RIL Q1 PAT seen down 23% at Rs 4375cr

Oil & gas producer Reliance Industries is expected to report its first quarter results. According to CNBC-TV18 estimates, the company's Q1FY13 sales are likely to go up 8% at Rs 87,500 crore versus Rs 81,018 crore, year-on-year, YoY.

Its OPM is seen down at 8.1% versus 12.25%, YoY. The company's PAT is seen down 22.7% at Rs 4,375 crore versus Rs 5,661 crore, YoY. Quarter-on-Quarter Its sales are seen up 2.7% at Rs 87,500 crore versus Rs 85,182 crore, quarter-on-quarter, (QoQ) Its OPM is seen up at 8.1% versus 7.7% Its PAT is seen up 3.3% at Rs 4,375 crore versus Rs 4,236 crore. Highlights Rupee weakness supportive for reported performance Singapore Complex down 12% QoQ at $6.6/bbl RIL GRM should be mildly higher than $7/bbl Slightly better L-H spreads to help RIL outperform benchmark  Throughput rise after Q4 CDU shutdown also supportive Weak MS, naphtha cracks the key drags for refining Petchem earnings have an element of surprise  Weakness in polyester chain continued due to cotton But polymer delta’s improved due to lower naphtha costs Domestic demand key to petchem volume performance Watch out for penalties / write-offs on relinquished blocks Other Income remains the key support; 42% of PBT last qtr Watch out for higher interest costs, forex losses Expect +ve move if consensus met through core earnings Street primed for a slight disappointment