Cairn India posted a record profit in the second quarter after boosting output and prices to meet rising demand. Net profit rose to Rs 1,585.08 crore in Q2 FY11 against Rs 469.51 crore in the corresponding period last fiscal. The company's income from operations stood at Rs 2,686.42 crore in the quarter under review against Rs 229.78 crore in the year-ago period.
Cairn India MD & CEO Rahul Dhir said, “The first full quarter of sales through the pipeline to refineries has generated significant revenues from the Mangala field in Rajasthan. Cairn India’s development and operational efficiency has allowed it to quickly ramp up production to the currently approved plateau of 1,25,000 bopd with the potential to produce oil at an even higher rate from the Mangala field.”Cairn India shares were down 1.07% to close at Rs 318.60 on the BSE.
In the September quarter, the gross production of the operating units was 1,65,385 barrels of oil equivalent per day against 60,480 boepd in the same period last fiscal. Working interest production was 94,304 boepd compared to 18,638 boepd in Q2 FY10. The average oil price realisation in Q2 FY11 was $69.5 per bbl compared to $69.1 per bbl in Q2 FY10. The gas price realisation in Q2 FY11 was $4.5 per thousand standard cubic feet (mscf) compared to $3.9 per mscf in Q2 FY 2009-10. Average price realisation per boe was $67.8 in Q2 FY 2010-11 compared to $59.6 in Q2 FY 2009-10.
In Rajasthan, the company completed one year of successful production from the Mangala field and sold more than 16 million barrels (mmbbls) to domestic refiners to date. It saw rapid and safe Mangala field production ramp-up to its currently approved plateau rate of 1,25,000 bopd (barrels of oil per day).
Meanwhile, Cairn India raised Rs 2,250 crore in July-September period by issuing unsecured non-convertible debentures to repay existing (rupee) loans and for other general purposes, it said Thursday. “The proceeds of this financing will be used to fund repayment of the existing (rupee) loan and other general corporate expenses,” the company said in a statement.
“This access to the Indian debt capital market is a first for Cairn India, which received subscription from a wide range of investors consisting of mutual funds and insurance companies,” the statement said.
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