The net profit of Cairn India increased 12 fold for the third quarter. Its net stands at 293.32 crore as per the reports released by the company. Cairn India has done a remarkable work in the field of oil reserves exploration in India.

Company’s turnover increased to 21 per cent and stands at Rs 321 crore. It suffered a loss of Rs 106.4 crore in the same period of previous year. The company made income of Rs 118.20 crore in third quarter form investments and Rs 172.37 crore in the nine months ended September 30, 2008 including foreign exchange fluctuation of Rs 87.34 crore and Rs 110. 83 crore.

High prices of crude oil contributed in its net profit. It sold oil produced at Ravva field in eastern offshore at $116.3 per barrel. The company made $ 77.2 a barrel in July-September 2007 leading to high profit and consolidated revenue of Rs 320.6 crore.

The company maintains sufficient liquidity for the development of the Mangala field and oil is expected to be delivered in second half of 2009.

The CEO of Cairn India, Rahul Dhir said that company is planning a heated-pipeline from Barmer district in Rajasthan to Gujarat coast to transport the crude oil to refineries. The company has revised the Mangala field development plan (FDP) to get increased peak output to 125,000 barrels per day. Cairn will produce 175,000 bpd of peak oil from Rajasthan including production from Bhagyam and Aishwariya fields.