Cairn India on Tuesday posted a 12.5% year-on-year increase in net profit at Rs 2,261 crore for the third quarter ended December against Rs 2,010 crore last year, mainly due to high crude oil prices and a decline in the Indian rupee’s value against the US dollar.
Net sales increased marginally by 0.01% to Rs 3,096 crore in the third quarter against Rs 3,096 crore in the year-ago period.
“The commencement of production from the Bhagyam field is another significant milestone for the Cairn-ONGC joint venture in Rajasthan,” said Rahul Dhir, managing director and CEO, Cairn India.
With the new board in place, Cairn India remains well poised for the next phase of growth, said Dhir.
Shares of the company gained Rs 6.7, or 1.9%, to settle at Rs 352 on the Bombay Stock Exchange.