Following a record coal output and despatches during 2017-18, Singareni Collieries Company Ltd has posted a profit of ₹1,200 crore for the financial year ended March 31, 2018, up 203 per cent against ₹395 crore it logged in the previous fiscal.
The company’s turnover for the fiscal 2017-18 was up by 27.8 per cent (by nearly ₹5,000 crore) at ₹22,667 crore against ₹17,773 crore during the previous year.
The state-owned mining company managed an all-time high despatches of 64.6 million tonnes for the fiscal against 60.8 mt, a growth of over 6.2 per cent over the previous financial year.
The coal output has gone up from 50.4 mt in 2013-2014 to 62 mt in 2017-18.
N Sridhar, Chairman and Managing Director, said: “The company will take up development plans with a capital expenditure of ₹12,000 crore. Thirteen new projects would be taken up to increase the output up to 65 mt to 85 mt.”
The colliery expects the turnover to go up from ₹22,667 crore logged this financial year to ₹34,000 crore over the next five years.
The company said that its 1200 MW Singareni coal-fired thermal power plant is supplying power at cheaper rates than other thermal plants to Discoms which resulted in over ₹1,000 crore savings for the State and discoms.
In another five years, Singareni thermal power station is expected to increase the production capacity from 1200 MW to 2500 MW, by increasing the capacity. Work on the 800-MW plant expansion is expected to commence from May.
In addition, the SCCL proposes to develop solar power plants with capacity to produce 500 MW. Together with the proposed thermal power capacity expansion, the overall production is expected to go up to 2500 MW.