Jan 22, 2013, 01.53 PM | Source: Moneycontrol.com

Cairn India Q3 profit up 44%, boosted by forex gain

Cairn India's consolidated net profit rose by 44 percent quarter-on-quarter, beating analysts' expectations, to Rs 3,345 crore in the third quarter of financial year 2012-13.

Sumaira Abidi

Research Analyst, CNBC-TV18

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Moneycontrol Bureau

Cairn India has registered a 44%, quarter-on-quarter jump in its December quarter profit to Rs 3,345 crore, boosted by forex gain of Rs 236 crore. The company had logged in Rs 786 crore loss in preceding quarter.

However, its income from operations declined 4% to Rs 4278 crore, QoQ after paying royalty for operating Rajasthan blocks in which it has 70% participating interest along with ONGC's 30% stake. 

The company said, average output from its Rajasthan block stood at 1,69,977 barrels per day for October-December while average gross output rose by 21 percent YoY to 205,014 bpd.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4.9 percent QoQ to Rs 3,258 crore in October-December quarter.

Other income also declined to Rs 182 crore from Rs 223 crore QoQ.

Meanwhile company shares closed the day at Rs 340.30, up 0.95% before earnings announcement.

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