Hyderabad, Jan 8 :State-owned Singareni Collieries Company Limited (SCCL) has posted a record profit of Rs 1,070 crore (profit before tax) for the first three quarters of the financial year 2021-22.
Singareni, which had posted a net loss of Rs 842 crore during the same period last year, has reported a 227 per cent growth in profits this year as a result of its impressive turnover, SCCL said in a release here Today.
In the first nine months of last year, coal and electricity sales stood at Rs 11,986 crore but at the end of December, 2021, up by 58 per cent to Rs 19,000 crore.
The Company, which had sold coal worth Rs 9,525 crore last year alone, had surpassed, even as there are corona conditions this year, and achieved a sales growth of 69 per cent to Rs 16,110 crore, significantly boosting production and shipments.
During the first nine months of last year, the company shipped 318 lakh tonnes of coal, a growth of 52 per cent, to 484 lakh tonnes, a significant increase in sales.
The Singareni Thermal Power Station at Jaipur in Manchiriala district also saw better sales than last year. It had generated 5,353 million units of electricity in the first three quarters of last year, compared to 6,904 million units in the first nine months of this year, a growth of 30 per cent.
This is an increase of 17 per cent over last year’s sales of Rs 2,461 crore to Rs 2,892 crore in the first nine months of this year.
Expressing happiness over registering significant growth in sales and profits during the first 9 months of this financial year, SCCL Chairman and Managing Director N. Sridhar congratulated the Singareni officers and employees.
Coal production and power generation also need to be boosted in the wake of the sharp rise in power consumption over the next three months, he said through this, a significant record turnover of Rs 27,000 crore and a record profit should be achieved in the current fiscal.
Mr Sridhar urged the officers and workers to work with dedication to achieve the set targets on a daily basis and mine wise with full machinery utilization in all the areas.(UNI)