 million net adds during the quarter. We continue to have very healthy growth rate on subscriber additions. 5G user base has been growing very rapidly and quite well, 253 million plus 5G subscribers as well on our network. Homes, we continue to add almost a million homes every month, in fact, more than a million homes every month over the last several months. Now we maintain that run rate, 25 million plus fixed broadband connects, and 11.5 million JioAirFiber homes. These are homes where we are using our own proprietary technology, as well as our 5G network, the 5G-based FWA technology to connect these homes. And bulk of the connections are now really happening through these wireless technologies in the last mile. Revenues crossed INR 37,000 crore during the quarter and with a fairly healthy EBITDA margin of 52% and broadband subscriber share of over 50% in the country. So mobility, we continue to get market share. The 5G deployment, the 5G expansion across the country is helping us win more customers. We have 65% share of 5G subscribers in India. And if you look at the chart on the right, the growth rate has been quite tremendous. Every quarter, we are getting 30-40, every quarter, we are getting around 20-25 million consumers who are converting to 5G or coming into our networks to avail our 5G services. More than 50%, so 53% of our traffic on the network has now moved to 5G, and that has eased a lot of pressure on our 4G network, created more capacity for more customers, improved the customer experience. In fact, one of the things that's not included in the slide in this deck is the Ookla ratings, which came in earlier today, where they rated us as the best network on pretty much all of the parameters that they rate companies on, and that just shows the quality of network and the advantage that we have over the other networks in the country. We have got into 99% of incremental industry VLR subscriber additions in the 12 months ending November 25. I know that some of you, many of you love this VLR number. So for those of you who do, this will be an interesting one for you to note and just look at the trend over the last few months. And you will see the massive impact that the quality of our network and quality of our services is causing. And we see that trend continuing, in fact, picking up as we move forward. And then we have, of course, been adding more services and more offerings to our customers on our network with partnerships like Jio Hotstar or more recently, the Google Gemini Pro, which has been made available to all of our 5G unlimited user base and has seen tremendous uptake. It's giving our customers something more on our network, but it's also giving us a lot of intelligence about what's going on on the network, what consumers are doing. And it's a fairly win-win relationship that we've been able to form on this one. So just a little bit of details of that offer. It is currently available for all of our unlimited 5G users. We do plan to expand this to other users as well in the course of time. Effectively, every Jio user today gets unlimited, or every Jio 5G user today gets access to 18-month subscription on the Gemini Pro plan. And on an MRP basis, that's INR 35,000 of value that we are offering to all of the Jio customers. And many of them, and it's now in tens of millions of them, who are taking up this opportunity to use the Gemini Pro offer and get access to Gemini Pro, the 3.0 model, Gemini Nano, of course, very popular currently. It's one of the use cases that we find our users using, NotebookLM and 2TB of cloud storage. So a very popular scheme. Now, this is one of those situations where we have been able to partner with an existing strategic partner, bring something that's important for them to the market. They recognize our ability to take this to consumers, just given our knowledge and understanding of the consumers and access to the consumers. And there is a very good value share arrangement as well between us. So it's a win-win for both of us. Homes, I spoke about. We continue with our healthy growth trends on adding new homes, and we are doing this across multiple technologies: fiber, fixed wireless 5G, and fixed wireless UBR. We have gained over 800 basis points market share in the last 12 months, and that rate, if anything, is only picking up. We have crossed 25 million home broadband subscribers. Now, 70% of the incremental fixed broadband subscriber addition is happening through the GEO network, and then, if you see at the end, very importantly, most of these new connections are now happening on wireless on the last mile. Of course, where possible, we are still using fiber. It's not to say that we're not believing in fiber anymore or not using fiber. Wherever it's possible, we still use fiber. But we are finding lots of opportunities to connect the last mile wirelessly. That's increased the pace of connections and on quality we have been able to sustain. In fact, quality-wise, if you recollect the last quarter, we spoke about both the consumption and the KPIs being higher for wireless subscribers. It continues to be that way. The FWA subscribers are consuming more data, and the quality of service has been at par, if not better than fiber. This is something which is, again, helping us in picking up the pace of deployment. We have created 3D twin for every network tower that we have, every building in the scope where we are connecting premises, which is pretty much now most of the country. We are seeing a lot of demand and traction coming in from tier two, tier three cities as well for our fixed wireless offering. We have been able to create a digital or 3D twin which precisely identifies and maps each building along with the serving technology and macro site. So for each building and each premise, each dwelling unit, we know which technology is most appropriate to connect that premise. So when a customer calls, we already know the engineer on the ground already is aware of what is to be deployed there. And accordingly, the engineer or the field technician is provided the equipment, the devices to go and deploy on the site. All of this is totally automated now. So there is no manual intervention really needed for this because we have the ability to really see the network maps and figure out what the best technology to connect a home would be. On the enterprise side as well, we are building more modes to grow our market share, to grow monetization. Managed services is what we are offering to enterprises beyond connectivity. We have always spoken about offering something more, in fact, much more than just pure connectivity. Managed services, connectivity at any location, multiple locations, enterprise-grade connectivity, and with completely secure and redundant network for Wi-Fi is something which is increasingly very popular in sectors like BFSI or commerce, now retail, etc. This is where we are getting a lot of traction. We have this unique ability with our differentiated managed Wi-Fi offering to give something which is important for enterprise customers and which we are possibly the only one who can offer that end-to-end stack to the customer today to work on. Again, both the managed Wi-Fi and the cloud offering both for enterprises, sovereign cloud that we are able to offer enterprises, meeting all of the regulatory requirements that they have and with all the functionalities that they would require, are enabling us to create moats around our enterprise customers, enterprise revenues. For the hyperscalers, we are able to offer them extremely high throughput and low latency. And that's something which is very important in this new day and age where AI use cases are picking up, the throughput requirements are picking up. We are one of the only ones, again, arguably the only one who can provide end-to-end high-speed, low-latency connectivity across data centers, across enterprise locations. And then office at home with mobility and fixed broadband for employees. This is a very popular offering with a lot of enterprises, including for firms that some of you may be representing here, who want fully secure end-to-end premise home and office connectivity, VPN kind of service on the network, so it's secured on the network. Now, these are some of the differentiated things that we are doing and which are becoming more popular with enterprise customers. And we are seeing good traction with these. With that, I'll come to the operating numbers for RJIL. Customer base, 515.3 million at the end of the quarter. So fairly healthy subscriber addition, and that pace continues to be quite good. Net customer addition of 8.9 million. The BLR customer addition, again, as some of you like it, would be higher. ARPUs at 213.7. So improvement in ARPU. There's no impact of tariff increase in any of this. So this is just organic ARPU increase based on more offerings that we're giving to customers, the change in the customer mix, the change in the tariff plans. So completely driven by organic means, only no tariff increase built in here. Total data consumption crossed 60 billion GBs. You are already aware, we are the largest data carrying network in the world. We continue to be. We continue to grow faster than any other network. Per capita data consumption growing to 40.7. So that you've seen a jump from 32.3 to 40.7. And half the subscriber base today is on 5G. The other half still on 4G. But this is being caused also because of the transition to faster networks and more use cases that people are finding. The churn is coming down, which would be expected given just the quality of network and service that we're providing to our customers. Financial results for RJIL could heavily increase, 11.8% increase in operating revenues year on year, and 16.5% increase in EBITDA to 18,488 crores, 56.2% EBITDA margin. The operating leverage, of course, we've spoken about that in the past and that you see happening every quarter, and as we monetize our assets more, as we monetize our network more, these numbers should see the right trend. JPL consolidated financials for the quarter ended. We reported operating revenues of 37,262 crores. That's 12.7% year-on-year increase. EBITDA of 19,303 crores and consolidated EBITDA margin at 51.8%, so we saw a fairly healthy growth in the digital services revenues as well, and margin expansion primarily coming out of the connectivity business. Profit after tax grew to 7,629 crores for the quarter. I'll hand over to Dinesh now to cover the results for the retail business. We'll come back at the end to take questions. Thanks, Anshuman. Hi. Good evening, everyone. In the retail business, this quarter we had the highest ever revenue at 97,600 crores. The revenue was up 8.1%. There are a few things which are factored in here. There was the GST rate rationalization which kicked in on 22nd September. Festive demand, this time the festival season was split between Q2 and Q3, whereas last year the entire festival season was in Q3. So if you remember, we had a very strong Q2 growth. Some of the sales which was built in Q3 last year was in Q2. And then the third part is the RCPL departure which was effective during the quarter. So RCPL entire revenue was included in Q2. Now, that revenue has gone out of retail business. EBITDA came in at INR 6,915 crores. The margin stands at 8%. There are three specific factors impacting margin. One is the festive offers and promotions that we did during the quarter to drive sales. The second is the investments in the hyperlocal commerce business where we are growing pretty rapidly. And then there's a one-time impact of the new labor code. Hyperlocal commerce, we are scaling up pretty rapidly. We ended the quarter at 1.6 million. On a quarter-on-quarter basis, the growth was 53% in terms of number of orders. On a YOY basis, 360%. So we are scaling