rgan anleydia Oil & s Reforms Upsi

2023 2024 Morgan Stanley Research 31 Source: Morgan Stanley Research. FOUNDATION M Foundation Source: Company data, Morgan Stanley Research. 2611202331142435363943474849566156 7.5% 3.8% 5.5% 7.5% 4.1% 7.0% 7.7% 8.1% 8.3% 1% 3% 5% 7% 9% 11% 0 11 22 33 44 55 66 F4Q20F1Q21F2Q21F3Q21F4Q21F1Q22F2Q22F3Q22F4Q22F1Q23F2Q23F3Q23F4Q23F1Q24F2Q24F3Q24F4Q24 (Rs Bn) EBITDA EBITDA Margin (RS) Exhibit 70: Core retail EBITDA margin improved by 20bp to 8.3% M Foundation 34 Telecom: Growing Well Exhibit 76: Reliance Jio spectr ...