RIL's Q1 gross refining margins better than expectations: Prayesh Jain, IIFL

In a chat with ET Now, Prayesh Jain, Research Analyst, IIFL India Pvt Ltd, talks about RIL's latest results. Excerpts:

ET Now: Your reaction to Reliance Industry's Q1 GRM number, which stands at $10.4 per barrel?

Prayesh Jain: It's substantially ahead of what we were expecting. We thought it would be of the order of $9.4 per barrel. To that extent, $10.4 is a sequential improvement as compared to the benchmark.

So, it is a strong beat for us. Even the refining segment EBITDA is better than what we were expecting.