February 12, 2019 / 5:28 PM / 10 days ago

Oil India's third-quarter profit beats estimate

(Reuters) - State-owned Oil India Ltd on Tuesday posted nearly 75 percent surge in its quarterly profit, handily beating analysts’ estimates, boosted by gains from its crude oil segment.

Profit came in at 12.33 billion rupees ($174.24 million) for the three months ended Dec. 31, compared with a profit of 7.05 billion rupees a year earlier, the oil and gas explorer said.

Analysts on an average had expected a profit of 8.31 billion rupees, according to I/B/E/S data from Refinitiv.

Revenue from operations climbed 23.2 percent to 35.14 billion rupees, while revenue from the crude oil segment gained 21.6 percent.

Reporting by Krishna V Kurup in Bengaluru; Editing by Rashmi Aich

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