Cairn India Q3 net profit rises 7-fold to Rs2.010 crore

Cairn India Ltd today reported a consolidated net profit of Rs2,010.12 crore for the quarter ended 31 December 2010 against a net profit of Rs290.96 crore during the quarter ended 31 December 2009, a 7-fold jump.

Total income of the company increased to Rs3,130.60 crore for the quarter ended 31 December 2010 from Rs595.31 crore during the similar quarter of the previous financial year.

Cairn India Ltd, which operates the biggest onshore oilfield in the country, however, reported a standalone net loss of Rs66.96 crore for the quarter ended 31 December 2010 against a net loss of Rs36.17 crore for the quarter ended 31 December 2009.

Total standalone income of the company decreased to Rs24.40 crore for the quarter ended 31 December 2010 from Rs36.21 crore for the quarter ended 31 December 2009.

Cairn produced an average of 124,861 barrels per day of oil from its mainstay Rajasthan block in the quarter. The company realised an average of $75.9 per barrel for the oil against $70.7 a barrel in Q3 of 2009-10.

Shareholders of the company have approved a scheme of arrangement between the company and some of its wholly owned subsidiaries, which is pending approval from regulatory authorities.