I'll just do the summary one and then open it up for individual businesses. Starting from the consumer businesses side, customer addition strong at about 9 million, taking the total to about 515 million customers. Very good traction on the home side with about 25 million that we have. We saw a significant margin expansion, too. 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. As 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 crore 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 are about 450 million. On the energy business side, strong growth, 15%. 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 a 24% growth in volumes for both gas oil and gasoline.
The EBITDA on E&P was lower, as you know, on the back of lower volumes and a bit on the price side. 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 on a glance. Revenue's up 10%, EBITDA up about 6%, and overall PAT at INR 22,290, which is also up about 1.6%. Again, a 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%. Consol 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.
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, the higher transportation market. 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 why 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 EBITDA, it's up 18% on a nine-month equivalent basis, and 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, et cetera. Businesses continue to deliver cash. When you see the CapEx at INR 33,000, almost INR 34,000 vis-à-vis the cash profits. 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+ to A -, 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. In their own minds, the assessment earnings growth will continue to outpace the CapEx there because of the free cash flows there. Of course, as a company, we will benefit because there are pools of capital, which lend only to A-rated companies. Liquidity improves, credit spreads come down. I think we are the first Indian manufacturing company with an international rating of A -. 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've 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've 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've, 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 JioTele OS that we are offering to homes on their connected devices, on the CTV, and of course, the Set Top Box, which has now scaled up to over 25 million homes and working very efficiently. Then, of course, the various applications that we have built up 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-plus touchpoints helps us scale these up. 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 onto some of the key numbers for the quarter. We ended December with 515 million+ 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 to 53 million+ 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. We maintain that run rate, 25 million+ fixed broadband connects and 11.5 million Jio AirFiber 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, with a fairly healthy EBITDA margin of 52%, and broadband subscriber share of over 50% in the country. Mobility, we continue to check 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 around 20 million-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 data traffic on the network has now moved to 5G. 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 a 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. That just shows the quality of network, and the advantage that we have over the other networks in the country. We have according to 99% of incremental industry VLR subscriber additions in the 12 months ending November 2025. I know that some of you, many of you love this VLR number. 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.
We see that trend continuing, in fact, picking up as we move forward. We have, of course, been adding more services and more offerings to our customers on our network, with partnerships like JioHotstar 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. 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 months subscription on the Gemini Pro plan. 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. Nano Banana, of course, is very popular. Currently, it's one of the use cases that we find our users are using NotebookLM and 2 TB of cloud storage. A very popular scheme. 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. 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 point market share in the last 12 months, and that rate, if anything, is only picking up. We have crossed 25 million home broadband subscribers. 70% of the incremental fixed broadband subscriber addition is happening through the Jio network. If you see at the end, very importantly, most of these new connections are now happening on wireless on the last mile.
Where possible, we are still using fiber. That is not to say that we are not believing in fiber anymore or not using fiber. Wherever it's possible, we still use fiber. We are finding lots of opportunities to connect the last mile wirelessly, and that's increased the pace of connections. 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, and 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. For each building and each premise, each dwelling unit, we know which technology is most appropriate to connect that premise. 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. 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 secured and redundant network for Wi-Fi is something which is increasingly very popular with sectors like BFSI or commerce, now retail, et cetera. 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. 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 modes around our enterprise customers, enterprise revenues. For the hyperscalers, we are able to offer them extremely high throughput and low latency. That's something which is very important in this new day and age where AI use cases are picking up, the throughputs requirements are picking up.
We are one of the only ones, arguably the only one who can provide end-to-end high speed, low latency connectivity across data centers, across enterprise locations. 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 secured end-to-end premise, home and office connectivity, VPN kind of service on the network, so secured on the network. These are some of the differentiated things that we are doing and which are becoming more popular with enterprise customers, 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. 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. ARPU is at INR 213.7. Improvement in ARPU, there's no impact of tariff increase in any of this. 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. Completely driven by organic means only, no tariff increase built in here. Total data consumption crossed 60 billion GBs. You're already aware we are the largest data carrying network in the world. We continue to grow faster than any other network. Per capita data consumption growing to 40.7. That you've seen a jump from 32.3 - 40.7 and half the subscriber base today is on 5G, the other half still on 4G.
