Key Points
The company said salaries for non-executives are due for revision from July 1, 2021 and pending finalisation of a wage agreement with unions, a provision of Rs 5,870.16 crore has been made in the quarter...
Coal India Ltd, the worlds largest coal miner, on Sunday reported 17.7 per cent drop in its March quarter net profit on higher provision made for wage revision of employees.Consolidated net profit of Rs 5,527.62 crore, or Rs 8.98 per share, in January-March is compared with Rs 6,715 crore, or Rs 10.86 a share earning in the same period a year back, according to the companys filing with stock exchanges...
The decline in profit in the fourth quarter of 2022-23 (April 2022 to March 2023) was despite coal production and dispatches to users..
Workers are seeking a 47 per cent increase in wages while Coal India has offered a 3 per cent raise.. Its salary bill was Rs 49,409 crore in the 12 months ended March, about 22 per cent higher from the previous year..
Though e-auction sales at 16.40 million tonne were lower by 41 per cent in volume terms in Q4 compared to 27.65 million tonne of similar quarter in FY22, higher premiums under the e-window helped CIL in cranking up e-auction sales by Rs 690 crore, the statement said...
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