1. Mahanadi Coalfields Limited records all time high growth in 2016-17

Mahanadi Coalfields Limited records all time high growth in 2016-17

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India Ltd, today said it has posted about nine per cent growth in profit before tax (PBT) at a record Rs 6,853.32 crore in 2016-17 as against Rs 6,283.44 crore profit in previous fiscal.

By: | Bhubaneswar | Published: June 9, 2017 12:02 AM
MCL chairman and managing director A K Jha said despite several operational hindrances the company witnessed growth in almost all the fields of operations. (Reuters)

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India Ltd, today said it has posted about nine per cent growth in profit before tax (PBT) at a record Rs 6,853.32 crore in 2016-17 as against Rs 6,283.44 crore profit in previous fiscal. MCL chairman and managing director A K Jha said despite several operational hindrances the company witnessed growth in almost all the fields of operations. 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) parameters, Jha said. 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, MCL 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, the company said in a statement. 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, it said. Contribution of MCL to Odisha exchequer also witnessed an increase of 23.81 per cent at Rs 3,157.92 crore for 2016-17, as against Rs 2,550.5 paid to the state government during previous fiscal 2016.

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It said the company paid 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. MCL has been contributing 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 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, it said.

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