RELIANCE

July 22, 2022 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East) Mumbai 400 051 Scrip Code: 500325 Trading Symbol: RELIANCE Dear Sirs, Sub: Presentation made to analysts on Unaudited Financial Results (Consolidated and Standalone) for the quarter ended June 30, 2022 The presentation on the Unaudited Financial Results (Consolidated and Standalone) for the quarter ended June 30, 2022, made to the analysts is enclosed. Kindly take the same on record. Thanking you, Yours faithfully, For Reliance Industries Limited Savithri Parekh Company Secretary and Compliance Officer Encl.: as above Copy to: The Luxembourg Stock Exchange Singapore Exchange Limited 35A Boulevard Joseph II 2 Shenton Way L-1840 Luxembourg #02-02 SGX Centre 1 Singapore 068804 Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail: investor.relations@ril.com, Website: www.ril.com CIN- L17110MH1973PLC019786 1Q FY23 Financial Results Presentation 22 July 2022 1 Forward Looking Statement This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise. 2 1Q FY23 – Highlights 1. Record quarterly earnings ✓ Consolidated EBITDA at ₹ 40,179 crore, up 46% YoY ✓ Net profit at ₹ 19,443 crore, up 41% YoY 2. Strong O2C earnings with firm demand and extraordinary dislocation in energy markets causing supply constraints 3. Record Retail Revenues and EBITDA with margin expansion led by favourable revenue mix, normalised store operations and higher footfalls 4. Jio net subscriber addition shows a strong rebound to 9.7 Mn, traction in FTTH and improved ARPU 5. Oil and Gas business benefited from higher production in KGD6 and improved realizations Superior overall performance led by O2C and operating leverage in consumer businesses 4 1Q FY23 – Key Achievements and Milestones (1/2) 1. Revenue up 52% YoY; EBITDA up 97% YoY Retail 2. Total store count at 15,866, added 792 new stores in 1Q FY23 3. Crossed milestone of 200 Million registered customers, now at 208 Million Revenue ₹ 58,569 crore EBITDA ₹ 3,849 crore 4. Digital and New Commerce grew 2x YoY, contribute 19% of gross revenue 1. Revenue up 22% YoY; EBITDA up 26% YoY Digital Services 2. ARPU at ₹ 175.7, up 27% YoY; RJIL EBITDA margin at 50.5%, up 254 bps YoY 3. Customer base of 419.9 Mn as of June’22 with reduced SIM consolidation impact Revenue ₹ 28,511 crore EBITDA ₹ 11,707 crore 4. Data traffic up 27% YoY with healthy customer traction, overall traffic at 25.9 Exabytes Focus on scaling up consumer touch points and enhanced value proposition 5 1Q FY23 – Key Achievements and Milestones (2/2) 1. Revenue up 57% YoY; EBITDA up 63% YoY O2C ✓ Spike in fuel cracks with firm demand and supply disruptions in Europe ✓ Strength in PX, PTA and PET deltas YoY offset weak polymers and polyester deltas Revenue ₹ 161,715 crore 2. Segment EBITDA impacted by higher energy cost and crude OSPs, fuel retailing loss EBITDA ₹ 19,888 crore 3. Maintained high operating rates, volume up 2.4% YoY at 16.9 MMT 1. Revenue up 183% YoY; EBITDA up 3.4x YoY Oil & Gas 2. Avg. gas price realization for KGD6 at $9.72/MMBTU, 64% lower than Asian LNG 3. Production stable at 19 MMSCMD, >20% of India’s domestic gas production Revenue ₹ 3,625 crore 4. On track to produce >1 BCF/day gas by FY24 EBITDA ₹ 2,737 crore 6 Consolidated Financial Results : 1Q FY23 Change Change 1. Record quarterly Revenue and EBITDA led by O2C business (in ₹ crore) 1Q FY23 4Q FY22 QoQ YoY ✓ Store roll-out, high footfalls support Retail business growth Revenue 2 42,982 2 32,539 4.5% 53.0% EBITDA 40,179 33,968 18.3% 45.8% ✓ Robust net subscriber adds and 27% YoY growth in ARPU Finance Cost 3,997 3,556 12.4% 17.7% ✓ YoY 2.6x higher realizations for KGD6 gas, higher production Depreciation 8,946 8,001 11.8% 30.0% PBT 27,236 22,411 21.5% 57.7% 2. YoY strong growth in Net Profit despite higher Tax 7,793 4,390 77.5% 125.0% ✓ Finance cost with increased interest rates, INR depreciation Net Profit 19,443 18,021 7.9% 40.8% ✓ Depreciation with increased upstream production and higher capacity utilisation in Jio 1. Standalone net profit at ₹ 15,096 crore, up 75.6% YoY ✓ Normalised tax (Transfer of Gasification undertaking last year) Robust YoY earnings growth led by exceptional quarter for O2C business 7 Contributing