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Oil India Ltd. Q1 earnings climb 56% YOY on higher crude oil prices

Oil India Ltd. announced Aug. 13 first-quarter net profit of 7.03 billion Indian rupees, or 6.20 rupees per share, up from the year-ago level of 4.50 billion rupees, or 3.84 rupees per share.

For the first quarter ended June 30, the Indian oil exploration firm reported production fell from 1.6 million tonnes of oil equivalent during the year-ago period to 1.5 million tonnes of oil equivalent, while sales held nearly flat at 1.4 million tonnes of oil equivalent over the same period.

As sales remained flat, the company said its realized price of crude oil climbed from $48.41 per barrel to $72.00/bbl.

As of Aug. 10, US$1 was equivalent to 68.99 Indian rupees.