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 the quality of network and service that we're providing to our customers. Financial results for RJIL, good healthy increase, 11.8% increase in operating revenues year-on-year, 16.5% increase in EBITDA to INR 18,408 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. As we monetize our assets more, as we monetize our networks more, these numbers should see the right trend. JPL consolidated financials, for the quarter ended, we reported operating revenues of INR 37,262 crores. That's 12.7% year-on-year increase. EBITDA of INR 19,303 crores and consolidated EBITDA margin at 51.8%.
We saw a fairly healthy growth in the digital services revenues as well, margin expansion primarily coming out of the connectivity business. Profit after tax grew to INR 7,629 crores for the quarter. I'll hand over to Dinesh now to cover the results for the retail business. I'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 INR 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. If you remember, we had a very strong Q2 growth. Some of the sales which was built in Q3 last year, was in Q2. Then the third part is the RCPL departure, which was effective during the quarter. 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 hyper local commerce business, where we are growing pretty rapidly. There's a one-time impact of the new labor code. Hyper local 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%. We are scaling up this business 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's athleisure brand and part of our premium brands business. Gross revenue growth of 8%. Net revenue factoring the GST is 9%.
EBITDA is INR 6,900 crore, 8% margin and profit after tax of almost INR 3,600 crore. 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 DFV, 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. Our B2B business Metro, continues to see strong growth driven by footfalls. We are focusing on basically getting the kiranas into the 200+ B2B stores that we have across the country, as well as improving our wallet share.
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+ pin codes in 1,000+ cities. This is done through 3,000+ 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 aggressively. As I talked about, we are already at 1.6 million+ orders December. In the first 15 months of January, we've 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 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 F&B, and we have the biggest supply chain there. F&B is something which drives a lot of repeat behavior. Almost one in three to one in four orders for us have F&B 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 F&L business, we operate the largest network of omni-channel stores. We do deliveries from our store across 1,300+ 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 F&L 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 + Q3 number, that shows a pretty healthy double-digit growth. We continue to strengthen our position in multiple categories, whether western women 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 year-over-year basis. The bill values are amongst 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 half a million options have just been added in the last 12 months itself. AJIO Rush, which is effectively our equivalent of a quick commerce offering where you are able to deliver very quickly, that is live across 420 PIN codes in 10 cities. The benefit of this is customers' returns is our nature of this industry, and the biggest reason for returns is customers change their mind, or they may order on multiple platforms. When they're 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 top 26 cities. 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 are across 6.5 M illion. The portfolio of options available on the platform is 50,000+, 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. If you look at Steve Madden, we have the normal store. This is just an accessory store. This is something they've not done anywhere. The first HUGO BLUE store focused on the Gen Z denim line. 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 and a 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% - 29%. Still, just given the sharp increase in gold prices and average bill values, the cash investment per bill is also significantly high. In order to use their existing gold and minimize the cash outflow, people are using old gold as an exchange more than what they were using earlier, and that's a phenomena 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 resets in select categories like ACs and TVs, which led to pretty strong demand in those categories. Even other categories like laptops and mobiles and appliances did quite well. resQ, which is a key differentiator, our B2B, our services business. We continue to expand our service network.
Now we have presence across 1,600+ cities. That gives us a unique advantage where we are able to do same-day or next-day delivery plus installation, which no other player is able to replicate just because of the infrastructure that we have put in. This is owned infrastructure, so we are able to 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 mobile phones and TVs. These are the two biggest categories for this business. This business continues to scale very well.
While we now have reached to 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 space, which is what is driving the growth of this business. I now invite Ketan to cover the FMCG business.
Good evening. RCPL became the direct subsidiary of RIL from 1st December, 2025. We continue our momentum. For this quarter, we added INR 5,000 crore as revenue, and our YTD numbers stand at INR 15,000 crore. Our important category is daily essentials, where we have grown 1.5 x year-on-year basis, and our Independence brand has crossed INR 1,500 crore. We continue to gain momentum in beverages, where we continue to have double-digit shares in key markets. Our energy profile has been growing very strong, and we have reached INR 1,000 crore 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 INR 1,000+ crore . This is just a glance of our total portfolio. We thought just whatever we could fit in across. As you could see, we have launched products across categories and across pack sizes. Just another update, because generally the updates are only on beverages and all, we thought we will 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, Toffeeman, and our Lotus Chocolate brands. We keep on launching new products to 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 increased optics 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 staple side, just wanted to point out we have started gaining some traction on oil as a category, and we have some real good market shares in some key categories at key states like Maharashtra. Biscuits, some green shoot due to new market 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.
