Oil Indias third-quarter profit beats estimate

State-owned Oil India Ltd on Tuesday posted nearly 75 percent surge in its quarterly profit, handily beating analysts` estimates, boosted by gains from its crude oil segment.

Profit came in at 12.33 billion rupees ($174.24 million) for the three months ended Dec. 31, compared with a profit of 7.05 billion rupees a year earlier, the oil and gas explorer said.

Analysts on an average had expected a profit of 8.31 billion rupees, according to I/B/E/S data from Refinitiv.

Revenue from operations climbed 23.2 percent to 35.14 billion rupees, while revenue from the crude oil segment gained 21.6 percent.

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