The 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 in previous fiscal 2016.
MCl CMD AK Jha said despite several operational hindrances, the company witnessed growth in almost all the fields of operations and has registered growth in all financial parameters including PBT, PAT, sales, net sales, EPS as well as physical parameters as coal production, dispatch, OBR, OMS, FSA.
With nine per cent growth over previous year’s profit, the 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.
The MCl coal production grew to over 139.2 million tonne and supplied record 142 million tonne dry fuel to the consumers, largely to the power plants, during the year end.
Aiming at higher coal production, the company registered 25 per cent growth in Over Burden Removal (OBR) at 123.34 Million Cubic Meter in 2016-17, as against 98.41 Million Cubic Meter removed during previous fiscal year.
The Profit After Tax (PAT) also grew by seven per cent at record Rs 4491.09 crore for financial year 2017 as against Rs 4207.75 crore posted during previous fiscal. MCl contribution to the State exchequer also witnesses an increase of 23.81 per cent at Rs 3,157.92 crore for 2016-17, as against Rs 2,550.5 crore paid to the State Government during previous fiscal 2016.
MCl has paid Rs 1635.96 crore to the State as royalty, Rs 863.39 crore as DMF, Rs 586.46 crore as Sales Tax/VAT and Rs 72.11 crore as entry tax or other levies.