Cairn India Q2 net profit at R1,585 cr

Oil exploration company Cairn India saw its profit for the July-September quarter soar three-fold year-on-year, on the back of high crude oil sales from its Rajasthan block.

Oil exploration company Cairn India saw its profit for the July-September quarter soar three-fold year-on-year, on the back of high crude oil sales from its Rajasthan block.

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The company on Thursday reported a net profit of R1,585.1 crore in the July-September period as against R469.51 crore net income a year ago.

The rise in net profit was mainly because July-September was the first full quarter when the company used the 590-km Barmer to Salaya pipeline to sell crude oil produced from the giant Mangala oilfield to Reliance Industries, Essar Oil and Indian Oil Corp.

“The first full quarter of sales through the pipeline to refineries has generated significant revenues from the Mangala field in Rajasthan,” Cairn India CEO Rahul Dhir said.

The pipeline has helped the company ramp up Mangala field output to peak levels of 125,000 barrels per day or 17% of India’s domestic oil production.