Cairn India Q4 net rises 17% to Rs 2,563 cr
Boosted by higher other income of Rs 222 crore, Cairn India has posted a 17% year-on-year jump in its March quarter profit to Rs 2,563 crore. HT reports.business Updated: Apr 22, 2013 21:00 IST
Boosted by higher other income of Rs 222 crore, Cairn India has posted a 17% year-on-year jump in its March quarter profit to Rs 2,563 crore.
Income from operations also grew around 20% year-on-year to Rs 4,363 crore on the back of ramp-up in production from its Bhagyam field in Rajasthan.
"In 2012-13, we have achieved spectacular results delivering best in class production growth and operating costs," Elango P, whole time director and interim CEO, Cairn India said.
He further said: "the operating environment has also substantially improved with key approvals coming in at a faster pace that enabled us to ramp up Mangala production, bring Aishwarya field online, commence gas."
The privately-owned oil and gas company - that plans to invest around $3 billion through 2015-16 - said it incurred a forex loss of Rs 2.8 crore as against Rs 236 crore forex gain year-on- year.
For 2012-13, the company has recorded a 48% jump in revenues to Rs 17,524 crore and a 56% jump in net profit to Rs 11,606 crore as its production went up 19% to 205,323 barrels of oil equivalent per day (boepd).
Cairn, which operates Bhagyam, Mangala and Aishwarya fields in Rajasthan, has plan to drill in excess of 450 wells in the Rajasthan block over a period of three years. It includes 100 exploration and appraisal (E&A) wells and the balance as development wells to sustain and enhance production volumes.