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Cairn India Q2 net profit grows 46 percent

Oil exploration company Cairn India Tuesday reported a consolidated net profit of Rs.3,385.08 crore (USD 545 million) for the second-quarter, registering a growth of 45.77 percent over the same quarter of the previous fiscal on the back of increased income.

The basic earning per share (EPS) has gone up 45.60 percent to Rs.17.72 (Rs.12.17) a share during the second year of current year.

Quarterly Income from operations increased by five percent to Rs.4,650 crore ($749 million), compared to Rs.4,443 crore in the prior-year quarter.

Cairn India has also decided to offer an interim cash dividend of Rs.6 per equity share of Rs.10 face value.

During the six-month period, average daily gross production was 213,299 barrels of oil equivalent per day (boepd), up by three percent from the 207,105 boepd a year ago.

"The company maintained its trajectory of gross production growth in Rajasthan to an average of 175,478 barrels of oil equivalent per day (boepd) during the quarter. The asset is currently producing nearly 178,000 boepd, and remains on track to deliver a 2013-14 exit production target of over 200,000 boepd," Cairn said.

The company said it has secured approval to implement the world's largest enhanced oil recovery (EoR) programme costing about Rs.3,000 crore in the Mangala field in Rajasthan.

Cairn India stock closed Tuesday at Rs.332.55, up 0.57 percent over its previous close on the Bombay Stock Exchange.