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RIL to report Q4 earnings today: Jio business expected to support numbers

Centrum Broking said non-energy businesses continued to save the day for RIL, which is likely to see a sharp $1.2 a barrel QoQ dip in GRMs and a 7 percent QoQ decline in Petchem EBIT.

April 30, 2020 / 11:18 AM IST

Oil-retail-to-telecom major Reliance Industries' January-March quarter earnings are expected to get strong support from Jio business, though refining business could see some decline due to fall in oil prices and nationwide lockdown, according to brokerages.

Brokerages feel the consolidated profit and revenue may see marginal decline sequentially due to some weakness in the refining business, but margin may get support from petrochemicals and telecom segments.

Gross refining margin for the quarter is likely to be around $8.0 a barrel against $9.2 a barrel in December quarter 2019.

"GRM should be at around $8.0 a barrel in Q4FY20 (versus $9.2 in Q3FY20) owing to fall in middle distillate spreads QoQ," HDFC Securities said.