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CAIRN INDIA LIMITED

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Address 101 WesL vlew
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ConLacL number 1 +91 22 24338306 l +91 22 24311160
WebslLe wwwcalrnlndlacom
Lmployees 1068 as on 31/03/2010
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TabIe of Contents

Overview 4
History 4
Business Strategy 5
Pioneering Discoveries 5
Key Areas 6
Board oI Directors 7
Corporate Governance 9
Operations 9
SWOT Analysis 15
Financial PerIormance oI the Company 18
Financial Analysis 18
Growth Analysis 18
Financial Forecast & Valuation 22
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Overview
Cairn India Limited (hereinaIter reIerred to as the Company, Cairn, or CAIL) is engaged in the business
oI surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, reIining,
storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally
dealing in minerals, oils, petroleum, gas and related by-products.
The Company is a subsidiary oI Cairn UK Holdings Limited, which in turn is a wholly owned subsidiary
oI Cairn Energy Plc., UK. The Company also holds interests in its subsidiary companies, which have
been granted rights to explore and develop oil exploration blocks in the Indian sub-continent.
The Company is participant in various Oil and Gas blocks/Iields (which are in the nature oI jointly
controlled assets), granted by the Government oI India through production sharing contracts (PSC)
entered into between the Company and Government oI India and other venture partners.
The Company`s medium term capital expenditure program will Iocus primarily on Rajasthan and is
expected to comprise additional exploratory, appraisal and development drilling as well as the
construction oI oil and gas processing and export Iacilities. It will also include a component covering
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Iurther exploration and development in currently producing Iields as well as exploration in non-producing
Iields.

istory
In India, Cairn has been developing its interests Ior more than a decade. Cairn India is now one oI the
biggest private exploration and production companies currently operating in the region.
Cairn India has a Scottish heritage. The year was 1979 when Sir Bill Gammell, our chairman, Iounded
Castle Cairn Financial Services. By 1986, the majority oI its work was in the expanding gas and oil
industry and a new company was Iormed Cairn Energy Management.
The company was acquired by Caledonian OIIshore Limited in 1988 and was renamed Cairn Energy
PLC, just prior to its Ilotation on the London Stock Exchange. Bill Gammell became its Iirst ChieI
Executive and has held this position Ior nearly two decades, overseeing the organization`s transIormation
to one oI the largest independent exploration and production companies in Europe. In the 2006 New
Year's honors list, he was awarded a knighthood Ior services to the industry in Scotland.
As the Indian oil and gas market deregulated in the early 1990s. Cairn turned its Iocus to South Asia,
acquiring Command Petroleum Ltd in 1996, an Australian-quoted company with interests in India.
Ravva, in Eastern India, was the Iirst oIIshore oil and gas Iield to be developed. This was Iollowed by the
Lakshmi gas Iield in Western India, which was discovered in 2000 and commenced production in 2002
In January 2004, Iollowing the largest oil discovery by any company in India since 1985, we added the
Mangala oilIield in Rajasthan to our assets. The Mangala Iield commenced production in August 2009
aIter being dedicated to the nation by our Hon. Prime Minister Dr. Manmohan Singh. This Iield, along
with other discoveries in Rajasthan is poised to contribute signiIicantly to the energy security oI India
Business Strategy
Cairn India's strategy is to establish commercial reserves Irom strategic positions in high potential
exploration plays in order to create and deliver shareholder value. In the implementation oI this strategy,
Cairn India Iocuses on material positions that are capable oI providing signiIicant growth through
exploration.
The Company operates the largest producing oil Iield in the Indian private sector and has pioneered the
use oI cutting-edge technology to extend production liIe. Today, Cairn India has a world-class resource
base, with interest in 10 blocks in India and one in Sri Lanka. The Company made two successIul bids in
the New Exploration Licensing Policy (NELP) VIII licensing round, and was awarded the KG-OSN-
2009/3 and MB-DWN-2009/1 blocks. The PSC was signed on 30 June, 2010 in the signing ceremony
organized by MoP&NG.
Today, Cairn India has operations in Andhra Pradesh, Gujarat and Rajasthan.
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In Andhra Pradesh and Gujarat, Cairn India on behalI oI its joint venture (JV) partners operates two
processing plants, 11 platIorms and more than 200 km oI sub-sea pipelines with a production oI approx.
50,000 bopd.
The company operates the largest producing oil Iield in the Indian private sector and has pioneered the
use oI cutting-edge technology to extend production liIe. Cairn India sells its oil to Iour major reIineries
across India and its gas to both public and private buyers.
In Rajasthan, the Mangala Iield in the RJ-ON-90/1 block is currently producing 100,000 bopd. Cairn
India and its JV partner ONGC have set up the Mangala Processing Terminal in Barmer to process the
crude Irom the Rajasthan Iields. A continuously heated and insulated pipeline has also been constructed to
transport the crude Irom Barmer to Bhogat in the coast oI Gujarat. The pipeline section Irom Barmer to
Salaya is operational and sales have commenced to Essar, RIL and IOC.

!ioneering Discoveries
In India, Cairn has made 40 oil and gas discoveries. Three out oI the seven landmark discoveries in India
in the last decade have been made by Cairn. In January 2004, Cairn discovered the largest onshore oilIield
in India since 1985 the Mangala Iield in Rajasthan. To date, 25 discoveries have been made in
Rajasthan.
Working in partnership to provide energy for the future
Working with the Government oI India, State Governments and the joint venture partners Ior more than a
decade, Cairn India has developed an in-depth understanding oI the regulatory environment and, more
importantly, has laid the Ioundations Ior the strong relationships that are needed to help provide some oI
the energy needs oI one oI the Iastest-growing nations in the world.
Cairn India's operational partners include ONGC, Videocon, Tata, Marubeni and ENI. Equally important
are the relationships with local communities. Cairn India aims to make a positive impact wherever it
operate, not just Ior Cairn India employees but Ior their Iamilies and the wider community.
This entrepreneurial spirit is underpinned by a depth oI knowledge and strong set oI cultural values. More
than 80 oI Cairn India's employees are proIessionally qualiIied and are led by a seasoned management
team with substantial experience. They have a passion Ior the business and in a Iast-moving environment,
they are expected to adapt to change, to use their technical and commercial acumen to manage risk and
uncertainty and to make brave' decisions in the pursuit oI Cairn India's vision.
Cairn has maintained a low-cost operating base by Iocusing on liIe-cycle planning, continuous monitoring
and control oI operational costs and the innovative application oI operating technologies.

