Singareni earns Rs 663.23 crore profits during first quarter
SCCL done business of Rs 6337 crore during first quarter
K M Dayashankar
HYDERABAD: In spite of pandemic Covid-19 situations, the Singareni Collieries Company Limited (SCCL) has posted a profit of Rs 663.23 crore during the first quarter of the financial year 2021-2022 by achieving a turnover of Rs 6337 crore by selling coal and power with an increase of 78 per cent profit over the last year.
In a press note here today, Singareni chairman and managing director N Sridhar said that they had done a business of Rs 5393 crore by selling the coal alone and earned a profit of Rs 394.89 crore with an increase of 89.16 per cent during this year first quarter. During the first quarter of the last financial year, the company had sold only Rs 2851 crore coal. Taking into consideration the experiences of the last financial year, the Singareni had geared up to the occasion and done coal production of 15.57 million tonnes and despatched 16.7 million tonnes of coal to earn the profits.
Similarly, the Singareni Thermal Power station in Jaipur in Mancherial district had done record sales of Rs 944 crore during this year first quarter when compared to Rs 711 crore sales during the last year first quarter with a growth of 32.83 per cent. In all, with the sales of coal and power, the Singareni earned a total of Rs 663.32 crore profits during the first quarter, he stated.
Attributing the profits due to the teamwork and dedication of the staff and coal miners, in particular, the C&MD called upon the employees to achieve the targeted coal production and despatch during this financial year. During the last financial year, there was a steep decline in the demand for coal in various industries following the lockdown and affected coal production and despatches.
The Singareni management had launched special measures to check the spread of the deadly virus in the coal belt regions by taking up massive vaccination drives and providing proper medicare to the miners. The management measures had instilled confidence among the employees and miners and helped in the steady increase of coal production during this year. Besides, the initiatives taken up by the chairman and regular meetings and monitoring of the coal production and despatching with the officials had helped in reaping profits in the first quarter, the note stated.
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