Cairn India, the arm here of the oil and gas multinational, on Friday reported an 11 per cent decline in net profit for the quarter ended March 31 at Rs 2,186 crore, compared to Rs 2,458 crore in the same quarter of the previous year.
Quarterly income from operations remained flat at Rs 3,651 crore, compared with Rs 3,645 crore in the prior year’s quarter. However, for the full year ending March 31, consolidated net profit was at Rs 7,938 crore, a rise of 25 per cent over the Rs 6,334 crore in 2010-11. Total income grew by 17 per cent to Rs 12,180 crore, from Rs 10, 407 crore in 2010-11.
During the year, average daily gross production was 172,887 barrels of oil equivalent per day (boepd), up 16 per cent from the 149,103 boepd a year before. Average oil price realisation was $105.2/barrel, up 33 per cent from the $79.1/bbl last year.
The gas price realisation was $4.5 per million standard cubic ft, down by two percent from the $4.6 per mscf in 2010-11.
“The ONGC-Cairn joint venture has reached a major milestone of achieving 175,000 barrels of oil per day production from Rajasthan on Friday. We continue to add value and to contribute to our nations' energy security. Last year, we reduced oil imports by $6 billion and have contributed $2.4 bn to the national exchequer,” managing director Rahul Dhir said after the results.