Pan-India 5G rollout completion by December 2023
Management confirmed the 5G rollout is ahead of schedule and will be completed before end of calendar year 2023.
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expansion
KG-D6 gas production target of 30 MMSCMD in FY24
Production is ramping up and expected to reach 30 million standard cubic meters per day during FY24.
JioBharat device deployment of 1 million units
Initial deployment of about a million JioBharat devices through own offering and OEM partners to target 2G-to-4G migration.
Home broadband target of 100 million homes
Accelerating home broadband ambitions to connect 100 million homes in the quickest possible timeframe using JioFiber and JioAirFiber.
Tariff hike benefits from July 2024
Jio implemented tariff increases of 13-25% from July 3, 2024, expected to improve ARPU and revenue in coming quarters.
CBM production ramp-up
40-well multilateral program to add 0.5 MMSCMD of gas by year-end, with 21 wells already completed.
Retail margin improvement focus
Streamlining operations and tech investments expected to sustain margin improvement; EBITDA margin up 30 bps YoY.
Double value by end of golden decade
Management reiterated confidence in doubling the company's value by the end of the golden decade, as stated by the Chairman in 2022 and 2024 AGM.
New energy ecosystem operational in 4-6 quarters
The entire new energy ecosystem, including manufacturing and generation, will be operationalized on a full-scale basis in the next four to six quarters.
Retail EBITDA doubling every 3-4 years
Chairman's vision of doubling retail business every three to four years remains on track, with acceleration expected in coming quarters.
55 compressed biogas plants by end of year
Target to achieve 55 compressed biogas plants by the end of this calendar year, with construction in full swing.
5G rollout completion by end of FY24
Management expects the fast-track 5G rollout to be completed by end of this year, with CapEx peaking in FY24.
KG-D6 production target of 30 MMSCMD
KG-D6 gas production is on track to reach 30 million standard cubic meters per day, representing ~30% of India's gas output.
Jio AirFiber to accelerate home broadband
AirFiber fixed wireless service is being rolled out across India, targeting north of 100 million premises rapidly.
Retail EBITDA margin expansion expected
Retail EBITDA margin improved 70 bps YoY to 8.1%, with operating leverage expected to drive further gains.
Jio AirFiber to add 1 million homes per month
Management targets adding approximately one million Jio AirFiber connections every month, up from current run rate.
Retail growth momentum to normalize in 2-3 quarters
Retail expects to revert to industry-leading growth after streamlining operations and B2B recalibration over the next couple of quarters.
JioAI Cloud beta launch imminent
JioAI Cloud offering 100GB+ free storage with AI features to launch beta soon, followed by commercial services.
Jio home connections to ramp up significantly
Management expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.
New Energy RE/RTC power generation from next year
First renewable energy round-the-clock power plants in Kutch will start generating power in H1 FY27, initially for captive use.
PVC project completion by end of calendar 2026
The large PVC project, including caustic chlorine and EDC/VCM/PVC units across two sites, is targeted for completion by end of 2026.
Jio EBITDA margin expansion to continue
Jio's EBITDA margin expanded to 56.1% in Q2, and management expects operating leverage to drive further margin improvement.
O2C margins to remain volatile but refining margins constructive
Management expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by global oversupply.
Retail margin expansion to continue via operating leverage
EBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.
Capex moderation to continue
Q3 capex at INR 30,000 crore, down from INR 39,000 crore in Q2; cash profits now exceed capex, supporting deleveraging.
New energy facilities to commence in phases from end of FY24
On track to start new energy production facilities in phases starting end of this fiscal year.
Jio ARPU growth to sustain
Full impact of July 2024 tariff hike still playing out; ARPU growth expected to continue in coming quarters.
Retail to show healthy sequential growth
Management expects healthy quarter-on-quarter growth driven by operational improvements and festive momentum.
O2C investment in downcycle
Investing in PVC, polyester, and ethane capacity at bottom of cycle to capture high-growth domestic demand.
Jio AI Cloud and Cloud PC launch
Beta launched; scaling to all Jio customers in coming quarter; new revenue stream from digital services.
New energy solar manufacturing to commission 10 GW integrated capacity this year
First phase of 10 GW peak annual solar manufacturing (ingot, wafer, cell, module) to be fully commissioned and ramped up during the current year, with expansion to 20 GW underway.
First renewable generation capacity to come online in 12-15 months
Kutch solar generation (round-the-clock power) will start delivering electricity within 12-15 months, with annual installation of 20 GW peak solar.
Jio IPO imminent, awaiting final government notification
Jio Platforms IPO is being worked on internally; final details depend on government notification expected in next few months.
KG-D6 incremental production of 4-5 mmscmd in a few years
Incremental development plan approved by government to add 4-5 million standard cubic meters per day of production.
Capex to remain below cash profits
Management indicated capex intensity is lower and will be below cash profits, with net debt/EBITDA at 0.65x.
Jio 5G monetization runway
30% of data traffic on 5G is currently free; monetization offers a larger growth runway.
Jio 5G monetization via network slicing
Management plans to offer differentiated services (e.g., network slicing) to enterprises and premium consumers over the next few quarters, aiming to drive incremental ARPU.
Retail fashion turnaround complete
Fashion business has turned around with positive LFL growth; design-to-shelf cycle reduced to 30 days with weekly store refreshes.
New energy solar and battery commissioning by 2026
Solar manufacturing (polysilicon to module) and battery cell production to be commissioned by end-2025/early 2026; 10 GW solar capacity scalable to 20 GW.
Jio home broadband target of 100M homes
Jio aims to connect 100 million homes using AirFiber (fixed wireless) and fiber; 85% market share in FWA net adds.
Jio IPO imminent
IPO work is largely done; announcement expected in coming days.
Jio to continue gaining market share
Expect subscriber growth and ARPU improvement from organic levers and 5G differentiation.
Retail square footage to grow mid-single digit
Store footprint expansion will continue, especially in tier 2+ cities.
Gigawatt-scale AI data centers progressing
Work on captive and partner data centers ongoing; gigawatt-scale centers to update in coming quarters.