up this business very, very quickly. All our operational metrics, whether you look at registered customer base, number of transactions, new store addition, all of them show a healthy trend. We also entered into an exclusive partnership with Fabletics during the quarter. It's an American women athleisure brand and part of our premium brands business. Gross revenue growth of 8%. Net revenue factor in the GST is 9%. EBITDA is INR 6,900 crores, 8% margin and profit after tax of almost INR 3,600 crores. Moving on to the update across consumption baskets. In grocery, big box continues to be the key driver of growth, where we are seeing pretty strong, healthy LFL growth in the business. The growth is quite broad-based. Festive season, obviously the festive categories do well, but even otherwise, the other categories, whether it's DFB, staples, packaged foods, all of them continue to show a healthy momentum. The festive period also saw a lot of gifting categories. Some of them were kind of the highest-ever volumes during the quarter. Then our B2B business, Metro, continues to see strong growth driven by footfalls. We are focusing on basically getting the kiranas into the 200-plus B2B stores that we have across the country, as well as improving our wallet share, so we are running a lot of loyalty programs and a lot of other engagement programs to make sure that the kiranas are engaged with us. Here, again, multiple categories showing strong growth. The JioMart business, we have the largest quick commerce. If you look at footprint, we are present across 5,000-plus pin codes in 1,000-plus cities. This is done through 3,000-plus stores which are a combination of walk-in stores and dark stores. It makes sure that we have the largest network of stores in the country and the widest reach compared to any quick commerce players, which is helping us scale the business very, very aggressively. As I talked about, we are already at 1.6 million-plus orders December. In the first 15 months of January, we have seen further growth from here. In addition, we are also adding new customers pretty aggressively. We added 5.9 million new customers during the quarter. The customer base is up 43% on a YOY basis. To complement our store footprint, we have been kind of adding dark stores, and we now have a pretty substantial dark store network as well across the country. One interesting trend that you would see is our customer loyalty. See, we are the largest player in terms of FNV, and we have the biggest supply chain there. And FNV is something which drives a lot of repeat behavior. Almost one in three to one in four orders for us have FNV as part of the bill, which leads to almost 2x higher transaction intensity in terms of number of transactions per month compared to any other platform. Our seller base for 3P is up 22%. We continue to expand the catalog to make sure that the customers are getting the full choice, and they don't need to go to any other platform while we have the entire 1P offering onto the platform. In the FNL business, we operate the largest network of omnichannel stores. We do deliveries from our store across 1,300-plus cities. This makes us pretty unique because we are the only player in the market with the kind of network. We are able to do deliveries in 30 minutes, two hours, same-day delivery, or next-day delivery. We have different offerings, and that is something no other competitor in the market can actually replicate because nobody has the kind of footprint that we have. In terms of the performance, the last quarter, the biggest increase had come in the FNL business. If you look at it on Q3, while there is kind of compared to last year, the growth is low. But if you compare the Q2 plus Q3 number, that shows a pretty healthy double-digit growth. We continue to strengthen our position in multiple categories of women's Western wear, ethnic wear, party wear. We are launching new products in multiple of these categories to strengthen our position and using celebrity-led positioning to reach out to the target customer base. Our digital fashion business, Ajio, continues to do well. Our average bill value, which has been the focus for us, it is up 21% on a YOY basis. So the bill values are among the highest in the industry. We continue to expand our catalog. We have over 2.8 million options which are live on the platform. More than 500,000 options have just been added in the last 12 months itself. Our Jio Rush which is effectively an equivalent of a quick commerce offering where you are able to deliver very quickly. That is live across 420 pin codes in 10 cities. Now, the benefit of this is customers' returns is the nature of this industry. And the biggest reason for returns is customers change their mind or they may order on multiple platforms. When they are able to get something very quickly when they need it, the returns are much lower and the bill values are higher. In addition, we have launched next-day delivery to 26 plus top 26 cities. So this is leveraging our store network, which nobody else can replicate. Shein continues to scale while it still has a small base, but we are seeing pretty good scale-up. The number of app installs have crossed 6.5 million. The portfolio is now of options available on the platform is 50,000 plus, and this is growing quite quickly. Premium brands business, both festive demand as well as the new season collection led to pretty strong performance in this business. We also added, as I spoke about, Fabletics to strengthen our athleisure portfolio. We are also doing a few things. We launched the first Steve Madden accessory store in Delhi. So if you look at Steve Madden, we have the normal stores. This is just an accessory store. This is something they have not done anywhere. The first Hugo Blue store focused on the Gen Z denim line. So there are some unique things which we are doing where we are partnering with the brands and reaching out to customers in new ways. In the jewels business, the gold prices have gone up substantially, which is reflecting in the strong growth across the industry. Players are seeing pretty rapid growth. We also had a pretty good growth in the strong growth in the business. The average bill values are up 73%, and that has primarily been driven by the gold price increase. We had the best ever Dhanteras with 21% LFL growth. While people are using old gold as an exchange of medium, so that has gone up from 21% to 29%. But still, just given the sharp increase in gold prices and average bill values, the cash investment per bill is also significantly high. But in order to kind of use their existing gold and minimize the cash outflow, people are using old gold as an exchange more than what they were using earlier. That's a phenomenon we see across the jewelry industry. On the digital business, we had another very strong festive quarter. Both the stores business as well as our JMD B2B business are growing pretty strongly. The festive demand, if you recollect, we had a very strong post new GST rates. We had a very strong uptick. That momentum continued into the festive quarter as well. Especially, it was aided by the GST price reset since the categories like ACs and TVs, which led to pretty strong demand in those categories. But even other categories like laptops and mobiles and appliances did quite well. Rescue, which is our key differentiator, our B2B, our services business, we continue to expand our service network. Now we have presence across 1,600-plus cities. That gives us a unique advantage where we are able to do same-day or next-day delivery of this installation, which no other player is able to replicate just because of the infrastructure that we have put in. This is owned infrastructure. We are able to kind of leverage that and do the installations quickly, which is a big pain point for the customers. The B2B business I spoke about, it had a record quarter. It was driven by the highest sales of mobiles, phones, and TVs. These are the two biggest categories for this business. This business continues to scale very well. While we now have reached a critical mass of retailers in the country, the focus is more on increasing the depth of engagement and increasing the wallet share in this base, which is what is driving the growth of this business. I'll now invite Ketan to cover the FMCG business. Good evening. Good evening. So RCPL became the direct subsidiary of RIL from 1st December 2025. We continue our momentum for this quarter. We added INR 5,000 crores as revenue. And our YTD numbers stand at INR 15,000 crores. Our important category is daily essentials, where we have grown 1.5 times on year-on-year basis. And our Independence brand has crossed 1,500. We continue to kind of gain momentum in beverages, where we continue to have double-digit shares in key markets. Our energy portfolio has been growing very strong, and we have reached INR 1,000 crores in this quarter for the year. We also have started making progress across categories, which we had started scaling up during this year. Biscuit confectioneries have been led by new category launches and new market launches. Similarly, we have seen traction in home and care and also in personal care. By Q3, we have now four brands which have crossed 1,000 crores plus. This is just a glance of our total portfolio. We thought just whatever we could fit in across. So as you could see, we have kind of launched products across categories and across pack sizes. Just another update, because generally the updates are only on beverages and all, so we thought we'll give a glimpse of what we are doing in other categories. Our chocolates and confectionery categories are led by we have built a comprehensive portfolio using Ravalgaon, Toffyman, and our Lotus chocolate brands. We keep on launching new products to kind of generate consumer love and continue the fun in these categories. Our home and personal care also, we have been concentrating on Enzo to generate more consumer adoption. And our soaps now under Get Real and Glimmer are starting to give us some increase of takes in key markets. We continue to see robust growth in our snack businesses. We have now added new markets, and we see more demand for our value packs. On staples side, just wanted to point out we have started gaining some tractions on oil as a category, and we have some real good market shares in some key categories, key states like Maharashtra. Biscuits, some green shoot due to new markets expansions. In addition, the consumers have been loving our differentiated products under Maliban wafers and Maliban tea time biscuits. These are some glimpses of our marketing campaigns across. So not only do we have celebrity and influencer-driven things, but we also concentrate on on-ground activation and also participating in various events. We continue our expansion. We'll be more than doubling our capacity on beverages this year. We have high-speed lines across 12 states during the year. We also have started working on our food parks. We have been allocated land across states in multiple states. For most of the sites, our work on food parks will begin in this quarter itself, the next quarter. In fact, one of the beverage plants at Kurnool will be ready by March itself. Each food park will be equipped with high-speed lines across categories to give us the best cost advantages. Like we had announced, we have completed our majority acquisition in Udhaiyam, which gives us further advances, our pan-India staples business. Udhaiyam is a three-decade heritage brand, specifically in Tamil Nadu, which has a great distribution. And with this, we plan to kind of become a significant player in pulses also, which is one of the key categories for Udhaiyam. Also, during this quarter, we have acquired some global brands which have global markets except certain territories