(Bloomberg) – India’s Oil and Pure Fuel Corp.’s (ONGC) quarterly revenue beat analyst estimates regardless of a dip in manufacturing and weak crude costs.
The state-run firm’s web revenue rose 17% from a yr earlier to 119.8 billion rupees ($1.4 billion) within the July-September quarter, based on a inventory alternate submitting Monday. A Bloomberg survey of analysts had estimated a mean revenue of 98.96 billion rupees.
The efficiency was helped by a greater than doubling of revenue from sources aside from the corporate’s core enterprise to 47.66 billion rupees and decrease complete bills. ONGC didn’t give particulars on this so-called different revenue or the rationale for the rise.
India’s greatest explorer, which benchmarks its oil to Brent crude, noticed earnings on promoting each barrel of crude fall 7.7% on yr to $78.33 per bbl. Its revenue from fuel stayed unchanged as a result of these costs are set by the federal government. The agency’s standalone oil manufacturing was virtually flat at 4.6% from a yr earlier, whereas fuel output declined 2.1% through the second quarter.
Demand issues have darkened the outlook for oil producers globally. Nevertheless, Indian explorers like ONGC, which cater solely to the home market, are underneath strain from the federal government to spice up investments to lift output and assist the world’s third-largest oil client cut back its dependence on imported crude.
Increased earnings will assist the New Delhi-based firm, which has an annual capital expenditure plan of round 350 billion rupees, fund its formidable exploration program.
Income declined 3.6% on yr to 338.8 billion rupees through the quarter.
