Cairn India fell 0.11% to Rs 324.30 at 9:23 IST on BSE after the company's consolidated profit after tax fell 14% to Rs 2884 crore on 17% growth in revenue to Rs 5000 crore in Q3 December 2013 over Q3 December 2012.
The company announced results after market hours on Thursday, 23 January 2014.
Meanwhile, the BSE Sensex was down 53.33 points, or 0.25%, to 21,320.33.
On BSE, so far 9,288 shares were traded in the counter, compared with an average volume of 1.22 lakh shares in the past one quarter.
The stock hit a high of Rs 326.15 and a low of Rs 322 so far during the day. The stock hit a 52-week high of Rs 338.55 on 5 September 2013. The stock hit a 52-week low of Rs 267.90 on 28 March 2013.
The stock had underperformed the market over the past one month till 23 January 2014, falling 0.51% compared with the Sensex's 1.29% rise. The scrip had underperformed the market in past one quarter, rising 1.04% as against Sensex's 2.92% rise.
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The large-cap company has an equity capital of Rs 1910.90 crore. Face value per share is Rs 10.
Cairn India's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 10% to Rs 3555 crore in Q3 December 2013 over Q3 December 2012. EBITDA margin fell to 71.1% in Q3 December 2013, from 75.8% in Q3 December 2012.
Profit after tax (PAT) declined 15% to Rs 2884 crore on 8% growth in revenue to Rs 5000 crore in Q3 December 2013 over Q2 September 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 2% to Rs 3555 crore in Q3 December 2013 over Q3 December 2012. EBITDA margin fell to 71.1% in Q3 December 2013, from 77.8% in Q2 September 2013.
Cairn India said that the 8% growth in revenue on sequential basis in Q3 December 2013 was driven by increased volumes. The company said EBITDA fell 2% on sequential basis in Q3 December 2013 as the contribution from higher revenues was primarily offset by increased exploration costs and one time charge on account of adoption of fair value methodology of stock option valuation. The company said that the 15% decline in PAT on sequential basis in Q3 December 2013 was primarily due to a foreign exchange loss on the dollar deposits with the strengthening of the rupee against the dollar.
With regard to future business outlook, Cairn India said that the production remains on track to meet the fiscal year exit guidance of over 225,000 boepd from all producing assets, supported by continued infill drilling. Cairn India said it targets to commence implementation of Polymer Flood EOR programme by Q4 FY 2015 for enhancing ultimate recovery from the Mangala field. The company further said that it is actively working on plans to extend the EOR programme to other fields in future. The company said it remains focussed on developing and enhancing production from the already discovered and new fields through the use of advanced technology in the low permeability reservoirs.
Cairn India said it remains on track to drill out 50% of gross risked prospective resources in Rajasthan by fiscal year end including 2 high impact wells expecting to test deeper gas plays. Successful exploration outcomes in the southern part of the basin indicate potential for gas, Cairn India said.
Mr. Elango P, Whole time Director, Cairn India said: "Cairn remains committed to discover new resources and deliver accelerated value from its assets. Our focus on execution is yielding results. Production rose by over 5% compared with the previous quarter and we remain on track to meet the full year exit guidance of over 225,000 boepd. With strategic focus on increasing ultimate recovery from operating fields, we have commenced execution of Polymer Flood Enhanced Oil Recovery project at Mangala, making us one of the front runners in technology adoption. The renewed exploration and appraisal programme during 2013 resulted in 3 discoveries in Rajasthan and declaration of commerciality of Nagayalanka discovery in KG-Onshore block. Our strategy of active exploration across the portfolio opens up potential for resource accretion in the near term. We are keen on evaluating the blocks in NELP-X announced by MoPNG recently, to build on our exploration led growth in India".
Cairn India is one of the largest independent oil and gas exploration and production companies in India.
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