like Brylcreem, Toni & Guy, which was Toni & Guy on premium and haircare products. This has been diversified from the saloon business. We have also acquired a brand called Badedas and also Matey, which is a specialist UK brand focusing on children's personal care. Some key launches we have entered pet categories where our aim is to provide high-quality products which are science-backed, giving nutrition and providing accessible and affordable products to every pet parent. We have piloted this in southern cities, and we plan to scale this up in the next couple of quarters. Similarly, we have relaunched SIL, and we have entered into the noodle segment also. This has currently been launched in four cities, and we plan to expand this in the next quarter. Thank you. Kevin. Thank you, Ketan. And good evening, everyone. Our platform, JioHotstar, seems to be growing quarter on quarter. And this is reflecting, if you see, on all our content, whether it's on entertainment or on sports, which I'll talk about a little later. This quarter had some of our biggest entertainment shows, and they performed extremely well on the platform. If you look at one of our biggest franchises, Bigg Boss, which we had playing across multiple markets, it was in Hindi and the four regional markets, South regional markets playing at the same time. If you look at it, we posted one of our highest-ever ad revenues. What's more important than that is all these additions actually deliver us a 40% growth on digital watch time. Clearly shows the power of the platform and how the platform is attracting more and more consumers quarter on quarter. Even among the originals that we talked about, we had some of the top originals, which was Shekhar, which had Konkana Sen, and Mrs. Deshpande, which had Madhuri in the show. Both of these have been top performers. If you look at Ormax ratings, which comes for the industry, these are among the tops across all OTT platforms. It didn't stop at that. Even our regional movies, whether it is in Malayalam or Telugu, were the most-watched movies with Lokha and Mirai. And lastly, in the last presentation, I talked about our first attempt at AI content. Happy to share that Mahabharat, which launched on the platform, actually was one of our best launches, having a 2x viewership growth over any of our best-performing shows on the platform. All this has resulted in both its highest engagement as well as monetization on the network. If I just take it on to sports, as you see, it's the Women's World Cup, and what I'd like to point out here is the second point, which is the live watch time for the Women's World Cup is actually 10x over the previous Women's World Cup. We need to remember the previous Women's World Cup happened just one year ago in 2024, and the watch time has moved 10x. Even the amount of viewers that it attracted were 4x the number of viewers over the previous watch time, with a peak concurrency of 21 million. The last point is actually the most important. The final match viewership was on par with men's cricket. If I have to compare it, it was as good as any IPL match, which we have. Two, I'm seeing is on Kabaddi. When I mentioned seeing the platform is going from strength to strength, if you look at each of the properties that we have, which come up with the next season, has seen a huge growth. We have doubled our viewers, both I'm seeing is on number of viewers as well as on watch time for Kabaddi, making it the second biggest sport after cricket. Each of our tournaments, whether Australia, India, or India, South Africa, have seen nearly a 1.5% growth both in watch time and in viewers. So to our operational performance, I mentioned the platform is growing quarter on quarter. If you look at it, our average monthly active users is 450 million. This is a 13% growth over the previous quarter, and if you remember, during the IPL, when I presented the first time that quarter, during the IPL, we had similar kind of monthly active viewers as what we've seen in a quarter which has had very little cricket and a lot more entertainment. The growth story is we have managed to convert a lot of our consumers from cricket to entertainment and keeping them on our platform and getting it sticky quarter on quarter. Two, our entertainment watch time grew by 15% quarter on quarter, driven by the biggest seasons, as I mentioned, of Bigg Boss and strong performance across our regional and our Hindi portfolio, and lastly, our TV network content continues to deliver big numbers on JioHotstar. All this has led to a record high monetization on digital entertainment. It's driven by stronger CTV mix, a wider client base, and lastly, robust monetization across each of the impact properties. On sports, I mentioned earlier, the Women's Cricket World Cup emerged as the most-watched women's cricket tournament. Lastly, three of the men's bilaterals performed well both in watch time across men's T20 and across the ODIs and the T20 matches. All of that increased by around about 55% from our pre-merger levels. The Kabaddi League, the Pro Kabaddi League, watch time grew by around about 120% year, reinforcing Kabaddi's position as the most-watched sport after cricket. Onto entertainment, our TV shares continue. Our linear TV shares continue to grow. We've grown it by 100 basis points to 34.6. This is equal to the next three networks all put together. Lastly, Avatar: Fire and Ash is one of the biggest Hollywood movies for this year in 2025, crossing more than INR 200 crores of revenue in the first 15 days. All this on the back of innovative marketing and distribution that Hotstar provides. How does all this convert into financials? Our operating revenue for the quarter, a strong INR 6,896 crores, an EBITDA of INR 1,303 crores. A healthy EBITDA performance in spite of a tough macroeconomic environment, a strong performance in subscription revenue across both digital and TV. As I mentioned earlier, our digital entertainment revenue hit its record highs, driven by CTV and focused content monetization. The TV ad market continues to be challenging due to spend cuts from FMCG and consumer electronics. But the good part is, post-GST, December month has shown great signs of recovery, and we're hoping that continues as we go forward. Lastly, it's not fair to compare a year-to-year comparison, as the previous quarter, we started the merger only from November 14th. So we've had strong momentum growth sustained despite the macro environment conditions. Thank you. Good evening, everyone. Just to do a recap of the quarter gone by. So essentially, our focus is now to manage the decline. There is a natural decline in the fields, in the KG-D6 fields, and we're making best efforts to slow down this decline. In fact, if we compare our performance to when we had envisaged the production plan at the time of the field development plan, the overall decline is lower by almost 12%. However, there is a natural decline, and there are efforts underway to augment production, which I'll talk in a little bit. In terms of the price, also, you can see the prices have lowered. Generally, the prices have moved. Overall, LNG prices have moved from $11 to $9.5, which is reflected in the overall realizations in terms of KG-D6 and CBM. KG-D6 has a ceiling price. CBM does not. But overall, it's aligning with the market trend. So if we look at the EBITDA performance, essentially, we have made about INR 4,850 crores, slightly above that. And the EBITDA margins are essentially impacted by the revenue because of the decline in price and production. Overall, we still remain a substantive contributor to India's domestic production. We know that India produces anywhere between 90 to 95 MMS CMD. And KG-D6 combined with CBM, we're producing about 26.5 MMS CMD. Oil and condensate still remains steady at around slightly close to 18,000 barrels, but average is about 17,300. In CBM, again, this is turning out to be a bit of a positive story. The initial campaign that we had, the productivity of the wells had improved by almost two and a half times. But in this recent campaign, we are seeing a much better productivity of almost three and a half to four times. So as we are drilling more wells and as we are drilling in areas outside the core areas where we had initially drilled, we're getting better and better performance. So that's encouraging for us, and we will continue to drill wells over there. Just overall, in terms of augmenting the production, we will be having a rig join us, mobilize in this second half of this year. And initially, we'll undertake exploration wells in the KG basin and basically driven by infrastructure-led exploration so that whatever reserves that we can accrete out of it, we can bring on stream by tiebacks to the existing infrastructure. Also, we are planning on doing multilateral wells. Sorry. In KG-D6, it'll be workovers that we are going to do in the MJ field as well as additional wells that we plan to do in both the R cluster and SAT cluster just to get some more reserves upsides and augment the production. CBM, we will continue to drill more multilateral wells as we go along. Just an overall understanding on how the gas prices are trending. Essentially, we are seeing more and more LNG exports from North America. We saw about 30 million tons of export increase in the period gone by. That trend will continue, as we had discussed earlier in earlier quarters, with more and more projects coming online, LNG projects coming online. We expect the supply to increase. The China demand has been a little tepid, has been slower, but we hope that will rebound. I think the main trigger now is going to be if for prices to hold up or increase is going to be the weather and the Chinese rebound. But otherwise, we expect prices generally to stay where they are, and maybe there'll be a little bit of a decline before they again get absorbed by the market and we see prices trend either getting stable or trending upwards. In terms of the Indian gas markets, still looks robust, the demand. In fact, there's been some moderate growth in fertilizer, but largely driven by the CGD sector. Due to seasonal reasons, the power consumption was a little low. But overall, we still see it stable, the demand slightly higher at 193 million standard cubic meters. I think the positive, the silver lining here is also in terms of the Indian demand is that we have the PNG uniform tariff policy by which they have reduced the number of zones from three to two, which means customers largely, even if they are farther away from sources, they're paying similar tariffs and they're not burdened by higher transportation costs, which is good. It bodes well. Now that you have the national gas grid infrastructure, it means customers wherever in the country can get decent prices, transportation prices, which are similar to the ones who are closer to the sources. In terms of ceiling price, as you're all aware, it's come off. It's about 9.72 as compared to 10.04 in the earlier half. So this will be prevalent over the first half of this year. Thank you. This was just the overall recap on the business. Good evening. I'll take you through the oil to chemicals presentation. Financial performance, I think the momentum is there. We have done very well in this quarter also. If you look at the year-on-year, operational delivery is pretty robust. Fuel cracks, of course, the market has been favorable. It's gone up by about 60%-100% when we talk about the fuel cracks. All of you are aware that besides fuel, refinery produces other byproducts also where the cracks are negative. So that's the normal course of the market, but impressive rise in the cracks. The other important attribute is we've really focused on the domestic market and increasing the placement in the domestic market through our GOBP. Diesel sales up by 25% and gasoline, MS sales up by 21%. Pretty strong performance there. And then, Mr. Amit Chaturvedi will be covering this, so I'll leave it for him. There were certain opportunities of looking at the product mix, so we've maximized the gasoline production because of the better economics rather than sending it to petrochemicals. So overall, one could say that there's been stable demand for fuels as well as polymers. Now, when we talk about the earnings, we're talking of a bit of 16,507 versus the previous year when it was 14,400. 