Upstream firm Oil India reported on Tuesday a higher after-tax profit for the quarter ending June 30 compared to the same period last year due to lower costs offsetting a decline in revenues which fell amid lower oil and gas prices. Oil India’s profit for the first quarter of the 2023/2024 fiscal year increased by 4% year over year and stood at $194.6 million (16.13 billion Indian rupees). That was due to a decline of 26.5% in total expenditure, which more than offset the drop in revenues of 22%. The realized crude oil prices for Oil India…
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