Cairn India surpassed analysts' anticipations on quarterly earnings. Consolidated profit increased over two-fold to Rs 778.7 crore. This is the highest in last six quarters as compared with Rs 359.55 crore in previous quarter on the back of strong operational performance and forex gain. Consolidated revenue during the quarter rose 8.1 per cent to Rs 2,038.6 crore on sequential basis .
Realization was up by 10 pe rcent Q-o-Q to USD 41.8/boe as Rajasthan crude realization increased by 11 per cent to USD 41.6 a barrel. Brent price was relatively flat on average basis at USD 45.8 a barrel in Q2. Net profit was estimated at Rs 421 crore on revenue of Rs 2,001 crore for July-September quarter. EBITDA (earnings before interest, tax, depreciation and amortization) increased by 31 per cent q-o-q to Rs 1,039.1 crore, the highest in last five quarters.
Margin expanded by 760 basis points to 51 per cent in Q2 because of higher revenue and reduction in operating cost. Operational performance was far ahead of estimates since analysts estimated EBITDA at Rs 861 crore and margin at 43 per cent for the quarter. Cairn India disclosed foreign exchange gain at Rs 64.39 crore in July-September quarter against loss of Rs 124.79 crore in June quarter. It noted a gross production of 18.1 mmboe (millions barrels of oil equivalent) across all the assets, of which working interest production was 11.6 mmboe whereas gross sales was 17.6 mmboe averaging at 191,579 boepd (barrel of oil equivalent per day).
The company further added that gross production from Rajasthan block was slightly up by 0.5 per cent Q-o-Q to an average rate of 167,699 boepd, helped by continued strong volumes from Mangala EOR and inline performance from Bhagyam and Aishwariya. Total production for the quarter was 15.4 mmboe.
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