15% growth, that's quite strong. Now, if we look at the earnings, the cracks have gone up, we are saying, by 60%-100%. Middle East led by 60% mainly and gasoline by 100%. There were certain factors which did drag the profitability. One was because of the volatility in the market, the feedstock prices and the premium for the feedstock prices, like the official selling price of the Middle East, actually went up. So we've seen a significant increase in the OSPs. So that definitely is a higher feedstock cost. And then the deltas on the petrochemical side also have been low. And then in addition to this, also we have had a rise in the tanker rates, the freight rates. And why the freight rates went up is because the sanctions on the vessels doing some trade from Russia or the other countries have been put on the sanctions list. So the number of VLCCs available for the trade actually came down. So on the feedstock side, we've had one is the price of OSPs going up. Second is the freight also being much higher. Talking about the operating performance, given the strong market environment, we've taken advantage of this by maximizing our throughput. Our crude throughput is 20.6 versus 20.2. Not crude, sorry. The throughput for crude plus the other feedstocks for petrochemicals was 20.6. How did we pull this off? It's we've had situations when suddenly the sanctions came in and we had to cut back. So we could take actions like approaching the National Oil Companies much ahead of the curve to source the oil without affecting the spot market in any major way. On the fuel side, again, a cost, so how do you reduce the fuel cost? So we've had a record gasifier output that helped us reduce our fuel need from external sources. Besides that, we have also calibrated our fuel mix. There are certain fuels which were cheaper available, cheaper than the other gaseous other fuels. So we've optimized that by consuming more of the cheaper fuels. And we also did sourcing of power from the grid. All these contributed to a lower fuel cost. Now, freight cost I mentioned was quite high. It rose significantly because of the vessel availability going down due to sanctions. So what did we do? The best we could do was we had a high share of time charter vessels which are already available at a lower price. So that gave us some advantage. We also aggregated cargoes. Instead of taking them in smaller lots, we've tried to pick up larger parcels. That has also helped us cut the freight cost. And we've also adopted a lot of flexibility in terms of changing the service of the tankers from dirty crude to clean products and things like that and back also. So all these helped in reducing the already high freight cost a bit and contributing to the profit. In the B2B segment, of course, we've introduced Active Technology diesel, which improves the efficiency and the fuel consumption drops by almost 4.3%. So these are certain things we've offered. And wherever there's space to optimize further, we've also introduced combi parcels of some niche grades and supplied it into the Mediterranean. I mentioned about the strong performance on the domestic market. Now, if we look at the volume growth, 24% for gasoline and diesel together. And if you look at the CBG and CNG, I'd like to point out one on the extreme right. There also, it's a 55% growth, and now we are at 10,000 tons. The market share, we have grown to about 3.82% for gasoline and diesel at 5.9%. ATF, we are at about 6.1%. Market effectiveness is a measure of how much we are selling per output, per outlet as compared to the competition. So there also, as compared to the competition, we are in gasoline selling 1.8 times what others sell from their outlets. And in the case of diesel, 2.7 times what the others are supplying. Network is up. We are at 2,125 charge points at 6,815 and CBG, CNG stations 121 and convenience stores at 164. So we continue to focus on the domestic market, and we are trying to outperform the market with innovative products. And then we have some fleet and driver programs which we are encouraging so that we improve our sales and also give the consumer back in terms of more miles. These are the reasons why the markets have moved, prices have fallen. Let's say Brent price has fallen by almost 15%. I think everyone here is aware that oversupply in the market has been pretty high. Okay. OPEC has unwound something like 2 million barrels of cuts which they implemented earlier. So you had 2 million barrels of additional oil coming in. Then the non-OPEC production itself has gone up. So all these contributed to oversupply. To some extent, the prices should perhaps have been much lower than what we're expecting or were actually settled. So the reason why probably prices didn't fall that much was because a huge stock buildup was happening by China, almost 400-500 KBDs. The estimate of various agencies have been built up throughout the year in 2025. So huge buildup because of the SPR that China is building up helped support the price, and at least they're at the 60-63 kind of level. Refinery operating rates, because the demand's been good in, let's say, U.S. and our own place, and everywhere the demand for fuels is good. So we have had seen very high operating rates, more than 90% in the US. Even China, which used to operate in the low 70s and all, are more closer to 79, 80 levels. So that's the story on the operating rates of refinery. And of course, we've had some refinery closures and some disruptions. And when you have such high operating rates, any refinery going down means the market reacts. And we actually found that the margins were supported by that. So this is again a picture of the global oil demand from 104.1 in third quarter 2025 to third quarter 2026 to 104.7. So 600 KBDs the growth. Normally, we would have seen one, 1.2 million barrels kind of growth. So it is moderate. But I mentioned that the oversupply is more than 2.5, 3 million barrels, save for China actually building up something. Therefore, the prices are actually benign, and one would expect it to remain so. In terms of the transportation fuels across the board, all the fuels, jet kero, gasoline, and diesel all have grown. The numbers are there: 0.4% for jet fuel, 0.3% in the case of gasoline, and diesel by 0.2%. Domestic market, again, pretty robust growth. Oil demand in the quarter is up by 2.2%. Gasoline demand, again, because of high personal mobility, and if you look at the sales of vehicles after the GST cut has also been significant, so all these contributed to higher gasoline demand in the country. We, of course, as GOBP have done more than 25%. Diesel demand also up in the country by 3.2%. There's been momentum in manufacturing and the logistics industry. ATF demand up by 2.6%. There's been healthy air travel in both domestic and international sector. Of course, we've had some moderation of that strong growth because of the IndiGo issue, which a lot of flights got canceled. Save for that, the ATF demand should have been higher. This is just a summary of what we've seen. Brent price is down by 15%. I said it's largely oversupply, notwithstanding some geopolitical tensions now and then. Gas oil cracks up mainly because of the refineries in Russia continuing to get attacked, as well as there's a fear of the availability of product in EU because of some sanctions on any diesel supply to them. Gasoline cracks again up. Very strong gasoline cracks because there were certain refineries which are large exporters of gasoline having operational issues and prolonged problems. So that also helped the gasoline cracks. And then jet fuel also I mentioned is up because one is diesel demand is also up because of winter demand. And then you have the holiday season during December. With this, I'll hand over to Amit. Thanks, Srini. Good evening. So starting with the feedstocks, ethane prices in the last quarter were up 21% compared to year-on-year. And the primary reason was that US Henry Hub gas prices were much stronger this winter compared to last winter. Last winter, this quarter average Henry Hub was about $2.2. This year, it was $3.56 a million BTU. So ethane prices, of course, followed up accordingly. Naphtha prices, as Srini mentioned in the earlier part of the presentation, they declined about 14% basically on weakness of the crude. Comparing the two major feeds, how they have performed over last almost 10 years period, the naphtha and the ethane as cracker feeds. If you see, the blue bars are the naphtha cash margins on naphtha feed, and whereas the green bars are the cash margins from the ethane feed. And over last 10 years, while the blue bars have come down very sharply from 644 to barely anything in last four years. And these are the Southeast Asian margins. And in fact, if we calculate the Northeast Asian margins, which are lower than this, so they have been almost negative in last four years, at least in cash margins. However, if you see the green bars, and these are US ethane price-based numbers landed in Asia, they have remained pretty robust. Our portfolio today, ethane portfolio is roughly three-fourths of our portfolio is based on these green bars, which has meant that we have been relatively very minorly impacted compared to our competitors. Another important thing here is that our ethane project actually went live in 2017. If you see from 2017 onwards, the blue bars have been consistently going down. That shows the organization's vision and the planning which went behind. We were the first ones in the world to move ethane from U.S. to Asia in VLEC's level and at that large scale at that large distance. That has fully paid off in last years. This is very, very evident from this particular slide. Continuing further on the weakness in the margins in the region, ethylene capacity in last 10 years from 163 million tons, the global ethylene capacity has gone to almost like 230, 240 levels, which is about 50% increase. The demand growth has been typically between 3%-4%, somewhere 3.5%. If we take average, the capacity increase has been substantially higher, which is very clear from the operating rate chart also, which has come down from 90-91% levels to almost like 80% level in last four years. We all know that below 85%, this business becomes very tough. So all the naphtha cracking-based ethylene, which is the marginal producer on the cash cost curve on the extreme right-hand side, they have been struggling pretty badly here, which is also evident from the shrinking PE-to-naphtha delta, which is shown by the green bars on the chart. The way we have been handling this situation is we have been doing a couple of things right. One is, as I showed in the previous slide, we shifted to the right feed where the margins are significantly higher compared to NAFTA. Two, we have been focusing a lot on the domestic market, which gives us much better margins compared to exports. Three, our discipline in terms of sales and inventory management has been of the highest order. I can tell you that, I mean, we have been operating with inventory levels of about eight to 10 days of inventory of our various products, especially large volume products. And considering the number of grades that we make, considering the number of customers all across India we cater with our volumes, it's an extremely difficult mode