Not only 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 will 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 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.
Udhaiyams is a three-decade heritage brand, specifically in Tamil Nadu, which has a great distribution. With this, we plan to become a significant player in pulses also, because which is one of the key categories for Udhaiyams. Also, during this quarter, we have acquired some global brands which has global markets except certain territories like Brylcreem, Toni & Guy, which was Toni & Guy on premium hair care products. This has been diversified from the salon business. We have also acquired a brand called Badedas and also Matey, which is a specialist U.K. 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 next couple of quarters.
Similarly, we have relaunched SIL. We have entered into the noodle segment also. This is currently being launched in four cities, and we plan to expand this in next quarter. Thank you.
Thank you, Ketan, and good evening, everyone. Our platform, JioHotstar, seems to be growing quarter on quarter. 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 Search, which had Konkona Sen, and Mrs. Deshpande, which had Madhuri in the show. Both of these have been our top performers. If you look at Ormax Media ratings, which comes for the industry, these were 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 Luca and Mirai. 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 this high engagement as well as monetization on network.
If I just take it on to sports, as you see, I am seeing is the Women's World Cup, and what I would 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 was as good as any IPL match which we have. Two, I am seeing this on Kabaddi.
When I mentioned saying 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 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 into 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.
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 have seen in a quarter which has had very little cricket and 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. Our entertainment watch time grew by 15% quarter-on-quarter, driven by the biggest seasons that I mentioned of Bigg Boss and strong performance across our regional and our Hindi portfolio. 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 is 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 World 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 One Days and the T20 matches. All of that increased by around about 55% from our pre-merger levels. The Pro Kabaddi League watch time grew by around about 120% year-on-year, reinforcing Kabaddi's position as the most-watched sport after cricket. On to entertainment. Our linear TV shares continued to grow. We have grown it by 100 basis points to 34.6, and 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 JioStar provides. How does all this convert into financials? Our operating revenue for the quarter, a strong INR 6,896 crore and EBITDA of INR 1,303 crore. A healthy EBITDA performance in spite of 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 TTV and focused content monetization. The TV ad month date continues to be challenging due to spend cuts from FMCG and consumer electronics. The good part is post GST, December month has shown great signs of recovery, and we are hoping that continues as we go forward. Lastly, it is not fair to compare a year-over-year comparison as the previous quarter, we started the merger only from November 14.
We have had strong momentum growth sustained despite the macroeconomic conditions. Thank you.
Good evening, everyone. Just to do a recap of the quarter gone by. Essentially, our focus is now to manage the decline. There is a natural decline in the KG D6 fields, and we are 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 will 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 USD 11 - USD 9.50, which is reflected in the overall realizations, in terms of KG D6 and CBM. KG D6 has a ceiling price, CBM does not.
Overall, it is aligning with the market trend. If you look at the EBITDA performance, essentially, we have made about INR 4,850 crore, slightly above that. The EBITDA margins are essentially impacted by the revenue, which 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 MMSCFD. KG D6 combined with CBM, we are producing about 26.5 MMSCFD. Oil and condensate still remain steady at around close to 18,000 bbl, 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 2.5x .
In this recent campaign, we are seeing a much better productivity of almost three and a half to four times. 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. That's encouraging for us, and we will continue to drill wells over there. Overall, in terms of augmenting the production, we will be having a rig join us, mobilize in this second half of this year. Initially, we'll undertake exploration wells in the KG basin, basically driven by infrastructure-led exploration, so that whatever reserves that we can create out of it, we can bring on stream by tiebacks to the existing infrastructure.
Also, we are planning on doing multilateral wells in KG D6, it'll be workovers that we're 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 off our upsides and augment the production. CBM, we will continue to drill more multilateral wells as we go along. Just an overall understanding on how 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, we hope that will rebound. I think the main trigger now is going to be for prices to hold up or increase, is going to be the weather and the Chinese rebound. 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's stable, the demand, and slightly high at 193 million standard cubic meters.
I think the positive, the silver lining here is also in terms of the Indian demand, is that you 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 transportation prices, which is similar to the ones who are closer to the sources. In terms of ceiling prices, you're all aware, it's come off. It's about INR 9.72 as compared to INR 10.04 in the earlier half. This will be prevailing over the first half of this year. Thank you.