Key Areas
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Maintaining low operating costs and sustains production in existing fields
Sustaining the current production volumes Irom its existing assets in Ravva and Cambay is one oI Cairn
India's key objectives. Both oI these assets have beneIited Irom revised gas prices and improved oil
production. The completion oI the 4D seismic in Ravva and the inIill drilling programme in Cambay will
ensure that these assets continue to produce Ior an enhanced period oI time.
Maintaining Cairn India's low operating cost base through eIIicient operations is critical. Its strategy is to
Iocus on liIe-cycle planning and continuous monitoring and control oI operational costs as well as
applying innovative operating concepts and technologies.
Executing Rajasthan Northern Fields development
Pioneering the use oI cutting-edge technology, the company began production Irom its Mangala oilIield
in August 2009. This will be Iollowed by the development oI the Bhagyam and Aishwariya Iields over
the next two years. Production Irom the Mangala, Bhagyam and Aishwariya (MBA) Iields will gradually
ramp up to a plateau oI at least 175,000 barrels oI oil per day (bopd). These Iields are providing a
signiIicant step-change in production Ior Cairn and creating value Ior the Government oI India, the
Rajasthan State Government and investors in Cairn India.
Cairn India's execution oI the Rajasthan block development will beneIit Irom the development and
production experience and detailed subsurIace knowledge oI the development area.
Maximize potential in Rajasthan
Cairn India believes that there are signiIicant reserves in Rajasthan. It is in the process oI assessing how
advanced technologies can be used to help increase recovery Irom this resource base, harnessing
hydraulic Iracture stimulation techniques. Laboratory studies have indicated that the early application oI
enhanced oil recovery (EOR) techniques on the Mangala and Bhagyam Iields is expected to extend the
production plateau and ultimate reserves Ior these Iields. EOR pilot programmed in Mangala is already in
progress. Further work is also planned to determine the best method oI extracting the oil Irom the
potentially productive Barmer Hill Iormation.
Appraisal oI the extensive potential in the huge Rajasthan Block lies in numerous prospects and leads in a
number oI reservoirs in the vicinity oI Cairn India's existing discoveries. Cairn India has identiIied more
than 35 prospects in the license area and it is building a comprehensive and growing inventory, based
upon analysis oI the 2D and 3D seismic data and various wells.
Identifying new opportunities for growth in reserves and production
Cairn India is actively exploring Ior hydrocarbons in basins throughout India. In addition to the
exploration potential in Rajasthan, it has identiIied a number oI leads and prospects in India, where Cairn
has an interest in other blocks. This diversiIication allows Cairn India to drill a large number oI potential
prospects with high geologic risk, as well as explore Ior and drill smaller potential accumulations that
carry less risk. Cairn India's portIolio is being Iostered in both mature and Irontier areas, as well as in
regions and basins where the current data set can be optimized or reinterpreted. This Iirst stage
exploration strategy has delivered early entry into several potential hydrocarbon-bearing regions in India.
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Early entry can be a critical Iactor in long-term exploration success, and Cairn India is very active in
relatively unexplored areas.
In addition, Cairn believes that India has signiIicant under-explored potential, with 26 basins covering a
sedimentary area oI 3.14 million km2. In addition to its existing exploration portIolio, Cairn is seeking
out new exploration opportunities through organic growth, acquisition opportunities and by participating
in New Exploration Licensing Policy (NELP) rounds.
Cairn India believes that there are signiIicant reserves in Rajasthan. We are in the process oI assessing
how advanced technologies can be used to help increase recovery Irom this resource base.

Board of Directors
Sir Bill Gammell, 57, holds a BA in Economics and Accountancy Irom Stirling University and was
awarded a knighthood in 2006 Ior services to the industry in Scotland. He has over 25 years oI experience
in the international oil and gas industry. He Iounded Cairn Energy PLC and was appointed ChieI
Executive on its initial listing in 1988. He is the Chairman and Non-Executive Director oI Cairn India
Limited and is a member oI the Asia Task Force and the UK India Business Council. Sir Gammell, who is
an ex-Scotland rugby internationalist, is also Chairman oI Winning Scotland Foundation and a Director oI
Sport Scotland and Glasgow 2014 Limited and a member oI the British Olympic Advisory Board.
Mr. Rahul Dhir, 44, joined Cairn India in May 2006 as the ChieI Executive OIIicer and was appointed the
Managing Director on 22 August 2006. He completed his degree in Bachelor oI Technology Irom the
Indian Institute oI Technology, Delhi. He went on to complete his M.Sc Irom the University oI Texas at
Austin and MBA Irom the Wharton Business School in Pennsylvania. Mr. Dhir started his career as an oil
and gas reservoir engineer beIore moving into investment banking. He has worked at SBC Warburg,
Morgan Stanley and Merrill Lynch. BeIore joining Cairn India, he was Managing Director and Co-Head
oI Energy and Power Investment Banking at Merrill Lynch.
Mr. Rick Bott, 50, was appointed as Additional Director on 29 April 2008 and assumed oIIice oI
Executive Director and ChieI Operating OIIicer with eIIect Irom 15 June 2008. Mr. Bott holds a B.S in
Marine Sciences and Masters in Geology Irom Texas A & M. Mr. Bott has global exploration and
production experience oI more than 27 years and has served in several senior positions in Ocean Egypt
Companies, Ocean Yemen Corporation, British Gas and Tenneco. BeIore joining Cairn India, he was
Vice President oI Devon Energy`s International Division, responsible Ior developing and implementing
business growth and exploration strategy Ior assets in 12 countries outside oI North America.
Mr. Indrajit Banerjee, 54, was appointed as an Additional Director on 26 February, 2007 and as the
Executive Director and ChieI Financial OIIicer on 1 March, 2007. He graduated Irom the University oI
Calcutta with a Bachelor`s Degree in Commerce. An associate member oI the Institute oI Chartered
Accountants oI India, Mr. Banerjee started his career at Price Waterhouse Coopers in Calcutta in 1979.
He has held several senior positions throughout his career, including 17 years at the Indian Aluminum
Company, Iormerly part oI the Alcan Group and at Lucent Technologies (India). BeIore joining Cairn
India, he was President-Finance and Planning at Lupin Limited
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Ms Jann Brown, 55, was appointed Finance Director oI Cairn Energy PLC in 2006 and is also a non-
executive director oI Cairn India Limited. She holds an MA degree Irom Edinburgh University and joined
Cairn Energy PLC in 1998 aIter a career in the accountancy proIession, mainly with KPMG. Prior to her
appointment as Finance Director, she served on the Group Management Board Ior seven years. She is a
member oI the Institute oI Chartered Accountants oI Scotland and the Chartered Institute oI Taxation. She
is the Senior Independent Director oI Hansen Transmissions International NV, a Belgian engineering
company which is listed on the London Stock exchange
Mr. Malcolm Thoms, 54, holds a BSc Hons degree in Physics Irom Edinburgh University and is an MBA
Irom Heriot-Watt University and is currently trustee oI the University oI Edinburgh Development Trust.
He started his career in the oil industry with Schlumberger and became the manager oI their businesses in
Qatar and Brunei. He joined Cairn Energy PLC in 1989 and held a number oI senior management
positions prior to his appointment as executive director in 2000. Currently, the ChieI Operating OIIicer oI
Cairn Energy PLC, Mr. Thoms is a non-executive director oI Cairn India Limited and has recently been
appointed as a non-executive director oI Agora Oil & Gas AS.
Mr. Edward T Story, 66, is a science graduate Irom Trinity University, San Antonio, Texas and holds a
Masters degree in Business Administration Irom the University oI Texas with an honorary Doctorate
degree by the Institute oI Finance and Economics oI Mongolia. He is the Chairman oI the North America
Mongolia Business Council. Mr. Story has more than 40 years experience in the international oil and gas
industry and is the Iounder, President and ChieI Executive OIIicer oI the LSE listed SOCO International
PLC




Corporate Governance
Cairn India Limited believes in creating value Ior its stakeholders and is committed to conducting its
business in a sustainable and an eIIicient manner Iocusing on long term growth by Iollowing best
practices in its business and operations.
The Company's policies are in line with the corporate governance requirements under the listing
agreements with stock exchanges. Given below are the Company's policies and mechanisms ensuring
compliance with and adherence to the requirements oI corporate governance:
O Composition oI the Board oI Directors
O Board Committees
O Audit Committee
O Remuneration Committee
O Nomination Committee
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O Investor Grievance Committee
O Board Meetings
O Code oI Conduct Ior Senior Management
O Code oI Internal Procedures and Conduct Ior the Prevention oI Insider Trading
In addition to compliance with Indian legal requirements, as a global best practice, the Company aims to
comply, where practical, with UK corporate governance requirements. The Company endeavors to Iollow
the higher standard oI disclosure as required under Indian or UK law with the aim oI keeping its
stakeholders well inIormed, thereby maximizing value Ior both stakeholders and society at large.

