Reliance Industries (RIL) Q4FY20 adjusted result was largely in-line with consensus estimates led by consumer businesses and positive surprise from refinery profit. RIL reported inventory loss of Rs42.5 bn as an exceptional item due to a sharp fall of US$44/bbl in crude oil price during the quarter. Though, higher GRM of US$8.9/bbl vs consensus estimate of US$7.5/bbl and robust 49% YoY growth in Digital Services EBITDA was a positive surprise. The company expects Rs1.05 tr of cash inflow during CY20 led by Right Issue proceedings (1:15 ratio at a price of Rs1,257), Facebook deal (to be completed by Q1FY21) and BP deal, which would help achieving its target of zero-netdebt by year end. We cut our EPS estimates by 13% and 5% respectively for FY21E/FY22E...