EBITDA of Rs134.3bn (+19% yoy, -2% qoq) was 4% below due to higher upstream loss. Jio reported PAT of Rs5.1bn on Rs137/187mn ARPU/subs. Net revenue/EBITDA rose by 4%/3% qoq as higher subs were offset by lower ARPU due to tariff cut, cash discount etc. GRM of US$11.0/bbl was in line while volume declined by 6% qoq to 16.7mmt due to turnaround. But, opex dropped 16% qoq, hence EBIT was in line with estimate. Upstream business performance was weak on lower output and one-offs. Consol. net debt rose by 5% qoq to Rs1.41trn while suppliers' credit was up 1% at Rs760bn....