 "Cairn India hits fresh 52-week low on disappointing Q1 results")
Shares of Cairn India has dipped 3% to Rs 158, its fresh 52-week low on the NSE, after reporting a 24% year-on-year (yoy) drop with a consolidated net profit of Rs 835 crore for the quarter ended June 2015 (Q1FY16), due to a slump in crude oil. The company had made a profit of Rs 1,093 crore a year ago quarter.
Also, the operational revenue declined 41% at Rs 2,627 crore on yoy basis. EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 50% in Q1FY16 against 70% in Q1FY15, Cairn India said in a statement.
Analysts on an average expected a profit of Rs 923 crore on revenues of Rs 2,791 crore.
On FY16 outlook, the company said, despite low oil prices and substantial cut in capex, the company will at a minimum maintain Rajasthan production in current year at FY15 levels.
The company retains the flexibility to invest balance of $1.4 billion as oil prices improve and costs bottom out and also aims to have healthy cash flows post capex in order to retain the ability to pay dividends subject to Board, it added.
Meanwhile, in past three months, the stock underperformed the market with a drop of 28% as against a rise of 1.5% on the CNX Nifty.
Till 10:49 AM, a combined 1.6 million shares changed hands on the counter on the NSE and BSE.
Also, the operational revenue declined 41% at Rs 2,627 crore on yoy basis. EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 50% in Q1FY16 against 70% in Q1FY15, Cairn India said in a statement.
Analysts on an average expected a profit of Rs 923 crore on revenues of Rs 2,791 crore.
On FY16 outlook, the company said, despite low oil prices and substantial cut in capex, the company will at a minimum maintain Rajasthan production in current year at FY15 levels.
The company retains the flexibility to invest balance of $1.4 billion as oil prices improve and costs bottom out and also aims to have healthy cash flows post capex in order to retain the ability to pay dividends subject to Board, it added.
Meanwhile, in past three months, the stock underperformed the market with a drop of 28% as against a rise of 1.5% on the CNX Nifty.
Till 10:49 AM, a combined 1.6 million shares changed hands on the counter on the NSE and BSE.