Corporate May 21, 2013
New Delhi: Riding on dividend income paid by its subsidiaries, Coal India Ltd (CIL) today reported nearly 90 percent jump in standalone net profit at Rs 2,320.61 crore for the fourth quarter ended March 31.
The world's largest coal producer had reported standalone net profit of Rs 1,223.52 crore during the January-March quarter of 2011-12. Its Q4 standalone net sales declined, however, by 21.14 percent at Rs 121.93 crore, vis-a-vis Rs 154.62 crore of the Q4 of FY'12, it said in a filing to the BSE.
CIL's other income, largely dividends paid by the subsidiaries and interests earned on bank deposits during the quarter, rose by over 71 per cent to Rs 2,679.65 crore, as against Rs 1,565.58 crore in the year-ago period.
CIL, which has 9 subsidiaries, will announce its results on consolidated basis next Monday (May 27).
For the 2012-13 fiscal, the coal miner reported a rise of 21.44 percent in its standalone net profit at Rs 9,794.32 crore, largely due to dividends paid by its subsidiaries. Coal India had reported a net profit of Rs 8,065.10 crore in FY'12.
"The major income in the financial statement of Coal India-Standalone is dividend received from subsidiaries. Dividend from subsidiaries during the year ended March 31, 2013 was Rs 9,038.08 crore...," the company said in its filing.
However, company's expenditure at Rs 726.58 crore overshot its net sales (at Rs 352.25 crore) in a big way, largely due to rise in other expenses. Its other income, which includes dividend payouts of subsidiaries, rose by over 21 per cent to Rs 11,088.01 crore in the last fiscal. CIL scrip closed at Rs 300.75 on the BSE, up 1.06 percent from the previous close.
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