Kotak Securities has come out with its first quarter (April-June) earnings estimates for oil & gas sector. The brokerage house expects Cairn India to report a 11.8 percent growth quarter-on-quarter (degrowth of 25.1 percent year-on-year) in net profit at Rs 2867 crore.
Revenues are expected to decrease by 0.5 percent Q-o-Q (down 2.2 percent Y-o-Y) to Rs 4341.8 crore, according to Kotak Securities.
Kotak Securities report on Cairn India
We expect, Cairn India to report decent bottom line growth on sequential basis on account of volume growth and weak rupee.
Cairn India is a private exploration company so it will reap full benefits of weak rupee and crude oil prices.
We expect PAT to fall on Y-o-Y basis on account of higher government share in profit petroleum. The company expects to boost output to 215 Kbopd by March 2014.
Cairn India is planning to take its market presence beyond Gujarat and Maharashtra through extension of its existing pipeline. The extended part of the pipeline is ready and operational and the company is targeting all coastal refineries of India to sell its crude.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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