The Business Bytes
TBB BUREAU
BHUBANESWAR, APRIL 1, 2022
Coal India Limited (CIL) subsidiary Mahanadi Coalfields Limited (MCL) ended the financial year 2021-22 (FY22) on a high note, clocking 168 million tonne coal production with an impressive growth of about 14 percent over the previous fiscal.
In the financial year 2020-21, MCL produced 146 million tonnes of coal and dispatched 146 million tonnes.
Overall, FY22 remained the year of achievements for MCL, as it set new milestones in all the performance parameters vis-a-vis coal production, dispatch and overburden removal (OBR).
Addressing the Annual Press Conference here on Friday, MCL Managing Director & Chairman OP Singhsaid, “The last fiscal has been a great year, full of achievements for the company, and I am happy to inform that MCL’s achievement in coal production had been 103 percent of target at a record 168.17 million tonne (MT) for the financial year ended yesterday.”
“Besides, the company has dispatched 176.17 MT coal to the consumers, with a growth of about 21 percent over previous year. Similarly, MCL has registered a growth of more than 18 percent in overburden removal at 207 MCuM (million cubic meters), which will help us increase coal production during the current fiscal,” the CMD added.
Singh further said that notwithstanding challenges posed by COVID-19 pandemic, MCL was successful in meeting the rising demand of coal during the third quarter of Financial Year 2021-22. MCL raised the production by 30 million tonnes to meet the growing demand and help power producers continue uninterrupted supply.
He expressed gratitude to people’s representatives, state administration, coal consumers, Indian Railways, representatives of trade unions, peripheral villagers and all stakeholders for their unflinching support to MCL.
Highlighlighting the CSR activities of the company, Singh said that MCL spent around Rs 187 crore as part of its corporate social responsibility, while a major chunk of it was spent on providing Covid care in Odisha. MCL helped the Odisha Government by offering treatment to over 14,000 Covid patients in the State during the pandemic.
Speaking about the future of coal demand, the MCL CMD said, “It is estimated that the coal demand will continue to remain high in the coming times.”
“We have also made advance preparations, keeping in view the erratic rainy season and other operational challenges, to meet the rising demand by producing more coal,” he said, informing that the company had also done capital expenditure (CAPEX) of Rs 3,805 crore for FY22, which would help MCL in meeting the future goals. The company has earmarked Rs 3900 crore as CAPEX for the current financial year, he added.
The Company, the CMD informed, would produce 176 million tonne coal in the financial year 2022-23.
MCL is the largest coal producing company in the country, having its mining operations spread over Sundergarh, Jharsuguda and Angul districts of Odisha.
Singh was accompanied by KR Vasudevan, Director (Finance) and Keshav Rao, Director (Personnel) on the dais while SK Pal, Director (Technical/Projects & Planning) joined through videoconferencing.