Factors to Change in EBITDA (YoY) 1. Higher contribution from O2C 1Q FY23 vs 1Q FY22 - ₹ crore (YoY) ✓ Ongoing Ukraine conflict, EU shift away from Russian 2,439 1,303 energy supply kept fuel cracks elevated 40,179 1,896 1,940 ✓ Sustained demand growth across products 7,657 2. Oil & Gas – 23% higher KG D6 production and significant improvement in price realization 27,550 3. Retail – increased omni-channel reach and base effect 4. Digital Services – higher ARPU with improvement in 1Q FY22 O2C Oil & Gas Retail Digital Others 1Q FY23 subscriber mix and tariff hike Services EBITDA up 46% YoY with traction across all businesses 8 Contributing Factors to Change in EBITDA (QoQ) 1Q FY23 vs 4Q FY22 - ₹ crore (QoQ) 1. O2C contributed 91% of incremental EBITDA 137 498 1,252 ✓ Dislocation in energy markets and significant volatility 1,181 40,179 5,647 led to spike in fuel margins 33,968 2. Oil & Gas – stable production with 58% improvement in KGD6 gas price realization 3. Retail – growth in grocery and F&L, sustained momentum in new store addition 4. Digital Services – strong net subscriber addition and 5% 4Q FY22 O2C Oil & Retail Digital Others 1Q FY23 Gas Services higher ARPU EBITDA growth led by energy business with rise in prices and margins 9 Robust Balance Sheet Balance sheet well positioned to fund growth and navigate market volatility ( G N i n r C e o ₹ s a t D s C s h e r o D b & r e t e b c ) t a s h e q u i v a l e n t J 2 2 u 6 0 5 n 3 5 7 - 2 , , , 3 7 6 2 8 2 5 2 7 5 M 2 2 a 6 3 3 r 6 1 4 - , , , 2 3 4 8 2 0 9 1 5 0 5 1. Change in net debt on account of higher working capital requirement in businesses with increase in energy and product prices 2. Capex for the quarter funded by internal cash generation 10 Market Leadership Wireless Broadband Customer Market Share (%) ➢ #1 ranked telecom operator in India with Operator 3, 3% Operator 2, 16% 419.9 million customer base as of June’22 ➢ Market leadership with wireless broadband Jio, 53% customer market share of ~53% in May’ 2022 Operator 1, 28% ➢ Data Traffic market share at ~60%, more than next two operators combined Mar’22: AGR RMS 44.5% ➢ Widest reach with 4G LTE network and 34.5% differentiated sales & distribution approach 15.5% ➢ Attractive value proposition with end-to-end solutions for all customer segments Source: TRAI Jio Operator 1 Operator 2 Continued focus on maintaining market leadership across micro-markets 12 Strong Customer Engagement Per capita data usage (GB/ month) Steady improvement in customer engagement 20.8 and subscriber mix drives higher ARPU 15.6 Improving subscriber quality reflected in 11.6 increase in per capita data usage to 20.8 GB/ month Mar-20 Dec-20 Sep-21 Jun-22 Industry leading ARPU on a like-to-like basis ARPU (Rs) 175.7 Acceleration in FTTH connections leading to 138 higher customer engagement and greater 119 adoption of digital services Mar-20 Dec-20 Sep-21 Jun-22 Superior experience driving industry leading engagement levels 13 Improved Customer Journey Experience Significant friction plagues Jio’s WhatsApp based recharge mobile recharge customer journey is designed to be simple, journeys of Operators intuitive & on a single surface 1. In app chat notification leading to an intuitive transaction flow 2. Integrated payments via UPI to complete purchase in 3 simple steps 3. Behavior changing across Digital Natives | Irregular users | Offline users Industry leading solutions to enhance customer recharge experience 14 Support during natural calamity Keeping the customers always connected even in times of natural calamities ➢ Keeping the Jio customers recharged with complimentary benefits ➢ Keeping the network disruption minimal with accelerated efforts by the infra/ network team ➢ Supporting other network customers by allowing them to roam on Jio network Jio is always there for customer; especially in distress times like natural calamity 15 Fully Automated Network Management Automated Platform Performance Performance Efficiency Measurement Simplified Actions to Geography 2x – 2.5x Actions execution Individual performance linked 1. Precise Prioritized Actions 1. Precious time on analysis 1. Actions linked to individual reduced performance 2. Single source of truth 2. Customer site visits 2. Objective data driven 3. Continuous algorithm reduced measurement improvement 3. 