RELIANCE

Q3 in Focus: O2C Recovery and Consumer Businesses to Drive Earnings

’ Q3 results are expected to be anchored by a recovery in its Oil-to-Chemicals (O2C) business, supported by higher Singapore gross refining margins and improved refinery throughput, even as petrochemical spreads remain soft. Brokerages, including ICICI Securities, believe downstream and consumer segments such as Retail and Jio, along with O2C, will lead year-on-year earnings growth, with stronger refining economics likely to more than offset pressure in petrochemicals and lift overall O2C profitability.