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Other income boosts Cairn India Q3 profit

Cairn India Ltd and its subsidiaries (consolidated) clocked a 12-fold increase in net profit for the third quarter ended September 30. The net profit stood at Rs 293.32 crore for the quarter (Rs 23.24 crore in same quarter last fiscal).

Cairn India’s other income for the quarter under review was Rs 205.54 crore (Rs 34.30 crore), which included income from investments and gains from foreign exchange fluctuations.

The consolidated results include the company’s standalone performance. The standalone profit of Cairn India stood at Rs 81.44 crore (net loss of Rs 8.39 crore). The average oil price realisation in the quarter was $116.3 a barrel ($77.2 a barrel). The gas price realisation in the quarter was at par with the corresponding quarter last year ($ 4.1 a million standard cubic feet).

The company’s shares moved up by 7.44 per cent to close at Rs 116.55 at BSE on Wednesday. Cairn follows a January-December accounting period. Its consolidated revenue stood at Rs 320.6 crore (Rs 265.81 crore).

Cairn India is currently focused on exploration and production activities and has a working interest in 14 blocks, two of which are producing hydrocarbons.

It holds assets in western and eastern parts of the country and in Sri Lanka. Output from the producing assets in the third quarter was the equivalent of 65,566 barrels of oil a day (75,280 barrels a day).

The company plans to invest $1.8 billion over two years for the development of its Rajasthan oilfields and the supporting infrastructure. The company is laying a heated-pipeline from Barmer in Rajasthan to Gujarat coast to transport the crude oil to refineries.

The revised Mangala Field Development Plan (FDP) has been submitted to the Government with a 30 per cent increase in reserves and an enhanced peak output of 125,000 barrels a day from the Mangala field. The company is targeting peak production of 175,000 barrels a day of oil from its Mangala, Bhagyam and Aishwariya fields in Rajasthan area.
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