Cairn India, a subsidiary of UK’s Cairn Energy, posted a 27 per cent increase in net profit at Rs 291 crore during the third quarter of 2009-10, compared with Rs 230 crore in the same period in the previous financial year. The growth was mainly propelled by higher prices of oil.
The company’s consolidated revenue for the reporting quarter stood at Rs 495 crore, compared with Rs 210 crore in the same period of 2008-09. Cairn India’s operations in Rajasthan’s Jalore and Barmer districts, which commenced in August last year, also witnessed a rise in cash flows to Rs 276 crore. The gross production of all units during the reporting quarter was 66,483 barrels of oil equivalent per day (boepd), compared with 63,005 boepd during the quarter ended in December 2008-09.
