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Singareni Collieries Company Ltd has posted a record profit of ₹1,020 crore during 2015-16, up from ₹490 crore it logged in the last financial year.
The gross turnover shot up by 17.3 per cent to ₹16,516 crore for 2015-16 against ₹14,078 crore it registered last fiscal with the coal production going up by 15 per cent to 60.43 million tonnes, up from 52.54 mt.
During the year, the state-owned mining company paid total taxes of ₹4,651 crore to Central and State government against ₹3,859 crore last year.
N Sridhar, CMD, SCCL, said: “The company has programmed to sustain this growth over the next five years and expects to grow at double digit year-on-year.”
“We are targeting total output of 100 mt during 2020 up from 60 mt this year. This will be achieved by opening 25 new mines, seven of them this year, entailing a total investment outlay of ₹20,000 crore,” he explained.
Coal washeries Given the need to provide coal with higher grade, Singareni is in the process of setting up 10 coal washeries.
These would be implemented by private players with a revenue share model.
Each washery entails investment of ₹60-100 crore and be ready by next year. This year, the company has planned a capex of ₹4,000 crore, up from ₹3,000 crore last year and output of 66 mt up from 60.43 mt.
The company expects to meet its capex through internal accruals. “We have not borrowed from banks as we have enough cash flows. The only loan we had to take was to execute the 1,200 MW thermal power project being set up with an outlay of ₹8,200 crore,” he said.
The company said the unit one of 600 MW thermal power plant coming up at Jaipur in Adilabad district of Telangana has been synchronised in March. The second unit of 600 MW will be synchronised by May and commercial operation expected by May end.
The expansion work on the power project is expected to be taken up during the year. This would be based on supercritical technology of either 660 MW or 800 MW, he said.
Of the 25 mines planned by 2020, seven of them are to be taken up during this year.
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