Oil India Q3 Results Review: Yes Securities Maintains 'Buy' Rating, Revises Target Price — Here's Why

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Yes Securities Report

Oil India Ltd.’s earnings saw lower-than-estimated Ebitda and PAT on higher opex while the volumes and realisations stood in line with expectations. Crude production and natural gas both experienced YoY increase (but was lower than the company target due to less than planned contribution from wells.

Depreciation, finding cost, and statutory levies showed increase, other expenses were higher than expected while other income included dividend income from its investments.

We maintain a Buy rating, with a revised target price of Rs 525/share, and find decent upside on current current market price.

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