The company, as many have stated, posted a flat set of performance for Q4FY19 and once again, Reliance Jio proved to be a big driver. The numbers actually were very much in synch with what our Editor, Mr.SP Tulsian had recommended. As against his estimates of a PAT of Rs.10,475 crore, the actuals came in at Rs.10,362 crore. Higher petrochemical volumes also contributed to growth in topline and PAT.

The estimation on GRM by Mr.Tulsian was also spot-on! It came in for Q4FY19 at $8.20/barrel v/s estimate of $8.10/barrel and v/s $8.80/barrel on a QoQ basis.