Cairn India posts loss of Rs 241cr vs Rs 1350cr profit QoQ

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Moneycontrol Bureau

Cairn India posted a fourth-quarter loss of Rs 241 crore on revenues of Rs 2,677 crore, compared to a profit of Rs 1,350 crore on revenues of Rs 3504 crore in the third quarter.

A CNBC-TV18 poll of analysts had forecast profit of Rs 650 crore on revenues of Rs 2,520 crore.

At the EBITDA level, the company notched up profit of Rs 727 crore in Q4 (versus Rs 2,113 crore), the company informed exchanges today.

The company incurred higher operating expense (Rs 345 crore) arising out of higher well maintenance cost. It also incurred higher exploration cost write-off as well as forex loss due to rupee appreciation.

"Profit after tax (excluding exceptional items) for Q4 FY15 was Rs 193 crores. Exceptional item in Q4 FY15 pertained to impairment loss of Sri Lanka amounting to Rs 505 crore (gross of tax) leading to a negative profit after tax for the quarter of Rs 241 crore," the company said.

For the full fiscal year 2014-15, Cairn had profit of Rs 6,541 crore on revenues of Rs 14,646 crore.

“Restructuring the organization to align with an SBU structure in the early part of the year geared up the organization to capture value along each line of business. This helped us to respond to the current oil price slump better than most of our global peers," Cairn India CMD Mayank Ashar said.

"Our strong functional excellence, coupled with the restructuring, enabled us to focus on the core MBA fields and provided us the operational flexibility to reduce operating as well as capital cost and curtail projects to ensure shareholder value accretion. Detailed work is ongoing to allow us to respond faster to a V-shaped recovery in oil prices," he added.

The Cairn India Board recommended a final dividend of Rs 4 per equity share, entailing an outflow of approximately Rs 900 crore including dividend distribution tax.