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Cairn India posts 51% decline in Q2 net profits

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Cairn India’s net profits declined by 51% to Rs 763 crore on yearly basis for the second quarter ended September 30.

 

Company’s net profits stood at Rs 1,585 crore corresponding quarter previous year.

It’s net revenues fell short by 1% on yearly basis to Rs 2,652 crore against Rs 2,686 crore a year ago.During the quarter the cash flow from operations was Rs 1,968 crore.

The gross cash available with the company as on September 30, 2011 was Rs 8,479.3 crore.

The company has also made a forex gain of Rs 531 crore due to sharp fluctuation in USD/INR exchange rate.

Commenting on the results, Rahul Dhir, MD and CEO, Cairn India, said, “With strong from the Government of India and alignment with our partner ONGC, we are now poised to optimise development.”

“The Mangala reservoir, processing and pipeline infrastructure continue to perform as expected, to ensure safe delivery of 125,000 barrels of oil per day (bopd) and we are focussed on commencing production from the Bhagyam field shortly,” he added.

Story first published: Saturday, October 22, 2011, 13:16 [IST]
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