CM KCR announces bonus of Rs 368 crore to Singareni workers

0
58

Hyderabad: Not wavering from the tradition of a hefty bonus as Dasara gift to workers of the State-owned Singareni Collieries Company Limited (SCCL), Chief Minister K Chandrashekhar Rao on Wednesday declared a bonus of Rs.368 crore i.e., 30 per cent of the company’s profit share for 2021-22, to the workers. Orders have been issued to release the amount immediately.

Accordingly, more than 44,000 National Coal Wage Agreement (NCWA) workers and employees of SCCL were expected to receive a bonus of over Rs.83,000 each. The bonus would be paid on October 1. The profit sharing bonus announced this year was one per cent higher than that announced last year, which was a 29 per cent bonus, i.e., around Rs.350 crore.

Notwithstanding the Covid-19 crisis, Singareni had recorded a turnover of Rs.26,607 crore in 2021-22, earning a gross profit of Rs.1,722 crore. Before the State formation in 2013-14, the company had produced about 50.4 million tonnes of coal, which increased by 29 per cent in 2021-22. After taxation, a net profit of Rs.1,227 crore over the annual turnover was registered.

SCCL chairman and managing director N Sridhar said in a statement that the company had paid Rs.3,596 crore in taxes to the union and the State governments in 2021-22. SCCL had produced a whopping 65 million tonnes of coal and transported over 65.5 million tonnes, registering a growth of 37 per cent in this period. Through the Singareni Thermal Power Plant, 8,808 million units were supplied to the power grid.

Sridhar said sales also rose by 123 per cent, from Rs.11,928 crore in 2013-14 to Rs.26,607 crore last year, with profits also increasing significantly, to a maximum of 193 percent. In 2013-14, the company made a net profit of Rs.419 crore, which was now Rs.1,227 crore.

Sridhar, who urged workers and employers to rededicate themselves to achieve the new target of producing 70 million tonnes of coal during the current fiscal, said the company drew inspiration from various welfare schemes announced by the Chief Minister to achieve incredible progress in the last eight years.

Read all the Latest News, Breaking News, and Local News here!


LEAVE A REPLY

Please enter your comment!
Please enter your name here

Enable Google Transliteration.(To type in English, press Ctrl+g)