Cairn India Limited share price target

Cairn management expects its impending merger with Vedanta to conclude by Mar '17. Extension of Production Sharing Contract (PSC) beyond 2020, which is currently sub judice, would kick-start investments in Rajasthan fields. Management expects its five key exploration projects in Rajasthan to gener..

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discount to cash and cash equivalent. At the current price, Cairn India is harshal.mehta@icicisecurities.com currently trading at an implied Brent crude price of ~US$44/barrel. We...

Cairn India (Cairn) came out with mixed bag in Q1FY17, where revenue and PAT were below our expectation due to lower than expected realization and higher than expected DDA while EBITDA was above expectation on the back of lower other expenses and adoption of Ind AS. Revenues declined 28.2% YoY to Rs18.9 bn due to 33% fall in oil realization to US$37.9/bbl. Also, its net production volume declined 4% due to lower production from Rajasthan basin. EBITDA decreased 41% YoY to Rs7.9 bn owing to lower volume and realization. However, it came above expectation due to better cost management and adoption of Ind AS. Further, due to change in accounting policy, DDA expenses increased 9% YoY to Rs8.1 bn. Consequently, its net profit...

Cairn India reported its Q1FY17 results, which were marginally below our expectations. Revenues increased 9.8% QoQ to | 1885.1 crore (Idirect estimate: | 2048.4 crore) due to an increase in crude oil prices QoQ while PAT came in at a profit of | 359.6 crore in Q1FY17 vs. a...

Sales / EBITDA below est, led by lower realization and higher profit petroleum Below est: Cairn reported revenues at INR19b (est INR21b; -28% YoY, +10% QoQ) impacted by higher profit petroleum at INR5.5b (-39% YoY, +182% QoQ) and lower Rajasthan realization. Increase in D,D&A; (led by IndAS) and forex loss was partly compensated by (a) higher other income at INR5.3b (+38% YoY, -19% QoQ) and (b) lower tax rate at 2%. PAT stood at INR3.6b (-57% YoY, 103% QoQ). 1QFY17 realization/production below est: 1QFY1t Rajasthan realization at USD37.5/bbl (est 39; -33% YoY, +349% QoQ) implies 17.8% discount to Brent...

Adj EBITDA/PAT above est, led by lower cess/higher OI; 75% of goodwill impaired Reports large PAT loss led by goodwill impairment: Cairn India reported 4QFY16 PAT loss of INR-109b led by INR117b impairment due to lower crude...

ICICI Securities Ltd | Retail Equity Research Cairn India reported a disappointing set of Q4FY16 numbers. While the topline declined 35.9% YoY to | 1716.8 crore, the company...

Operational performance weaker than estimates: Cairn India's 4QFY15 operational performance was weaker than our expectation with sales of Rs26.7bn (2.7% below our estimates)andEBITDARs13.4bn(8.6%belowourestimates).LowerthanexpectedEBITDAwas...

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Average daily gross operated production was 2,05,014 boe (barrel of oil equivalent) in Q3 FY13. The Company has a worldclass resource base, with interest in eight blocks in India, one in Sri Lanka and...