2x-2.5x actions executed in 3. Efficiency tracked by Platform field Linking asset and people productivity … 16 JioFiber: Direct to Customer Gaining Momentum ➢ Entertainment plans well accepted in the market improving acquisition quality; 78% new homes opting for postpaid ➢ Improved speed of field service leading to customer satisfaction Q2 Focus Area: ➢ Increase home deliveries initiated through digital channels and improve the conversion Increasing customer stickiness through post-paid offering 17 Jio 5G Stack: Fully Automated Network Management tools MANO Cloud ACI Converged Management And Automated Cloud Deployments Orchestration Platform JCP ATOM 5G Ready Jio Coverage Platform for Automated Troubleshooting and Network Lifecycle Management Operations Management using AI/ML Jio Automation NMS Jio OSS FMS Suite Open APIS for Fulfillment and Network Management Systems Inventory SDN Orchestrator 5G Security Centre Cross domain and unified interface Making 5G Network Secure Orchestration, Management and AL/ML Based Closed loop Automation 18 Successful External Validation of Jio’s 5G Stack ➢ Detailed test cases shown to the regulatory teams and DoT covering Jio’s 5G Radios and 5G Core network ➢ Use cases were also showcased in production, and a sign-off taken from the regulatory teams Department of Telecommunications Cities Covered Functional Tests Performed Telecom Engineering Centre Application Tests Mumbai Delhi Jamnagar Wireless Planning and Coordination Mobility Tests Hyderabad Kolkata Ahmedabad Performance Bangalore Chennai Lucknow Security Testing VoNR and ViNR Use Cases Demonstrated to DoT ➢ eMBB ➢ Jio Glass ➢ Fixed Wireless Access ➢ 5G Robotics – ➢ 5G Enabled Drones Healthcare ➢ Cloud Gaming ➢ Jio Apps over 5G, ➢ 8K YouTube Video ➢ IoT Based Monitoring Streaming for Energy ➢ Virtual Collaboration Management ➢ Immersive Experience ➢ Smart Home Solutions 19 What can 5G deliver for India Native for Massive Data 5G Enables New Services ① 20x capacity compared to 4G eMBB Native for High Experience enhanced Mobile Broad Band 10x speed increase brings ② 3D, 4K/8K 50~100Mbps@anywhere,anytime Native for AR/VR Smart Life Cloud AR/VR ③ 10x latency decrease, enable <20ms E2E latency Industry Native for FMC Smart City ④ Future IMT 5G provides fiber like speed Autonomous Native for IOT & AI mMTC uRLLC massive Machine-Type Communication Ultra-Reliable and Low-Latency Communication ⑤ Edge & massive connection support Synergy of 5G & ICT technologies will be transformational 20 Jio 5G RAN – Own Solution Testing Update Extensive field trials conducted in 8 states 21 Quarterly Highlights 1 Strong financial performance across connectivity and digital platform businesses ➢ JPL consolidated Revenue at Rs. 23,467 Cr, growth of 23.8% YoY ➢ JPL consolidated EBITDA at Rs. 11,424 Cr, growth of 28.5% YoY 2 Net subscriber addition witnessed strong rebound to 9.7 million ➢ Gross adds at 35.2 million in Q1 FY’23 ➢ Total subscriber base at 419.9 million as of June 2022; increased focus on customer metrices - SIM consolidation and more active customer engagement 3 ARPU increased from Rs 167.6 to Rs 175.7 with improving subscriber mix and customer engagement 4 Strong customer engagement in mobility and FTTH with monthly data traffic > 8.5 Exabytes ➢ Per capita data consumption crossed 20GB/ user Establishing leadership across all market segments 22 RJIL: Key Operating Metrics 1Q’ 22-23 4Q’ 21-22 1Q’ 21-22 ➢ Healthy gross addition with net customer Total Customer base 419.9 410.2 440.6 (million) addition of 9.7 million Net Customer addition 9.7 (10.9) 14.3 (million) ➢ ARPU shows strong growth of 27% YoY ARPU to reach Rs 175.7 in Q1FY23 as impact 175.7 167.6 138.4 (Rs/ month) of Dec 2021 tariff hike flows through Total Data Consumption 2,587 2,461 2,034 (crore GB) ➢ Data traffic up 27% YoY to 25.9 Per Capita Data Consumption 20.8 19.7 15.6 Exabytes during the quarter (GB/ month) Voice on Network ➢ Per capita data and voice usage robust 1,370 1,340 1,169 (crore mins per day) at 20.8 GB and 1,001 min per month Per Capita Voice Consumption 1,001 968 818 (mins/ month) Strong growth in ARPU and