Cairn India Q1 net up 40%

Riding on higher crude oil production and forex gain, Cairn India had reported a 40 per cent jump in its net profit for the quarter ended June 30. Net profit stood at Rs 3,825.7 crore, against Rs 2,726.6 cr in the corresponding quarter last year. Income from operations rose close to 20 per cent to Rs 4,440 cr. It made a net foreign exchange gain of Rs 866 cr.

Average daily gross production was 206,963 barrels of oil equivalent per day (boepd), up 20.5 per cent from the 171,801 boepd in corresponding quarter last year. Average oil price realisation was $101/barrel, down 4.6 per cent from the 105.9 /bbl last year. The gas price realisation was flat at $4.5 per million standard cubic ft.

Speaking on the company’s performance, managing director and CEO Rahul Dhir said, “We have recently crossed the cumulative production milestone of 100 million barrels from the Rajasthan block. This has helped us reduce oil imports by $ 9 billion and has contributed $ 3 billion to the national exchequer.”

Difficult to reverse Cairn-Vedanta deal: SC
The Supreme Court on Monday said it would be difficult to reverse the $8.5 billion Cairn-Vedanta deal but would examine the allegation that it contravened an agreement that while selling its shares Cairn India would offer them first to state-owned PSU ONGC.