(Reuters) - State-run Oil India Ltd (OILI.NS) posted on Friday a 9 percent fall in its first-quarter profit, but exceeded analysts’ estimates.
Profit was 4.50 billion rupees ($70.08 million) in the three months ended June 30, compared with 4.94 billion rupees a year ago, the company said. bit.ly/2vLFpHM
Analysts on average had expected the company to post a profit of 4.30 billion rupees, according to Thomson Reuters data.
Revenue from Oil India’s crude business rose 13 percent to 18.16 billion rupees in the quarter.
($1 = 64.2100 Indian rupees)
Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips