BENGALURU (Reuters) – Oil India reported a marginal rise in first-quarter profit on Tuesday as a fall in expenses offset a dip in revenue on the back of a drop in crude prices.
The oil explorer’s profit rose 4% to 16.13 billion rupees ($194.8 million) for the quarter ended June 30 from a year earlier.
A 26.5% fall in Oil India’s total expenses outweighed a 22% slump in revenue. Crude oil prices dropped more than 43% in the June quarter, from a peak last year.