This is just the overall recap on 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 by-products also where the cracks are negative. 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 Jio-bp. Diesel sales up by 25%, and gasoline MS sales up by 21%. Pretty strong performance there. Ethane, Mr. Amit Chaturvedi will be covering this, so I'll leave it for him.
There were certain opportunities of looking at the product mix, we maximize the gasoline production because of the better economics rather than sending it to petrochemicals. Overall, one could say that there's been stable demand for fuels as well as polymers. When we talk about the earnings, we're talking of EBITDA of INR 16,507 versus the previous year when it was INR 14,400. A 15% growth, that's quite strong. If we look at the earnings, the cracks have gone up, we are saying by 60%-100%, Middle Distillate 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.
We've seen a significant increase in the OSPs. That definitely is higher feedstock cost. The deltas on the petrochemical side also have been low. In addition to this, also we've had a rise in the tanker rates, the freight rates. Why the freight rates went up is because the sanctions now on the vessels doing some trade from Russia or the other countries have been put on the sanctions list. The number of VLCCs available for the trade actually came down. 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 throughput for crude plus the other feedstocks for petrochemicals was 20.6.
How did we pull this off is, we've had situations when suddenly the sanctions came in, we had to cut back. 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, our cost. How do you reduce the fuel cost? We have 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. We've optimized that by consuming more of the cheaper fuels, we also did sourcing of power from the grid. All these contributed to a lower fuel cost. Freight cost, I mentioned, was quite high.
It rose significantly because of the vessel availability going down due to sanctions. What did we do? The best we could do was we had a high share of time charter vessels, which were 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. 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. All these helped in reducing the already high freight cost of it and contributing to the profit. In the B2B segment, of course, we've introduced diesel with ACTIVE technology, which improves the efficiency, and the fuel consumption drops by almost 4.3%.
These are certain things we've offered. 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. If you look at the volume growth, 24% for gasoline and diesel together. 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 outlet as compared to the competition.
There also, as compared to the competition, we are in gasoline selling 1.8 x what others sell from their outlets, in the case of diesel, 2.7 times what the others are selling. Network is up. We are at 2,125. Charge points at 6,815, CBG CNG stations, 121, convenience stores at 164. We continue to focus on the domestic market, we are trying to outperform the market with innovative products. 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 are more 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. You had 2 million barrels of additional oil coming in. The non-OPEC production itself has gone up. 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. The reason why probably prices didn't fall that much was because a huge stock buildup was happening by China, almost 400-500 KBD is the estimate of various agencies, have been built up throughout the year in 2025. 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 has been good in, let's say, U.S. and our own place, and everywhere the demand for fuels is good.
We have had seen very high operating rates, more than 90% in the U.S. Even China, which used to operate in the low 70s and all that, more closer to 79-80 levels. That's the story on the operating rates of refinery. Of course, we have had some refinery closures and some disruptions. When you have such high operating rates, any refinery going down means the market reacts. We found that the margins were supported by that. This is again, a picture of the global oil demand from 104.1 in third quarter 2025 to third quarter 2026 to 104.7. 600 KBD is the growth. Normally, we would have seen 1-1.2 million barrels kind of growth, so it is moderate. 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. All these contributed to higher gasoline demand in the country. We, of course, as a Jio-bp, have done more than 25%. Diesel demand also up in the country by 3.2%. There has been momentum in manufacturing and the logistics industry. ATF demand up by 2.6%.
There has been healthy air travel in both domestic and international sector. Of course, we have 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 have seen. Brent price is down by 15%. I said it is largely oversupply, notwithstanding some geopolitical tensions now and then. Gas oil cracks up mainly because of the refineries in Russia getting attacked, continuing to get attacked, as well as there is a fear of the availability of product in EU because of some sanctions on any diesel supplied 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, that also helped the gasoline cracks.
Jet fuel also, I mentioned, is up. One is diesel demand is also up because of winter demand. You have the holiday season during December. With this, I will hand over to Amit.
Thanks, Srikanth. Good evening. Starting with the feedstocks, ethane prices in the last quarter were up 21% compared to year-on-year. The primary reason was that U.S. 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. Ethane prices, of course, firmed up accordingly. Naphtha prices, as Srikanth 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 ethane cash margins on naphtha feed and whereas the green bars are the cash margins from the ethane feed.
