RIL beat market expectations with its 2Q results, mainly driven by strong GRM and petchem margins. RIL again proved its ability to tweak crude mix and product slate. RILs GRM grew to US$ 10.6/bbl ( 2% QoQ) despite the fall in Singapore GRM (-17%). Standalone EBITDA increased to Rs 98bn ( 19% YoY). Lower other income (lower cash accruals) partly offset the growth and PAT stood at Rs 66bn ( 14%). While crude prices fell by 51% YoY, petchem prices saw a drop of just 20-30%.