Cairn India Ltd.'s first quarter revenue declined 28 percent to Rs 1,885 crore compared to the same quarter last year, the company said in a stock exchange filing. The topline fell short of the Bloomberg consensus estimate of Rs 2,036.5 crore.
On a sequential basis, revenue increased 10 percent, driven by a 33 percent rise in Brent prices during the April-June quarter, according to Cairn's press release.
Other income, in the form of gain from treasury operations, stood at Rs 528.4 crore. The company reported a foreign exchange loss of Rs 124.8 crore for the quarter.
One of the country's largest oil and gas company, Cairn India's net profit fell 28 percent to Rs 359.5 crore compared to Rs 501.2 crore in the same quarter last year, according to the filing.
Earnings before interest, tax, depreciation and amortisation stood at Rs 793 crore, exceeding the Bloomberg consensus estimate of Rs 785.3 crore. The company's EBITDA margin fell to 42 percent in the first quarter from 51.4 percent in the same quarter last year.
Other Key Highlights
- Gross production volume fell 6 percent to 1,96,861 barrels of oil equivalent per day (BOEPD) on a year-on-year basis.
- The Rajasthan facility saw a 3 percent growth in its production volume to 1,66,943 BOEPD compared to last year.
- Offshore production fell to 29,918 BOEPD versus 37,514 BOEPD in the same quarter last year.
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