Led by increase in crude oil production along with foreign exchange gains, Anil Agarwal-promoted oil and gas producer Cairn India’s consolidated net profit has grown by 40.3% year-on-year at Rs 3,826 crore in the first quarter (April-June) of 2012-13 against Rs 2,727 crore in the corresponding period of the last fiscal.
This is the highest ever profit posted by the company in any quarter after January 2007, when the company got listed on the Indian bourses. Sitting on cash chest of Rs 12,347 crore, the company’s consolidated net forex gains stood at R866 crore in the quarter against just Rs 3 crore in a year ago period. Other income too went up at Rs 96.4 crore from Rs 52.8 crore.
Consolidated income from operations increased 19.6% to Rs 4,440 crore from Rs 3,712.7 crore during the same period.
“We have recently crossed the cumulative production milestone of 100 million barrels from the Rajasthan block that has helped us reduce oil imports by $9 billion (Rs 49,500 crore) and has contributed $3 billion (R16,500 crore) to the national exchequer,” said Rahul Dhir, managing director and chief executive, Cairn India.