New Delhi, Oct. 22: Cairn India has posted a 46 per cent rise in profit at Rs 3,385.08 crore in the second quarter, the highest in five quarters.
The performance has been attributed to rupee depreciation, a surge in production and a spike in crude oil prices.
Cairn produced a record 213,229 barrels of oil and oil equivalent gas from its three primary oil and gas fields — Rajasthan, Ravva off the east coast and Cambay off the west coast.
The firm had produced 207,245 barrels during July-September 2012 and 212,442 barrels in the April-June quarter of this fiscal.
Besides, the price realised was $2 higher at $95.3 per barrel in the second quarter.
The average dollar-rupee exchange rate stood at Rs 62.1 during the period against Rs 55.1 in the year-ago quarter.
“We are focused on enhancing the recovery efficiency from our producing fields through the use of cutting-edge enhanced oil recovery techniques. We have also been extremely active with the drill bit as we continue to aggressively develop our world class resource base,” Cairn India CEO and director P. Elango said.
Cairn contributed $1 billion in royalty, sales tax and profit petroleum to the central and state governments during the second quarter — the highest ever. Of this, over 40 per cent would have flown to the central exchequer as the government’s share of profit from oil and gas produced by Cairn.