Coal India Q4 net up 90 per cent at Rs 2,320 crore on divided income

Riding on dividend income paid by its subsidiaries, Coal India Ltd (CIL) on Monday reported nearly a 90 per cent jump in standalone net profit at Rs 2,320.61 crore for its fourth quarter that ended on March 31.

The world's largest coal producer had reported standalone net profit of Rs 1,223.52 crore during the same quarter of 2011-12.

Standalone net sales in the quarter ended March, 2013 declined, however, by 21.14 per cent at Rs 121.93 crore, vis-a-vis Rs 154.62 crore in the same quarter of FY'12, CIL 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 fiscal year 2012-13, the coal miner reported a rise of 21.44 per cent 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...," it said.

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 year.

CIL stock on the BSE closed at Rs 300.75 on Monday, up 1.06 per cent from its previous close.