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CIL's overall expenditure drops to Rs 54,241 cr in Apr-Dec 2020 period

The firm's overall expenditure declined by 3.3 per cent in the first nine months of the ongoing fiscal

Topics
coal industry | Coal India | Coal production

Press Trust of India  |  New Delhi 

CIL to fund Jharia rail bypass project
Coal India | Representational image

Ltd (CIL) on Monday said its overall expenditure declined by 3.3 per cent to Rs 54,241 crore in the first nine months of the ongoing fiscal.

In a statement, the company also said its composite open cast production increased by 16.1 per cent in the April-December period.

"CIL's overall expenditure dropped to Rs 54,241 crore, during the referred period, from that of Rs 56,079 crore for the same period year ago," it said.

According to the statement, the company clocked 6.3 per cent output growth, 9.1 per cent surge in coal off-take and 17.3 per cent increase in Over Burden Removal (OBR) during the third quarter ended December 2020.

In terms of expenditure, employee benefit expenses dropped by Rs 735 crore.

These include salaries, performance-related pay of the executives, performance- linked reward of the non-executives and coal mines provident fund contributions.

In recent years, CIL has seen superannuation of around 13,000 employees annually.

The company's manpower stood at 2.72 lakh at the beginning of the current fiscal compared to 3.22 lakh employees four years ago.

During the nine-month period of the current fiscal, manpower reduced by 13,800. This reduction is expected to continue for few more years which would further shrink the employee benefit expenditure, which currently stands close to 50 per cent of CIL's overall revenue expenditure.

As per the statement, there was less provisioning for stripping activity of Rs 2,894 crore during the April-December 2020 period.

Stripping activity is the quantity of OB removed for the required coal produced. OBR is one of the significant components of the expenditure.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 15 2021. 16:57 IST
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