Given the cost optimization plans, improvement in digital services business, and launch of JioMart, outlook looks promising. We upgrade our rating to BUY with target price of Rs. 2,464 based on SOTP. Topline tumbles on lower throughput and pricing RIL recorded total consolidated revenue of Rs. 91,238cr (-43.8% YoY), on account of decline in Refining, Petrochemicals, and Retail businesses. Refining fell 54.1% YoY to Rs. 46,642cr due to decline in Brent crude oil (-57.6% YoY) and refinery throughput (5.1% YoY). Petrochemicals business declined 33.0% YoY on account of lower price realizations of feedstocks due to COVID-19 lockdown. The segment EBITDA declined...