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Centrum Broking Report
Oil India Ltd. reported Ebitda at Rs 3.1 billion (down 77/up 3% YoY/QoQ) came in line supported by better than expected oil and gas production.
However, reported loss at Rs 2.5 billion (down 140% YoY) came well below our estimate Rs 611 million due to higher than expected depreciation at Rs 4.7 billion (up 19% YoY, our estimate Rs 2.9 billion) and exceptional item of Rs 934 million.
Adjusting for exceptionals, reported loss at Rs 1.8 billion (down 129% YoY, our estimate Rs 611 million).
Earnings were also impacted due to weak oil realization and lower other income of Rs 1.3 billion (up 6% YoY, our estimate Rs 2 billion). Oil and gas production of 1.43 million metric tonnes of oil equivalent (down 6% YoY) was however marginally ahead of our estimate 1.36 mmtoe.
Oil production at 0.75 million tonne, (down 8/down 1% YoY/QoQ) and gas production at 0.68 billion cubic metres (down 4/up 6% YoY/QoQ) were above our estimate 0.71mt / 0.65bcm respectively.
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