Oil India Q1 Net Profit Dips 9% To ₹1,466 Cr, Misses Estimates

Oil India reported its earnings for the June quarter on Thursday.

What Happened: The company's standalone net profit came in at ₹1,466 crore, down around 9% compared to the ₹1,613.4 crore posted in the same quarter last year. Revenue from operations stood at ₹5,839 crore, up 24% from the ₹4,644 crore posted in the corresponding quarter of the previous year.

Analysts had estimated a 5.6% rise in standalone net profit to ₹1,703.9 crore. Its revenue was expected to rise 22.85% to ₹5,706.36 crore in the June quarter.

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The crude oil segment saw its revenue surge 25% to ₹4,207 crore from the ₹3,364 crore revenue posted in the same quarter last year. Revenue from the natural gas segment stood at ₹1,421.97 crore, up from the previous year’s ₹1,113.2 crore.

Shares of the public service undertaking went up over 7% on Wednesday, ahead of the company’s June quarter results announcement. The stock saw a minor correction in today’s trading.

Price Action: Oil India’s share price closed 0.80% lower at ₹612.85 on Thursday.

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