Cairn India consolidated net dips 11%

On account of higher forex loss, private oil and gas producer, Cairn India on Friday posted an 11% decline in consolidated net profit at Rs 2,186.2 crore during the quarter ended March 31 against Rs 2,457.8 crore during the corresponding period of the previous financial year.

On account of higher forex loss, private oil and gas producer, Cairn India on Friday posted an 11% decline in consolidated net profit at Rs 2,186.2 crore during the quarter ended March 31 against Rs 2,457.8 crore during the corresponding period of the previous financial year.

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The forex loss of Rs 217 crore incurred during the current quarter was higher than Rs 38 crore posted a year earlier.

Rahul Dhir, managing director and chief executive officer, Cairn India, said that the Rajasthan block is currently producing 1,75,000 barrels of oil a day. The crude oil sales were ramped up in line with the increase in production from the Rajasthan block.

For the fiscal 2012 the net profit was up 25% to Rs 7,937.7 crore from Rs 6,334.4 crore in the financial year ended March 2011.

At the Bombay Stock Exchange, shares of the company closed 1.08% lower at Rs 346.8.