The Profit after Tax of Coal India Limited (Consolidated) for 4thquarter of FY 2017-18 was Rs 1295.34 crores as against Rs2718.80 crores in the corresponding 4th quarter of FY 2016-17 registering a decline of Rs 1423.46 crores which is around 52%. The major reason for dip in net profit was on account of impact of past service cost of Rs 7384.37 crores arising out of revision in gratuity ceiling limit from Rs10 lacs to Rs 20 lacs vide amendment of Payment of Gratuity Act with effect from 29th March 2018; which was fully provided for, in the 4thquarter Financial Statements of FY 2017-18. Although the Company, achieved growth in coal production and off-take, earned higher revenue from sale of coal and also reduced costs in various heads in the 4th quarter of FY 2017-18 ; mainly due to the above provision of Rs 7384.37 crores the profits declined by 52%. The statement of profit of Coal India Limited (Consolidated) for last five years is as under:
(Rs in crores)
|Year||Profit before Tax||Profit After Tax|
Expansion & modernization of existing mines, wherever feasible, is being undertaken for enhancement of coal production viz higher capacity mines with heavy mechanization to take advantage of economy of scale, expansion of existing mines wherever feasible, enhanced EC under special dispensation wherever possible, high capacity shovels and surface miners wherever geo-mining conditions are favorable, introduction of Surface Miners in opencast mines, Continuous Miner and Long wall in Under Ground mines etc. For improvement in safety standard, the measures being taken includes- implementation of risk assessment based Safety Management Plans (SMPs), implementation of Principal Hazards Management Plans (PHMPs) along with Trigger Action Response Plan (TARP), Online CIL Safety Information System (CSIS), Detection of mine gases by using Methanometer, CO-detector, Multi-gas detector etc, monitoring of mine environment by Environmental Tele Monitoring System (ETMS) & Local Methane Detectors (LMD) etc. , Dumpers fitted with Proximity Warning Devices, Rear view mirrors and camera, Audio-Visual Alarm (AVA), Automatic Fire Detection & Suppression system etc.
This information was given by the Minister of Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal in a written reply to a question in Rajya Sabha