Reliance Management Guidance Tracker

Management confirmed the 5G rollout is ahead of schedule and will be completed before end of calendar year 2023.

Accelerating home broadband ambitions to connect 100 million homes in the quickest possible timeframe using JioFiber and JioAirFiber.

AirFiber fixed wireless service is being rolled out across India, targeting north of 100 million premises rapidly.

On track to start new energy production facilities in phases starting end of this fiscal year.

Jio aims to connect 100 million homes using AirFiber (fixed wireless) and fiber; 85% market share in FWA net adds.

The entire new energy ecosystem, including manufacturing and generation, will be operationalized on a full-scale basis in the next four to six quarters.

Target to achieve 55 compressed biogas plants by the end of this calendar year, with construction in full swing.

First renewable energy round-the-clock power plants in Kutch will start generating power in H1 FY27, initially for captive use.

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.

Kutch solar generation (round-the-clock power) will start delivering electricity within 12-15 months, with annual installation of 20 GW peak solar.

Store footprint expansion will continue, especially in tier 2+ cities.

Production is ramping up and expected to reach 30 million standard cubic meters per day during FY24.

Initial deployment of about a million JioBharat devices through own offering and OEM partners to target 2G-to-4G migration.

KG-D6 gas production is on track to reach 30 million standard cubic meters per day, representing ~30% of India's gas output.

Incremental development plan approved by government to add 4-5 million standard cubic meters per day of production.

40-well multilateral program to add 0.5 MMSCMD of gas by year-end, with 21 wells already completed.

Management targets adding approximately one million Jio AirFiber connections every month, up from current run rate.

Retail expects to revert to industry-leading growth after streamlining operations and B2B recalibration over the next couple of quarters.

Management expects healthy quarter-on-quarter growth driven by operational improvements and festive momentum.

Fashion business has turned around with positive LFL growth; design-to-shelf cycle reduced to 30 days with weekly store refreshes.

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.

Chairman's vision of doubling retail business every three to four years remains on track, with acceleration expected in coming quarters.

Management expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.

Expect subscriber growth and ARPU improvement from organic levers and 5G differentiation.

Management expects the fast-track 5G rollout to be completed by end of this year, with CapEx peaking in FY24.

Q3 capex at INR 30,000 crore, down from INR 39,000 crore in Q2; cash profits now exceed capex, supporting deleveraging.

Management indicated capex intensity is lower and will be below cash profits, with net debt/EBITDA at 0.65x.

Investing in PVC, polyester, and ethane capacity at bottom of cycle to capture high-growth domestic demand.

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.

The large PVC project, including caustic chlorine and EDC/VCM/PVC units across two sites, is targeted for completion by end of 2026.

Retail EBITDA margin improved 70 bps YoY to 8.1%, with operating leverage expected to drive further gains.

Management expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by global oversupply.

EBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.

Streamlining operations and tech investments expected to sustain margin improvement; EBITDA margin up 30 bps YoY.

Jio's EBITDA margin expanded to 56.1% in Q2, and management expects operating leverage to drive further margin improvement.

30% of data traffic on 5G is currently free; monetization offers a larger growth runway.

Jio implemented tariff increases of 13-25% from July 3, 2024, expected to improve ARPU and revenue in coming quarters.

Full impact of July 2024 tariff hike still playing out; ARPU growth expected to continue in coming quarters.

JioAI Cloud offering 100GB+ free storage with AI features to launch beta soon, followed by commercial services.

Beta launched; scaling to all Jio customers in coming quarter; new revenue stream from digital services.

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.

Work on captive and partner data centers ongoing; gigawatt-scale centers to update in coming quarters.

Jio Platforms IPO is being worked on internally; final details depend on government notification expected in next few months.

IPO work is largely done; announcement expected in coming days.