Coal India limited reported a marginal 1.1 per cent decline in its consolidated profit at Rs 4,586.78 crore for the quarter ended March 2021.
Coal India | Representative Image
Coal India limited on June 15 said that it would reduce 5 percent in manpower every year for next 5-10 years to reduce costs, reports CNBC-TV18.
Earlier on June 14, the state-owned firm reported a marginal 1.1 per cent decline in its consolidated profit at Rs 4,586.78 crore for the quarter ended March 2021 on the back of lower sales.
Coal India says will reduce 5% in manpower every year for next 5-10 years to reduce costs pic.twitter.com/Yjbgmig7Dx
— CNBC-TV18 (@CNBCTV18Live) June 15, 2021
The firm had said that its consolidated sales in the January-March period declined to Rs 24,510.80 crore, from Rs 25,597.43 crore in the March quarter of 2019-20. While the expenses during the fourth quarter (Q4) of FY 2020-21 dropped to Rs 21,565.15 crore from Rs 22,373.046 crore in the year-ago period.
According to Coal Ministry report 2020-21, CIL’s 114 ongoing coal projects, costing Rs 20 crore and above, are under different stages of implementation. However, the Ministry had said that the implementation and completion of these projects depend upon critical extraneous factors such as possession of land, green clearances and evacuation infrastructure.
Earlier in 2020, a total 34 projects were sanctioned and nine mining projects completed by CIL. Coal India, which accounts for over 80 per cent of domestic coal output, is eyeing one billion tonne production by 2023-24.