NEW DELHI: Cairn India BSE 1.19 % today reported its biggest loss of Rs 241 crore in the fourth quarter ended March 31 mainly on account of one-time impairment loss in Sri Lanka, low oil prices and forex loss.
Net loss of Rs 241 crore, or negative earning per share of Rs 1.28, was against net profit of Rs 3,035 crore, or Rs 15.85 a share in the same period a year ago, the company said in a statement.
This is the first loss that the company suffered since reporting Rs 13.9 crore loss in October-December quarter of 2007.
Sequentially, it had reported Rs 1,350 crore profit for the third quarter of 2014-15 fiscal.
“Exceptional item in Q4 FY15 pertained to impairment loss of Sri Lanka amounting to Rs 505 crore (Gross of tax) leading to a negative profit after tax for the quarter,” it said.
Also, it wrote off Rs 552 crore in exploration cost for failed wells in KG basin. These were marginally set off by lower Admin and Employee benefit expenses. Besides, rupee appreciation led to a forex loss of Rs 168 crore.
Cairn said crude oil prices halved to$48.4 per barrel in the January-March quarter.
Revenue fell 47 per cent to Rs 2,677 crore. Oil production from its prime Rajasthan fields dipped 9 per cent to 172,683 barrels per day.
Cairn India Board recommended a final dividend of Rs 4 per share, entailing an outflow of about Rs 900 crore including dividend distribution tax.
This along with the interim dividend paid in September 2014 cumulatively amounts to around 44.57 per cent of annual consolidated net profit.
“During Q4 FY15, the company received an order from the Income Tax Department for an alleged failure to deduct withholding tax on alleged capital gains arising during 2006-07 in the hands of Cairn UK Holdings Ltd (CUHL), our erstwhile parent company, a subsidiary of Cairn Energy Plc.
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