Oil and gas producer Cairn India 's Q4
net profit fell higher than expected 3.35% QoQ and 11.05% YoY to Rs 2,186.23
crore in the fourth quarter due to huge forex loss. The company had reported a
profit of Rs 2,261.93 crore in previous quarter and Rs 2,457.79 crore in the
corresponding quarter of last fiscal.
Foreign exchange losses in the January-March
quarter stood at Rs 217 crore, which was quite higher as compared to Rs 38
crore in a year ago period.
Net sales increased 17.9% QoQ to Rs 3,651 crore from Rs
3,096.8 crore while YoY sales fell 0.09%.
These numbers were slightly below CNBC-TV’s poll which had
estimated net profit to be around Rs 2250 crore and sales of 3545 crore.
The company Board also approved a 20% dividend payout.
The oil major produced better numbers in FY12. Net profit
for the financial year ended March 2012 increased 25% to Rs 7,937.7 crore from
Rs 6,334.4 crore in the financial year ended March 2011. Total income also
increased 23% to Rs 12,798.6 crore as against Rs 10,406.7 crore in March 2011.
In an exclusive interview to CNBC-TV18 Rahul Dhir, the
company’s chief executive officer said that Cairn has around $1.5 billion cash
on hand and will conclude corporate restructuring in Q2FY13.
The Vedanta group acquired a majority stake in Cairn in
December after it agreed to share royalties on crude production from a key
producing field in the northwestern state of Rajasthan with joint venture
partner Oil & Natural Gas Corp.
Earlier, ONGC, which holds a 30% stake in Rajasthan block,
was paying the entire royalty on production.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd 
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