Over last 10 years, while the blue bars have come down very sharply from 644 to barely anything in last four years. These are the Southeast Asian margins. In fact, if we calculate the Northeast Asian margins, which are lower than this, they have been almost negative in last four years, ethylene cash margins. However, if you see the green bars, and these are U.S. ethane price based numbers landed in Asia, they have remained pretty robust. Our portfolio today, ethylene portfolio, is roughly three-fourth 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 well. We were the first ones in the world to move ethane from U.S. to Asia, in VLEC level and at that large scale, at that large distance. That has fully paid off in last years. This is very evident from this particular slide. Continuing further on the weakness in the margins in the region. Ethylene capacity in last 10 years have, from 163 million tons of 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, and which is very clear from the operating rate chart also, that 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. 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 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 naphtha. 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 we have been operating with inventory levels of about eight to 10 days of inventory of our various products, especially large volume products. Considering the number of grades that we make, considering the number of customers all across India, we cater all across India with our volumes, it's extremely difficult mode of operation, but that's what we've been doing. 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 for operators. We all know that the industry is going through a major restructuring in the Far East Asia, which is Korea, Japan.
Korea, the government has taken initiative to shut down almost three and a half 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 ExxonMobil is shutting down its large cracker in Singapore. Europe, there are plenty of plants which are going under. This rationalization of capacity, we believe. 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 might 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. Polyethylene, polypropylene, PVC, all base prices, absolute prices were down, but in case of polyethylene, the reduction was lesser than naphtha, so therefore the P naphtha 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, 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 the demand basically comes from agriculture and infrastructure.
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, 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 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. Because of the prolonged monsoon, the demand of those products was muted, and that resulted in PET being at -15%, which skewed the polyester demand growth in domestic market also to -4% level. Summarizing business dynamics for 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 build and 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. 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. 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. About 7 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. 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 Jio-bp 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. Continue focusing on high-value, high-growth domestic market segments. With that, I request him to come over.
Hi. Good evening, everyone. Just to start and recap what we have discussed earlier also in the quarterly presentation, this slide actually becomes extremely important in the current geopolitical environment. 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. 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 GW per peak annual capacity, and we have already announced that we'll scale it up to 20 GW peak. We are also setting up a fully integrated battery manufacturing from cell pack to ESS, containerized storage. Our first phase is 40 GWh, and we are expanding it to 100 GWh.
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're also setting up the manufacturing of electrolyzers. This is specialized alkaline electrolyzers. 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 are 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. Sorry. The last one is for the domestic market and for India as a country. That is we call it as a Jio moment 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 GW peak annual solar manufacturing gigafactory, and we have already announced that we are scaling this up to 20 GW 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 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. In next few quarters, we will have ingot and wafer, both these facilities at the giga scale, commissioned and fully ramped up to 10 GW peak, during the current year. 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. Glass, again, one of the largest glass plants outside China. Are the rolled glass 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 GW peak, and further expanding it as we progress on 20 GW peak annual capacity.
On the battery, again, we are fast progressing on setting up our 40 GWh BESS cell, BESS pack, and containerized assembly. Then during phases in next few quarters, we will start commissioning it. We also well progressing on our cell manufacturing, which is again, sized up to the capacity of 40 GWh . We already announced that we will scale this up to 100 GWh , in various phases and in a modular fashion. All the critical and necessary production line equipment for cell, for BESS pack, and the containerized storage is already on the site. The construction is at the full swing. 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 on a 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 and then 125 GW-1 50 GW peak of solar power generation. On the round the clock basis, probably we're 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 GW peak of solar, we are talking about nearly 35 billion- 40 billion units of energy electricity generation. Which effectively means that on an annual basis, we'll be delivering as much capacity of electricity, more than three out of four countries in the world. 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 I and cell phase I, which we talk about 10 GW peak. Not only that, we have the module two and the cell two buildings 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 RAM said, 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 the automated wafer transfer system inside the cell factories. One of the highly automated, AI-enabled smart factories in the world. The construction is much more superior than any other factory that you will see globally. The first module manufactured we now announce this. 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 a wafer gigafactory 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. 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. We'll be scaling it up at giga scale as our factory gets commissioned. Just a brief on polysilicon. At 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. This is one of the largest polysilicon factories that you will see outside China. India's 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.
