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Cairn India reports 18.26% fall in Q1 consolidated net profit

25 Jul 2013 Evaluate

Cairn India has reported results for the first quarter ended June 30, 2013.

The Company reported net profit of Rs 1989.12 crore for the quarter as compared to net loss of Rs 33.88 crore for the corresponding quarter ended June 30, 2012. Company’s total Income has increased by 139.67 -fold at Rs 2899.55 crore for the quarter ended June 30, 2013 from Rs 20.76 crore for the quarter ended June 30, 2012.

On consolidated basis, the company has posted a fall of 18.26% in its net profit after taxes at Rs  3127.23 crore for the quarter ended June 30, 2013 as compared to Rs 3825.74 crore for the same quarter in the previous year. Total income has decreased by 9.86% at Rs 4870.03 crore for quarter under review as compared to Rs 5402.75 crore for the quarter ended June 30, 2012.

The Scheme of Arrangement between the Company and some of its wholly owned subsidiaries had been approved by regulatory authorities in October 2012. As per the Scheme, the Company had considered the operations of the said subsidiaries from January 01, 2010 as its own operations and accounted for the same during the quarter ended December 31, 2012 in its books of accounts and accordingly, profit after tax aggregating to Rs. 8266.12 crore (net of tax of Rs. 611.46 crore ), relating to operations of the said subsidiaries prior to March 31, 2012, had been accounted for in the previous year.

Previous quarters / year's figures have been regrouped / rearranged wherever necessary to confirm to the current quarter's presentation. However, figures for the quarter ended June 30, 2012 are not comparable with the current quarter's figures as the Scheme of Arrangement, was accounted for during the quarter ended December 31, 2012.

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