Cairn India Q3 consolidated net drops 14% to Rs 2,884 cr

The oil company Cairn India today reported a 14% drop in consolidated net profit at Rs 2,884 crore for the quarter ended December 2013. It was Rs 3,345 crore in the same quarter a year ago.

However, the consolidated total income increased 7% to Rs 5,011 crore from Rs 4,695 crore in December 2012.

The drop in net profit may be attributed to the forex loss of Rs 129 crore that the company incurred during the quarter. It made a forex gain of Rs 429 crore in the corresponding period in 2012.

On Thursday, the company's stocks on BSE closed 0.7% higher at Rs 324 apiece.