Cairn India quarterly net profit triples
Cairn India Ltd today said it has more than tripled its net profit in September quarter to Rs 2,322.18 crore on the back of higher production, and will consider its maiden dividend payout on October 31.
Net profit in July-September quarter last year stood at Rs 763.03 crore, a company statement said here.
Cairn produced an average of 171,801 barrels per day (bpd) of crude oil from its prolific Rajasthan fields, up from 125,251 bpd a year ago. This increased production helped offset USD 142 million or Rs 786 crore of foreign exchange loss due to rupee appreciation.
Cairn said revenue rose 68 per cent to Rs 4,443.1 crore.
Also, the company reported resolution of a dispute over laying of a 80-km pipeline from Salaya to Bhogat in Gujarat. Completion of this section by first half of 2013 would connect the Barmer oil fields to west coast, enabling more refineries to receive Rajasthan crude.
Cairn transports 175,000 bpd of current output from Rajasthan to refiners like Reliance Industries and Essar Oil in Gujarat through a 590-km pipeline from Barmer to Salaya.
The company said Mangala oilfield, the largest among 25 oil and gas finds the firm has made in the Rajasthan block, is producing at approved plateau of 150,000 bpd while Bhagyam, the second biggest field, is producing 25,000 bpd.
This along with output from its other fields helped in reducing India's import bill by USD 1.8 billion and contributed USD 0.8 billion to national exchequer in taxes and levies, Cairn India CEO P Elango said.
"The quarter
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