We value RJio at 10x Dec-20E EV/EBITDA at an EV of Rs 3.18tn (Rs 537/sh of RIL). Reliance Jios (RJio) 3QFY19 operating performance was in-line. Subs/Revenue/EBITDA/APAT grew by 11/12.4/13.3/22% QoQ. Interest and depreciation continue to puzzle with modest rise of 10/9.5% QoQ. This is inspite of steep rise in usage. Jios consumer engagement (voice/data usage/sub) is healthy and steadily inching upward despite substantial subscriber addition on low-ARPU JioPhone2. RIL is swiftly strengthening its business and consumer propositions with investments in media/technology companies and through content deals. This bodes well from the strategic perspective.