Cairn India on Monday reported its best ever quarterly performance with a 40 per cent jump in its net profit to Rs 3,825.7 crore in April-June on back of higher crude oil production from its showpiece Rajasthan fields.
The 40 per cent increase is the biggest rise in net profit the company, which was listed on stock exchanges in 2007, has seen. Also, the Rs 3,825.7 crore, or Rs 14.28 per share, net profit in April-June is its biggest ever in a quarter.
Cairn India, which was in December last year acquired by London-based miner
Vedanta Resources Plc for $8.67 billion, boosted oil output 40 per cent after
starting production from Bhagyam, the second biggest oilfield in Rajasthan, in January.
Rajasthan is currently producing around 175,000 barrels per day (bpd) and has cumulatively produced over 100 million barrels since start of operation in end August in 2009, Cairn India said in a press statement.
Output can go up by another 71 per cent to 300,000 bpd subject to regulatory approvals.
"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 about $3 billion to the national exchequer," said Rahul Dhir, Managing Director and CEO, Cairn India.
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