Aug 7 (Reuters) - Indian explorer Oil India reported a more than three-fold jump in first-quarter profit on Friday, helped by higher crude price realisations and increased production.
• The state-owned firm's standalone profit, which excludes profit from its joint ventures and operations outside the country, rose to 28.70 billion rupees ($301.45 million) for the quarter ended June 30, from 8.13 billion rupees a year ago.
• Analysts expected upstream oil producers such as Oil India to gain as disruptions caused by the Middle East conflict tightened supplies, pushed the market into a deficit, and boosted crude realisations while the rupee also depreciated.
• Average global Brent crude prices rose about 45% year-on-year in the first quarter.
• Oil India's crude price realisations rose 11% to $98.73 per barrel.
• Its net profit margin more than doubled to 36.07% from 16.23% a year ago.
• Oil India's revenue from operations jumped 59% to 79.58 billion rupees, boosted by an 11% rise in crude oil production.
• Total expenses rose 15.8% to 47.37 billion rupees, driven by a nearly 70% jump in statutory levies, which are government-imposed charges the company pays on crude oil and natural gas production.
• Earlier this week, peer ONGC reported profit which more-than-doubled.
($1 = 95.2075 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman)
