Coal India standalone profit in March quarter dips 11.7% to Rs 1223.5 crore
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State-run Coal India (CIL) on Friday posted a 11.7 per cent dip in standalone net profit at Rs 1223.5 crore for the quarter ended March 31, 2012.
The company had reported a net profit of Rs 1,385.7 crore in the January-March quarter of 2010-11, it said in a filing to the Bombay Stock Exchange (BSE).
The company's standalone net profit for the full fiscal rose to Rs 8,065 crore for the year ended March, 2012 compared to Rs 4,696 crore a year ago.
"The increase in the net profit (for the year) can be contributed to increase in dividend paid by the subsidiary companies and interest income," chairman and managing director Narsing Rao said.
Rao, however, refused to comment on the reasons for the dip in the net profit for the fourth quarter, stating that standalone “was not performance based result”. CIL's tax expense during the fourth quarter was Rs 258.8 crore, more than twice the Rs 122.7 crore in the same period in last fiscal, the filing said.
The standalone income from operations of the public sector firm for the quarter also declined marginally to Rs 154 crore against Rs 157 crore for the same period last fiscal.
Rao said the company would achieve the production target of 468 million tonnes (MT) for the current fiscal. “Surely the target would be achieved. All steps whatever are required would be taken to achieve 468 MT,” he said.