New Delhi: Cairn India, the operator of nation's biggest onshore oilfield, Tuesday reported a 24 percent drop in its June quarter net profit due to a slide in international oil prices.
Net profit in April-June at Rs 835 crore, or Rs 8.36 per share, was 24 percent lower than Rs 1,093 crore, or Rs 18.17 a share, in the same period a year ago, the company said in a statement here.
Turnover fell 41 percent to Rs 2,627 crore.
Cairn got USD 56 per barrel for oil it sold in the first quarter of the current fiscal, 42 percent lower than USD 97 a barrel realisation a year ago.
Oil production from its prime Rajasthan block was 6 percent down at 1,72,224 barrels per day.
Besides softer oil prices, the decline in revenue was due to "increase in the share of Profit Petroleum payable to the government of India. This quarter witnessed a jump from the 30 percent tranche to 40 percent" in Rajasthan, the statement said.
EBITDA for the quarter came in at Rs 1,302 crore with a margin of 50 percent.
EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) for the said quarter is up 79 percent compared with Q4 of 2014-15, which saw an exploration cost write-off of Rs 552 crore.
"EBITDA margins were boosted by lower operating costs which for Rajasthan waterflood case have come down by 10 percent from the previous fiscal average of USD 5.8 to USD 5.2 per barrel oil equivalent in Q1 FY16 as a result of reduction in well and facility maintenance costs," it said.
Exploration write-off for the quarter stood at Rs 82 crore.
Cairn posted a net profit of Rs 835 crore for the first quarter with a healthy profit margin of 32 percent.
The company had a cash of Rs 16,467 crore as of June-end.
The stock fell 3 percent on BSE to close at Rs 162.55 today.