Petrochemical major Reliance Industries' third quarter profit is expected to rise 6 percent sequentially to Rs 6,950 crore compared to Rs 6,561 crore on standalone basis, led by refining business.
Refining earnings before interest and tax is likely to surge 28 percent due to strong gross refining margin (GRM) and throughput while petchem earnings are likely to decline 7 percent compared to preceding quarter. Hence, refining business is likely to offset a weak petchem performance.
Analysts expect the company to beat expectations on GRM front. They see GRM at USD 12 a barrel for the quarter against USD 10.6 a barrel in preceding quarter and refining throughput 3 percent higher.Disclaimer: Reliance Industries owns Network 18 that publishes Moneycontrol.com.
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