Written by: Press Trust of India
2 min readNew DelhiOct 23, 2013 03:06 AM IST
First published on: Oct 23, 2013 at 03:06 AM IST
Cairn India today reported a 46 per cent jump in its September quarter profit on the back of record oil and gas production and high oil prices.
Net profit in July-September at Rs 3,385.08 crore,or Rs 17.72 per share,was 46 per cent higher than Rs 2,322.18 crore,or Rs 12.17 a share,in the same period a year ago,the company said in a statement here.
The profits were up as Cairn produced a record 213,229 barrels of oil and oil equivalent gas from its three primary oil and gas fields – Rajasthan,Ravva off the east coast and Cambay off the west coast.
The firm had produced 207,245 barrels in July-September 2012 and 212,442 barrels in April-June quarter of current fiscal.
Also,the price realised was 2 higher at95.3 per barrel in the second quarter of current fiscal year.
Revenue was up 5 per cent at Rs 4,650 crore in the second quarter.
Cairn said it was on track to achieving the year-end target of 225,000 barrels of oil and oil equivalent gas per day. Of this,over 200,000 bpd will come from Rajasthan oilfields,which in second quarter produced 175,478 barrels of oil and oil equivalent gas.
The company had started with production of 3,000 barrels in 1994 from Ravva fields off the Andhra coast and in less than two decades production has risen several times.
Cairn contributed 1 billion in royalty,sales tax and profit petroleum to Central and state governments during second quarter the highest ever. Of this,over 40 per cent would have flowed to the Central exchequer as the governments share of profit from oil and gas Cairn produced.
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