Small BusinessCairn India Q3 net up 23% to Rs 291 cr
Buoyed by ramping up output from Barmer oilfield, Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.
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The company had a net profit of Rs 290.96 crore in October-December compared with Rs 236.42 crore in the corresponding period previous fiscal, Cairn said in a press statement.
Cairn started output from Mangala - the nation"s largest onland oil find in more than two decades in late August 2009, and is currently producing about 20,000 barrels a day.
Turnover more than doubled to Rs 495.46 crore from Rs 210.82 crore a year ago.
Cairn said it sold four parcels of Barmer crude to Mangalore Refinery and Petrochemicals and two parcels to Reliance Industries in the quarter.
"Trial parcels to Indian Oil Corp (the third buyer) will commence soon," it said.
The company, which currently trucks the oil to Gujarat coast, has laid a pipeline from Mangala to Salaya in Gujarat. Commissioning of the pipeline, by next quarter, would bring down the transportation cost.
Cairn India Chief Executive Officer and Managing Director Rahul Dhir said: "The construction of the crude oil pipeline from Mangala Process Terminal to Salaya is a significant achievement. This pipeline will provide the critical infrastructure needed to connect the oil fields in the Barmer basin to the markets."