Shares of Reliance Industries were trading marginally in the red in Friday's session ahead of its financial results for the quarter ended June 2019.

The scrip was down 0.36 per cent at Rs 1,257 at around 10.10 am (IST), while the BSE Sensex was trading 0.61 per cent lower at 38,655 at around the same time.

There are hopes that the oil-to-telecom conglomerate may deliver muted profit growth when it unveils June quarter earnings due to challenges in the refining and petchem segment.

However, telecom arm Jio and retail business may drive performance, analysts said.

IDBI Capital expects RIL’s PAT (profit after tax) to grow 0.6 per cent from a year ago, but decline 3.9 per cent from the previous quarter, while revenues may rise 19 per cent from a year ago, but drop 1.1 per cent from a quarter ago. IDBI Capital expects gross refining margins (GRMs) to decline to $8.2 a barrel from $10.5 a barrel in Q1FY19 while petchem may margin may decline to 18 per cent from 19.5 per cent.

It expects RIL’s retail segment to grow 5 per cent sequentially. Hong Kong-based CGS-CIMB Securities expects RIL’s June quarter consolidated Ebitda (earnings before interest, tax, depreciation and amortisation) to slip 2.8 per cent year on year while net profit may grow 3 per cent year on year and shrink 6 per cent quarter on quarter.