State-backed Oil India beats profit estimates on higher crude prices
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2024
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Source: reuters
- Oil India's Financial Performance:
- Oil India reported a 13.5% increase in profit to 20.29 billion rupees, surpassing analyst expectations of a 9% decline.
- The rise in profit was attributed to higher crude oil prices and strong demand.
- Revenue Breakdown:
- Revenue from the crude oil segment, which contributes over 70% of total revenue, increased by 13.8%.
- However, revenue from the natural gas segment decreased by 17.4%.
- Overall Financials:
- Oil India's total revenue from operations grew by 2% to 57.57 billion rupees, exceeding estimates.
- Total expenses also rose by 8.8% to 40.65 billion rupees.
- Bonus Share Issue:
- The board recommended issuing bonus shares in a 1:2 ratio.
- Market Performance:
- Oil India's shares closed 1.2% higher on Friday at 647 rupees, showing a 74% gain in 2024.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
