Coal India Ltd (CIL) on Monday reported an impressive increase of nearly 90 per cent in standalone net profit for the three months ended March 31.

CIL, the world's largest coal producer, announced that its standalone net profit jumped to Rs 2,320.61 crore in the January-March quarter of 2012-13, from Rs 1,223.52 crore in the corresponding quarter of the previous fiscal.

The increase was mainly due to dividend income paid by its subsidiaries. Dividends paid by the company's subsidiaries and interests earned on bank deposits jumped more than 71 per cent year-on-year, from Rs
1,565.58 crore to Rs 2,679.65 crore.

In a filing with the Bombay Stock Exchange, the company said, "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..."

During the full 2012-13 fiscal, the company enjoyed an increase of 21.44 per cent in its standalone net profit to Rs 9,794.32 crore. Results on consolidated basis will be announced next Monday, 27th of May.

Coal India shares gained 1.06 per cent to close at Rs 300.75 apiece on the BSE on Monday.