Helped by its Rajasthan production, Cairn India reported decent numbers and saw its consolidated net profit increase 17%
Oil and gas explorer Cairn India recorded consolidated revenue of Rs4,363.36 crore, for the quarter ended 31 March 2013 an increase over the Rs365,1.34 crore for the same period previous year. Its consolidated profit after tax stood at Rs2,563.60 crore when compared to Rs2,186.23 crore last year. This was partly helped by the increase in production from its Rajasthan block, which grew at 32% year-on-year, on an annualised basis. The average price realization for the year was $97.6 per barrel of oil equivalent. The crude oil from Rajasthan block realised $ 98.3/bbl, 10.7% discount to Brent. Cairn India’s gross operated production of 205,323 barrels of oil equivalent per day (boepd), a 19% increase over the previous year. According to the company, this is positioned to provide consistent growth.
Cairn India plans to drill in excess of 450 wells in the Rajasthan block over a three-year period; includes 100 exploration and appraisal (E&A) wells and the balance as development wells to sustain and enhance production volumes.
Elango P, whole-time director and interim CEO, Cairn India said of its yearly results: “In FY2012-13 we have achieved spectacular results delivering best in class production growth and operating costs. The operating environment has also substantially improved with key approvals coming in at a faster pace that enabled us to ramp up Mangala production, bring Aishwariya field online, commence gas sales and most importantly re-commence exploration in Rajasthan. We have initiated the largest ever exploration and appraisal programme in our history to unlock further potential in Rajasthan as well as focus on our next stage of growth beyond Rajasthan. Commensurate with the development and exploration activity across the existing portfolio, we plan for a net capital investment of $3 billion through FY2015-16.”
The Cairn India board recommended a final dividend of Rs6.5 per equity share, entailing an outflow of approximately Rs14,431 million including dividend distribution tax.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
