The shares of Reliance Industries will be in focus today as the Mukesh Ambani-led company is slated to announce its financial results for the quarter-ended December 31. 

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In the last quarter the company had reported a drop of nearly 23% in net profit. The company's consolidated net profit declined to Rs 7,206 crore from Rs 9,345 crore during the quarter ended on September 30, 2015.

According to a Bloomberg survey which included 11 analysts, the oil and gas major company was likely to post an increase in the net profit to Rs 7,842 crore standalone revenue at Rs 65,753.6 crore in Q3FY17. 

Commenting on the expectation in Q3 from Reliance, Kotak Institutional Equities, in its report dated January 6, said, "Quarter-on-quarter improvement in EBITDA driven by robust refining margins, which is partially offset by weaker performance of the petrochemical segment. We assume sequential improvement in refining margins to US$11.3/bbl from US$10.1/bbl in 2QFY17 and US$11.5/bbl in 3QFY17."

Nomura, in its research report dated on January 5, had said, "We expect this to be the eighth consecutive sequential earnings increase. Strong refining should more than offset the likely weaker pet-chem segment (weaker margins, and likely impact of demonetization)."

Moreover, a report by Fitch Ratings, dated November 3, had said that the operating cash flow from refining and petrochemical businesses of RIL will provide the cushion against any weak cash generation from the recently launched telecom operation Reliance Jio (RJio).

According to Fitch Ratings, RIL's refining and petrochemical operations are supported by their large scale, asset quality and the company's leading position in the two segments.  As per the data shared by the rating agency, during the six months of the current financial quarter, the company recorded gross refining margins (GRM) of $10.8 per barrel as against $10.5 per barrel in H1FY16. 

In December, Reliance's telecom arm Jio offer was extended till March end. Following the extension of the 'Happy New Year' plan will also play a major role in today's announcement.