Chokey expects the results on GRM side to be higher that the Q2 numbers in the subsequent quarter of October to December. "The GRMs started improving since the end of July and mid-August, the impact has been subdued but otherwise, the numbers are inline with expectations," he says.
Talking further about the reaction by the streetand expectations from the Monday market, Choksey says since RIL has a good run up, there may be some amount of cool off on cards. "After a cool off on Monday, it may start picking up once again as we are likely to see higher numbers in the third quarter," he says.
He also added that the expected performance of Rs 69 to Rs 71 per share earning for FY12 is intact at this point of time.
Below is an edited transcript of Deven Choksey's exclusive interview to CNBC-TV18. Also watch the accompanying video.
Q: What is your first word on the Reliance numbers? The Rs 5,703 crore profits was it lower than or inline with your expectations?
A: The numbers are lower than our expectations particularly, on the refining side because the GRM are lower than what was reported by the company. We believe that the numbers on GRM side should be higher, above 11 for the subsequent quarter of October to December. The GRMs started improving since the end of July and mid-August. The impact has been subdued but otherwise, the numbers are inline with expectations except the GRM numbers.
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