KCR Announces A Bonus Of Rs 368 Crore For Singareni Workers

State-owned SCCL (Singareni Collieries Company Limited) employees received a bonus of Rs.368 crore, or 30% of the company's profit share for 2021-22, from CM K Chandrashekhar Rao. The amount has been ordered to be released immediately.

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

In 2021-22, SCCL paid Rs.3,596 crore in taxes to the government, according to chairman and MD N Sridhar. SCCL had produced a 65 million tonnes of coal and transported over 65.5 million tonnes, registering a growth of 37% in this period. The Singareni Thermal Power Plant supplied the power grid with 8,808 million units.

Sridhar said sales also rose by 123%, from Rs.11,928 crore in 2013-14 to Rs.26,607 crore last year, with profits increasing significantly to a maximum of 193%. In 2013-14, the company made a net profit of Rs.419 crore, 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 CM to achieve incredible progress in the last 8 years.