subscriber base 23 RJIL – Key Financials Operating Revenue (in Rs crore) EBITDA (in Rs crore) 21,873 11,046 20,901 10,554 19,347 18,735 9,669 17,994 9,003 8,631 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 ➢ RJIL revenue up 4.7% QoQ; YoY growth at 21.6% ➢ EBITDA margins steady at 50.5% leading to EBITDA growth of 28% YoY Revenue Growth Led by Subs Base Expansion and ARPU Growth 24 Jio Platforms Limited - Key Financials Particular JPL Consolidated 1Q’ 22-23 4Q’ 21-22 1Q’ 21-22 Gross Revenue* 27,527 26,139 22,267 ➢ Operating revenue growth at 24% Operating Revenue 23,467 22,261 18,952 YoY driven by connectivity platform EBITDA 11,424 10,918 8,892 tariff increase and subscriber additions EBITDA Margin 48.7% 49.0% 46.9% ➢ EBITDA growth of 29% YoY D&A 4,329 3,823 3,165 EBIT 7,095 7,095 5,727 ➢ 24% YoY increase in reported net profit Finance Costs 1,000 1,220 823 Profit before Tax 6,093 5,875 4,904 Net Profit 4,530 4,313 3,651 *Gross Revenue is value of Services figures in Rs crore, unless otherwise stated Strong growth in revenues and profitability with operating leverage 25 Operating Context 1. First fully normalized quarter since the onset of pandemic; all stores fully operational Footfalls Surpasses Pre-Covid 119% 2. Footfalls surpasses pre-COVID levels with over 175 million walk-ins during the quarter 104% 95% 78% 3. Growth led by opening of malls, offices & school; festivals and wedding season 46% contributes Q1 Q2 Q3 Q4 Q1 FY22 FY23 4. Customer sentiments cautious in discretionary spend due to inflationary concerns Footfalls (% Pre-Covid) Business growth resumes as COVID eases 27 1Q FY23: Key Messages 1. All-time high revenue despite macro-economic headwinds 2. Records highest ever Operating EBITDA; Operating leverage and efficiencies drive margin improvement 3. Registered customer base crosses 200 million; ~220 million transactions in 1Q FY23, up >60% over pre-COVID 4. Continued expansion with addition of 792 new stores and 3.3 million sqft of warehousing and fulfilment area 5. Digital and new commerce deliver strong results – Daily orders up 64% YoY and merchant base scale up >3x over LY 6. Strengthened capabilities with partnerships & acquisitions Well rounded growth across all baskets and channels 28 Revenue: Robust Growth Gross Revenue 1. Record revenue performance; growth of 52% YoY Rs Crores 58,554 ✓ Fashion & Lifestyle grows by ~3x ✓ Grocery, Consumer Electronics and Pharma nearly doubles 38,547 31,620 ✓ Digital + New Commerce grows 2x YoY; contribution at 19% of revenue 1Q 1Q 1Q FY21 FY22 FY23 Broad based growth across all consumption baskets 29 Profit: Resilient Delivery 1. Robust EBITDA performance; up 98% YoY Total EBITDA Rs Crores ✓ EBITDA margin at 7.4% up 160 bps YoY 3,837 2. EBITDA margin from operations at 7.6%, up 350 bps YoY led by: ✓ Higher contribution from Fashion & Lifestyle and Consumer 1,941 Electronics 1,079 ✓ Operating leverage with strong LFL growth across consumption baskets 1Q 1Q 1Q FY21 FY22 FY23 Operating EBITDA at a new high 30 Rapid Store Footprint and Infrastructure Expansion 1 Store Added in Quarter 793 792 2 Added 79 new warehousing and fulfilment centres with an area of 3.3 million sq.ft. 3 >17,000 new jobs created (1Q FY23); employee 123 base now at ~379,000 people 1Q FY22 4Q FY22 1Q FY23 Total store count at 15,866* as of 30th June 2022 Investments in store network and supply chain continues * Total Store count excludes Pharma SIS sections which are embedded within SMART Point stores covered under Grocery 31 Strengthening Capabilities through Acquisitions / Partnerships Franchisee agreement with GAP, Franchisee agreement with Italian Franchise agreement with Pret a Manger, leading American fashion brand luxury lifestyle brand Tod’s a fresh food & organic coffee chain Formed a JV through acquisition of a stake in Acquired Catwalk, a leading Acquired franchise rights for Sunglass hut, Plastic Legno SPA’s. toy manufacturing business footwear player in India a multi-brand premium eyewear retailer in India Building a strong foundation for sustainable growth 32 Financial Summary In Rs Crore % Growth % Growth 4Q FY22 Parameter 1Q FY23 1Q FY22 Q-o-Q Y-o-Y 58,017 1% Gross Revenue 58,554 38,547 52% 50,834 1% Net