Operations
The Company operates the largest producing oil Iield in the Indian private sector and has pioneered the
use oI cutting-edge technology to extend production liIe. Cairn India holds material exploration and
production positions in 11 blocks in west and east India along with new exploration rights elsewhere in
India and Sri Lanka.
A Decade of Achievement
Exploration
More than 40 Hydrocarbon discoveries:
O Onshore
O Shallow OIIshore
O Deep OIIshore
Development
O Fast-track development
O Lakshmi gas Iield discovery in May 2000 and Iirst gas by October 2002
O Ravva developed Irom a 3,700 bopd Iield to 35,000 bopd Iield in 26 months, now producing over
50000 bopd
O Mangala FDP approved within 30 months Irom discovery
!roduction
O Operates the largest producing Iield in Indian Private Sector
O Combined Iield direct opex oI Ravva and Cambay is $1.5/boe
O Pioneered use oI cutting-edge technologies to extend production liIe
Sales
O Gas sales contract with public and private buyers
O Oil sales to Iour major reIineries across India
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Rajasthan
Cairn India is the operator oI the Rajasthan block with a 70 participating interest and its joint venture
(JV) partner ONGC has a 30 participating interest.
More than 150 wells have been drilled in Rajasthan and have yielded 25 discoveries to date in Block RJ-
ON-90/1, covering an area oI 3,111 km2.
The Rajasthan block consists oI three contiguous development areas:
O Mangala, Aishwariya, Raageshwari and Saraswati (MARS) Iields;
O Bhagyam and Shakti Iields; and
O Kaameshwari West Iields.
The Mangala, Bhagyam and Aishwariya (MBA) Iields in the northern area oI the Block are currently
under development with over 81 development wells already drilled on Mangala, oI which 65 have been
completed Ior initial production. The Mangala Iield was dedicated to the nation by the Honorable Prime
Minister oI India, Dr Manmohan Singh, at the Mangala Processing Terminal (MPT), Barmer, Rajasthan
on 29 August, 2009. This marked the start oI production Irom the Mangala Iield in Rajasthan. Production
is ramping up to the target plateau rate oI 125,000 bopd. In addition, Bhagyam has the potential to
produce 40,000 bopd and Aishwariya another 10,000 bopd.
With a resource base oI 6.5 billion boe in place, this transIormational change in Cairn India`s resource
and reserves base will provide a step change in oil production levels as these Iields come on stream. Cairn
India believes that production potential Irom these Iields exceed 210,000 bopd against an approved rate oI
175,000 bopd. The increase in production is subject to regulatory approval.
Mangala !rocessing Terminal
Spread over an area oI 1.6 km2, the MPT is designed to process crude Irom the Mangala, Bhagyam and
Aishwariya Iields - collectively known as the MBA Iields and has a capacity to process 205,000 bopd oI
crude; and has been designed with suIIicient Ilexibility to be later expanded to process more crude,
depending upon the resource potential oI the block. Four processing trains are being built to ensure that
Cairn is able to produce and process the approved peak plateau production.
Processing crude oil Irom Iour trains requires the MPT to have an extensive water heating, circulating and
recycling system, gas recovery systems, heat and power systems and built-in Iire and saIety systems. The
inIrastructure to and Irom the MPT involves some 500 km oI intra and inter-Iield pipelines and 80 km oI
inter-Iield roads.
Ravva
Cairn India`s operations in this area are centred on the Ravva oil and gas Iield in the Krishna-Godavari
Basin. Developed in partnership with ONGC, Videocon and Ravva Oil, Cairn became the operator oI the
block in 1996, working under a Production Sharing Contract (PSC) that runs until 2019. As part oI the
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initial development programmed, alongside its JV partners, Cairn operates eight unmanned oIIshore
platIorms and additional sub-sea pipelines.
A 225-acre onshore processing Iacility at Surasaniyanam, owned by the Ravva JV partners, processes
natural gas and crude oil Irom the Ravva Iield. The Ravva onshore terminal operates to an internationally
recognized environmental standard ISO 14001 and has the capacity to handle 70,000 bopd, 95
mmscId oI natural gas and 110,000 bbls per day oI injection water. The terminal also has the capacity to
store one million barrels oI crude oil onshore. The Ravva Iield is recognized as one oI the most eIIicient
Iields and Cairn India has maintained a low-cost operating base by Iocusing on liIe-cycle planning,
continuous monitoring and control oI operational costs, and the innovative application oI operating
technologies.
Originally estimated to produce 101 million barrels oI crude oil, Ravva has now produced around 225
million barrels. Cairn India is conIident oI the Iield`s considerable remaining reserve potential and oI
producing more oil Irom this block. The Company and its joint venture partners have completed a 4D
seismic acquisition campaign to identiIy bypassed oil zones within the Iield and the scope oI Iurther
reserve addition through Iuture inIill drilling.
CB/OS-2
In 2002, Cairn India commenced gas production Irom the Lakshmi gas Iield, which is situated in Block
CB/OS-2 in the Cambay oIIshore Basin on the west coast oI India in the GulI oI Khambat. The Gauri
oIIshore gas Iield was discovered in 2001 and came on-stream in 2004. CB-X, a marginal gas Iield in the
transition zone oI the CB/OS-2 block was in production between June 2007 and August 2009. Lakshmi
and Gauri Iields commenced production oI oil, in addition to its gas production in 2005.
Cairn became the operator Ior this block in 1998, signing a PSC with joint venture partners, ONGC and
Tata Petrodyne Limited, and Government oI India which runs until 2023. The plant is certiIied to ISO
14001 & OHSAS 18001 standards and has the capacity to process 150 mmscId oI natural gas and 10,000
bopd oI crude oil.
The natural gas and crude oil Irom these Iields is processed at an 82-acre onshore processing Iacility at
Suvali, which is owned by the JV partners. The plant is certiIied to ISO 14001 & OSHAS 18001
standards and has the capacity to process 150 mmscId oI natural gas and 10,000 bopd oI crude oil.
In December 2009, Cairn India signed a term Sheet agreement to produce Gauri`s share oI GBA (Gas
Balancing Agreement Ior sharing oI gas Irom the shared reservoir Iormation) gas through the Hazira
Iacilities. The gas production and sales also commenced in the same month. This is a Iirst oI its kind
arrangement in the country, which showcases the Company`s commitment to produce gas in the most
economical manner and contribute to the nation`s energy security.

