Sequential improvement likely for RIL in March quarter

Analysts expect gross refining margins for the quarter in the range of $10.5 to $11.2 a barrel

For Mukesh Ambani's Reliance Industries (RIL), the March-ended quarter might prove sequentially better, on the back of refining and petrochemical segment performance, analysts say.

"We expect strong earnings, driven by refining and petchem (higher volumes, improved margins). Despite increased losses in domestic E&P (exploration and production), we expect RIL to report a ninth straight quarter on quarter stand-alone PAT (profit after tax) growth," analysts with Nomura Research wrote in an April 7 report.

In a Bloomberg poll, 16 analysts estimated the March quarter revenue at Rs 67,476 crore and profit at Rs.8,016 crore at the standalone level. For the March 2016 quarter,