Cairn India Jan-March net profit soars to Rs245 crore

Cairn India, the Indian subsidiary of UK-based explorer Cairn Energy, today reported a consolidated net profit of Rs245 crore ($52 million) for the January-March 2010 quarter, compared with Rs18.68 crore in the same quarter a year ago.

For the twelve months ended 31 March 2010, Cairn India reported a 45 per cent increase in operating revenues, at Rs1,623 crore ($342 million) compared with Rs1,116.8 crore ($243 million) in the previous year on rising crude oil sales from the Rajasthan fields.

Profit after tax was higher by 53 per cent, at Rs1,051.1 crore ($222 million) against Rs687 crore ($150 million) in the previous year.

Consolidated profit before tax (PBT) for FY10 stood at Rs1,016.3 crore ($214 million) against Rs987.9 crore ($221 million) in the previous financial year.

Consolidated profit after tax (PAT) for FY10 was Rs1,051.1 crore ($222 million) as against Rs803.5 crore ($180 million) in the previous financial year.

The company has so far invested a total of $2.29 billion in cumulative Rajasthan development expenditure, of which $934 million was spent during FY 2009-10, the company said in a release.