!ipeline
The Mangala Development Pipeline (MDP) is the world`s longest continuously heated and insulated
pipeline and will have access to 75 oI India`s reIining capacity.
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The MDP originates Irom Mangala Processing Terminal (MPT) in the Mangala Field and passes through
two states (Rajasthan and Gujarat), eight districts and travels up to ~670 kms beIore it reaches its end at
the coastal location oI Bhogat near Jamnagar on the western coast line oI India. About 154 km oI the
pipeline is in Rajasthan and the rest in Gujarat.
The MDP is a 24" crude oil pipeline which is using Skin EIIect Heat Management System (SEHMS) to
ensure that the crude oil remains above the Wax Appearance Temperature (WAT) oI 65 Deg C, through
the pipeline. It has 8" gas line which Ieeds gas to all the ~36 Above Ground Installations located at every
~ 18 km distance enroute the pipeline which produces the necessary power to keep the pipeline at the
required temperature.
In addition, there is an intermediate terminal at Viramgam Ior storage and Iurther pumping to the coast,
including a pigging Iacility. There are two other pigging stations at Sanchore and Wankaner to insert
'pigs' (pipeline cleaning devices) that are used to clean and inspect the pipeline
The pipeline crosses all major crude oil carrier pipelines in the Western part oI India and thus, oIIers
potential oI blending the Rajasthan crude with these large crude carrier lines. As it terminates at coastal
location, the marine Iacilities are designed to load the crude oil carriers to transport the crude oil to other
coastal reIiners as well.
The project is divided into two phases:
Phase I: From MPT to Salaya, in Gujarat, via a storage and pumping terminal at Viramgam (in the district
oI Ahmadabad). It includes spur lines to connect to private reIiners and another spur line at Radhanpur to
connect with the Indian Oil Corporation Limited`s (IOCL`s) Mundra to Panipat crude pipeline.
Since then, oil was introduced in the pipeline on 13 May 2010 and has begun commercial sales to IOCL
and private reIiners.
Phase II: From Salaya to the Bhogat terminal on the Arabian Sea coast, and a pipeline connecting the
terminal to the marine Iacilities.
This Salaya to Bhogat pipeline extension project consists oI three main components:
O Extension oI the pipeline with associated heating stations Irom Salaya to the Bhogat terminal.
O Coastal crude oil storage terminal at Bhogat.
O Marine export Iacilities, consisting oI twin 24 sub-sea pipeline connecting the Bhogat terminal
to the SPM (Single Point Mooring). The SPM is located ~ 6 km oII shore in the Arabian Sea and
is equipped to load the AFRAMAX type tankers.
All approvals Ior the Salaya to Bhogat section have been obtained, and the necessary land purchase
completed to allow construction to start. A number oI major contracts Ior construction and long lead
equipment and materials have been placed.

Srilanka
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The Mannar basin in Sri Lanka is a Irontier petroleum province that is yet to be explored. The Block SL
2007-01-001 was awarded to Cairn in the 2008 Sri Lanka bid round. Cairn Lanka (Private) Limited, is a
wholly owned subsidiary oI Cairn India and holds a 100 participating interest in the Mannar block.
Cairn Lanka is committed to invest in the region by applying the best in class technologies and industry
practices in the search to establish whether commercial quantities oI hydrocarbons can be Iound. Cairn
Lanka acquired a 1,750 km2 3D seismic data in the Mannar Basin in Sri Lanka between December 2009
and January 2010. The programmed IulIils the commitment oI 1,450 km2 oI 3D seismic data acquisition.
The Mannar basin is an under-explored Irontier basin, with both structural and strati-graphic plays.
The 3D seismic data is currently being processed. A detailed met ocean study has recently commenced in
preparation Ior the exploration drilling oI three wells planned to commence in Q2 CY 2011.
Other Assets
Cairn India holds exploration licenses Ior various geographic areas in eastern, western and northern India.
These interests provide us opportunities to develop our business in the long terms.
Krishna Godavari Basin
KG-ONN-2003/1 (Cairn India 49, Operator)
The Company has Iinalized Iive prospects and the drilling oI the Iirst oI these wells (Nagaram-1)
commenced in February 2010 and was plugged and abandoned in March 2010. The second well
(Daliparu-1) commenced drilling in the same month. Drilling oI the remaining wells is expected to be
completed by early Q3 CY 2010.
KG-DWN-98/2 (Cairn India 10, non-Operator, ONGC is the operator)
The northern area oI this PSC is now in an appraisal phase, Iollowing completion oI the exploration
period. The Iirst oI three wells commenced drilling in December 2009 and encountered low saturation
gas. Two Iurther wells are expected to be drilled by end Q2 CY 2010, as part oI the Iuture plan Ior
commercial development oI this discovered oil and gas resource. The southern area appraisal period was
completed in December 2009, with the declaration oI commerciality submitted to the DGH.
!alar-!ennar Basin
!R-OSN-2004/1 (Cairn India 35, Operator)
This block, covering 9,400 km2, is located contiguous to discoveries in Krishna-Godavari and Cauvery
basins. Following interpretation oI 3,100 line km oI oIIshore 2D seismic data, an 800 km2 oI 3D seismic
data was acquired in Q1 CY 2010 in preparation Ior a drilling campaign planned Ior the Q1 CY 2011.
Other Indian Acreage
1 | a g e

In KK-DWN-2004/1 (Cairn India 40, ONGC is the operator), a 3,840 line km 2D seismic programme
was completed in 2009 and Iollowing interpretation oI the data, 300 km2 oI 3D acquisition is being
planned.
Well GSA-1 in the oIIshore southern Saurasthra block GS-OSN-2003/1 (Cairn India 49, ONGC is the
operator) was plugged and abandoned in Q1 CY 2010.
$:bs:7face
O High density seismic & Advanced mapping techniques
O 3D modeling and simulation
O Special core analysis
eII Design & D7iIIing
O Pad based drilling using mobile rigs (avg. time per well oI 7-8 days as against industry avg. oI ~
15 days)
O Horizontal wells with screens (Tested to ~11,500 bopd)
O Heater String and down-hole chemical injection lines Ior Ilow assurance; Jet Pumps Ior ArtiIicial
LiIt
O Digital downhole monitoring Ior production management
O Stage Iracture stimulations in tight reservoirs
$:7face faciIities and PipeIine
O SEHMS technology Ior heated pipeline
O Minimal use oI scarce ground water & zero Ilaring at MPT
O Steam as source oI heat Ior all process Iacilities at MPT

SWOT Analysis
Strengths
The Company is into growth phase
The Company is into growing phase which will help the Company to experience higher revenues in the
Iuture. This will also help the Company to encourage Iuture investments in this sector. The Company
already has made huge investments in the past which are likely to be rewarded in the near Iuture. The
Company has also Iocus on new discoveries.
igher crude price expectations
Global crude price Iorecasts tend to have low conIidence levels, given the increased volatility and
inIluence oI variables other than traditional demand and supply. Growing oil demand led by a recovering
1 | a g e

global economy and concerns that oil supply may not keep pace continue to provide a bullish backdrop to
crude. The rising oil prices oI crude will deIinitely help the Company gain in price levels and also
improve margins.
The Company is mainly into Onshore Drilling
The Company mainly Iocuses on onshore drilling mainly based on the Rajasthan oil block. This help the
Company enjoy higher operating margins as compared to other oIIshore drilling companies. The
Company claims to be having better operating margins as compared to industry standards.