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 1,500 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 m 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, which has been now getting installed in the site.
This facility will get up and running in the next few quarters. We are already expanding it for the next phase of our solar integrated gigafactory. 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. 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 fully 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 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 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 5x-6x more cost.
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. 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 effluent treatment plant.
I would also like to highlight that when we're setting up all the utility plants. The infrastructure, it's not been set up just for 10 GW, it's all been set up for 20 GW full facilities. 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 gigafactories, obviously there's been a lot of market news and rumors. I can say that these, as you can see, the construction is on 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 around the clock basis. The construction is full swing.
During this current year, in various quarters in a phased manner, we will be delivering these battery gigafactories.
Thank you, sir.
Thanks, Karan, for all the pictures and really the confidence of why we will commission on time the 10 GW integrated facility, and more importantly, why it is modular enough for it to be taken up to 20GW . I'm just summarizing and just a few points to be made. Our diversified businesses are throwing up the cash, are very profitable, the cash generation, this is despite an environment where we are all seeing the kind of headwinds, the global uncertainties, you can see the power of a diversified business, which is doing well. Our strong balance sheet, 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. 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 really driven by technology, execution, and the innovation, 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 omni-channel, a multi-format retailer, having created the kind of scale, the kind of physical footprint. We are very constructive of this business, 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. I think I wanted to emphasize that because sometimes when you look at these numbers, we need to look at it and say that these are extremely short-term volatility in growth rates, we are talking about here.
On energy side, that is the O2C side, high quality assets, throwing up the cash, 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, 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. The glass factory is something that I want to see before it starts off because this is something we spoke about today also in the board meeting. 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, there is a lot happening, 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 more food parts there. We are pretty excited about that business too. 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?
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. Some of that demand went into Q2 versus Q3. We had a very strong Q2 in the apparel business. That's where I would say on a Q2 plus Q3, the growth rate looks healthy double digits. Just purely on a year-on-year basis for Q3, it's in single digits, but that's where I would say. Also remember, when you look at the headline number, there's a GST impact which is there, and on the headline side, there's RCPL revenues which is going on. It's not a like-for-like comparison when you are doing it.
That's one month of revenue, right?
Yeah, that's right.
Okay. on the quick commerce side, can you give some sense of what is the quantum of cash burn there?
See, the only thing I would say is on a contribution margin level, we are positive.
Okay. on the CapEx side, can you give some color on where 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. INR 9,000 crores was on the O2C-related expansion. About INR 8,000 crores odd for new energy, about INR 7,500 for Jio, about INR 4,000 for retail, the balance real estate and INR 1,000 crores- INR 1,200 crores. These are broad numbers, yeah.
Okay, thank you. 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. Look, the pricing has also started now moving up with where competitive 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.
Okay. Also, can you quantify how much power will you need?
Just last one and we move on.
Yeah, just last one.
Sorry, what was.
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.
Go ahead.
Sabri Hazarika from Emkay Global. 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 GW initially, or it could be different?
Yeah, sorry, I can't see you. 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 a 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?
I think by that time we would have also expanded our capacity.
Right. 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.
We are increasing our capacity.
All this would be captive, or it will also include outside sales?
As I said, and 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. Then 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. Every quarter, every year, our requirements are also increasing significantly, right? Most of it will be captive requirements for us or converting into green fuels, again, for further markets.
This would include green hydrogen as well?
Yeah, that's correct. That will be.
Just last one small question. 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 on.
Thank you so much.
Anshuman, three questions. Jio's growth is very strong, but ARPU growth is 1% sequentially. Any comments on tariff hike? Second, your 5G ramp-up is quite rapid. Its market share is very strong. What's driving this? Is it the 5G SA network, or is it your lower tariff, or it's just the data boom? And third, you had a slide on enterprise, including sovereign cloud. Can you share what is enterprise services contribution? Homes we can back calculate. What about enterprise?
On the first one, really no comment 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%. We have certain handles to improve the ARPU by contributing, giving more value to the customer, and that's what we will continue to focus on. 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 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. With that kind of traction, we want to continue to see that growing. 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. If you see the trend over the last three or four quarters, we've been adding new customers, the VLR base. 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 of, or being much more active on the Jio network.
