News: Reliance O2C Q2FY24 revenues de-grew 7% YoY to | 1.48 lakh crore due to lower crude oil prices. EBITDA margins expanded 350 bps to 11% (higher Gasoline cracks, PVC delta and better sourcing), leading to an absolute EBITDA of | 16281 crore (up 36% YoY).
Views: Overall, Petchem deltas (PP, PE and polyester delta) continued to remain subdue due to weak global demand. The impact was partially offset by higher domestic demand and 46% correction in Ethane prices. GRMs on the other hand is expected to remain strong due to planned and unplanned refinery shutdown and tight market inspite of lower demand.
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