RIL Q3 Review - Consumer Business Outgrew Oil-To-Chemicals: IDBI Capital
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IDBI Capital Report
Reliance Industries Ltd. Q3 FY21 result was below our estimates at operational level (in line with consensus) while profit after tax was higher than our and consensus estimates on the back of deferred tax reversal and lower interest cost.
Higher volume in oil-to-chemicals, robust polymer margin, higher average revenue per user and lower effective tax rate along with lower interest and higher other income swelled net profit.
However, the company’s new reporting structure (integrated refining and petrochem division to O2C business), led to non-disclosure of gross refining margin.
Lower crack spreads and weaker retail division (excluding investment income) performance during Q3 was a disappointment.
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