Cairn Net more than triples to Rs. 2,322 cr

Cairn India on Monday said it has more than tripled its net profit in the September quarter to Rs. 2,322.2 crore on the back of higher production, and will consider its maiden dividend payout on October 31.

Cairn India on Monday said it has more than tripled its net profit in the September quarter to Rs. 2,322.2 crore on the back of higher production, and will consider its maiden dividend payout on October 31.

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Net profit in July-September quarter last year stood at Rs. 763 crore, a company statement said.

Cairn produced an average of 171,801 barrels per day (bpd) of crude oil from its prolific Rajasthan fields, up from 125,251 bpd a year ago. This increased production helped offset $142 million or Rs. 786 crore of foreign exchange loss due to rupee appreciation. Cairn said revenue rose 68% to Rs. 4,443.1 crore.