Probal Sen, Energy Analyst, ICICI Securities, says “the benefit of Reliance is that now it has the kind of business mix where performance in several segments can offset weakness in any one particular segment in any particular quarter. So, to that extent, the Q3 numbers were fairly strong. I would just be a little bit cautious on the fact that net debt continues to rise from a YoY perspective despite capex declining quite sharply on a QoQ level by more than 25 odd percent.”
Given that it has been an in line set of numbers, particularly in the gas exploration segment, how would you categorise RIL’s earnings?
Probal Sen: As you said, the earnings were fairly strong, but in line broadly with what the Street was looking at. I would think that probably the O2C segment disappointed marginally. The impact of the shutdowns was baked into the estimates. But the margin pressure continues to…
