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State-backed Oil India beats profit estimates on greater crude prices

Staterun explorer Oil India reported a higherthanexpected revenue for the 4th quarter on Monday, helped by greater crude oil rates and strong demand.

Its revenue rose 13.5% to 20.29 billion rupees ($ 243.7. million) from a year previously, beating analyst expectations of a. 9% fall in profit to 16.20 billion rupees, according to LSEG. data.

International petroleum prices increased almost 14% throughout the. March quarter, benefiting oil explorers.

Earnings from Oil India's petroleum section, which accounts. for more than 70% of the explorer's overall revenue, rose 13.8% in. the quarter. The natural gas section fell 17.4%.

Oil India's general profits from operations rose 2% to 57.57. billion rupees, beating price quotes of 56.18 billion rupees.

Total expenditures increased 8.8% to 40.65 billion rupees.

The board likewise recommended a concern of bonus shares in a 1:2. ratio.

Peer Oil And Natural Gas Corporation Ltd is. anticipated to report results later Monday.

Oil India's shares closed 1.2% higher on Friday at 647. rupees, gaining about 74% up until now in 2024.

(source: Reuters)