Singareni Collieries Company Limited (SCCL) has achieved a turnover of ₹32,830 crore in the just concluded financial year 2022-23 with 23% increase compared to its revenues of ₹26,619 crore realised in financial year 2021-22. It includes ₹28,540 crore from its core business of coal sales and ₹4,371 crore from diversification into power generation.
The turnover in FY 2022-23 is 173% higher compared to its income of ₹12,000 crore in 2013-14, the year before formation of Telangana State, according to company’s Chairman and Managing Director N. Sridhar. In terms of coal mining (production) the company has posted a growth of 33% as the production in FY 2022-23 was 67.14 million tonnes (MT) against 50.47 MT in 2013-14.
Commencing production in 10 new mines after formation of the State as also diversification into thermal and solar power generation had helped the coal company improve its balance sheet every year, he explained. The company was setting higher targets for itself every year and achieving them and also spreading its business by expanding coal sales to eight States.
“No other public sector coal company has achieved the progress made by SCCL during the last eight years,” Mr. Sridhar said and complimented the workers, employees and officials of the company for chipping in with their efforts. He explained that 11 opencast mines and eight underground mines had achieved over 100% of the targets given to them.
The turnover achieved by the company in FY 2022-23 was possible with 25% growth in sales of coal and 13% in energy sales compared to FY 2021-22.
Stating that the company was aiming at crossing ₹ 50,000 crore turnover milestone by FY 2026-27 with favourable conditions in the industrial sector, Mr. Sridhar said the target in coal production set for current fiscal (FY 2023-24) was 75 MT and 80 MT by FY 2026-27. He stated that reaching 75 MT target was possible with the help of achieving 10.4 MT production in four new mines – Naini opencast (6 MT) in Odisha, VK opencast (3 MT) in Kothagudem, expansion of JK opencast (1 MT) in Yellandu and Goleti opencast (0.4 MT).
Similarly, they had set sights on expanding thermal and solar power generation by adding another 800 megawatt unit to the existing 2×600 MW project and solar power with addition of 150 MW in the second phase in addition to 300 MW in the ongoing first phase. Solar plants with 224 MW capacity were already into generation and the remaining 76 MW capacity would be completed by June-end.
Stating that public sector coal companies would face stiff competition from private companies in the next five years, the Singareni CMD said the aim is towards increasing productivity and reducing production cost, particularly in underground mines which was high at ₹8,000 per tonne now.