Oil India Q1 Results: Profit Falls 18%, Revenue Declines
The company's revenue also fell 20.93% to Rs 6,208.2 crore in the April-June quarter.
Oil India Ltd.'s net profit declined in the first quarter of fiscal 2024, though it surpassed analysts' estimates.
The central public sector undertaking's profit decreased 18.2% to Rs 1,426 crore in the June quarter, as against Rs 1,742.8 crore in the previous quarter, according to an exchange filing. That compares with the Rs 1,283.1-crore consensus estimate of analysts tracked by Bloomberg.
Oil India Q1 FY24 Results (Consolidated, QoQ)
Revenue down 20.93% to Rs 6,208.2 crore, as compared with Rs 7,851.8 crore (Bloomberg estimate: Rs 5,149 crore).
Ebitda down 35.03% to Rs 2,276.5 crore from Rs 3,503.9 crore in the previous quarter (Bloomberg estimate: Rs 2,224.8 crore).
Margin at 36.67% versus 44.63% (Bloomberg estimate: 43.21%).
Net profit down 18.18% at Rs 1,426 crore versus Rs 1,742.8 crore (Bloomberg estimate: Rs 1,283.1 crore).
Shares of Oil India closed 0.29% higher at Rs 273.5 apiece before the results were announced, as compared with a 0.13% decline in the NSE Nifty 50 at 3:31 p.m.
