Western Coalfields net up 41% at Rs 1351 cr

Nagpur-based Western Coalfields Ltd (WCL) has surpassed its annual coal production target for the financial year 2005-06 and recorded a growth of 4.3 per cent over the previous year.

The estimated turnover during the year is Rs 4,906 crore, showing an increase of Rs 401 crore over the previous year's Rs 4,505 crore. The estimated profit is is Rs1,351 crore against previous year's Rs 935 crore, a rise of 41 per cent.

The company has ended the financial year with a total production of 43.20 million tonnes, the highest ever, as against the annual target of 41.90 million tonnes. Last year's output was 41.41 million tonnes.

The 4.3 per cent growth is creditable in view of the fact that potentiality-wise its production level had reached a saturation point in 2003-04 at 39.20 million tonnes.

The contribution to the state exchequer by way of royalty and taxes is up from Rs 529 crore in 2004-05 to about Rs 620 crore in 2005-06.

The total sales realisation from customers during 2005-06 was approximately Rs 5,510 crore against last year's Rs 4,629 crore. The total outstanding dues with customers were brought down from Rs 704 crore as on 01-04-2005 to Rs 324 crore as on April 1, 2006.

The total despatches of coal during 2005-06 was also the highest ever at 41.75 million tonnes against last year's 40.32 million tonnes, recording a growth of 3.5 per cent.

The main beneficiaries of increased despatches were WCL's linked thermal power plants and steel plants, which were supplied 3.4 per cent and 14.3 per cent more coal, respectively as compared to the previous year.

WCL's linked power houses are having comfortable stock of coal. During the year WCL offered 3.14 million tonnes of coal for the benefit of consumers including non-core sectors to meet there qualitative and quantitative requirements through e-marketing, out of which 2.62 million tonnes were bought by them.

E-marketing generated additional revenue of Rs 121 crore to the company.