Mumbai: Cairn India Ltd, the local unit of Cairn Energy Plc, said first-quarter net income, including that of subsidiaries, more than tripled after crude oil prices rose to a record.
Profit in the three months ended 31 March rose to Rs116 crore from Rs37.56 crore a year earlier, the company said in a statement to the Bombay Stock Exchange. Revenue rose 24% to Rs337 crore. Crude oil prices surged more than 80% in the past year to a record $119.93 a barrel in New York on Monday, benefiting oil producers from BP Plc. to Royal Dutch Shell Plc. and Cairn. Rising oil prices prompted Citigroup Inc. analysts Rahul Singh and Saurabh Handa to increase their estimate of the oil explorer’s earnings per share by 33% for 2008 and 14% for 2009 on 11 April.
The company’s stand-alone loss for the quarter widened to Rs8.7 crore from Rs8.5 crore. Chief executive Rahul Dhir said Cairn will start oil production from its Bhagyam field in the first half of 2010. The field is expected to have a peak production rate of 40,000 barrels of oil per day. bloomberg
Reuters contributed to this story .