Coal India to reduce manpower by 5% annually for the next 5-10 years

18 Jun 2021 CW Team

Coal India Limited, the world's largest mining company, announced on Tuesday that it will cut 5% of its workforce every year for the next 5-10 years to save money.

Since FY20, the mining company has employed 2,72,445 people, according to CIL's earnings call a day after reporting its March quarter results.

The company also stated that it would close unviable mines. There are 158 underground mines in operation, employing 43% of the workforce and contributing 5% of total production. In CIL, steps are being taken to phase out the unprofitable mines. The production of 11 of these Underground Mines has already been halted, according to CIL.

The company also stated that to efficiently operationalise greenfield projects, CIL devised a transformative plan to engage MDO for 15 projects (10 OC and 5 UG) with a combined total targeted capacity of about 160 MTY.

Work orders for two 45 MTY projects have been issued out of the 15 projects. The remainder of the projects are in various stages of tendering and NIT approval.

Coal India's stock is currently trading 1.10% lower on the BSE at 157.60 per share.

CIL reported a consolidated net profit of 4,588.96 crore for the quarter ended March 31, 2021, a drop of 0.8%. In the previous fiscal year, the company made a profit of Rs 4,655.76 crore.

CIL announced in a regulatory filing that its board of directors has approved a final dividend of Rs 3.50 per equity share with a face value of Rs 10 for the fiscal year 2020-21.

The company's consolidated sales fell to Rs 24,510.80 crore in the January-March period, down from Rs 25,597.43 crore in the March quarter of 2019-20, according to the filing.

However, the company's expenses fell to Rs 21,565.15 crore in the January-March 2021 quarter, down from Rs 22,373.046 crore the previous quarter.

CIL production fell to 203.42 million tonnes (mt) in the quarter, down from 213.71 mt in the same quarter of 2020.

During the January-March period, the company's offtake was 164.89 mt, up from 164.33 in the same quarter of 2020.

Over 80% of domestic coal production is produced by CIL. By 2023-24, the company plans to produce one billion tonne.

Image Source

Also read: 114 projects of Coal India in various stages of implementation

Also read: CIL records coal off-take to 55 mt in May

Coal India Limited, the world's largest mining company, announced on Tuesday that it will cut 5% of its workforce every year for the next 5-10 years to save money. Since FY20, the mining company has employed 2,72,445 people, according to CIL's earnings call a day after reporting its March quarter results. The company also stated that it would close unviable mines. There are 158 underground mines in operation, employing 43% of the workforce and contributing 5% of total production. In CIL, steps are being taken to phase out the unprofitable mines. The production of 11 of these Underground Mines has already been halted, according to CIL. The company also stated that to efficiently operationalise greenfield projects, CIL devised a transformative plan to engage MDO for 15 projects (10 OC and 5 UG) with a combined total targeted capacity of about 160 MTY. Work orders for two 45 MTY projects have been issued out of the 15 projects. The remainder of the projects are in various stages of tendering and NIT approval. Coal India's stock is currently trading 1.10% lower on the BSE at 157.60 per share. CIL reported a consolidated net profit of 4,588.96 crore for the quarter ended March 31, 2021, a drop of 0.8%. In the previous fiscal year, the company made a profit of Rs 4,655.76 crore. CIL announced in a regulatory filing that its board of directors has approved a final dividend of Rs 3.50 per equity share with a face value of Rs 10 for the fiscal year 2020-21. The company's consolidated sales fell to Rs 24,510.80 crore in the January-March period, down from Rs 25,597.43 crore in the March quarter of 2019-20, according to the filing. However, the company's expenses fell to Rs 21,565.15 crore in the January-March 2021 quarter, down from Rs 22,373.046 crore the previous quarter. CIL production fell to 203.42 million tonnes (mt) in the quarter, down from 213.71 mt in the same quarter of 2020. During the January-March period, the company's offtake was 164.89 mt, up from 164.33 in the same quarter of 2020. Over 80% of domestic coal production is produced by CIL. By 2023-24, the company plans to produce one billion tonne. Image Source Also read: 114 projects of Coal India in various stages of implementation Also read: CIL records coal off-take to 55 mt in May

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Infrastructure Transport

30 May 2026

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Infrastructure Urban

30 May 2026

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..