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IDBI Capital Report
Oil India Ltd. reported better than expected net profit led by lower other expenses and reversal in deferred tax expense.
Revenue was down 33% YoY to Rs 21.7 billion owing to 8.4%/16.3% YoY decline in oil/gas sales volume and 30%/32% YoY drop in oil/gas realisation in Q2 FY21.
With a strong beat in Q2, we raise FY21 Ebitda/profit after-tax estimates.
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