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