Revenue 51,582 33,566 54% 3,584 9% EBITDA from Operations 3,897 1,390 180% 7.1% 50 bps EBITDA Margin from Operations (%) 7.6% 4.1% 350 bps 121 - Investment Income -60 551 - 3,705 4% Total EBITDA 3,837 1,941 98% 2,139 -4% Profit After Tax 2,061 962 114% *EBITDA Margin from Operations is calculated on net revenue Strong revenue and profit performance delivered 33 Performance Highlights – Consumer Electronics 1. Revenue more than doubled led by higher traffic and ABVs 2. Broad based growth across categories with phones, ACs, laptops and High-end TVs up 2x YoY 3. Exclusive launches, co-branded events and bank partnerships helps deliver industry leading growth 4. Consumer-centered events capture seasonal, festive and occasion-based (IPL, back to school) demand 5. Own brands sales up 6x YoY led by increased GT penetration and focused marketing campaigns 6. JMD business grows 3x QoQ led by phones & large appliances; merchant base up ~2x QoQ Industry leading performance delivered 34 Performance Highlights – Fashion & Lifestyle (1/2) Apparel & Footwear 1. Offline business posts best-ever quarter, up >3x YoY led by opening of malls, festive & wedding season 2. Strong LFL growth over pre-COVID; leveraged regional festivals – strong traction from small town stores 3. Men’s formal, women’s western wear and footwear registers growth as travel and offices resume AJIO 1. AJIO continues growth momentum, registers all time high revenues 2. Increased customer experience through cohort-based personalization 3. Customer loyalty grows further – repeat shoppers up 500 bps; 2x higher spend by older members New Commerce 1. Strengthened catalogue – added 660 new brands/labels; options up 32% 2. Share of own brands grows to 30%, up 300 bps over last year; 14 new own brands introduced in 1Q FY23 3. Merchants older than 1 year on platform spend 3x over new merchants (0-30 days) Relevant assortment and design freshness garners customer demand 35 Performance Highlights – Fashion & Lifestyle (2/2) Partner Brands 1. Revenue up ~5x over LY – strategic collaborations, in-store events amplify brand DNA, drive footfalls 2. AJIO Luxe scaled up – booking revenue up >6x YoY with ~400 brands, 38,000+ options live Jewels 1. Revenue up ~3x YoY driven by strong festive sales & network expansion; record sales on ‘Akshay Tritya’ 2. Launched 5 new collections; diamond jewelry sales contribution increases 600 bps over LY Lingerie 1. Presence across all price segments through – Clovia, Zivame and Amante; revenue up ~5x YoY 2. Zivame scales marketplace model; Amanté opens 550 new distribution doors Pickup in physical stores performance with increased footfalls in malls 36 Performance Highlights – Grocery Offline / JioMart 1. Revenue up 2x over LY; impactful omnichannel promotions, strong footfalls drive robust performance 2. JioMart maintains growth momentum with daily subscription orders doubling over LY; catalog up 44% 3. Leveraged network, scale and efficient sourcing to reduce inflationary pressures on customers 4. Strong performance for ‘Tak Dhina Din’ Sale; Tier 2 & beyond markets grow twice as fast as Tier 1 5. Non-food share up 470 bps YoY; own brands – ‘Bubbles’ soft drink & ‘Joyland’ confectionary launched New Commerce 1. Merchant base up 4x YoY; HoReCa, and institutions drive merchant growth 2. Strengthening supply chain capabilities – launched 33 new facilities including 4 cold chain facilities Highest quarterly revenue performance delivered 37 Performance Highlights – Other Businesses Pharma 1. Revenue up ~2x YoY driven by growth in footfalls and digital commerce orders 2. 