>CAIRN INDIA LIMITED (INDIA INFOLINE)

Sales plummet on account of lower realizations
Cairn India Ltd. (Cairn) registered a net sales fall of 42.5% yoy and 13.8% qoq to Rs1.8bn. The fall was on account of 53% yoy decline in crude oil realizations and 2% yoy lower gas realizations. Rupee depreciation helped offset the impact partially, Net working interest was down 12.2% yoy to 15,824 boepd as both Cambay and Ravva fields are on a natural decline. On a qoq basis, volumes were lower by 4.6%.

OPM declines 25ppts yoy but rises 266bps qoq.
During Q5 FY09, Cairn reported 62% yoy decline in operating profit and 25 ppts yoy decline in OPM. This was primarily on account of doubling of administration expense. As a percentage of sales, personnel costs and operating expenses also rose. Th fall in OPM was despite was despite 37% yoy fall in operating costs per barrel.

To see full report: CAIRN INDIA