Mukesh Ambani-led Reliance Industries is set to announce its third quarter results on Friday. 

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The fall in crude oil prices is set to weigh heavy on the profitability of the company. 

Also Read: Oil prices fall to lowest in nearly six years

Anil Sharma and Ravi Adukia of Nomura, in a report dated January 7, 2015, said that they expect earnings to drop in all key segments. 

They said, "We expect a weak quarter for RIL with quarter-on-quarter earnings before interest and tax decline in all key segments. Sharp commodity price declines, leading to  inventory losses would be the key reason for weaker profits." 

They further said that the gross refining margins are expected to drop by 7% on a quarter-on-quarter basis. "Refining margin premium will likely shrink due to higher fuel oil cracks, higher Brent-Dubai differential, and also due to inventory losses," they concluded. 

Microsec Research, in their note on January 16, 2015 said that in a poll of 24 analysts, conducted by Bloomberg, Reliance Industries is expected to post an estimated net profit of nearly Rs 5000 crore. The company had reported a net profit of Rs 5511 crore in the quarter ended December 31, 2013. 

The stock price of Reliance Industries was trading at Rs 817 per share, up 0.74% at 12.47 pm on the  Bombay Stock Exchange's Sensex.