Even as RIL's numbers may bring good tidings, expectations from oil marketing companies (OMCs)—Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd—are not rosy. Analysts from Jefferies India Pvt. Ltd expect weaker earnings for OMCs due to inventory losses in both refining and marketing, and lower core GRMs year-on-year. With oil prices declining towards the end of the March quarter, OMCs are expected to report inventory losses. However, "full year consolidated earnings should surprise positively, particularly for HPCL and BPCL, due to strong performance in subsidiaries in FY17 vs FY16", said Jefferies in a report to clients on 6 April.