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Cairn India Limited
Sector:Oil and Gas Oil and Gas - Exploration and Production
BSE:32792NSE:CAIRNBloomberg:CAIR@INReuters:CAIL.BO
Market Lot: 1Face Value: 10ISIN Demat: INE910H01017
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10-Feb-2017
Business Profile
Cairn India (CAIRN) is engaged in the business of exploration and production of oil and gas. It was incorporated on Aug. 21, 2006 and went public in January 2007. Cairn Energy PLC, a crude oil and natural gas exploration and production firm listed on the main market of the London Stock Exchange, currently holds 69% interest in Cairn India. The Cairn India group has made 30 hydrocarbon discoveries since 1994 including three of the seven landmark discoveries made in India between 2000 and 2005.

The company is currently focused on exploration and production in India where it has a working interest in 15 blocks, two of which are producing hydrocarbons. The company holds material exploration and production positions in west India and east India along with new exploration rights elsewhere in India. It made a major oil discovery (Mangala) in Rajasthan in the north west of India early in 2004. More than 20 discoveries have been made in Rajasthan block RJ-ON-90/1.

In Rajasthan, the company operates Block RJ-ON-90/1 under a production sharing contract signed on May 15, 1995. It raised the expected output of its Mangala field in Rajasthan by 25% to 125,000 barrels of crude oil a day. The Mangala field is part of the RJ-ON-90/1 block in which Cairn is the operator and holds 70% interest. ONGC holds the remaining 30%. Cairn is confident of achieving first oil from the field in the second half of 2009. The main development area covering 1,858 Sq. Km. includes Mangala, Aishwariya, Saraswati and Raageshwari. A further development area covering 430 Sq. Km., including the Bhagyam and Shakti fields, is also shared between Cairn India and ONGC in a 70:30 proportion.

The registered office is located at 101 West View, Veer Sawarkar Marg, Prabhadevi, Mumbai-400025.



Financials
The company disclosed rise of 85.42% in consolidated net profit on y-o-y basis to Rs 6.04 billion, while total income dropped 100.00% y-o-y basis to Rs 0.00 million for the quarter ended December 2016.

Recent Developments
21-OCT-16
Cairn India, one of the largest independent oil and gas exploration and production companies in India, disclosed a sharp rise in consolidated net profit for the quarter ended September 2016. During the quarter, the profit of the company rose 2.39 times to Rs 7,787.00 million from Rs 3,256.00 million in the same quarter last year.

28-JUL-16
The merger of Vedanta (VL: 'AA'/Negative) and Cairn India will have a positive impact on the final capital structure and overall liquidity, while the credit rating impact on VL is neutral, says India Ratings and Research (Ind-Ra). The agency had already factored in the completion of the merger by 1HFY17.

22-JUL-16
Cairn India disclosed a steep drop in consolidated net profit for the quarter ended June 2016. During the quarter, the profit of the company declined 28.27% to Rs 3,595.50 million from Rs 5,012.70 million in the same quarter previous year.

22-APR-16
Cairn India, one of the largest independent oil and gas exploration and production companies in India, said its net loss for the quarter ended March 2016 has widened to Rs 109.48 billion due to the impairment of goodwill and non-producing assets. It reported a net loss of Rs 2.41 billion in the same quarter last year.

16-MAR-16
Cairn India's parent company i.e Cairn Energy Plc has received a Rs 290 billion income tax demand notice from the IT department on Monday.

22-JAN-16
Cairn India, one of the largest independent oil and gas exploration and production companies in India, disclosed a sunstantial drop in consolidated net profit for the quarter ended December 2015 on lower realisations due to declining crude oil prices

21-OCT-15
Cairn India announced a drop in consolidated net profit for the quarter ended September 2015. During the quarter, the profit of the company declined 70.47% to Rs 6,727.00 million from Rs 22,779.00 million in the same quarter last year.

09-OCT-15
Cairn India, one of the largest independent oil and gas exploration and production companies in India, average gross production for H1 FY16 was at 207,538 barrels of oil equivalent per day (boepd), slightly up by 1% year-on-year (y-o-y). The increase in production was mainly driven by consistent performance of offshore assets-Ravva and Cambay, through effective reservoir management practices and better than expected results from Ravva infill drilling campaign.



Future Plans
Cairn India has plans to operate approximately 20% of India`s oil production by 2010, assuming the Indian production remains at current levels and production from the Rajasthan block`s northern fields fulfills its target gross plateau production rate of approximately 150,000 BOPD.

At Ravva, the company has commenced an infill drilling program and will continue to assess various surface and subsurface initiatives to help maintain production levels. Further, it is also currently developing the Lakshmi field separately for crude oil production. The company intends to execute the Rajasthan block development to reach first commercial production at Mangala during 2009. The development planning also includes the commencement of production from the Bhagyam and Shakti fields within six months and the Aishwariya field within 12 months of commencement of production from the Mangala field.

Cairn India has planned a capital expenditure of about Rs 65 billion in India over the next three years to explore oil and natural gas reserves. The company has already spent Rs 50 billion in Andhra Pradesh, Gujarat and Rajasthan. The company plans to pump more funds into Rajasthan and about Rs 4,500 million into the Ravva block in Andhra Pradesh.

The firm intends to acquire the subsidiaries of Cairn Energy PLC, which hold all of the ownership and operated interests of its Indian crude oil and natural gas development and production assets and the majority of its Indian crude oil and natural gas exploration assets. CAIRN has entered into the subscription, share purchase agreement and the share purchase deed with Cairn Energy PLC, Cairn UK Holdings and Cairn India Holdings to effect the acquisition of Cairn India Holdings.


In Brief

 
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