The FY23 annual report of Reliance Industries (RIL) throws up some interesting data points: i) Capex of INR 1.4trn had grown by a material INR 423bn in FY23, ii) resultant, net debt (including spectrum and other deferred payment liabilities) expanded sharply to INR 1.05trn, despite a material INR 428bn of increase in cash + equivalents for the year.