80% of stores hyperlocal enabled – improves delivery performance 3. Merchant base up 50%+ QoQ – operations scaled to over 2,400+ cities Urban Ladder 1. Revenue doubles over LY driven by ‘Full House Sale’ – see an uptick in footfalls and web visits 2. Strengthen own brand offering through launch of ‘Create’, ‘LazeON’, ‘aara craft’ and ‘Gypsy Trunk’ Business scales across all channels – delivers strong growth 38 Looking Ahead 1. Capture larger India opportunity through continued store expansion 2. Further strengthen digital commerce and omni-commerce capabilities 3. Expand new commerce business through accelerated merchant onboarding & increase in share of wallet 4. Strengthen supply chain infrastructure, product and design development capabilities 5. Nurture and scale-up new businesses Scaling up business through focused initiatives 39 39 Oil and Gas Segment Performance – 1Q FY23 Change 1. QoQ EBITDA up 76% (in ₹ Crore) 1Q FY23 4Q FY22 1Q FY22 QoQ ✓ Marginal growth in production Revenue 3,625 2,008 80.5% 1,281 EBITDA 2,737 1,556 75.9% ▪ KGD6 average ~19 MMSCMD 797 EBITDA Margin(%) 75.5% 77.5% 62.2% ▪ CBM average ~ 0.76 MMSCMD Production (RIL Share) (BCFe) ✓ Higher gas price realization for KGD6 and CBM KGD6 40.8 38.0 7.4% 33.1 2. EBITDA margin lower due to MA field CBM 2.4 2.4 (0.4%) 2.7 decommissioning cost adjustment Price Realization KGD6 (GCV) 9.72 6.13 58% 3.62 3. KGD6 contributed >20% of India’s gas production $/MMBTU CBM (GCV) 22.48 7.64 194% 6.01 $/MMBTU Higher revenue and EBITDA driven by higher gas price and production 41 Other Updates 1. KG D6 - MJ Gas & Condensate Field ✓ Final offshore sub-sea production system installation campaign in progress, expected to be completed in 2Q FY23 ✓ FPSO ready for sail-away from South Korea, expected to arrive in 2Q FY23 ✓ Lower & Upper Well completion campaign commenced ✓ Off-shore hook-up, pre-commissioning and commissioning expected by 3Q FY23 2. KG UDW1 ✓ Prospect maturation has advanced. Planning to drill first exploration well in next year MJ: Offshore Installation Campaign With incremental production from MJ field - on track to deliver > 1 BCF per day in FY24 42 Global Gas/LNG Outlook 1. Gas prices continues to stay elevated with overheated LNG market $/ MMBtu JKM NBP TTF HH ✓ European demand shot up as it weans away from Russian gas Apr’22-Jun’22 Avg 27.18 22.26 31.59 7.50 supplies, creating LNG supply crunch in already tight market ✓ Supply disruption at Freeport LNG Terminal in US (15 MMT) and Nord Stream 1 Pipeline (20 MMT) equivalent to ~9% of global LNG market 2. India gas market outlook remains positive ✓ Short term demand recouped due to supply from domestic gas ✓ Gas market outlook remains positive as growing gas infrastructure – new pipelines / CGD networks connect new demand $/MMBtu Avg. DES West India Domestic Ceiling Price LNG # 3. Domestic Gas Prices likely to rise further on high global prices April’20 to Sept’20 2.39 5.61 ✓ Price Ceiling for KGD6 (R-Cluster/Sats) revised to ~$ 9.92/MMBtu for Oct’20 to Mar’21 7.58 4.06 H1FY23 which is expected to rise further for H2FY23 April’21 to Sept’21 9.83 3.62 Oct’21 to Mar’22 28.09 6.13 ✓ Domestic Price Ceiling remains disconnected with LNG prices; April 22 to Jun’22 30.64 9.92 continuing advocacy for removal of ceiling prices # Average Settled Prices for assessment period for the relevant months Higher Gas price realization in FY23 in line with elevated global prices 43 Dislocation in Energy Markets 1. Supplies of crude, gas and refined products impacted by Ukraine conflict and Price (QoQ) resulting embargo on Russian supplies Brent $ 113.9/bbl 2. Strong travel demand and higher gas to oil switching resulted in tight fuel markets  12.2% 3. LNG prices remained elevated with Europe shifting away from Russian gas LNG (JKM) dependency and the disruption at Freeport LNG Terminal in North America $27.2/mmbtu  12.8% 4. Ethane tracked US natural gas prices which were strong for most of the quarter 5. High associated costs reduced benefit of discounted crude availability Ethane $ 0.6/g 6. Increased logistics and energy prices pushed up operating cost  46.1% Unprecedented volatility as Europe diversifies energy sourcing 45 45 O2C – Balancing Opportunities and Risks in a Volatile Period 1. Highest ever O2C EBITDA with improved margins 2. Strong fuel cracks, stable downstream contribution partially offset by multiple headwinds ✓ Strengthening of Asian OSPs from ME – reducing margin capture ✓ Losses on domestic fuel retailing due to capped realization ✓ Realized price variations in a highly volatile and uncertain market ✓ Lower volumes with planned turnaround of Hazira cracker and DHDS ✓ Higher opex with rise in energy and freight cost Exceptional performance even as world adjusts to new energy market dynamics 46 ( R E E i n e B B ₹ v e I T I T C n D D r u A A o e r M e a ) r g i n ( % ) 1 Q 1 1 6 1 2 F 1 9 . 