Reliance Industries' (RIL) Q3FY19 EBITDA was above estimates at Rs 213bn (+21% YoY, +1% QoQ) on (a) lower refinery operating costs at US$ 2.6/bbl, which caused EBITDA to come in Rs 8bn higher than estimates despite GRMs being in line at US$ 8.8/bbl, (b) marginally higher petchem EBITDA, and (c) higher RJio EBITDA (by Rs 2.5bn) led by better revenues despite ARPUs declining to Rs 130/month. We trim FY19E/FY20E earnings by...