Reliance Industries (RIL) Q3FY21 result was below our estimates at operational level (in line with consensus) while PAT was higher than our and consensus estimates on the back of deferred tax reversal and lower interest cost. Higher volume in O2C, robust polymer margin, higher ARPU and lower effective tax rate along with lower interest and higher other income swelled net profit. However, the company's new reporting structure (integrated refining & petrochem division to O2C business), led to non-disclosure of GRM. Lower crack spreads and weaker retail division (excl investment income) performance during Q3 was a disappointment. RIL's expanding FTTH, Enterprise solutions and IoT solution for Home to gain market share in long...