CIL net up 90% on dividend income

Company's fourth quarter standalone net sales down 21% to Rs 122 cr

Riding on dividend income paid by its subsidiaries, Coal India Ltd (CIL) on Monday reported a 90 per cent jump in standalone net profit to Rs 2,320.6 crore for the quarter ended March 31.

The world’s largest coal producer had reported standalone net profit of Rs 1,223.5 crore in the year-ago period.

Its fourth quarter standalone net sales declined 21 per cent to Rs 121.9 crore, vis-a-vis Rs 154.6 crore in the same period last year.

CIL’s other income, largely dividends paid by the subsidiaries and interests earned on bank deposits during the quarter, rose 71 per cent to Rs 2,679.6 crore, against Rs 1,565.6 crore in the same period last year

CIL, which has nine subsidiaries, will announce its results on consolidated basis next Monday (May 27).

For 2012-13, the coal miner reported a rise of 21.4 per cent in its standalone net profit at Rs 9,794 crore, largely due to dividends paid by its subsidiaries. It had reported a net profit of Rs 8,065 crore in FY12.

However, the company’s expenditure at Rs 726.6 crore overshot its net sales (at Rs 352.3 crore) in a big way, largely due to rise in other expenses.

Other income, which includes dividend payouts of subsidiaries, rose by a little over 21 per cent to Rs 11,088 crore in 2011-12.

Cola India scrip closed at Rs 300.75 on BSE, up one per cent from the previous close.