Weakness
Negative !rofit Margins
The Company Ior the period under study had negative proIits and thus signiIies a negative signal to the
shareholders oI the Company. The Company also had negative working capital which were Iinanced by
long term loans

Opportunities
Government approval for Cairn - Vedanta deal
According to Reuters, the Indian Cabinet Committee oI Economic AIIairs (CCEA) will discuss the Cairn-
Vedanta deal in order to make a Iinal decision. The oil ministry has maintained it has nothing against the
deal but is trying to protect ONGC`s interests. The article also mentioned that the CCEA might consider
de-linking the royalty issue Irom the deal, although it views royalty as cost-recoverable and should be
paid by both Cairn and ONGC. Cairn India, on the other hand, has maintained that as per the pre-NELP
regulations, ONGC the licensee oI the block, is liable to pay 20 royalty Ior Iull production in
Rajasthan. The Company could largely beneIit iI the deal works out and could add up new synergies with
the Vedanta group.

Large oil and gas discoveries
Crude output at Mangala has grown Iaster in 2010 than expected, The Company has highlighting oI large
resource potential in Rajasthan (in March 2010) and a concomitant vision to produce 240 kbopd oI oil had
the more signiIicant impact. Cairn has now outlined expectations oI resource potential in: (a) discovered
smaller Iields in Rajasthan, including the tight Iormations oI the Barmer Hill (1.9 bn boe oI STOIIP), (b)
undiscovered, prognosticated potential within Rajasthan (2.5 bn boe STOIIP) and (c) undiscovered,
prognosticated potential in total Ior all its blocks, including Rajasthan (UN risked resource potential oI
2.2bn boe). CAIL now has a number to all parts oI its resource (present and Iuture) portIolio and to some
extent has anticipated the perIormance oI its drilling program.
1 | a g e


igher production rates at Rajasthan
CAIL has upgraded production expectations Irom the Mangala twice already (100 kbopd at the time oI
the IPO). The FDP Ior the Iield currently projects output at 125 kbopd, but based on actual well
perIormance, CAIL expects Mangala can produce at rates oI 150 kbopd. Reserves Ior the Iield have been
increased only marginally over this period meaning the higher exploitation rates will lead to Iaster
declines at the back end. Similarly, CAIL believes the Aishwariya Iield can sustain production oI 20
kbopd, up Irom the initial estimates oI 10 kbopd. Expectations Ior the Bhagyam Iield have been at 40
kbopd Ior some time, and it is possible that better-than-expected well delivery can lead to upgrades there.

Threats
Delays in execution of the 240 kbopd
The Company can only produce at that rate subject to the Iollowing conditions
(1) Get approval to increase Mangala production to 150 kbopd. There is risk that ONGC or the govt.
object to an increase iI they think that will hurt total Iield recovery;
(2) Start output at the Bhagyam / Aishwariya Iields. CAIL expects both these Iields should beIore mid
CY12. Given the experience with Mangala, ramp up should not take time. As with Mangala, CAIL will
also need approval to increase Aishwariya output Irom 10 kbopd to 20 kbopd.
(3) Negotiate customer arrangements Ior the higher production. CAIL currently sells 125 kbopd, and steps
1 and 2 will get it to 210 kbopd. While both ESOIL and RIL are happy with the crude they buy (at the
price they buy it), CAIL may need to Iind some demand Irom government companies. There is small
residual risk that time taken to set up incremental sales arrangements hold up production.
Any delay to peak production will become evident only over time, but the impact on valuations can be
signiIicant. II CAIL is unable to meet necessary milestones over the next Iew quarters, valuations can
come under pressure.

!ayment of Royalty to ONGC

The government oI India insists on protecting the interests` oI ONGC beIore approving the CNE-VED
deal. According to media reports, some oI the key demands made oI CAIL are - CAIL should agree to
pay 70 oI applicable royalties (currently being paid by ONGC), while the govt. allows the royalty to be
cost recoverable. This will help improve ONGC`s proIitability, but will push out cash Ilow Ior CAIL,
reducing valuations.

1 | a g e

Execution risks remain
To its credit, CAIL has executed well, building the project Iacilities and the pipeline (though a little
delayed) and has been able to secure reasonable pricing Ior its crude. Mangala production ramp up has
also been better than expectations. Apart Irom a decline in crude prices, we see the Iollowing major risks
Ior CAIL
a) An unwinding oI resource upside expectations
b) Delays in execution oI CAIL`s vision to produce 240 kbopd at Rajasthan
c) Unrelated diversiIication use oI the large cash Ilow generated at Rajasthan

Financial !erformance of the Company

Volume and Sales Outlook
Cairn India`s production is expected to Iully ramp up in FY2013E. The peak production is assumed at
180,000bpd (Net working Interest 126,000bpd) Irom FY2013E, with the Mangala Iield expected to
achieve peak production oI 125,000bpd (Net working Interest 87,500bpd) in FY2012E. The Bhagyam
and Aishwariya Iields are expected to achieve peak production oI 40,000bpd (Net working Interest
28,000bpd) and 15,000bpd (Net working Interest 10,500bpd) in FY2012E and FY2013E, respectively. In
FY2009, Cairn`s production Irom its extant (Ravva and Cambay) Iields stood at 66,146boepd (Net
working Interest 17,264boepd). By FY2013E, it is expected that the total production Irom all the Iields at
244,932boepd (Net working Interest 143,912boepd), will register a CAGR oI 94.1 over FY2009-13E.
Post this period, natural decline in production based on water Ilooding will commence. However, with
commencement oI EOR, production at Rajasthan block is likely to sustain Ior the subsequent 4-5 years.
On a Net working interest basis, the production is expected to increase 8.3 xs by FY2013E over FY2009
1 | a g e

production levels. The MBA Iields are likely to account Ior majority oI the company`s total production by
FY2013E.
!rofits of Cairn India to grow eight-folds by FY2013 over FY2009
It is estimated that the Total Recouped costs oI Cairn India will increase by 38.3 CAGR over FY2009-
13E, with depletion expected to be a major cost head. Depletion cost is expected to be around US $5.5/bbl
over the liIe oI the Rajasthan Iield. Cairn India`s eIIective Tax rate is also likely to be lower on account oI
the beneIits arising Irom the seven-year tax holiday that the MBA Iields would avail. It is estimated that
Cairn India`s eIIective Tax rate at around 18.6 in FY2013E. Cairn India is expected to register 69.2
CAGR in PAT over FY2009-13E, an eight-Iold growth over FY2009 levels.
The debt equity ratios remain almost nil, with growing return ratios as a result oI commencement oI
production Irom Rajasthan. There is an enhanced earnings visibility Ior Cairn India, subject to scheduled
production oI oil & gas.

