Beating market expectations and led by foreign exchange gains of Rs. 236 crore, Cairn India’s consolidated net profit rose by 44% to Rs. 3,345 crore in the third quarter of the current fiscal ending December.
The company had recorded Rs. 786 crore loss in the corresponding quarter of 2011-12.
However, the company’s income from operations declined 4% to Rs. 4,278 crore as it paid royalty for operating its Rajasthan oil blocks in Cairn India has a 70% participating interest along with ONGC’s 30% stake.
Shares closed the day at Rs. 340.30, up 0.95% before earnings announcement.