Oil India Ltd 3rd quarter net profit rises, beats estimates

Profit rose to 7.05 billion rupees ($109.49 million) from 4.55 billion rupees a year earlier, Oil India said.

Analysts on average had expected a profit of 6.88 billion rupees.

Revenue from operations rose over 16 percent to 28.53 billion rupees.

Oil India Ltd reported Q3FY18 results in-line with the consensus estimates. Revenue from operations grew by 16.6% year-on-year to Rs. 2,852.55 crore against Rs. 2,445.93 crore in Q3FY17. EBITDA stood at Rs.1,224.47 crore, up 66.8% yoy against Rs.734.27 crore of Q3FY17. EBIDTA margin expanded by 1,291bps yoy to 42.9%. Net Profit stood at Rs.705.22 crore with 55.1% yoy growth against Rs.454.69 crore last year.

The Board has declared interim dividend of Rs.14 per equity share with face value of Rs. 10 each.

The Board has also recommended issue of bonus shares in the ratio of 1 equity share for every 2 existing equity share of Rs.10 each, subject to approval of the shareholde Rs. of the company.

Oil India Ltd is currently trading at Rs. 356.35, down by 7.2 points or 1.98% from its previous closing of Rs. 363.55 on the BSE.

The scrip opened at Rs. 356.10 and has touched a high and low of Rs. 361.75 and Rs. 355 respectively. So far 6,47,992(NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.