穆克什·安巴尼旗下信实工业（RELI.NS）预计将于周五公布季度利润大幅增长，因其主营的石油化工和数字业务表现强劲，盖过了零售业务的疲弱。
Mukesh Ambani's Reliance Industries (RELI.NS) is expected to report a sharp quarterly profit rise on Friday, as strength in its mainstay oil-to-chemicals and digital businesses outweighs weakness in retail.
信实工业在印度西部运营着全球最大的炼油综合体，并受益于自2月底美国-以色列与伊朗的战争爆发以来布伦特原油价格上涨约60%。石油化工业务占该公司营收的一半以上。
Reliance operates the world's largest refining complex in western India, and has benefited from Brent crude rising about 60% since the US-Israeli war with Iran broke out at the end of February. Oil-to-chemicals accounts for more than half of the company's revenue.
野村证券分析师比内特·班卡表示：“创纪录的炼油利润率和更高的炼油厂开工率应能提振石油化工（O2C）业务的盈利能力，而电信业务收益将得益于本季度多出的一天。”
"Record refining margins and higher refinery utilisation should bolster O2C profitability, while telecom earnings will benefit from an extra day in the quarter," said Bineet Banka, analyst at Nomura.
这些业绩于本周尾声公布，本周早些时候信实电信与数字业务子公司Jio平台（JIOP.NS）的上市引起轰动，使其成为印度市值第二大上市公司。
The earnings come at the end of a week that saw a blockbuster listing from Reliance's telecom-to-digital arm Jio Platforms (JIOP.NS), making it India's second-most valuable listed company.
这些业绩将让投资者首次看到该电信和数字业务部门自上市交易以来的盈利情况。
The results would give investors the first look at the telecom and digital arm's earnings since the trading debut.
根据伦敦证券交易所集团（LSEG）编制的预估数据，信实工业截至9月当季的合并净利润预计同比增长17.5%，至2134.8亿卢比（约22亿美元），营收增长28%。
Reliance's consolidated net profit is forecast to rise 17.5% year-on-year to 213.48 billion rupees ($2.2 billion) for the quarter ended September, with revenue rising 28%, according to LSEG-compiled estimates.
科塔克机构证券表示，受炼油厂强劲盈利、成本较低的美国乙烷原料以及卢比走软推动，O2C业务营业利润将飙升47%。
Kotak Institutional Equities says O2C operating profit would surge 47%, driven by strong earnings at the refinery, lower-cost US ethane feedstock and a weaker rupee.
摩根大通以桑杰·穆基姆为首的分析师表示：“炼油和石化利润率依然强劲，而太阳能项目投产可能提供短期催化剂。”
"Refining and petchem margins remain strong, while solar commissioning could provide a near-term catalyst," analysts led by Sanjay Mookim at J.P. Morgan said.
然而，在利润率压力下，零售业务可能仍是薄弱环节。莫蒂拉尔·奥斯瓦尔预计，Jio的EBITDA将增长2.8%，但零售利润将因利润率较低的快商务配送业务而下降3%。
Retail, however, is likely to remain a weak spot amid margin pressure. Motilal Oswal sees Jio EBITDA rising 2.8%, but retail profit falling 3% on lower-margin quick-commerce deliveries.
截至印度标准时间11:35，信实工业股价下跌0.3%，报1163.4卢比，延续了年内26%的跌幅，而Nifty 50指数（.NSEI）下跌12%。
Reliance shares were down 0.3% at 1,163.4 rupees as of 11:35 IST, extending a 26% year-to-date slide versus the Nifty 50's (.NSEI) 12% fall.
摩根大通表示，投资者对强劲的O2C利润率不予理会，转而担忧零售业务估值压力、控股公司折价，以及可再生能源投资短期内能否带来可观价值的不确定性。
JPMorgan said investors have shrugged off buoyant O2C margins, fretting over retail valuation pressure, holding company discount and uncertainty over whether renewables investments will add meaningful value in the near term.