RIL came out with a healthy set of numbers in Q4FY18 which was in-line with our estimates. Robust performance from its Petrochemicals and Retail division was offset by disappointing result by refinery and Jio. Petchem reported highest ever volume of 8.8MMT (+10% QoQ) as ROGC fully optimized during the quarter. Petchem EBIT margin expanded 356bps YoY to 17.2%, resulted to highest ever EBIT of Rs63.4 bn. However, lower crude throughput (-5% YoY) and lower GRM of US$11/bbl vs US@11.5/bbl hurt refinery profits. Also, lower ARPU (11% fall QoQ) to Rs137 impacted Jio profits negatively....