Cairn India net profit drops 18%https://indianexpress.com/article/news-archive/web/cairn-india-net-profit-drops-18/

Cairn India net profit drops 18%

Cairn India today reported 18 per cent drop in the April-June quarter net profit as a rise in government’s share of oil

Cairn India today reported 18 per cent drop in the April-June quarter net profit as a rise in government’s share of oil from its showpiece Rajasthan fields and lower prices negatived record oil production.

Profit after tax or net profit fell to Rs 3,127 crore,or Rs 12.9 per share,in the June quarter,from Rs 3,826 crore,or Rs 15.1 per share,in the same period a year ago,the company said in a statement.

Government’s share of profit from oil produced from Rajasthan block rose from 20 per cent to 30 per cent.

Cairn paid Rs 1,054 crore in profit petroleum to the government and another Rs 873 crore in royalty.

Also,average oil price realisation dropped to $94.6 per barrel from $101 in Q1 of previous fiscal. Cairn said its flagship Rajasthan block produced a record 1,73,517 barrels per day,up from 1,67,146 bpd in April-June 2012.