of operation, but that's what we have been doing. And that has helped us ensuring that we are not incurring any stock losses. We are least vulnerable to the price shifts or challenges that happen, volatility that is so frequent these days in the market. This margin scenario, of course, is leading to extreme stress in the, as I said, on the right side of the cash cost curve operators. We all know that the industry is going through a major restructuring in the Far East Asia, which is Korea, Japan. The Korean government has taken initiative to shut down almost 3.5 million tons of ethylene capacity. Industry has been told to cooperate and find out which plants will go down. We also read about recently that Exxon is shutting down its large cracker in Singapore. Europe, there are plenty of plants which are going under. This rationalization of capacity, we believe, will result in, and plus, China has announced an anti-involution policy, which will mean that they will be shutting down some of their old plants. All this, we believe, will result in restoration of the demand-supply balance going forward. It may take about a year or so to come back to that level, but that should bring back the normalcy to the industry profitability. Summarizing the margin environment, Naphtha prices in this last quarter were down 14% year on year, mainly based on lower crude prices. Ethane prices, as I said, were up 21% because of the stronger Henry Hub prices. Now, polyethylene, polypropylene, PVC, all prices, base prices, absolute prices were down, but in case of polyethylene, the reduction was lesser than Naphtha. So therefore, the PE delta and PE NAFTA delta is up 6%, but PP and PVC deltas were down 12% and 5%. In case of polyester, MEG has been pretty weak, so has been polyester, but it has been partially offset by strength in the paraxylene, which is where we have pretty large volumes. Talking about demand, domestic demand, polyethylene and polypropylene, we saw a good growth of 4% and 8%. PVC is a product which is the demand basically comes from agriculture and infrastructure. And this year, we had a monsoon which got prolonged much longer than its normal operation, and therefore we saw a PVC demand reduction of 12%. However, PVC, I mean, the country is majorly deficit in PVC, and despite this demand reduction, we were able to place all of our volumes in the domestic market. On the polyester side, staple fiber had a demand growth of 5%. Filament was lower by about 1%, mainly because of a lot of imports of the downstream products, which is now getting tackled by the imposition of MIP. PET, same reason as PVC. It goes mainly for bottled water and cold drink applications, and because of the prolonged monsoon, the demand of those products was muted, and that resulted in PET being at minus 15%, which skewed the polyester demand growth in domestic market also to minus 4% level. Summarizing business dynamics and priorities for O2C business, as Srini mentioned, oil demand this year is likely to grow global oil demand by 0.9 million barrels a day, which is led by mainly Chinese stock built and the healthy growth which continues in the Indian market. New refinery capacity will be limited. There are likely to be closures for various reasons and unplanned outages. These will. They are likely to support the refinery GRMs. Domestic demand of fuels and downstream chemicals is likely to remain healthy with the economic growth rate continuing where it is. This is likely to remain steady. Uncertainty in macro environment. I don't have to talk in detail about it. We all keep reading in the newspapers. It's been so volatile beyond anybody's control. But then what the business can do is to run with, as I said, with minimum inventories with all maximum safeguards so that the impact of these disturbances is minimal on the business. New crackers capacity continues in China. I mean, about seven million tons is likely to start this year. However, as I said, there is a lot of rationalization happening in Europe and in Northeast Asia, which is Korea. That should balance these new startups, but this year at least we still believe that the operating rates are likely to be at 80% levels only. In terms of priorities, we continue to develop domestic downstream markets with customer-centric and differentiated solutions approach, expand the GOBP footprint, accelerate the project execution. Right now, as we speak, we are working on two large projects, the Vinyls projects and the PTA project. We continue to push them for whatever earliest possible execution and continue focusing on high value, high growth domestic market segments. That I request him to come over. Hi, good evening everyone. I think just to start and recap what we had discussed earlier also in the quarterly presentation, and this slide actually becomes extremely important in the current geopolitical environment and our end-to-end integrated green energy, new energy ecosystem effectively offers the advantages which become very pertinent with whatever is happening in geopolitical environment, tariffs, supply chain challenges, and we are well progressed in delivering this ecosystem. Just to recap, we are setting up a fully end-to-end integrated solar manufacturing capacity with the estimated of 10 gigawatt per peak annual capacity, and we have already announced that we'll scale it up to 20 gigawatt peak. We are also setting up a fully integrated battery manufacturing from cell pack to ESS containerized storage. Our first phase is 40 gigawatt hour, and we are expanding it to 100 gigawatt hour. All of this capacity on solar and the battery, we will use it for our captive power generation, which is round-the-clock power generation at Kutch, where we have got 550,000 acres of land. We are also setting up the manufacturing of electrolyzers, pressurized alkaline electrolyzers, and along with the compressed biogas plants that we are setting up across the country, we will ultimately be providing the solutions first for our own captive requirements and then for domestic market and on green fuels for the export market, starting with Japan, Korea, and European market, where we are seeing a lot of traction from the customers and from the governments to lock up some of the offtake contracts. We have well progressed on this entire ecosystem, and from our perspective, when we thought of this ecosystem, we thought of five significant advantages: to control the value chain margin, to build scale, to deliver the solutions to our ultimate customers, have maximum flexibility through the business model, and the last one was supply chain security and sufficiency. In the current environment and what we are seeing across the world, these five benefits become much more relevant and effectively will deliver the significant value for our business and for our shareholders, and sorry, and the last one is for the domestic market and for India as a country, and that is where we call it as a geo movement for our energy transformation for the country. Just as a quick progress report on new energy ecosystem, and I'll also walk you through a few of the pictures which provide a much more pictorial update on what we are building at Jamnagar. We are well on our track to commission our first fully integrated 10 gigawatt peak annual solar manufacturing giga factory, and we have already announced that we are scaling this up to 20 gigawatt peak annual capacity. As briefed in last two quarters, we have commissioned our solar module manufacturing. We continue to expand capacity and ramp up that solar module manufacturing. In fact, we have already reached a very high yield of 94%-95% in our manufacturing. Last quarter, we also successfully commissioned our solar cell manufacturing and are ramping it up to full capacity. All of this manufacturing solar cells is based on heterojunction technology. Our cells and then modules are one of the largest utility-sized modules with the industry-leading cell efficiency. All of this then benefits us as we get to the round-the-clock power generation. We have also commissioned a pilot facility for Ingot and Wafer, and we are now expanding it at giga scale. So in the next few quarters, we will have Ingot and Wafer, both these facilities at the giga scale commissioned and fully ramped up to 10 gigawatt peak during the current year. Our commissioning, sorry, our construction and the progress on the commissioning for both polysilicon and the glass, which to be frank, are the unique plants across the world and especially outside China. Polysilicon is probably one of the three large polysilicon facilities outside China, and glass, again, one of the largest glass plants outside China of the world class for the solar cell and solar modules. During this current year, we'll again commission these facilities fully ramped up to the capacity of 10 gigawatt peak and further expanding it as we progress on 20 gigawatt peak annual capacity. On the battery, again, we are fast progressing on setting up our 40 gigawatt, our best cell, best pack, and containerized assembly, and during phases in the next few quarters, we'll start commissioning it. We are also well progressing on our cell manufacturing, which is again sized up to the capacity of 40 gigawatt hour. We have already announced that we'll scale this up to 100 gigawatt hour in various phases and in a modular fashion. All the critical and necessary equipment, production line equipment for cells, for BESS pack, and the containerized storage is already on the site. The construction is in full swing, and during the year, we will start commissioning these factories. One of the reasons to get into the captive manufacturing for the solar and the battery is obviously for us to then install these solar modules and the batteries at Kutch, where we have started doing significant work. We have completed most of our land development, site infrastructure, engineering is completed. We are already in full swing of construction for our transmission. All the key contracts have been awarded or will get awarded in next quarter. Our Kutch, which is effectively 550,000 acres, 125-150 gigawatt peak of solar power generation, and on the round-the-clock basis, probably we are talking about 300 billion units of power generation. We will start delivering this on a full swing. Just as a matter of reference, probably at an annual installation of 20 gigawatt peak of solar, we are talking about nearly 35 to 40 billion units of energy electricity generation, which effectively means that on an annual basis, we will be delivering as much capacity of electricity more than three out of four countries in the world. So that's the capacity that we will be delivering on an annual basis. Just briefly talking about the update at the site. As you see on the picture on the left side, we have fully completed and commissioned our module phase one and cell phase one, which we talk about 10 gigawatt peak. Not only that, we have the module two and the cell two buildings already running, already built, and the utility is already set up for our expansion. In fact, our solar cell and solar modules that we are producing are getting installed even on the rooftop of this. This is not just a green equipment manufacturing buildings. These will be powered by green energy, and as Kutch ramps up, these will be fully powered by green energy. This is just an update on our solar cell manufacturing, which is now fully commissioned. On the left, you can see automated wafer transfer system inside the cell factory. It's one of the highly automated, AI-enabled smart factories in the world. The construction is much more superior than any other factory that you'll see globally. The first module manufactured in our cells, we have already got all the certifications that are required, including ALMM certification required for selling