3 Y 2 , 7 , 8 % 3 1 8 5 8 c 5 6 4 h Y 6 2 0 a o . . n 7 6 b Y g % % p e s c 2 1 3 h Q 0 9 5 a 0 o . . n 9 7 Q b g % % p e s 46 Business Environment - Margin Trends 1.Transportation fuel margins strengthened QoQ Product Cracks ✓ Strong demand across geographies with reopening and higher travel ($/bbl) ✓ Restricted supply from Russia Gasoline : 29.8 ✓ Lower Chinese exports and low global inventories Gasoil : 51.6 2.Sharp fall in naphtha cracks QoQ (-$16.2/bbl vs. $1.2/bbl) on lower Asian ATF : 39.2 cracker operations Naphtha : -16.2 LPG : -33.0 3.LPG cracks declined QoQ (-$33.0/bbl vs -$24.9/bbl) on weak propane cracking economics Downstream Margins (QoQ) 4.Polymer margins improved with lower naphtha prices and relatively stable Polymers -  2-28% product prices Polyester Chain -  6% 5.Sharp rebound in PX margins supported polyester chain Healthy margin with strong demand and restricted supply Source : Platts 47 Business Environment - Demand and Utilization Levels 1. YoY India fuel, downstream chemical demand up sharply Global Oil Demand India Oil Demand ✓ Improved economic activities compared to covid 97.8 mb/d 55.1 MMT impacted 1QFY22 (low base)  1.6 mb/d YoY  16.8% YoY ✓ QoQ demand was soft 2. Global oil demand up YoY on low base and reopening, India Polymer Demand India Polyester Demand but declined 1.5 mb/d QoQ mainly due to 3.7 MMT 1.6 MMT ✓ Covid-19 related stringent lockdowns in China  9.2% YoY  44.3% YoY ✓ Russia-Ukraine conflict 1. Refinery operating rates declined QoQ Global Refinery Global Cracker ✓ Severe lockdown in China and constrained runs in Operating Rate Operating Rate Russia 76.1% 83.4% 2. Cracker operating rates impacted by fresh lockdowns,  140 bps QoQ  80 bps QoQ price volatility and planned shutdowns Resilient fuel and chemicals demand despite high energy prices Source : IEA, Platts, JBC, HIS, PPAC, RIL internal estimates 48 Domestic Environment – Oil Demand 1. HSD demand up 20.4% YoY Domestic Oil Demand ✓ Improved economic activity on low base In MMT 22.2 ✓ Strong transportation and tourism demand 20.6 21.0 18.4 18.0 ✓ Harvesting season aided rural demand 15.0 12.0 2. ATF demand up 86.0% YoY 8.8 9.0 7.9 6.8 6.0 ✓ Domestic air traffic up sharply : 3x YoY 3.0 1.4 1.7 0.9 0.0 3. Gasoline demand up 29.4% YoY 1QFY22 4QFY22 1QFY23 Gasoline Diesel ATF ✓ Preference for personal mobility reflected in higher car sales Higher fuel consumption on low base with improved economic activity and travel demand Source : PPAC 49 Domestic Environment – Polymers and Polyester Demand Polymer India Demand Growth YoY 1. Polymer demand up 9% YoY, sequentially lower 29% 30% ✓ Healthy demand growth from agriculture, health & hygiene, food packaging and infrastructure 20% ✓ YoY PE demand stable with downstream pre-buying in 9% 8% 10% 4Q FY22 due to planned shutdowns by major producers 1% 0% ✓ Strong PVC demand supported by soft price and pre- PE PP PVC Polymer monsoon agricultural demand Polyester India Demand Growth YoY 90% 90% 1. Polyester demand up 44% YoY on a low base, flat QoQ 70% ✓ 1Q FY22 polyester demand impacted by Covid 2nd wave 56% 50% 44% ✓ High Cotton–Polyester deltas supported PSF demand 31% 30% ✓ Strong seasonal summer demand for PET 10% PSF PFY PET Polyester Healthy domestic demand growth with continuing rebound in economic activities 50 Business Environment – Polymers and Polyester Chain Deltas 1. QoQ polymers deltas up 2%-28% Polymer Deltas – 1QFY23 800 689 ✓ PE delta improved 28% QoQ amid stable demand and firm 652 576 600 508 product prices, while Naphtha prices weakened QoQ 450 415 412 421 T M 400 325 / $ ✓ PP delta over Naphtha improved marginally 2% QoQ 200 ✓ PVC delta improved 28% QoQ led by sharp decline in EDC 0 PE PP PVC 1QFY22 4QFY22 1QFY23 price (-20%); strong demand supported stable PVC prices 800 Polyester Chain Deltas – 1QFY23 1. QoQ polyester chain delta up 6%, reflecting strong PX deltas ✓ PX delta improvement (+76% QoQ) led by gasoline blending 622 T M 593 / $ 600 560 ✓ Downstream polyester deltas impacted by China lockdown ✓ MEG delta declined QoQ (-54%) due to firm energy prices, 400 high China port inventory and lower downstream demand 1QFY22 4QFY22 1QFY23 Improved polymer margins despite