With 36% Q1 sales growth, Singareni aims for 74 MT coal production

8,670 cr. turnover includes ₹ 7,598 cr from coal, ₹ 1,062 cr. energy sales

8,670 cr. turnover includes ₹ 7,598 cr from coal, ₹ 1,062 cr. energy sales

Buoyed by the record growth of 36% in coal and energy sales during the first quarter of the current fiscal, Singareni Collieries Company Ltd (SCCL) is eyeing a record production beyond the target of 70 million tonnes with the management aiming for 74 million tonnes. .

In terms of production, the public sector coal company has mined 16.92 million tonnes of coal during the April-June quarter of 2022-23 against the target of 17.02 million tonnes. Last year, production was 15.57 million tonnes in the first quarter. The dispatches of coal, however, crossed the target as they were at 17.3 million tonnes against the target of 17.02 million tonnes. Last year, they were at 16.7 million tonnes.

Performance of the company in the first quarter was reviewed by Chairman and Managing Director N. Sridhar here on Monday with the Area General Managers taking part virtually, while the Directors and Advisors attended in person. The management complimented the employees / workers for achieving the record turnover and making available contracted quantity of coal to customers having linkage, in spite of facing some shortage of explosives.

According to company officials, the company has posted ₹ 8,670 crore sales during the April-June quarter this fiscal against, 5,374 crore sales achieved during the same period in 2021-22. The growth rate was highest among all other public sector coal companies in the country during the first quarter, they claimed.

The three months’ turnover comprised 7,598 crore from coal sales and ₹ 1,062 crore from energy sales. The company has a 2 × 600 megawatt thermal power and another 219 MW solar power generation capacity so far.

Stating that the company had all the good tidings this year compared to the last two Covid-impacted years, Mr. Sridhar said at the review meeting that every member of the company should aim for 74 million tonnes of coal production this year since the shortage of explosives was being overcome and production in two new mines was expected to commence soon.

The turnover of the company was about ₹ 12,000 crore in 2013-14 but it could reach ₹ 34,000 crore this year. Last year, the turnover was about ₹ 26,000 crore with a coal production of 65 million tonnes. New mines and expansion of thermal and solar power generation capacities would be additional revenue sources to the company, he explained.

Directors S. Chandrasekhar (Operations), N. Balaram (Finance, Personnel, Projects) and D. Satyanarayana Rao (Electrical, Mechanical), Advisor (Mining) DN Prasad and other senior executives attended.


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker