Cairn India, one of the largest independent oil and gas exploration and production companies in India, today reported a rise of 18.41% in consolidated net profit to Rs 30.35 billion for the quarter ended Mar. 31, 2014 as compared to Rs 25.64 billion in the same period last year. 
 
Total consolidated income came at Rs 504.88 billion, an increase of 15.71% over Rs 436.34 billion in the same period a year ago.

Elango P, Interim CEO and whole time director, Cairn India said, ''Our performance over the last fiscal reflects of our unique position of delivering industry-leading production growth which has contributed to reduction in imports and has also benefited all stakeholders. In Rajasthan, by combining a world-class asset with our proven technical expertise and disciplined approach to execution, we achieved a landmark cumulative oil production of 200 million barrels and a 200,000 boepd production milestone in March 2014.

We have also significantly added to our resource base by delivering a rapid exploration and appraisal drilling program with a success ratio of 50%, establishing 6 discoveries and adding over 1 billion barrels of oil and gas in-place.

Going forward, we continue to remain focused on executing multiple projects especially in Barmer Basin, by deploying talent and technology to achieve world class recovery and discovery rates.''

Shares of the company declined Rs 11.9, or 3.27%, to settle at Rs 352.30. The total volume of shares traded was 264,009 at the BSE (Wednesday).