Cairn India announces Rs 3,127-crore Q1 profit
26 July 2013 4:10 AM IST
Cairn India on Wednesday reported 22 per cent rise in the April-June quarter net profit as a rise in government’s share of oil from its showpiece Rajasthan fields and lower prices negatived record oil production.
Profit after tax or net profit rose to Rs 3,127 crore, or Rs 12.9 per share, the company said in a statement. Government’s share of profit from oil produced from Rajasthan block rose from 20 per cent to 30 per cent. Cairn paid Rs 1,054 crore in profit petroleum to the government and another Rs 873 crore in royalty.
Also, average oil price realisation dropped to $94.6 per barrel from $101 in Q1 of previous fiscal. Cairn said its flagship Rajasthan block produced a record 173,517 barrels per day, up from 167,146 bpc in April-June 2012.
‘The block is currently producing around 180,000 bpd and remains on track for the year-end target of 200-215,000 bpd,’ the statement said.
Revenues dropped 8 per cent to Rs 4,063 crore.
Cairn chief executive Elango P said, ‘We are once again delivering robust operational and financial results with the Company achieving its highest ever gross operated daily production.’
Profit after tax or net profit rose to Rs 3,127 crore, or Rs 12.9 per share, the company said in a statement. Government’s share of profit from oil produced from Rajasthan block rose from 20 per cent to 30 per cent. Cairn paid Rs 1,054 crore in profit petroleum to the government and another Rs 873 crore in royalty.
Also, average oil price realisation dropped to $94.6 per barrel from $101 in Q1 of previous fiscal. Cairn said its flagship Rajasthan block produced a record 173,517 barrels per day, up from 167,146 bpc in April-June 2012.
‘The block is currently producing around 180,000 bpd and remains on track for the year-end target of 200-215,000 bpd,’ the statement said.
Revenues dropped 8 per cent to Rs 4,063 crore.
Cairn chief executive Elango P said, ‘We are once again delivering robust operational and financial results with the Company achieving its highest ever gross operated daily production.’
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