Singareni Beat Coal India; Achieved extraordinary growth in the first 8 months of the 2021-22 FY: Rs. 16,512 Cr sales and Rs. 924 Cr profit
63% growth in sales and 189% growth in profits over the previous year
CMD Shri N. Sridhar Congratulations to Singareni employees
Singareni is ahead of Colindia as well as other public sector entities
Overcoming the corona conditions prevailing last year, Singareni is moving ahead with spectacular growth during the first 8 months of this financial year. In the last eight months, Singareni has sold Rs 16,512 crore, the highest in its history. This is 63 per cent higher than the sales of Rs 10,127 crore during the same period last fiscal.
The company has posted a net profit of Rs 924.40 crore in the last eight months. It also suffered a record loss of Rs 1,038 crore during the same period last year due to Singareni Covid conditions. But in the current financial year, it has made a profit of Rs 924.4 crore, up 189 per cent over the previous year. It is noteworthy that Singareni Colindia recorded better growth in turnover and profits than other government agencies.
75% growth in coal sales – 18% growth in electricity sales
Singareseni had sold only Rs 7,979 crore worth of coal last year due to corona conditions and mining lockdowns. But coal production has increased significantly this financial year as the corona has declined as a result of large-scale Covid mitigation measures taken by the Singareni ownership at a cost of Rs 73 crore. With this, coal sales during the first eight months of this year stood at Rs 13,973 crore, a growth of 75 per cent over the same period last year.
Electricity sales also grew by 18 per cent. The company had sold Rs 2,149 crore in the first eight months of last year, up 18 per cent to Rs 2,539 crore in the first eight months of this year.
According to the latest data available on Colindia, Colindia recorded 23 per cent growth in its sales in the first half year ending September this year, while Singareni recorded 67 per cent growth. Colindia recorded 16 per cent growth in gross profit (PBT) for the first half, while Singareni recorded 201 per cent growth. During the last 8 months, Singareni has been making steady progress.
CMD Shri N. Sridhar Congratulations: Annual goals should be achieved with the same inclination
Singareni CMD said the company has been transporting better production coal for the last 8 months and has achieved better growth in sales and profits over the previous year. Shri N. Sridhar expressed happiness his congratulations to the workers, officials and trade union leaders of Singareni. In a similar vein, it appealed to achieve the targeted production targets for the remaining three-and-a-half months of this financial year as well.