Singareni earns record net profit of Rs 2,222 crore during 2022-23 fiscal

Similarly, SCCL’s turnover stood at Rs. 33,065 crore, an 24 percent increase, for the fiscal

Hyderabad: The Singareni Collieries Company Limited (SCCL) posted a record net profit of Rs. 2,222 crore, an 81 percent increase, during the financial year 2022-23. The company’s net profit during 2021-22 fiscal stood at Rs.1,227 crore. Similarly, the company’s turnover stood at Rs. 33,065 crore, an 24 percent increase, for the fiscal. During 2021-22 fiscal the company’s turnover stood at Rs. 26,585 crore.

Singareni chairman and managing director N Sridhar on Friday released the annual financial report for 2022-23 fiscal. He said of the total turnover Rs 28, 650 crore came through the sale of coal and Rs. 4,415 crore through the sale of electricity. The company has registered a staggering 430 percent growth in profits in the last nine years, he said, adding that in 2013-14, Singareni posted a net profit of Rs. 419 crore, while last financial year recorded the highest net profit of Rs.2,222 crore.

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The CMD said that if the company manages to achieve the target set by it, the net profit would touch Rs. 4,000 crore during the current fiscal.

Through these gains Singareni would take up more new projects as well as initiatives for the benefits of the workers, he said. After the formation of Telangana the company saw a 33 percent growth in coal production, 430 percent growth in net profits, 39 percent in transportation and 177 percent in sales, he said.

Sridhar claimed that Singareni has seen much higher growth than many leading public sector companies in the last nine years. The Singareni achieved 430 percent growth in last nine years, whereas Power Grid Corporation registered a growth rate of 241 percent followed by Power Finance Corporation which registered 114 percent growth and Coal India 86 percent growth.