Cairn India back in black

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. HT reports.

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.

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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.