Reliance Industries (RIL)'s 3QFY22 consolidated revenue/EBITDA was up 57%/38% YoY (in-line), and standalone EBITDA grew 60%. RJio's EBITDA was in-line (up 17% YoY, 6% QoQ), while Retail EBITDA recovered by 24% YoY (inline). RJio's revenue/EBITDA growth was aided by the partial benefit of tariff hikes, which were up 3%/6% QoQ (in-line), and drove ARPUs higher by 6%. This was partly offset by a second consecutive quarter of net subscriber decline of 8.5m. The EBITDA margin improved 120bp sequentially to 49.2%. Reliance Retail's net revenues were up 53% YoY (4% beat) and 25% above...