the panels in India. Just a brief update on wafers and ingot. On the slide, you can see the construction for our wafer Giga Factory at full swing on the left side. On the right side, you see the slicing of the ingots. This is the ingot which has been manufactured in our own factory into the wafers, which is G12 size. Again, these wafers will go then into the cell manufacturing. Again, the construction is on full swing. The production line equipment is moving in, so we will start seeing commissioning of this facility in the next few quarters. Just a brief on ingot. The building is nearly ready. We also commissioned our pilot line, and as you can see on the screen on the right, that is effectively India's first ingot manufactured in India, which is of N-type quality for G12 wafers. This is a remarkable achievement by our teams, and we'll be scaling it up at giga scale as our factory gets commissioned. Just a brief on polysilicon, again at very, very advanced stages of completion of the construction. The entire polysilicon storage tanks have already been commissioned. The construction is progressing at a full swing in the next quarter or two. We'll again see the entire commissioning of polysilicon. Obviously, this is one of the largest polysilicon factories that you will see outside China. India is probably the only and the largest polysilicon factory at this scale that we are talking about. Just a brief on glass. Last time, I think in the quarterly presentation, I referred to the scale of our glass factory, which in length itself is one kilometer long. As you see on the right side, that's the inside view of the glass furnace where effectively all the material comes and is melted at 1500 degrees temperature. Probably this is the only time that you actually see the glass furnace from inside, and then the next time you see is when the refractories come for repair around 15-20 years later. This is 600 meters in length. That's the scale of the glass furnace that we are talking about. The entire equipment is now moved in, is getting installed. There's a glass roller conveyor system, as you can see from a bird's-eye view. You can see the scale and the size of this equipment, the glass tempering furnace, again, which has been now getting installed in the site. Again, this facility will get up and running in the next few quarters, and we are already expanding it for the next phase of our solar integrated giga factory. A few pictures on the entire utility control block that's already up and running. What you can see is actually the labeling is correct. It should be a control building, which is up and running, which effectively all our facilities for our solar are going to be digitally connected, AI-enabled, and this is effectively a control room which is already up and running for linking all our facilities where with the least human intervention and through digital controls we'll be able to not only operate but manage these facilities, manage the shutdowns, manage the operating and the yield rates, and also do a full material traceability and the quality control through our processes and the control room. I think this is a very important point, and probably I have highlighted that in earlier quarterly presentations also. This is what differentiates us from each and every manufacturing facility on the planet. Our full integrated scope does not only deliver us the lowest cost, but our ability to integrate these facilities, our ability to monitor this digitally, and our ability to control the quality through material traceability is what is very, very unique. I don't think so you will see this with any other facility, and I can probably say with much more confidence that I don't think so anyone else can build this. Definitely, if the same facilities have to be built in the U.S. or Europe, you would be talking about at least five to six times more cost, but even delivery in those geographies with the kind of labor which is required at the peak, we had some 20,000 workers working to deliver this, is going to be nearly impossible. And in that kind of an environment with the geopolitical challenges that we have been seeing, this is effectively a delivery of the next world-class infrastructure, world-class business that is going to deliver the value for its shareholders. Just continuing on that, talking about the utilities, you can see on the left substation which has come online, the chemical storage area which is already getting into shape, the cooling towers which are up and running. Again, you can see the scale of these facilities and an effluent treatment plant. I would also like to highlight that when we are setting up all the utility plants, the infrastructure, it's not been set up just for 10 gigawatt. It's all been set up for 20 gigawatt full facility, and that's the scale that we have set up. That's where when we talk about expansion, we talk about in terms of modular expansion. We're not talking about effectively setting up a new infrastructure because the entire infrastructure and the work has already been done. Just a brief update on the battery giga factories, and obviously there's been a lot of market news and the rumors. I can say that these, as you can see, the construction is in full swing for both cell, pack, and containerized production of ESS DC blocks. All the equipment is already on the site. The workers are working on a round-the-clock basis. The construction is in full swing, and during this current year, in various quarters in a phased manner, we will be delivering these battery giga factories. Thank you. Thanks, Karan, for all the pictures and really the confidence of why we will commission on time the 10 gigawatts integrated facility and more importantly, why it is modular enough for it to be taken up to 20 gigawatts. I'm just summarizing and just a few points to be made. Our diversified businesses are throwing up the cash, are very profitable, and the cash generation, and this is despite an environment where we are all seeing the kind of headwinds, the global uncertainties, but you can see the power of a diversified business which is doing well. So our strong balance sheet, and we talked about the credit rating upgrade, in a way clearly underpins our CapEx cycle. As we finish the factories and then the electricity generation, so when you look at it from that point of view, all these things underpin the growth. Very strong performance, continuing strong performance, I would say, for Jio. The margins and really driven by technology execution and the innovation, and we have seen various examples right through in Anshuman's presentation. On Reliance Retail, I think we have built a very formidable position by being very unique from an omnichannel, a multi-format retailer, having created the kind of scale, the kind of physical footprint, and we are very constructive of this business, and we really don't want to be distracted by very short-term growth rate volatility because the opportunity is so large for us to take. So I think I wanted to emphasize that because sometimes when you look at these numbers, and we need to look at it and say that these are extremely short-term volatility and growth rates that we are talking about here. On energy side, that is the O2C side, high-quality assets, throwing up the cash, and we talked about the flexibility that we have created in feedstock sourcing, the whole focus on domestic side for placement, both for refined products as well as on downstream petrochemicals, and you can see how it is helping us in terms of generating the cash. New energy, we talked about all the progress that we have made and significant progress. This is the glass factory, something that I want to see before it starts off because this is something we had, we spoke about today also in the board meeting. And finally, we talked about, see, new energy. AI is something that I'm sure we'll come back to you about. We have talked about the announcement, but there is a lot happening, and we will come to you and talk to you at the right time. Consumer products, again, we talked about the opportunity, and you can see how rapid has been the progress in terms of the product suite and how fast manufacturing is getting ramped up. Ketan talked about actually from the time the land allotment to where we are in terms of starting production by March, very quick, and these are many, many more food parks there. So we are pretty excited about that business too. So with this, I bring this presentation to an end. Yeah, thank you. This is Puneet from HSBC. My first question is on the retail side. You talked about a lot of businesses doing quite well. What are the buckets which you think didn't do that well in this quarter, which led to slightly lower revenue growth? So I think primarily it's on the fashion side where, see, there was a lot of demand which came in Q2. It was a big festival quarter. So some of that demand went into Q2 versus Q3. We had a very strong Q2 in the apparel business. So that's where I would say on a Q2 plus Q3, the growth rate looks healthy double digits on just purely on a year-on-year basis for Q3. It's in single digits, but that's where I would say. And also remember when you look at the headline number, there's a GST impact which is there. And on the headline side, there's RCPA revenues which is going on. So it's not a like-for-like comparison when you're doing it. That's one month of revenue, right? Yeah, that's right. Okay. And on the quick commerce side, can you give some sense of what is a quantum of cash burn there? See, the only thing I would say is on a contribution margin level, we are positive. Okay. And on the CapEx side, can you give some color on where a major part of INR 34,000 crore is going and how should one think about CapEx into next year as well? I'll go through the numbers in my head, otherwise you can correct me. But INR 9,000 crores was on the O2C-related expansion, about INR 8,000 crores odd for new energy, about 7,500 for Jio, about 4,000 for retail, and then the balance real estate and INR 1,000, 1,200 crores. But these are broad numbers, yeah. Okay, thank you. And lastly, on the new energy side, especially when you come to manufacturing Ingot and Wafer, do you think in the way current prices are, you will be competitive because there at least you'll have to compete with China? Yeah, that's correct. But look, the pricing has also started now moving up with where accommodative pricing is, and that in fact further validates our strategy for an integrated ecosystem. One of the key components of the cost through the value chain is also the power cost, and that is where our ability to move to around-the-clock green energy and further optimize on the power cost gives us an additional leverage and the benefit through the value chain. And also can you quantify how much power will you need for your polysilicon? Yeah, just last one. Sorry. Some sense of how much power would you need for your own polysilicon plant here? I won't necessarily be able to quantify at this point of time, but I can tell you that in a polysilicon production, the single most variable is the power cost. Okay, thank you so much. Sabri Hazarika from Emkay Global. So my question is also on new energy. Firstly, the capacity of solar glass and polysilicon would also be similar to the module capacity that is around 10 gigawatt initially, or it could be different? Yeah, sorry, I can't see you. Okay, okay. Yeah, that's correct. In fact, without necessarily commenting on the capacities, the capacity for our upstream value chain will be probably slightly on the higher side to ensure that we get to the minimum economic scale. That would effectively provide us not only the capacity for our first phase, but as we expand our capacities. Would you be selling outside also, or it will be like? I think by the