Profit after tax of the State public sector coal company Singareni Collieries Company Ltd (SCCL) has jumped by 207% to Rs. 1,212 crore in 2017-18 compared to Rs. 395 crore in the previous year.
The final accounts of the fiscal performance of the company was finalised at the 545th board meeting of the company held here on Wednesday. Chaired by SCCL Chairman and Managing Director N. Sridhar the board has also decided to pay bonus to its workers and employees soon. However, it would be decided after a meeting with Chief Minister K. Chandrasekhar Rao.
Another major decision taken by the board on the welfare front was to provide air conditioners in the residential quarters of all workers and employees of the company to help them overcome simmering heat during the summer seasons in the coal belt area, where the mercury touches about 50 degree Celsius. Provision of air conditioners is expected to cost the company about Rs. 60 crore.
The Chairman and Managing Director stated at the meeting that the share of bonus to be paid to the workers and employees from the net profit would be decided at a meeting with the Chief Minister soon. He attributed the quantum jump in the company’s profit to the hard work of its workers and employees. He asked them to emulate their performance and improve it further to keep the company’s financial health strong and enable it to take up more welfare measures in the coming years.
On the decision to provide air conditioners to all residential quarters of Singareni workers and employees across its areas of operation the CMD said it would be taken up on war-footing. Establishing new transformers required to bear the energy load, cabling and provision of necessary switchboards in the quarters would be taken up at the earliest.
The board has also approved taking up new open cast and underground mines and other purchases. Directors S. Shankar (E&M and Finance), S. Chandrasekhar (Operations), Principal Secretary (Finance) K. Ramakrishna Rao, CMD of Western Coalfields Ltd R.R. Mishra, Director in the Coal Ministry Sayeed Ashraf, Company Secretary G. Srinivas attended.