Majority of the estimates had expected a muted performance for Q1FY20 due to pressure on margin, mainly on account of petrochem. But Reliance Industries went ahead and beat all estimates and posted a consolidated net profit of Rs.10.104 crore, up 7% (YoY). This beats our Editor, Mr.SP Tulsian’s estimate of Rs.9835 crore.

But the GRM came in marginally lower at $8.10/barrel v/s out estimate of $8.20/barrel. On the petrochem front, revenue fell 7% (YoY) due to decrease in volumes and price realisations primarily in paraxylene (PX) and monoethylene glycol (MEG) which was partially offset by increase in volumes of polyesters.