time we would have also expanded our capacity. Right. The second question is on your generation. You mentioned that 300 billion units you are targeting. Previously, I think it was 150 billion units, which was the number I think. We are increasing our capacity. All this would be like captive or it will also include outside sales? As I said, we recapped in terms of the avenues for us for selling. It's around-the-clock electricity. It is converted into also green fuels, which will be used for the export market as well as domestic market. When we talk about the captive use, it will be refinery, it will be for our new energy complex, and as we also ramp up our data center capacity. So every quarter, every year, our requirements are also increasing significantly, right? So most of it will be captive requirements for us or converting into green fuels again for the markets. So this will include green hydrogen as well? Yeah, that's correct. That's correct. It will be. And just last one small question. So you are on track to commission the first generation by start of next fiscal. Is that right? Yes, during next 12-15 months, our generation capacity will also start coming up. Thank you so much. Anshuman, three questions. Jio's growth is very strong, but ARPU growth is 1% sequentially. So any comments on tariff hike? Second, your 5G ramp-up is quite rapid. It's market share is very strong. What's driving this? Is it the 5G SA network, or is it your lower tariff, or is it just the data boom? And third, you had a slide on enterprise, including sovereign cloud. So can you share what is enterprise services contribution? Homes we can back calculate, but what about enterprises? So on the first one, really no comments on tariff at this point in time. No such plans. We are quite happy with the traction. 1% increase in ARPU. Over the last year, it's gone up by almost 5%-5.5%. And we have certain handles to improve the ARPU while contributing, giving more value to the customers, and that's what we will continue to focus on. And we are seeing good traction with data consumption. To your second question, really a lot of uptake in 5G data consumption. The key reasons are really the quality of the network. The fact that it's ubiquitously available helps in people consuming more 5G data. In fact, I saw a recent study, third-party study, which said that when consumers are on the Jio 5G network, 99% of the time they are actually consuming 5G, whereas on any other network, they are consuming 5G for less than 50% of the time because of the nature of the network itself, the standalone architecture that we have given. And with that kind of traction, we want to continue to see that growing. And there are opportunities organically if we can improve our ARPU by 5%-6% a year. I think that's a good number, good place to be in while adding many more customers. So if you see the trend over the last three or four quarters, we've been adding new customers, the VLR base. And again, I'm not the biggest proponent of that, but many of you are. You should see that trend happening where people are consuming a lot more or being much more active on the Jio network. So the short answer to the second question, really the quality of the network, the standalone architecture, which is providing us opportunities to give more. And we have not even launched some of these slice services, which also are on the roadmap and will be launched. To your third question around enterprises, we don't give that split, as you know. You'll have to wait for some more time, and then we will start giving that split. But it's growing much faster than the rest of the revenue line items. Thank you. Hi, sir. Probal here from ICICI Securities. I have two questions. One was, again, with respect to the new energy business, of the INR 75,000 crore investment that was sort of planned in the first phase, is it possible to get a sense of what has been spent so far? And the second part is now that the expansion plans are pretty much getting visible, is it possible to share the sort of revised CapEx plan for the entire chain to get to the 100 gigawatt kind of capacity? Sure. I think the 100 gigawatt is you're only talking about the battery. Yeah, yeah. All right. From our perspective, INR 75,000 crores was effectively committed for our manufacturing ecosystem. Most of it is, I would say, spent, committed, or in the process of being spent. And as we expand the capacity, obviously the number will go up. I won't be able to give that exact number at this point of time. In next few quarters, probably we'll bring more clarity on that. And the second question with respect to the petrochemical business. So I talked about the changes and the drastic changes in cracker economics versus naphtha and ethane and others. We have some ethane-based capacity, some is from ROGC, and some of them naphtha. Is it possible to sort of look at how that proportion has changed between the three in terms of even if a broad percentage can be sort of shared? I talked about it. About three-fourths of our capacity is gas-based, which is ROGC and ethane combined put together. And about one-fourth is naphtha-based. Okay. All right. Thanks. Yeah, hi. Thanks. So on FWA with 12 million customers now, are you facing any capacity constraints? And as you go from a total of 25 million to your planned 100 million home customer base, where will the majority come from? Can FW accommodate that, or will it be mostly FTTH? No, so it's FWA 5G and FWA UBR. As I said, we are using all the three technologies depending on whichever is the best available at a particular location or a particular customer. Most of the recent additions have been in the FWA UBR category. And there, as you know, the last mile is, there's no capacity constraint. Most of the times it's point-to-point, and it is in the spectrum which is available. We have our fiber backhaul, or we have, in some cases, even wireless backhaul already available. So we are not facing any capacity constraints there. We are optimizing for the number of customers we are connecting with the 5G FWA because there could potentially be capacity constraints. We have sliced the network for offering the service, and we are ensuring that we don't cross that threshold at any location. So bulk of the new additions would come in the UBR and the 5 gigahertz kind of band. FTTH, wherever the fiber is there, or it's possible to do the last mile very quickly, we'll continue to do that. Understood. Second one, on Jio, you're offering some valuable services now, Gemini Pro, cloud, etc. How do you prioritize, let's say, your own services, Jio AI Cloud, or Jio AI versus Google? And what are the kind of costs which you incur in offering these services? So as I had said the last time as well, Jio is in a very good position. Jio can choose the services that it wants to offer, and those could be coming in from the Reliance Intelligence side or could come in from any of the other partners or service providers as well. In this case, given Gemini Pro is available, is the leading product in the market, Jio has decided to go with them, but not to say that if Reliance Intelligence comes up with something, we'll not offer that. Jio is now in that unique position where there is no cost to Jio. Jio is taking products to the market and taking products to its customers. Jio can optimize the access, the reach, the knowledge of the customers. In fact, these are now revenue-generating opportunities for Jio. Jio actually makes revenue out of these things. It does not have to pay for these kind of initiatives. Something for which Google charges $2,000 otherwise to the customer, let's say. In fact, they're paying you to offer that service through your network. That is right. That is right. Okay. Lastly, in quick commerce, what's the dark store count now? And other players have raised cash and are heavily discounting. So how are you managing to get to contribution breakeven? Because even the number two player is right now not contribution breakeven. So number of dark stores we have about 800 as of now. The total store count I mentioned that is there on the network is about 3,000, right? So dark stores is still less than 30% of the total store count. And my bigger stores, the order contribution is much higher because dark stores are typically smaller in size, right? I wouldn't be able to comment on the other players, but remember that we have pretty good margins. We have a pretty large grocery business. We are one of the largest vendors for most of the companies in this country. We have a pretty efficient sourcing built over the last several years, which helps us get good intake margins where we are able to get good pricing to the customers, but still maintain healthy margins. I think we should talk about repeat orders. Yeah. So other is the category mix, right? FNV has generally the highest margin, and you need to have an efficient sourcing. The biggest cost in FNV is wastage, which happens, right? Typical vendors, if you look at the moment, pop vendors, the wastages are as high as 30%-35%, right? For us, almost one in every three to one in every orders has an FNV component, right? Which is value creative to the customers, and it's also margin accretive to us. Understood. As quick commerce becomes larger, will it remain a headwind for the margins, overall margins for retail? See, it depends on you are incurring the extra delivery cost, right? You have the infrastructure cost, and you have the delivery cost. We are pretty uniquely positioned in the way that we are able to leverage our existing network of 2,500, 3,000 stores to do quick commerce. Remember, quick commerce is not just grocery. It's also we are doing that in electronics. We are doing that in fashion as well. I would say that we are leveraging a lot of that fixed network, which is there, but there's an extra delivery cost which has to be incurred to deliver the goods to the customer. And it's growing pretty well, right? Ultimately, what I care about is that I need a wallet share. I need to maximize my wallet share within the customer. Store is all about experience, right? You come, you get the right experience, and then you want to come by at the store. You want to get it delivered at your home. I'm fine to do both ways, right? As far as the margins are healthy at an aggregate level, it is margin positive, right? It is adding rupee margin to my bottom line. It's accretive for me. Hi, good evening. This is Harith from Investec. This is the first quarter where there is an RCPL merger, and from the next quarter, it will be entirely there. If you could just give us a sense of the merger, what the like-for-like growth would be for the retail business. A little bit of back-of-the-envelope suggests that it would be like a 1% impact, but would want to kind of know from you, especially because it comes fully in the quarter and more so on the margins as well. How much of a margin impact would the demerger have from next quarter as we start looking at the numbers? From a revenue perspective, there is a month of revenue which has gone out of RRVL. It was there when it comes next quarter. The entire full quarter would be there. You've seen the RCPL revenues which are there, which has gone out of my portfolio, right? It's a meaningful impact. Adjusted for RCPL, adjusted for you've seen the net gross versus net, and adjusted for seasonal, it's a decent double-digit growth that we have in revenues. And do we expect this kind of single-digit bit to be there going forward until the RCPL goes out of the system? Is that the way to think about the next three or four quarters in going into FY27? No, I don't think that's correct. The underlying business is pretty strong, right? The underlying business is growing. Even this quarter, we have a double-digit revenue. You just adjust for the one-off, there's already double-digit revenue growth which is already there. See, you have to look at retail. If you look at Q2 plus Q3, you have a decent 13-14% revenue growth which is there, right? This will always happen in any year. Sometimes festival quarter is in Q2, sometimes in Q3. If you recollect, we had a very strong 18% kind of growth year on year last year, right? That will always continue to happen, and you have to look at on an aggregate basis, right? Aggregate basis, we'll continue to deliver double-digit revenues. And the last thing was on sq ft. So there has been significant gross addition, but there's also been closure. So if you could give us a sense of when do we see net addition starting to pick up as you've completed almost all your consolidation work, just some sense on that would be very helpful. See, consolidation, I would say more or less done. It's normalized now. Last year was the year when our square feet has reduced. It had reduced because we were consolidating. Now, quarter on quarter, you are seeing an increase, right? So it's more BAU. It's more or less kind of BAU I can't think of. Yes, at every point in time, you'll have some. See, you'll always make some mistakes. Some locations may, the attractiveness of the location may change. Retail is very location specific, right? But that's normalized. 