Cairn India has dipped 5% to Rs 336 on the NSE after the company guided that the output for the current financial year would remain flat.
“We shall target to achieve reserve replacement ratio of 150% in next 3 years subject to production sharing contract (PSC) extension till 2030 and a 3 year production CAGR of 7-10% from known discoveries with flat production in FY15,” Cairn India said in a statement.
However, the company has reported an 18% year on year (yoy) rise in net profit at Rs 3,305 crore for the fourth quarter ended March 31, 2014 as crude oil production from its showpiece Rajasthan fields soared. The company had profit of Rs 2,564 crore in a year ago quarter.
The company’s sales climbed 16% to Rs 5,049 crore on yoy basis. The company’s gross production averaged 224,429 barrels of oil equivalent per day (boepd) (+11.0% yoy) during the quarter. Gross crude oil realization decreased 5.0% yoy to US$95.7/bbl, although it grew in rupee terms on the back of INR depreciation against the dollar.
Meanwhile, the company has declared a final dividend of Rs 6.50 per share for the year ended March 31, 2014.
The stock opened at Rs 351 and hit a low of Rs 334 on the NSE. A combined nearly 3 million shares changed hands on the counter in early morning deals on the NSE and BSE.
“We shall target to achieve reserve replacement ratio of 150% in next 3 years subject to production sharing contract (PSC) extension till 2030 and a 3 year production CAGR of 7-10% from known discoveries with flat production in FY15,” Cairn India said in a statement.
However, the company has reported an 18% year on year (yoy) rise in net profit at Rs 3,305 crore for the fourth quarter ended March 31, 2014 as crude oil production from its showpiece Rajasthan fields soared. The company had profit of Rs 2,564 crore in a year ago quarter.
The company’s sales climbed 16% to Rs 5,049 crore on yoy basis. The company’s gross production averaged 224,429 barrels of oil equivalent per day (boepd) (+11.0% yoy) during the quarter. Gross crude oil realization decreased 5.0% yoy to US$95.7/bbl, although it grew in rupee terms on the back of INR depreciation against the dollar.
Meanwhile, the company has declared a final dividend of Rs 6.50 per share for the year ended March 31, 2014.
The stock opened at Rs 351 and hit a low of Rs 334 on the NSE. A combined nearly 3 million shares changed hands on the counter in early morning deals on the NSE and BSE.
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