Cairn India is trading higher by 2% at Rs 347 on NSE after reporting a better-than-expected 48% year-on-year (yoy) jump in its consolidated net profit at Rs 3,345 crore for the third quarter ended December 31, 2012 due to foreign exchange gain.
The company has net profit of Rs 2,262 crore in the year-ago period. Analysts on an average expected profit of Rs 3,034 crore from oil exploration and production firm.
Income from operations grew 38% at Rs 4,278 crore on y-o-y basis. The profit was boosted by a foreign exchange gain of Rs 236 crore, as against a loss of Rs 786 crore in the preceding quarter.
“October-December 2012 saw Cairn India operating a gross production of over 200,000 barrels of oil equivalent per day,” the company said in a statement.
The stock opened at Rs 349 and has seen a combined 521,000 shares changing hands on the counter in opening deals on both the exchanges.