Oil India fourth-quarter profit beats estimates

Revenue from operations rose 19 percent to 29.98 billion rupees.

Published: 28th May 2018 06:28 PM  |   Last Updated: 28th May 2018 06:28 PM   |  A+A-

Image used for representational purpose only. (File photo | Reuters)

By Reuters

State-owned Oil India Ltd posted a higher-than-expected fourth-quarter profit on Monday due to higher crude realisations.

Profit rose to 8.67 billion rupees ($128.58 million) in the three months ended March 31, the oil and gas explorer said. The company had posted a profit of 193.1 million rupees a year earlier, hurt by a one-off item.

Analysts on average had expected a profit of 8.27 billion rupees, according to Thomson Reuters data.

Revenue from operations rose 19 percent to 29.98 billion rupees.


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