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Cairn India posts 18 percent rise in Q4 profit

Posted on Apr 23 2014 | IANS

New Delhi, April 23 : Oil and gas major Cairn India Wednesday reported 18 percent rise in its fourth quarter net profit at Rs.3,035 crore, over the same quarter of the previous fiscal, on the back of higher other income.

The company posted a net profit of Rs.2,564 crore in the fourth quarter of last year.

Revenues for the quarter increased 16 percent at Rs.5,049 crore over Rs.4,363 earned during the same quarter of fiscal 2013.

Other income of the company owned by London-listed Vedanta Resources Group jumped nearly three times to Rs.407 crore during the quarter in question, while foreign exchange losses for the same period stood at Rs.243 crore.

For the year ended March 2014, Cairn India's profit after tax grew three percent to Rs.12,431.79 crore from Rs.12,056.39 crore last year.

The year's revenues rose 7 percent to Rs.18,761.70 crore on account of increase in working interest volume to 137.1 thousand barrels of oil equivalent per day, as against 127.8 kboepd last year, and benefit from rupee depreciation.

"This increase in revenue has been partly offset by higher profit sharing with Government of India in DA1 (Development Area 1 of its Rajasthan block) consequent to tranche change," Cairn said.

In Rajasthan, the company said it achieved a landmark cumulative oil production of 200 million barrels and a 200,000 boepd production milestone in March 2014.

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