Cairn India has reported a total revenue of Rs. 10,277.93 crore (on a consolidated basis) for the year ended March 31, 2011 against Rs. 1,623.03 crore in the previous year. The profit after tax has jumped to Rs. 6,334.40 crore from Rs. 1,051.10 crore.
“Cash flow from operations”, worked out as profit after tax (excluding other income) prior to non-cash expenses and exploration cost was Rs. 6,712.20 crore as compared to Rs. 808.40 crore in 2009-10. The basic earnings per share were Rs. 33.3 against Rs. 5.5 in the pervious year.
The average daily gross production for 2010-11 was 149,103 boe (barrels of oil equivalent) against 69,059 boe in the previous year.
The successful completion of the first phase of the Rajasthan project represented a significant milestone in the growth and development of Cairn India.
The Mangala field was producing at the currently approved plateau rate of 1.25 lakh barrels of oil per day (bopd), a substantial contribution to the energy security of the nation, a company statement said.
Rahul Dhir, Managing Director and Chief Executive Officer, said “Cairn India's continued focus on safe and efficient operations has helped us to quickly ramp up the Mangala production to 1.25 lakh bopd.Rajasthan crude was now transported to a number of refineries by continuously heated and insulated pipeline. The development of the Bhagyam field, the second largest discovery in Rajasthan is on track with 30 wells drilled already. This is expected to commence production by the end of this calendar year.
The construction of the fourth processing train at the Mangala Processing Terminal (MPT) is on track. Upon completion, the total crude processing capacity at the MPT will be 2.05 lakh barrels per day. Work on the pipeline extension from Salaya to Bhogat is progressing well and the completion of this segment will provide the Rajasthan crude access to more than 75 per cent nation's refining capacity. The company has sales arrangements in place for 1.55 lakh barrels per day with public sector undertakings and private refiners.