The short answer to the second question, really the quality of the network, the standalone architecture, which is providing us opportunities to give more. We have not even launched some of the slice services, which also are on the roadmap, 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, then we will start giving that split. It's growing much faster than the rest of the revenue line items.
Thank you.
Hi, sir. Probal 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? The second part is, now that the expansion plans are being pretty much getting visible, is it possible to share the sort of revised CapEx plan for the entire chain to get to the 100 GW kind of capacity?
Sure. I think, 100 GW is you're only talking about the battery.
Yeah.
All right. From our perspective, INR 75,000 crore was effectively committed for our manufacturing ecosystem. Most of it is, I would say, spent, committed, or in the process of being spent. 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 will bring more clarity on that time.
The second question was with respect to the petrochemical business. I talked about the drastic changes in cracker economics versus naphtha and ethane, and others. We have some ethane-based capacity, some is from ROGC and some is from naphtha. Is it possible to sort of look at how that proportion has changed between the three in terms of even if a what percentage can be sort of shared?
I talked about it. About three fourth of our capacity is gas-based, which is ROGC and ethane combined put together, and about one fourth is naphtha-based.
Okay. All right. Thank you.
Yeah. Hi, thank you. On FWA with 12 million customers now, are you facing any capacity constraints? As you go from a total of 25 million to your planned 100 million home customer base, where will the majority come from? Can FWA accommodate that or will it be mostly FTTH?
No, 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. 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. 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.
Bulk of the new additions would come in the UBR, in the 5GHz 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, mobile, you're offering some valuable services now, Gemini Pro, Cloud, et cetera. How do you prioritize, like say, your own services, Jio AI Cloud or JioAI versus Google and what are the kind of costs which you incur in offering these services?
As I 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. 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 good 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.
For something for which Google charges INR 2,000 otherwise to the customer, like say, in fact, they are paying you to offer that service through your network.
That is right.
Lastly, in quick commerce, what's the dark store count now? Other players have raised cash and are heavily discounting, how are you managing to get to contribution breakeven? Even the number two player is right now not contribution breakeven.
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? Dark stores is still less than 30% of the total store count. 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 give good pricing to the customers but still maintain healthy margins.
I think we should talk about GT orders too.
Other is the category mix, right? F&B has generally the highest margin, and you need to have an efficient sourcing. The biggest cost in F&V is wastage, which happens, right? Typical vendors, if you look at the moment, the wastages are as high as 30%-35%, right? For us, almost one in every three to one in every orders has an F&V component, right? Which is value accretive to the customers, and it’s also margin accretive to us.
Yes. As quick commerce becomes larger, will it remain a headwind for the overall margin for retail?
It depends on you are incurring the extra delivery cost. 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. 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. It’s growing pretty well. 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, you want to come buy at the store. You want to get it delivered at your home. I’m fine to do both ways. As far as the margins are healthy at an aggregate level, it is margin positive. It is adding rupee margin to my bottom line. It’s accretive for me.
Hi, good evening. This is Harit from Investec. This is the first quarter where there’s an RCPL demerger, from the next quarter it’ll be entirely there. If you could just give us a sense of ex the merger, what the like-to-like growth would be for the retail business and a little bit of back of the envelope suggest that it would be like a 1% impact, 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 for next quarter as we start looking at the numbers?
From a revenue perspective, there’s 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, you’ve seen the gross versus net, adjusted for seasonal, it’s a decent double-digit growth that we have in revenues.
Do we expect this kind of single-digit dip to be there going forward until RCPL goes out of the system? Is that the way to think about the next three or four quarters in going into FY 2027?
No, I don’t think that’s right. The underlying business is pretty strong. The underlying business is growing. Even this quarter, we have a double-digit. 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. Aggregate basis, we’ll continue to deliver double-digit revenues.
The last thing was on square feet. There has been significant gross addition, but there’s also been closure. 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.
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, we are seeing an increase. It’s more or less kind of BAU. I can’t think. Of course, at every point in time, you’ll always make some mistakes. 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? That also comes as an addition and a closure.
On a net area, quarter-on-quarter, I expect that we’ll continue to keep adding area.
Thank you.
Yeah. Couple of from the telecom business. Anshuman, can you share.
Digital services.
Yeah, digital services. Yes.
After all these years, Sanjay.
Sorry. 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 inventory, 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 JPL as a service, private cloud, public cloud, which is built on the JPL platform? These are the three questions. Thank you.
