Oil India Q1 profit falls 9% to Rs 450 cr; beats estimates

State-run Oil India Ltd posted on Friday a 9 per cent fall in its first-quarter profit but exceeded analysts' estimates.

The profit was Rs 450 crore ($70.08 million) in the three months ended June 30, compared with Rs 494 crore a year ago, the company said. 

Analysts on average had expected the company to post a profit of Rs 430 crore, according to Thomson Reuters data.

Revenue from Oil India's crude business rose 13 per cent to Rs 1,816 crore in the quarter.