Top takeaways from Q1FY17 :Consolidated PAT of Rs 71.1bn, 5% above our estimate. Numbers not fully comparable due to IndAS impact, though segment?wise, refining was a major +ve surprise 9 GRM rose to US$ 11.5/bbl qoq from US$ 10.8, despite ~US$ 3/bbl decline in Singapore margins (estimated US$ 10/bbl). ~US$ 2 accrued from spread hedging and inventory gains. Core margin was still a laudable US$ 4.5/bbl premium to Singapore. Phillip Capital lower their deprecation, increase other income and tax rate (to 27%) estimates, though PAT estimates and target price remain unchanged.They maintain positive view and Buy rating on RIL with a target price of Rs.1,160, as the company’s major downstream capex cycle comes to an end with key value?added projects to drive earnings from FY18. Trendlyne has 10 reports on RELIANCE updated in the last year from 4 brokers with an average target of Rs 1141. Brokers have a rating for RELIANCE with 2 price upgrades in past 6 months and 3 price upgrades,1 upgrades and 1 downgrades in past 1 Year.