Oil India fourth-quarter profit beats estimates

(Reuters) - State-owned Oil India Ltd posted a higher-than-expected fourth-quarter profit on Monday due to higher crude realisations.

Profit rose to 8.67 billion rupees ($128.58 million) in the three months ended March 31, the oil and gas explorer said. The company had posted a profit of 193.1 million rupees a year earlier, hurt by a one-off item.

Analysts on average had expected a profit of 8.27 billion rupees, according to Thomson Reuters data.

Revenue from operations rose 19 percent to 29.98 billion rupees.

($1 = 67.4300 Indian rupees)

(Reporting by Jessica Kuruthukulangara and Aby Jose Koilparambil in Bengaluru; Editing by Sunil Nair)