Millennium Post

Coal India Q4 net profit zooms 90%

Riding on dividend income paid by its subsidiaries, Coal India Ltd (CIL) on Monday reported a nearly 90 per cent jump in standalone net profit to Rs 2,320.61 crore for the fourth quarter ended March 31. The world’s largest coal producer had reported a 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 per cent to Rs 121.93 crore, vis-a-vis Rs 154.62 crore of the Q4 of FY12.

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 against Rs 1,565.58 crore in the year-ago period. The company, which has nine subsidiaries, will announce its results on a consolidated basis next Monday (May 27).

For the 2012-13 fiscal, the coal miner reported a rise of 21.44 per cent in its standalone net profit to 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 Coal India Ltd scrip closed at Rs 300.75 on the BSE, up 1.06 per cent from the previous close.
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