Most research notes attributed RIL's strong performance in April-June quarter to solid refining business environment and improved petchem margins.
    
RIL's standalone net profit rose one per cent quarter-on- quarter and 12 per cent year-on-year to Rs 6,318 crore.
    
Credit Suisse said RIL materially increased disclosures on the telecoms segment. "Large-scale testing will happen over the next few weeks, while the commercial launch is expected by December, 2015."
    
BofAML said stronger than expected refining performance was offset by a slower rebound in petchem and lower profit at domestic E&P in Q1.
    
US shale was loss-making while retail performance was in line. RIL remains upbeat on the near-term downstream outlook. However, E&P is likely to remain a drag. High-growth retail is a positive but is not big enough, it said.
    
Barclays said while profit in April-June was higher as refining margins rose to a 6-year high, but downstream margins may ease in Q2 and medium-term outlook appears resilient, driven by benign demand-supply balances.
    
"This bodes well for Reliance, which is also likely to complete its key projects in the next year, driving earnings per share up 47 per cent in FY15-18 along with higher return on capital employed (ROCE) and lower leverage," it said.
    
UBS said petchem profits will stay strong in Q2, with July a good start particularly for polymer and polyester intermediaries margins but gross refining margins (GRM) may see seasonal weakness.
    
However, RIL management is upbeat on favourable outlook in second half with sustained gasoline demand, its superior complexity advantages and likely global refinery capacity shutdowns.

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