Financial Analysis
Growth Analysis
The Company has been in the gestation phase and hence has not been able to post impressive growth
Iigures. However till date the Company has made enough investments in various blocks around India. The
Company since its establishment has also been experiencing the greatest operating eIIiciency in the recent
years.
The below mentioned are the historical oI Cairn India Limited
1 | a g e

Ca|rn Ind|a L|m|ted
Income Statement
(AmounLs ln Mllllon lndlan 8upees unless oLherwlse sLaLed)
I 00 A I 00 A I 010 A
lncome SLaLemenL
neL Sales 1012262 1432671 1623027
CLher CperaLlng lncome
1ota| Cperat|ng Income 1012262 1432671 1623027
CperaLlng Lxpenses (194382) (212973) (424823)
uepleLlon and slLe resLoraLlon cosLs (190638) (263343) (137648)
lorelgn Lxchange (Caln) / Loss (neL) (203700) (28303)
LxploraLlon CosLs (231228) (168383) (208333)
SLaff CosL (96202) (123301) (110162)
AdmlnlsLraLlve Lxpenses (71797) (203840) (137230)
lncrease/uecrease ln SLock ln 1rade 11171 (22234) 36602
1ota| Cperat|ng Cost (998976) (1026383) (981817)
uepreclaLlon/AmorLlsaLlon (17068) (6239) (10839)
rof|t from Cperat|ons before Cther Income Interest and Lxcep (3782) 399829 630331
CLher lncome 132410 394466 407661
rof|t from Cperat|ons before Interest and Lxcept|ona| Items 128628 994293 1038012
lnLeresL (2703) (6409) (14803)
LxcepLlonal lLems (6871)
rof|t](Loss) before taxat|on 123923 987886 1016338
CurrenL Lax (38776) (111079) (221632)
MA1 CredlL LnLlLlemenL 137220
ueferred 1ax (CredlL) Charge (76419) (62333) 108660
lrlnge benefl L Lax (33272) (11021) 10320
WealLh 1ax (006)
rof|t](Loss) for the year]per|od (24344) 803431 1031100
Add AccumulaLed losses aL Lhe beglnnlng of Lhe year / perlod (21174) (43718) 737732
rof|t](Def|c|t) carr|ed forward to ba|ance sheet (43718) 737733 1808832
Larnlngs/(Loss) per share ln ln8
8as|c (014) 424 334
D||uted (current year cons|dered ant|d||ut|ve) (014) 421 334
nomlnal value of shares ln8 10
Share CounL 8eporLed8aslc 17783990 18966700 18969700
Share CounL 8eporLedulluLed 17783990 19066700 18969700
As 8evenue
CperaLlng Lxpenses 1922 1487 2617
lorelgn Lxchange (Caln) / Loss (neL) 2032 198 000
LxploraLlon CosLs 2482 1173 1283
0 | a g e

Ca|rn Ind|a L|m|ted
8a|ance Sheet
(AmounLs ln Mllllon lndlan 8upees unless oLherwlse sLaLed)
I 00 A I 00 A I 010 A
8alance SheeL
Share CaplLal 1778400 1896668 1896974
SLock CpLlon CuLsLandlng 94708 38898 46399
8eserves and Surplus 27362694 30866760 31924960
Shareho|ders Iund 29433802 32802326 33868334
Secured loans 16936 22240 3400713
unsecured loans 293300 4334131
Loan funds 312436 4336391 3400713
Deferred tax ||ab|||t|es (net) 491648 362379 461941
Sources of Iunds 30239886 37721093 37730989
Cross 8lock 109263 143469 222738
Less AccumulaLed uepreclaLlon (60613) (80184) (93808)
I|xed Assets 48630 63284 126930
CosL of roduclng laclllLles 438931 301374 499477
LxploraLory developmenL work ln progress 2467026 6202732 9163437
Lxp|orat|on Deve|opment and S|terestorat|on costs 2903977 6304106 9662934
Goodw||| 23319267 23319268 23319268
Investments 712890 171280 1712414
Deferred tax assets (net) 8394 16622
lnvenLorles 121603 168280 290944
Sundry debLors 141061 131642 306747
Cash and bank balances 1331791 6327068 929423
CLher currenL asseLs 13433 70424 14439
Loans and advances 431372 637163 831787
Current assets |oans and advances 2039482 7374380 2373362
CurrenL llablllLles 469179 1179433 986864
rovlslons 374217 740382 493697
Current ||ab|||t|es and prov|s|ons 843396 1919817 1480361
Net Current assets 1216086 3634763 892801
M|ssce|aneous Lxpend|ture 37013
App||cat|on of Iunds 30239883 37721093 37730989
checksum 000 000 000
8alance SheeL MeLrlcs
CurrenL 8aLlo 244 393 160
Culck 8aLlo 230 386 141
uays Sales CuLsLandlng (uSC) 1272 966 1723
1 | a g e



























Ca|rn Ind|a L|m|ted
Cash I|ow Statement
(AmounLs ln Mllllon lndlan 8upees unless oLherwlse sLaLed)
I 00 A I 00 A I 010 A
?1u/C1u Cash llow SLaLemenL
Cash f|ow from Cperat|ng Act|v|t|es
roflL before LaxaLlon for Lhe year / perlod 123923 987887 1016336
Ad[usLmenLs for
Lmployee compensaLlon expense (equlLy seLLled sLock opLlon 78036 10729 8918
uepreclaLlon and depleLlon 207706 294967 178028
Loss / (rofl L) on sale / dlscard of fl xed asseLs (neL) 1003 184 (031)
unsuccessful exploraLlon cosLs 231228 168383 208333
Share lssue expenses 20841
unreallsed exchange loss / (galn) on resLaLemenL of asseLs an 184446 (171041) (260402)
lnLeresL expense 823 81926 3932
remlum on forward exchange conLracLs amorLlsed 6301
rofl L on sale of non Lrade currenL lnvesLmenLs (neL) (124369) (239)
lnLeresL lncome (72743) (192027) (137338)
ulvldend from lnvesLmenLs (39366) (22188) (22446)
Loan faclllLy and managemenL fees 10383
unreallsed loss on opLlon conLracLs 11297
8alances wrlLLen back (neL) (6033) (14336)
(lncrease)/decrease ln lnvenLorles 3306 (46676) (122663)
(lncrease)/decrease ln debLors 40642 (10834) (139806)
(lncrease)/decrease ln loans and advances and oLher currenL (199842) 18670 (303038)
lncrease/(decrease) ln currenL llablllLles and provlslons 64923 160149 (120663)
Cperat|ng prof| t before work|ng cap|ta| changes (90769) 121308 (708192)
CurrenL Lax/l81 pald (neL of refunds) (81980) (143768) (173237)
Net cash from operat|ng act|v|t|es (A) 330412 1033896 109690
Cash f|ow from |nvest|ng act|v|t|es
aymenLs made for acqulslLlon of subsldlarles (3276306)
aymenLs made for exploraLlon developmenL acLlvlLles and pu (1174297) (3161279) (3366213)
ShorL Lerm lnvesLmenLs ln muLual funds (neL) (1329338) (4329324) (1341664)
llxed deposlLs made (1407634) (4341076) (1671632)
roceeds from maLured fl xed deposlLs 1168681 3732702
MuLual fund sold 827181 4993303
roceeds from sale of fl xed asseLs 427 020 031
lnLeresL recelved 71097 129361 213814
ulvldend from shorL Lerm lnvesLmenLs recelved 22486 22220
ulvldend from long Lerm lnvesLmenLs recelved 38740
Net cash used |n |nvest|ng act|v|t|es (8) (6430330) (3313628) (610763)
Cash f| ow from f| nanc|ng act|v|t|es
roceeds from lssue of equlLy shares (lncludlng securlLles prem 209361 2332343 2036
aymenLs made for share lssue expenses (142226) (20841)
llnance lease Laken 17364 941
8epaymenL of fl nance lease (20471) (12484) (9148)
roceeds from long Lerm borrowlngs 3122 3762017 3460461
8epaymenL of long Lerm borrowlngs (131800) (4140937)
Loan faclllLy and managemenL fees pald (190826)
lnLeresL pald (2430) (72478) (167823)
Net cash from](used |n) f|nanc|ng act|v|t|es (C) (104464) 6226123 (1043313)
Net |ncrease](decrease) |n cash and cash equ|va|ents (A+8+C) (3984402) 1746391 (1346390)
Cash and cash equlvalenLs aL Lhe beglnnlng of Lhe year/ perlod 6134783 130382 2173263
Cash and cash equlvalenLs aL Lhe end of Lhe year/ perlod 130381 1896773 626873
ueposlLs havlng maLurlLy of over 90 days 1181410 4333804 292734
| a g e

