Cairn India slumps 5% post Q1 results

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Cairn India slumps 5% post Q1 results
Cairn India: Quotes, News
BSE 264.35BSE Quote0.65 (0.25%)
NSE 264.65NSE Quote1.15 (0.43%)
Shares in Cairn India fell more than 5 per cent in trade after the company's net profit slumped more than 65 per cent. The fall was largely on account of a change in the method of depreciation. Markets were also disappointed that the company extended a loan to its parent Vedanta for a two-year period as a part of the former's treasury operations.

The company on Wednesday said that the Average daily gross operated production of 217,869 boepd (226,597 boepd including internally consumed gas) during the quarter.

Sudhir Mathur, Interim CEO, Cairn India said: "In line with our vision to contribute to the nation's energy security, we are confident of not only achieving the stated exploration target of 3bn barrels of hydrocarbons in - place, ahead of schedule, but also of adding another 3 bn barrel to our un-risked prospect inventory. With multi-cf potential, we expect gas to be a significant contributor in our product mix. Before end of financial year 2015, we anticipate doubling of gas production from Rajasthan. Our two main projects of enhanced oil recovery and debottlenecking Mangala Processing Terminal are as per schedule."

The stock was last trading at Rs 327 on the National Stock Exchange.

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Read more about: cairn india, vedanta
Story first published: Thursday, July 24, 2014, 11:59 [IST]
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