Reliance Industries (RIL) Q1FY21 adjusted EBITDA was below our estimates but adjusted PAT beats estimates due to deferred tax write back. Petchem (Rs34bn, IDBIest Rs37 bn), Refining (Rs29bn, IDBIest Rs35 bn) and Retail (Rs7.2bn, IDBIest Rs11.5 bn) EBIT disappointed while Jio EBIT (Rs47bn, IDBIest Rs45 bn) was slightly above expectations. Reported GRM came at US$6.3/bbl vs our estimate of US$6.6/bbl. The company highlighted strong traction at Jio would continue with faster roll out of Jio Fiber and improvement in ARPU. However, O2C business would continue to see challenges in near term. We keep our estimates and TP unchanged at Rs2,154. Though, due to recent...