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Result Reviews
Cairn India
Cairn India announced its 2QFY2012 results. The company’s top line
decreased by 1.3% yoy to `2,652cr. Crude oil realisation increased by 48.0%
yoy to US$102.8/bbl. Despite a 48.0% yoy increase in realisation, net sales
decreased by 1.3% due to royalty burden of `770cr, which the company did
not have to pay during 2QFY2011. The company’s gross production from
Mangala field averaged 125,251bopd. OPM contracted by 365bp yoy to
79.3%, resulting in a 4.5% yoy decline in operating profit to `2,104cr during
the quarter. The company provided for Rajasthan royalty (including the pastperiod
one-time adjustment since the start of Rajasthan production in August
2009) of `1,355cr. The company recorded an exceptional gain of `531cr on
account of forex fluctuation during 2QFY2012. Excluding this exceptional gain,
adjusted net profit declined by 86.8% yoy to `232cr (slightly above our
estimate of `214cr.).The company informed that Bhagyam block development
was on track and ready to commence production in 3QFY2012, subject to
government approvals. Also, the company remained optimistic to reach an exit
capacity of 175,000bpd by FY2012 and 240,000bpd by FY2013. We
maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews
Cairn India
Cairn India announced its 2QFY2012 results. The company’s top line
decreased by 1.3% yoy to `2,652cr. Crude oil realisation increased by 48.0%
yoy to US$102.8/bbl. Despite a 48.0% yoy increase in realisation, net sales
decreased by 1.3% due to royalty burden of `770cr, which the company did
not have to pay during 2QFY2011. The company’s gross production from
Mangala field averaged 125,251bopd. OPM contracted by 365bp yoy to
79.3%, resulting in a 4.5% yoy decline in operating profit to `2,104cr during
the quarter. The company provided for Rajasthan royalty (including the pastperiod
one-time adjustment since the start of Rajasthan production in August
2009) of `1,355cr. The company recorded an exceptional gain of `531cr on
account of forex fluctuation during 2QFY2012. Excluding this exceptional gain,
adjusted net profit declined by 86.8% yoy to `232cr (slightly above our
estimate of `214cr.).The company informed that Bhagyam block development
was on track and ready to commence production in 3QFY2012, subject to
government approvals. Also, the company remained optimistic to reach an exit
capacity of 175,000bpd by FY2012 and 240,000bpd by FY2013. We
maintain our Neutral view on the stock.
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