Profits surge by 869% at Cairn’s Indian subsidiary

Scottish oil firm Cairn Energy’s Indian subsidiary has reported a near-ninefold jump in quarterly profits after output climbed.

Cairn India said yesterday net profits jumped to £371million during the quarter to June 30, up 869% year-on-year, as revenue more than quadrupled to £511million.

It also said it was seeking shareholder approval on conditions set by the Indian government over its deal with Vedanta Resources, which was given conditional approval last month to buy a 40% stake in the firm in a deal worth about £3.7billion. Cairn Energy will retain a majority 52% stake.