MCL profit rises 9% to record `6,853 cr in FY17

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Ma­hanadi Coal­fields Ltd (MCL), a sub­sidiary of Coal In­dia Ltd (CIL), has an­nounced that it has posted about 9 per cent growth in profit be­fore tax (PBT) to a record Rs 6,853.32 crore in 2016-17 against Rs 6,283.44 crore profit in the pre­vi­ous fis­cal. MCL chair­man and man­ag­ing di­rec­tor A K Jha said that de­spite sev­eral op­er­a­tional hin­drances, the com­pany wit­nessed growth in al­most all fields of op­er­a­tions.

The com­pany has reg­is­tered growth in all fi­nan­cial (PBT, PAT, sales, net sales, EPS) as well as phys­i­cal (coal pro­duc­tion, dis­patch, OBR, OMS, FSA) pa­ram­e­ters, Jha in­formed.

With 9 per cent growth over the pre­vi­ous year's profit, Ma­hanadi Coal­fields Ltd has reg­is­tered the high­est profit among Coal In­dia Ltd’d sub­sidiaries, shar­ing about 48 per cent of Coal In­dia's net profit of Rs 14,000 crore.

While coal pro­duc­tion from Ma­hanadi Coal­fields Ltd grew to over 139.2 mil­lion tonne (mt), the com­pany sup­plied a record 142 mil­lion tonnes of dry fuel to its con­sumers, largely the power plants, dur­ing the year ended March 31, 2017.

Aim­ing at higher coal pro­duc­tion, MCL reg­is­tered a 25 per cent growth in over bur­den re­moval (OBR) at 123.34 MCUM in 2016-17 against 98.41 MCUM re­moved dur­ing tyhe pre­vi­ous fi­nan­cial year, the com­pany said in a state­ment.

The profit af­ter tax of the com­pany grew by 7 per cent to a record Rs 4491.09 crore for fi­nan­cial year 2016-17 against Rs 4207.75 crore posted dur­ing the pre­vi­ous fis­cal, it said.

The con­tri­bu­tion of MCL to the Odisha ex­che­quer too wit­nessed an in­crease of 23.81 per cent to Rs 3,157.92 crore for 2016-17 against Rs 2,550.5 paid to the state govern­ment dur­ing the pre­vi­ous fis­cal.

It said that the com­pany paid Odisha Rs 1,635.96 crore as roy­alty, Rs 863.39 as DMF, Rs 586.46 as sales ttax/ VAT and Rs 72.11 crore as en­try tax or other levies.

MCL has been con­tribut­ing to the so­cio-eco­nomic de­vel­op­ment of the 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 spent Rs 166.6 crore for var­i­ous so­cial de­vel­op­men­tal projects un­der its CSR pro­gramme in Odisha while it has laid out plans to spend over Rs 600 crore un­der CSR dur­ing next five years, MCL said.

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