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Oil India first-quarter profit falls 9 percent; beats estimates
August 11, 2017 / 10:30 AM / 4 months ago

Oil India first-quarter profit falls 9 percent; beats estimates

(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

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