Cain India Earns $180MM for Period Ended March 31

Cairn India has changed its financial year end from December 31 to March 31 to align with tax and joint ventures' financial year and therefore the current financial year consists of a fifteen month period from January 1, 2008 to March 31, 2009. Previous year figures for 12 months are not comparable with the current extended financial year.

"Cash flow from operations" worked out as profit after tax (excluding other income) prior to non-cash expenses (non-cash employee cost, depreciation, depletion, amortization, and deferred tax) and exploration cost, was Rs. 8,102 million (US $182 million) for the current period and was Rs. 6,506 million (US $157 million) for 2007.

Cash (net of borrowings) available as at March 31, 2009 was Rs. 23,537 million (US $462 million).

The consolidated revenue of Cairn India Limited and its subsidiaries for the current period ended 31 March 2009 was Rs. 14,327 million (US $321 million) and for the year 2007 was Rs. 10,123 million (US $245 million).

The average oil price realisation for the current period was US $87.5/bbl and for the year 2007 it was US $74.5/bbl. Average gas price realisation for both the current period and 2007 was US $4.1/mscf. Average price realisation per boe was US $69.3 for the current period compared to US $54.6 for 2007.

The consolidated Profit before tax (PBT) for the current period was Rs. 9,879 million (US $221 million) and was Rs. 1,259 million (US $30 million) in the previous year.

The consolidated Profit after providing for tax (including deferred tax and FBT) for the current period was Rs. 8,035 million (US $180 million) as against the loss of Rs. 245 million (US $6 million) in the previous year.

Tax (including current tax and deferred tax) is calculated at entity level and not on a consolidated basis; losses arising within one jurisdiction are not available for offset against profits arising in another.

Amounts shown in USD are converted based on an average exchange rate of 44.61 for the current period and a closing exchange rate of 50.99 as at March 31, 2009.