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Result below our est. due to higher-than-estimated opex

• OINL’s revenue came in line with our estimate at INR50b, as:
• Oil sales came in line with our estimate at 0.82mmt. Gas sales stood 6% above our estimate of 0.7bcm.
• Oil and gas production was flat YoY at 853mmt/827bcm in 1Q.
• Oil realization was USD66.2/bbl (our estimate of USD65.1/bbl).
• EBITDA came in 26% below estimate at INR16.1b (-35% YoY), as other expenses came in above our estimate.
• During the quarter, OINL exited from two overseas blocks in Bangladesh and booked impairment expenses of INR3.1b. EBITDA adjusted for impairment stood 12% below our estimate.
• Reported PAT was 34% below our estimate at INR8.1b, as lower-thanexpected finance costs were offset by higher-than-expected DDA.
• Numaligarh refinery’s 1Q performance:
• PAT stood at INR4.9b (vs. PAT of INR4.3b during 1QFY25), as GRM stood at USD5/bbl.
• Crude throughput stood at 799.3tmt (up 5% YoY), and distillate yield stood at 85.4% (vs. 87.2% in 1QFY25).
• During the quarter, OINL has paid INR5.5b towards the fourth and final call mall for equity shares of NRL.

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