Robust operating performance in Q1; positive outlook Reliance Industries (RIL) came out with yet another strong result in Q1FY17 where revenue was below our expectation while EBITDA and net profit was ahead of our expectation. On standalone basis, revenue decreased 19% YoY to Rs535 bn driven by 26% fall in crude oil prices and lower petchem prices partially offset by higher petrochemicals volume. The company's crude throughput grew 1.2% YoY to 16.8mmt in Q1FY17 while GRM came at US$11.5/bbl (IDBIest US$10.2/bbl) compared to US$10.4/bbl last year same quarter. Higher GRM was driven by a) gain of ~US$2/bbl including all cracks and inventory gain, b) strong middle distillates, c) more...