18 January 2020 Oil & Gas 3QFY20, primarily led by the better-than-expected performance of the Digital and Retail segments. However, higher depreciation/interest and lower other income led to in-line PBT of INR149.1b (our estimate INR142.9b, +3% YoY). The company recognized an exceptional item of INR1.8b toward license fees/spectrum usage charges. Reported PAT came in at INR118.4b (+10% beat, +14% YoY) and adj. PAT at INR119.8b (11% beat, +15% YoY). basis stood at 20.9% v/s 24.7% last quarter as the company benefitted from lower tax in the standalone business. RIL reported in-line standalone revenue of INR862.