Financial Forecast & Valuation
The Company has been waiting Ior Government oI India nod Ior exploration oI oil and gas at some oI its
Rajasthan blocks Ior which the Company has already incurred capex. The Company is hopeIul oI getting
the approval aIter which almost 20 oI the total oil production in India will be through Cairn India.
The merger oI the Company with Vedanta group will also boost the numbers and Iuture earning growth
which is likely to happen in the near Iuture.
We have Iorecasted an optimistic revenue growth rate depending on the above assumptions being true.
We also expect the deal to go down swiItly. The CAGR Ior the Iorecasted year is expected to be around
96.7 considering its nascent stage oI growth.
The EPS which is trailing around 5rupees per share in FY 2010 is expected to go around 400 Rupees per
share by 2014. The growth numbers are already been reIlected in the quarterly numbers posted by the
Company in FY 2011.
The Iollowing are the Iorecasted numbers oI Cairn India
















| a g e

Ca|rn Ind|a L|m|ted
Income Statement
(AmounLs ln Mllllon lndlan 8upees unless oLherwlse sLaLed)
I 00 A I 00 A I 010 A I 011 L I 01 L I 01 L I 01 L
lncome SLaLemenL
neL Sales 1012262 1432671 1623027 11021172 64902018 97333027 171200882
CLher CperaLl ng lncome
1ota| Cperat|ng Income 1012262 1432671 1623027 11021172 64902018 97333027 171200882
CperaLlng Lxpenses (194382) (212973) (424823) (2884773) (16988002) (23482004) (44811363)
uepleLlon and slLe resLoraLlon cosLs (190638) (263343) (137648)
lorelgn Lxchange (Caln) / Loss (neL) (203700) (28303) (64810) (379920) (369880) (2090030)
LxploraLl on CosLs (231228) (168383) (208333) (183233) (8338931) (12308426) (21996783)
SLaff CosL (96202) (123301) (110162) (748033) (4403174) (6607761) (11620127)
AdmlnlsLraLlve Lxpenses (71797) (203840) (137230) (931997) (3488388) (8232382) (14477468)
lncrease/uecrease l n SLock ln 1rade 11171 (22234) 36602 248347 1463634 2193481 3860880
1ota| Cperat|ng Cost (998976) (1026383) (981817) (4366343) (34136781) (31203172) (91133093)
uepreclaLlon/AmorLlsaLlon (17068) (6239) (10839) (971493) (796440) (3317347) (13798674)
rof|t from Cperat|ons before Cther Income Interest (3782) 399829 630331 3483336 29968797 40630308 64267112
CLher lncome 132410 394466 407661 2764730 16281194 24421791 42947121
rof|t from Cperat|ons before Interest and Lxcept|ona 128628 994293 1038012 8248083 46249991 63032299 107214233
lnLeresL (2703) (6409) (14803) (233674) (843623) (843623) (843623)
LxcepLlonal lLems (6871) (46638) (412139) (724770)
rof|t](Loss) before taxat|on 123923 987886 1016338 7943733 43404366 63794333 103643838
CurrenL Lax (38776) (111079) (221632) (1630228) (9471282) (13201373) (23160479)
MA1 CredlL LnLlLlemenL 137220 968762 3493369 7619311 14163419
ueferred 1ax (Credl L) Charge (76419) (62333) 108660 (373673) (1848621) (2473396) (7033338)
lrlnge benefl L Lax (33272) (11021) 10320 82268
WealLh 1ax (006) (047) (268) (377) (624)
rof|t](Loss) for the year]per|od (24344) 803431 1031100 6972833 39379764 33736700 89394793
Add AccumulaLed l osses aL Lhe begl nnlng of Lhe year (21174) (43718) 737732 1808832 8781667 48361431 104098131
rof|t](Def|c|t) carr|ed forward to ba|ance sheet (43718) 737733 1808832 8781667 48361431 104098131 193692926
Larnlngs/(Loss) per share ln ln8
8as|c (014) 424 334 3668 20818 29308 47100
D||uted (current year cons|dered ant|d||ut|ve) (014) 421 334 3649 20709 29133 46833
nomlnal value of shares ln8 10
Share CounL 8eporLed8aslc 17783990 18966700 18969700 19007400 19012400 19017400 19022400
Share CounL 8eporLedul luLed 17783990 19066700 18969700 19107400 19112400 19117400 19122400
As 8evenue
CperaLlng Lxpenses 1922 1487 2617 2617 2617 2617 2617
lorelgn Lxchange (Caln) / Loss (neL) 2032 198 000 000 000 000 000
LxploraLl on CosLs 2482 1173 1283 1283 1283 1283 1283
SLaff CosL 930 873 679 679 679 679 679
AdmlnlsLraLlve Lxpenses 709 1437 846 846 846 846 846
lncrease/uecrease l n SLock ln 1rade 110 133 226 226 226 226 226
L8l1uA 131 2834 3931 3837 4740 4740 4677
L8l1 037 2791 3884 4973 4618 4174 3734
CLher lncome 1308 4149 2312 2309 2309 2309 2309
lnLeresL Lxpense 027 043 091 232 130 087 049
rovlslon for lncome 1axes 11949 1867 342 342 342 342 342
neL lncome 432 3289 11143 7968 7431 10693 11314


