New Delhi: Mahanadi Coalfields Limited (MCL), a flagship subsidiary of Coal India Limited, has registered about nine per cent growth in profit before tax (PBT) at record Rs 6,853.32 crore in financial year 2016-17, as against Rs 6,283.44 crore during previous fiscal 2016.
Despite several operational hindrances, the company witnessed growth in almost all the fields of operations, said MCL chairman & managing director Mr A K Jha.
The company has registered growth in all financial (PBT, PAT, sales, Net Sales, EPS) as well as physical parameters (coal production, dispatch, OBR, OMS, FSA etc.) parameters, Mr Jha informed.
With nine per cent growth over previous year’s profit, MCL has registered the highest profit among Coal India subsidiaries, sharing about 48 per cent of Coal India’s net profit of Rs 14,000 crore.
While coal production from MCL grew to over 139.2 million tonne coal, the company supplied record 142 million tonne dry fuel to the consumers, largely the power plants, during the year ended March 31, 2017.
Aiming at higher coal production, the company registered 25 per cent growth in over burden removal (OBR) at 123.34 M.Cu.M in 2016-17, as against 98.41 M.Cu.M removed during previous financial year.
Profit After Tax (PAT)
The profit after tax of the company grew by seven per cent at record Rs 4491.09 crore for FY’17 as against Rs 4207.75 crore posted during previous fiscal.
Highest Royalty to Odisha
Contribution of MCL to the Odisha exchequer also witnessed an increase of 23.81 % at Rs 3,157.92 crore for 2016-17, as against Rs 2,550.5 paid to the state government during previous fiscal 2016.
The company has paid to Odisha Rs 1635.96 crore as Royalty, Rs 863.39 as DMF, Rs 586.46 as Sales Tax/VAT and Rs 72.11 crore as entry tax or other levies.
Top contributor to Odisha under CSR
MCL has been the leading contributor for socio-economic development of underprivileged segments in Odisha, particularly in the remote peripherial areas under its command in Sambalpur, Angul, Jharsuguda and Sundergarh districts.
During year 2016-17, the company has spent Rs 166.6 crore for various social developmental projects under CSR in Odisha, while it has laid out plans to spend over Rs 600 crore under CSR during next five years.
MCL was formed in year 1992 as eighth subsidiary of Coal India with mere 23 million tonne dry fuel production. However, with leveraging technology and its environmental-friendly initiatives, like introduction of surface miner for coal production in 1997, MCL today shoulders the responsibility of supplying more than 20 per cent coal to meet the growing energy demand of India.
The company has been pioneer in Coal India for introducing satellite-based surveillance of its mining operations as well as its free-from-human-interference system of e-procurement.