Consolidated net profit of Rs 8.69 crore, or Rs 0.05 per share, in October-December was 99.3 percent lower than Rs 1.349/64 crore, or Rs 7.20 per share, in the same period a year ago, the company said in a statement.

Cairn got USD 34.5 per barrel price for the oil it produced from its flagship Rajasthan fields as compared to about USD 68 per barrel in the third quarter of previous fiscal.

The rate in October-December was 21 percent lower than the prevailing Brent price due to the discount to international rate that have been provided in the pricing formula approved by the Government. Of this price, Cairn paid USD 9.6 per barrel in oil cess alone. Other statutory levies like royalty and profit petroleum were separate.

Companies like Cairn and ONGC have to pay Rs 4,500 per ton cess on domestic crude oil produced.

Cairn India said revenue dipped 42 percent to Rs 2,039.49 crore in October-December.

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