SCCL net zooms 81 pc to Rs 2,222 cr in FY 23
SCCL CMD N Sridhar speaking in a review meeting with company directors and GMs at Singareni Bhavan, Hyderabad on Tuesday.
Khammam: The state-owned Singareni Collieries Company Ltd’s net profit for the last financial year was up by 81 per cent to Rs 2,222 crore against Rs 1,227 crore a year before.
According to a press release from the coal miner, SCCL’s revenues during FY23 stood at Rs 33,065 crore against Rs 26,585 crore in FY22. SCCL produced 67.14 million tonnes of coal last fiscal while the sales stood at 66.69 million tonnes, it said. The company may achieve Rs 4,000 crore profit this year if the targets are met, the release added. SCCL is also into power production.
N Sridhar, CMD, SCCL, issued the annual financial report for the fiscal year 2022-23 on Friday. He stated that of the entire revenue, Rs 28,650 crore came from the sale of coal and Rs 4,415 crore from the sale of power. According to him, the company’s profits increased by 430 per cent in the last nine years, with Singareni posting a net profit of Rs 419 crore in 2013-14 and a net profit of Rs 2,222 crore in the most recent fiscal year.
The CMD stated that if the company met its goals, its net profit would exceed Rs 4,000 crore for the current fiscal year. He informed that the profits would be used to fund further innovative projects and initiatives for the benefit of the workforce.
The company saw a 33 per cent increase in coal production, a 430 per cent increase in net earnings, a 39 per cent increase in transportation, and a 177 per cent increase in sales following the establishment of Telangana.
In the last nine years, Singareni has grown far faster than several major public sector enterprises. In the last nine years, Singareni has grown by 430 per cent, while Power Grid Corporation by 241 per cent, Power Finance Corporation by 114 per cent, and Coal India by 86 per cent.