2-3% of your portfolio, you'll keep churning, you'll keep relocating. Even what falls here in this is also a relocation. If the store lease is ending and that's not the best location, I may take it to another location because I anyways have to incur the CapEx at that point in time, right? So that also comes as an addition and a closure, right? On a net area, quarter on quarter, I expect that we'll continue to keep adding area. Thank you. Yeah, a couple of from the telecom business. Anshuman, can you share some progress? Digital services business. Yeah, digital services. After all these years, Sanjay. Any update on the JPL IPO progress you want to share? That's number one. Number two, on the fiber connectivity, now that DC to DC connectivity is becoming prominent and probably it will grow, whether this business will sit in JPL or will it sit in the fiber in which where the revenue will sit? Number three, on the sovereign cloud you spoke about, are we offering the Reliance Intelligence through service or we are offering GPU as a service, private cloud, public cloud, which is built on the JPL platform? These are the three questions. Thank you. Okay, on the first one, the Jio IPO, look, internally we are working on it, of course. We are awaiting the new notification to come from the government to see what the final details are going to be. We are working on the assumption that it's in line with whatever SEBI has recommended. But we'll still have to wait for that before we finalize and then start the process. But it's imminent now. So we are just awaiting the final notification. So it should happen in the next few months for sure. On your other question on fiber, the DC to DC connectivity, it depends on what kind of requirement the customer has. So if the customer's requirement is connectivity, then JPL, RJIL provides that. Now, RJIL will in the backend go and lease some more dark fiber from JDFPL because the dark fiber belongs to JDFPL. But connectivity is provided by RJIL. Now, there are very few clients who need the license as well, who should have the IP1 license to be able to use dark fiber to then create their own connectivity, which is something they can take directly from JDFPL. But normally, ordinarily, we are seeing people coming to RJIL and asking for connectivity solution, in which case the RJIL becomes the service provider. If it needs, it can go and lease some dark fiber at the backend. The cloud solution we spoke about is being offered by Jio. So Jio AI Cloud is offered by Jio as a service. That infrastructure has been created by Jio. The sovereign cloud Meghraj we have spoken about in the past with you all is a Jio service that Jio provides to the government, to NIC. Similarly to enterprise clients, to banking clients, Jio is providing that as a service. The AI layer that will get added on top of it, those intelligence products will be made by Reliance Intelligence, which will then come and offer those to Jio. In the same way that today Google is making AI-based cloud offerings as well, which then they can collaborate with Jio to offer. But the core cloud as an offering is Jio's. Setting up the GPUs or Reliance Intelligence will be by Jio? So infrastructure, even today, the data centers are in RIL. So the infrastructure spend is going to be done by Reliance or Reliance Intelligence, depending on the nature of the investment that is being made. And Jio accesses those through long-term lease arrangements that Jio has got with RIL. So Jio will not incur the CapEx. But as a service, JioCloud is a Jio service. So it can lease data center space from RIL, from Reliance Industries, GPUs, etc. It can lease it from anybody else as well. But the CapEx will be in RIL. Yeah, CapEx will be RIL or Reliance Industries. This will be more asset-light as far as JPL goes. Service provision will be done by JPL. It will be asset-light. Service products will be developed by Reliance Industries, AI products. And CapEx will be incurred there. Got it. Just one last question on the CapEx per sub on the fixed broadband. Are they substantially lower now that we are 25 million? How is the CapEx per customer in FTTH, FWA, UBR, FWA? That will be all. Thank you. The CapEx per sub, actually per incremental sub, of course, it's lower now because the fixed CapEx is now getting spread over a much larger base. So the allocation that we do, etc. But the last incremental CapEx that we incur for connecting a sub is actually not much different between the three. If at all, it's a little bit higher in FTTH because the last mile if the fiber needs to actually be laid to connect the last mile, it will turn out to be higher. The CPE, the customer-provided equipment, is kind of similar in cost. If you expect tendency to be different. Yeah. So say in the case of, say, FWA, FWA anyway, there is a receiving C6, which is installed in the premises. If it's the FWA UBR, we install the C6, but now we are able to split the signal from that into multiple homes. In which case, as we start getting multiple customers for the same C6, the cost per customer starts going down quite significantly. A6 is already incurred. That is the network layer cost is already incurred for UBR. So now it's the C6, and then that gets split across multiple homes. Now, if you came in with a demand and there was nobody else around you, we would install one C6 for you. The cost is of that C6. But now there could be seven other users alongside you, in which case the cost per sub will go down drastically. Fiber, whereas is each person getting a dedicated fiber line. What? Not allowed anymore. Okay. Okay, on retail, so what is the impact on EBITDA from, I think you mentioned there are three reasons why there is an impact on margin? The first one is on the difference in the festive period. But you mentioned something on the labor code as well. As I'm adding one more, which is EBITDA from FMCG going away. Is there any big number or no? That's like a small negative number or so? No, it's a number which is going out. It is a number as well, which is going out. Which is a positive number. Yeah. Okay. And so I mean, are we giving that right now? We'll have to wait for next quarter for that. You'll have to wait for the next quarter. And the impact of labor code, how big is that? And there'll be a one-off over there, right, for this quarter? So when you look at it on an aggregate, the labor code, obviously there is an impact on gratuity, etc. We have obviously considered it in the P&L, but it is not material. Therefore, we haven't really broken it up. But in the context of retail also, it will add a few percentage points in terms of growth rate. Okay. Anshuman, I appreciate you saying that near-term, short-term volatility in growth rate. But I mean, is there any other better way in which we can visualize the coming quarters in terms of how you can put that in English? That was the best I did in terms of explaining that we were very constructive about growth rates and that we would think that some of these things are extremely short-term and these kind of volatility in growth rates. So we are not talking about growth or degrowth. We are talking about growth rates is something that we expect it to be extremely short-term. That's what it is, as much as I can say, but yeah. But I think you have to step back and see what we have built and what this business is capable of and where we are in this cycle in terms of what the opportunity is. And frankly, if you were where I am standing, you would also go past and look beyond this extreme. And it's more so in the context of fairly valid set of explanations because it's a combination of things, right? Unique. I mean, you don't have this Q2 and Q3 and some RCPL demerger and something to do with GST coming at the same time and us accelerating from an EBITDA standpoint, accelerating on quick commerce, lots of things. So yeah, you have to see all that in context. Okay, just one on new energy. You mentioned that the INR 75,000 crore is for manufacturing-related CapEx. In terms of generation, are we, since you're saying that in about 12-15 months, we will be starting some generation? I think our internal needs would be somewhere around 20 gigawatts or something is what you said. What kind of numbers are we looking at and how would that be funded in terms of debt and equity? The right way to see, so we have always said that we have an eye on credit ratings and with this A and all that, you know what is the framework. Why I'm saying that is when you talk about electricity generation, it need not be that every part of all these kind of assets, which will eventually become utility. I'm talking about the generation part of it. What we take for in-house consumption, what we give for green chemicals, absolutely. So the energy supply, it will still be in some way utility. So you can look at those kind of power generation assets in a very different way. It need not be that it has to be entirely on our balance sheet. So all that flexibility to take care of in the broader construct of what we are trying to solve. And I'm being very similar to what have been answering this question right from day zero. And it remains unchanged. Okay. Thank you. Yeah. Maybe last one and. Yeah. Hi, this is Nitin from PhillipCapital. Just one question on new energy. China has recently instituted a restriction on export of silver and they are one of the largest exporters. So is that expected to impact us in any way operationally, economically, in terms of economics of the project? Any comments on that? Obviously, there are a few other sources also for the silver. Look, silver is talked about a lot in terms of solar module manufacturing, solar cell manufacturing. But I think there are a few factors that you need to consider. One, HJT as a technology itself has a lower silver consumption than TOPCon and IBC as it progresses. Second is we are also working on a number of initiatives to reduce the silver consumption within the production of our own solar cell. Third is the amount of silver which is used is significantly very, very less when it comes to in terms of it's effectively milligrams per watt peak is what we're talking about or kg per gigawatt. We're not talking about significant number of tons as a consumption which is required. So from that perspective, the diversified supply chain, the overall plan to reduce the silver consumption, and the technological choices. If you see it through that prism, we are not unnecessarily concerned about the situation.