Cairn India posts 48% rise in net

Cairn India has posted a 48 per cent rise in net profit at Rs 3,345 crore for the third quarter of the financial year 2012-13, against Rs 2,262 crore during the corresponding period last year.

Net sales for the quarter ended on December 31 also saw a 38 per cent rise to Rs 4,277.6 crore compared with Rs 3,097 crore for the third quarter of the financial year 2011-12.

“The quarter saw Cairn India operating a gross production of over 200,000 barrel oil equivalent a day. This has helped reduce India’s import dependency $1.7 billion, and has contributed almost $1 billion to the national exchequer,” said Elango P, interim chief executive.

The company said its current production from Rajasthan block, a joint venture with ONGC, contributes to over 20 per cent of the nation’s oil production.

“Over the past three years, our understanding of the Barmer Basin has increased and we see tremendous potential. In Sri Lanka, we brought forward our offshore exploration drilling from June to mid-February for which the rig is on its way,” he added.