| a g e

Ca|rn Ind|a L|m|ted
8a|ance Sheet
(AmounLs ln Mllllon lndlan 8upees unless oLherwlse sLaLed)
I 00 A I 00 A I 010 A I 011 L I 01 L I 01 L I 01 L
8al ance SheeL
Share CaplLal 1778400 1896668 1896974 1900740 1901240 1901740 1902240
SLock CpLlon CuLsLandlng 94708 38898 46399 43399 44399 43399 42399
8eserves and Surplus 27362694 30866760 31924960 38897793 87239226 191337337 383030283
Shareho|ders Iund 29433802 32802326 33868334 40843934 89204863 193302496 386994922
Secured loans 16936 22240 3400713 7424240 7424240 7424240 7424240
unsecured loans 293300 4334131 4000000 4000000 4000000 4000000
Loan funds 312436 4336391 3400713 11424240 11424240 11424240 11424240
Deferred tax ||ab|||t|es (net) 491648 362379 461941 309492 483717 497604 491660
Sources of Iunds 30239886 37721093 37730989 32777666 101114822 203224340 398910822
Cross 8lock 109263 143469 222738 223894 241308 249987 239063
Less AccumulaLed uepreclaLlon (60613) (80184) (93808) (126162) (134771) (139618) (144687)
I|xed Assets 48630 63284 126930 162813 173923 180178 186720
CosL of roduclng laclllLles 438931 301374 499477 1601394 8091796 22694730 48374882
LxploraLory devel opmenL work ln progress 2467026 6202732 9163437 16693022 33783484 143497736 301261877
Lxp|orat|on Deve|opment and S|terestorat|on co 2903977 6304106 9662934 18294617 61877280 166192486 349636739
Goodw||| 23319267 23319268 23319268 23319268 23319268 23319268 23319268
Investments 712890 171280 1712414 4670434 27303482 41233223 72349676
Deferred tax assets (net) 8394 16622 12308 14363 13336 14030
lnvenLorles 121603 168280 290944 238363 1322636 2283933 4016463
Sundry debLors 141061 131642 306747 2082970 12266293 18399440 32336471
Cash and bank balances 1331791 6327068 929423 10367237 23889660 28918439 31273687
CLher currenL asseLs 13433 70424 14439 32779 39221 28819 33606
Loans and advances 431372 637163 831787 646841 711931 730186 696319
Current assets |oans and advances 2039482 7374380 2373362 13388409 38429740 30360838 88376346
CurrenL l lablllLles 469179 1179433 986864 6046921 34802290 32064793 91448132
rovlslons 374217 740382 493697 3023461 17401143 26032396 43724066
Current ||ab|||t|es and prov|s|ons 843396 1919817 1480361 9070382 32203433 78097189 137172197
Net Current assets 1216086 3634763 892801 4318027 (13773696) (27736331) (48793631)
M|ssce|aneous Lxpend|ture 37013
App||cat|on of Iunds 30239883 37721093 37730989 32777666 101114822 203224340 398910822
checksum 000 000 000 (000) (000) (000) (000)
8al ance SheeL MeLrlcs
CurrenL 8aLlo 244 393 160 148
Culck 8aLlo 230 386 141 143
uays Sales CuLsLandlng (uSC) 1272 966 1723 1723 1723 1723 1723
lnvenLory uays 348 336 818 818 818 818 818
ayable uays 3333 3308 4863 4863 4863 4863 4863
1oLal uebL 312436 4336391 3400713 11424240
neL uebL (1019333) (2170677) 2471289 1036983
8ook val ue er Share 166 172 179 214
1ax pald from Cash llow SLaLemenL/ 1ax payabl e ln lncome SLaLemenL
ueffered 8evenue from Cash llow SLaLemenL/ ueffered 8evenue from 8alance SheeL


| a g e

Ca|rn Ind|a L|m|ted
Cash I|ow Statement
(AmounLs ln Mllllon lndlan 8upees unless oLherwlse sLaLed)
I 00 A I 00 A I 010 A I 011 L I 01 L I 01 L I 01 L
?1u/C1u Cash llow SLaLemenL
Cash f|ow from Cperat|ng Act|v|t|es
roflL before LaxaLlon for Lhe year / perl od 123923 987887 1016336 7943733 43404366 63794333 103643838
Ad[usLmenLs for
Lmployee compensaLlon expense (equl Ly seLLled sLoc 78036 10729 8918 (1000) (1000) (1000) 3669988
uepreclaLlon and depleLlon 207706 294967 178028 971493 796440 3317347 13798674
Loss / (rofl L) on sale / dlscard of fl xed asseLs (neL) 1003 184 (031)
unsuccessful exploraLlon cosLs 231228 168383 208333 183233 8338931 12308426 21996783
Share lssue expenses 20841
unreallsed exchange loss / (galn) on resLaLemenL of a 184446 (171041) (260402)
lnLeresL expense 823 81926 3932
remlum on forward exchange conLracLs amorLlsed 6301
rofl L on sale of non Lrade currenL lnvesLmenLs (neL) (124369) (239) (1620) (9337) (14306) (23138)
lnLeresL lncome (72743) (192027) (137338) (934087) (3300696) (8231043) (14309933)
ulvldend from lnvesLmenLs (39366) (22188) (22446)
Loan faclllLy and managemenL fees 10383
unreallsed loss on opLlon conLracLs 11297
8alances wrlLLen back (neL) (6033) (14336)
(lncrease)/decrease ln lnvenLorles 3306 (46676) (122663) 32381 (1264073) (761318) (1732310)
(lncrease)/decrease ln debLors 40642 (10834) (139806) (1776222) (10183324) (6133147) (13937031)
(lncrease)/decrease ln loans and advances and oLhe (199842) 18670 (303038) 166623 (71331) (7834) 29080
lncrease/(decrease) ln currenL llablllLles and provlsl 64923 160149 (120663) (7389821) (43133033) (23893733) (39073008)
Cperat|ng prof| t before work|ng cap|ta| changes (90769) 121308 (708192) (9167036) (34631982) (32796072) (74733469)
CurrenL Lax/l81 pald (neL of refunds) (81980) (143768) (173237) (1039343) (4823832) (2246149) (7984749)
Net cash from operat|ng act|v|t|es (A) 330412 1033896 109690 (2060386) (10449310) 38311737 31833973
Cash f|ow from |nvest|ng act|v|t|es
aymenLs made for acqulslLlon of subsldlarles (3276306)
aymenLs made for exploraLlon developmenL acLlvlLle (1174297) (3161279) (3366213) (11021172) (64902018) (146029340) (236801323)
ShorL Lerm lnvesLmenLs ln muLual funds (neL) (1329338) (4329324) (1341664) (2938020) (22833048) (13731741) (31294433)
llxed deposlLs made (1407634) (4341076) (1671632)
roceeds from maLured fl xed deposlLs 1168681 3732702
MuLual fund sold 827181 4993303
roceeds from sale of fl xed asseLs 427 020 031
lnLeresL recelved 71097 129361 213814
ulvldend from shorL Lerm lnvesLmenLs recelved 22486 22220
ulvldend from long Lerm lnvesLmenLs recelved 38740
Net cash used |n |nvest|ng act|v|t|es (8) (6430330) (3313628) (610763) (13979192) (87733066) (139781281) (288093776)
Cash f| ow from f| nanc|ng act|v|t|es
roceeds from lssue of equlLy shares (lncludlng securlL 209361 2332343 2036 3766 300 300 300
aymenLs made for share lssue expenses (142226) (20841)
llnance lease Laken 17364 941
8epaymenL of fl nance lease (20471) (12484) (9148)
roceeds from long Lerm borrowlngs 3122 3762017 3460461 8023326
8epaymenL of long Lerm borrowlngs (131800) (4140937)
Loan faclllLy and managemenL fees pald (190826)
lnLeresL pald (2430) (72478) (167823)
Net cash from](used |n) f|nanc|ng act|v|t|es (C) (104464) 6226123 (1043313) 8027291 300 300 300
Net |ncrease](decrease) |n cash and cash equ|va|ents (A+(3984402) 1746391 (1346390) (8012486) (98183876) (121269044) (236241301)
Cash and cash equlvalenLs aL Lhe beglnnlng of Lhe year/ p 6134783 130382 2173263 929423 10367237 23889660 28918439
Cash and cash equlvalenLs aL Lhe end of Lhe year/ perlod 130381 1896773 626873 (7083061) (87816618) (97379383) (207322862)
ueposlLs havlng maLurlLy of over 90 days 1181410 4333804 292734 17430318 111706278 126297824 238396349