Emkay Global Financial Services research report on Cairn India“Cairn India, result were in line with our esti. with PAT at Rs22.7bn, down 16% qoq, due to lower RJ production on planned maintenance shut down at Mangala processing terminal and lower crude oil price. Sales and EBITDA came in line at Rs39.8bn and Rs26.5bn resp. RJ prod. declined by 11% qoq to 163kbpd. Net realisation for 2Q came at $92/bbl, implied. 10.3% discount to Brent oil. Based on various exploratory activities, we expects some clarity on production growth in ensuing quarter, with net capex of US$3bn over next 3 yrs. Company disbursed the balance $450mn as a part of $1.25bn loan facility extended to a Vedanta Group Co. in the previous quarter. Cut our target price on lower crude oil price to Rs361, maintain Accumulate. Currently, the stock is trading at a P/E of 5.4x FY16 EPS and 0.8x P/bv,” says Emkay Global Financial Services research report.
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