volatility; polyester chain margin aided by strength in PX 51 Regional Business Environment – Transportation Fuels Gasoil Gasoil (10 ppm) Cracks 60 650 51.6 50 1. Global gasoil demand remained flat QoQ at 28.3 mb/d 598.0 600 40 s lb lb 2. Gasoil cracks surged in 1Q FY23, due to b / $ 30 21.6 550 b n 20 521.0 M ✓ EU embargo on Russian products 522.0 500 6.9 10 ✓ Continuing gas to oil switching with high gas price 0 450 1QFY22 4QFY22 1QFY23 ✓ Lower inventories and limited export from China Gasoil Cracks Global Diesel Inventories (RHS) ATF/Kero Jet/Kero Cracks 50 150 39.2 1. Global Jet/kero demand rose marginally QoQ by 0.1 mb/d. 40 129.0 l 130 b s b30 lb 2. Cracks improved sharply QoQ due to / b $ n 20 16.2 107.0 M 110 ✓ Prioritizing gasoil over Jet/Kero on better economics led to 100.0 10 4.5 tighter Jet/Kero market 0 90 ✓ Rising demand of air travel in Europe supported jet fuel 1QFY22 4QFY22 1QFY23 ATF/Kero Cracks Global Jet Inventory (RHS) outflow from Asia Strength in Middle distillate cracks due to lower inventory and supply Source: Platts, Energy Aspects 52 53 Regional Business Environment – Transportation Fuels Gasoline Gasoline 92R Cracks 1. Global gasoline demand rose by 1 mb/d QoQ to 26 mb/d 35 500 29.8 30 ✓ 0.7 mb/d QoQ incremental demand from North America 460 25 445 450 → 439 s 2. Gasoline cracks nearly doubled QoQ 20 l b l 15.1 b b b15 n ✓ Demand recovery in Asia – India demand up 11% QoQ / M $ 8.1 400 10 5 ✓ Lower export from China 0 350 ✓ Seasonal demand growth in North America 1QFY22 4QFY22 1QFY23 Gasoline Cracks Global Gasoline Inventory (RHS) 3. Decrease in regional inventories also supported high cracks Rising personal mobility across the globe aided cracks Source: Platts, Energy Aspects 53 O2C Operating Performance Feedstock 1Q FY23 4Q FY22 1. Refinery operations optimized to capture strength in cracks (Vol in MMT) ✓ Primary and secondary unit processing maximized Throughput 19.8 19.3 ✓ Production of high value gasoline grades maximized Production meant for sale 1Q FY23 4Q FY22 ✓ Yield adjustments to benefit from high Gasoil-Fuel oil (GO-FO) (Vol in MMT) and Gasoline-Naphtha spreads Transportation fuels 10.5 10.7 Polymers 1.4 1.5 2. Improved Gasifier utilization helped reduce costly liquid fuel firing Fibre Intermediates 0.8 1.0 and eliminated high-cost LNG imports Polyesters 0.7 0.7 3. Fuel production lower due to DHDS shutdown Chemicals and others 3.5 3.4 Total 16.9 17.3 4. Lower polymer production with planned turnaround at Hazira Enhanced high value product yields while minimizing cost and ensuring higher unit availability 54 O2C Business Dynamics 1. Oil demand is expected to average 99.2 mb/d in 2022, up 1.7 mb/d YoY Macro 2. EU decided to phase out Russian oil and gas import by year end 3. Robust demand for middle distillates export to EU from Asia and Middle East after Russian oil embargo 1. Limited spare refining capacity and strong oil demand expected to keep refining margin high Margin 2. Recovery in aviation demand, subsiding pandemic woes and lower exports from China to support margins 3. PX, PTA and MEG margins expected to be range bound due to capacity overhang 1. Transport fuel demand expected to remain strong with easing of lockdowns in China Demand Drivers 2. Polyester / Polymer demand expected to improve with upcoming festive season 1. Recession fears overtaking oil market fundamentals resulting in lower prices and margins Challenges 2. High inflation in many countries prompting central banks to raise interest rates 3. Duty on exports to restrict outflows from India and diminish realizations Source: IEA, Platts. 55 Summary 1. Earnings growth led by O2C business with dislocation in energy markets 2. Strong performance across businesses – all businesses contributing positively to EBITDA growth 3. KGD6 on track to deliver 1 BCF/d gas production in FY24, significantly enhance India’s energy security in current volatile energy markets 4. Retail focused on onboarding merchant partners, new store additions and scaling omni-channel capabilities 5. Jio maintained market leadership position in connectivity business, well positioned to accelerate fiber deployment Strong balance sheet and multiple growth drivers to deliver value creation 57