Net sales grew by 27 percent to Rs 2,515 crore in the quarter ended June 2014 from Rs 1,981 crore in the year-ago period.
State-run oil and gas producer Oil India has reported a massive 40 percent growth in net profit at Rs 852 crore, strongly beating analysts' expectations, in April-June quarter compared to Rs 609 crore in the year-ago period driven by strong operational performance on account of higher crude and natural gas prices.
Analysts had expected the company to report net profit of Rs 775 crore on revenue of Rs 2,350 crore for the quarter, according to CNBC-TV18 poll estimates.
Net sales grew by 27 percent to Rs 2,515 crore in the quarter ended June 2014 from Rs 1,981 crore in the year-ago period.
Operating profit (EBITDA) jumped 60 percent year-on-year to Rs 1,116 crore and margin expanded by 900 basis points to 44 percent in the quarter gone by, which both were stronger than analysts' forecast of Rs 995 crore and 42 percent, respectively.
Earnings before interest and tax of crude oil business more than doubled to Rs 910 crore from Rs 427 crore and natural gas EBIT rose by 54 percent to Rs 257 crore from Rs 167 crore year-on-year.
During the same period, other income declined to Rs 282 crore from Rs 352 crore while finance cost jumped to Rs 86 crore from Rs 0.9 crore. Tax expenses shot up to Rs 434.5 crore from Rs 289 crore Y-o-Y.
At 14:26 hours IST, the stock was quoting at Rs 572, up Rs 3.50, or 0.62 percent on the BSE.
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