Cairn India Q1 net drops 18 percent

Cairn India Wednesday declared an 18 percent fall in net profit at Rs.3,127 crore for the first quarter ending June 30 from the like period of 2012.

It earned Rs.31.27 billion for the quarter as compared to Rs.38.25 billion a year ago.

Revenues for the quarter at Rs.4,063 crore also declined 8 percent year-on-year.

Cash flow from operations for the quarter stood at Rs.2,438 crore.

The company said it had achieved its highest ever gross operated production of 212,442 barrels of oil equivalent per day (boepd), a 5 percent increase quarter-on-quarter.

It recorded an average daily production of 173,517 boepd from its Rajasthan block during the quarter.

Cairn said its profit petroleum pay-out to the government under its Production Sharing Contract (PSC) for the Rajasthan block rose from 20 percent to 30 percent.

It has made a contribution of over Rs.5,300 crore to the national exchequer.

The company announced results after market hours Wednesday.

Cairn India stock had closed the day 0.63 percent lower at Rs.307.85 on the BSE.