Okay. 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. We’ll still have to wait for that before we finalize and then start the process. It’s imminent now, we are just awaiting the final notification. 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. If the customer's requirement is connectivity, then RJIL provides that. RJIL will in the back end go and lease some more dark fiber from JDFL because the dark fiber belongs to JDFL, but connectivity is provided by RJIL. There could be a very few clients who need the license as well, who should have the IP-1 license to be able to use dark fiber to then create their own connectivity, which is something they can take directly from JDFL. 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 back end.
The cloud solution we spoke about is being offered by Jio. 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. The core cloud as an offering is Jio's.
Setting up the GPUs or Reliance Intelligence will be buying the GPUs.
Infrastructure, even today, the data centers are in RA's, 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. Jio accesses those through long-term lease arrangements that Jio has with RA. Jio will not incur the CapEx. As a service, Jio Cloud is a Jio service. It can lease data center space from RAIL, from Reliance Intelligence, GPUs, et cetera. It can lease it from anybody else as well.
CapEx basically will be RAIL.
Yeah, CapEx will be RAIL or Reliance Intelligence.
This will be more asset-light as per JPL.
Service provision will be done by JPL. It will be asset-light. Service products will be developed by Reliance Intelligence, 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, and UBR FWA? That would 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. The allocation that we do, et cetera. The last incremental CapEx that we incur for connecting a sub is actually not much different between the three. If at all, it's 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 premise equipment, is kind of similar in cost.
Do you expect density to be different?
Yeah. Say in the case of, say, FWA anyway there is a receiving CPE which is installed in the premise. If it's the FWA UBR, we install the CPE, 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 CPE, the cost per customer starts going down quite significantly. ASICs is already incurred. That is, the network layer cost is already incurred for UBR. Now it's the CPE, and then that gets split across multiple homes. If you came in with a demand and there was nobody else around you, we would install one CPE for you. The cost is of that CPE. 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.
One more now.
What?
Last question.
Not allowed anymore.
Okay. On retail, 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. 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.
Yeah. Okay. Are we giving that right now, or we'll have to wait for next quarter?
You'll have to wait for the next quarter.
The impact of labor code, how big is that? There'll be a one-off over there, right? For this quarter.
When you look at it on an aggregate, the labor code, obviously there is an impact on gratuity, et cetera. We have obviously considered it in the P&L, but it is not material, therefore, we haven't really broken it up. In the context of retail also, it'll add a few percentage points in terms of growth rate.
Okay. Srikanth, I appreciate you saying that near term, short term volatility in growth rate. 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, that we would think that some of these things are extremely short term, and these kind of volatility in growth rates. We are not talking about growth or degrowth. We are talking about growth rates.
We expect it to be extremely short-term. That's all it is. As much as I can say. 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. Frankly, if you were where I am standing, you would also go past and look beyond this extreme. More so in the context of a fairly valid set of explanations, because it's a combination of things that are unique. You don't have this Q2 and Q3 and some RCPLV merger 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. 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, since you're saying that in about 12, 15 months, we will be starting some generation, and I think our internal needs would be somewhere around 20 GW 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?
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 may 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. The energy supplied will still be in some way utility. 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. We have all that flexibility to take care of in the broader construct of what we are trying to solve.
I'm being very similar to what I've been answering this question right from day zero, and it remains unchanged.
Okay. Thank you.
Yeah. Maybe the last one then.
Yeah. Hi, this is Nitin from Phillip Capital. Just one question on new energy. China has recently instituted a restriction on export of silver. India are the largest exporters. Is that expected to impact us in any way operationally, economically, in terms of economics of the project? Any comments on that?
There are a few other sources also for the silver. Silver is talked about a lot in terms of solar module manufacturing, solar cell manufacturing. I think there are a few factors that you need to consider. HJT as a technology itself has a lower silver consumption than TOPCon and IBC as it progresses. We are also working on a number of initiatives to reduce the silver consumption within the production of our own solar cell. The amount of silver which is used is significantly very less. It's effectively milligrams per watt peak is what we're talking about, or kgs per gigawatt. We're not talking about a significant number of tons as the consumption which is required. From that perspective, the diversified supply chain, the overall plan to reduce the silver consumption, and the technological choices.
If you see through that prism, we are not unnecessarily concerned about the situation.
Thank you.