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    Published On : Mon, Aug 13th, 2018

    WCL registers financial turnaround trend in Q1 of 2018-19


    Nagpur: Western Coalfields Limited (WCL), after recording highest ever growth in Production & Despatch during Ist quarter of FY 2018-19, has also registered financial turn around trend during Ist quarter of current financial year. This is the first step of improvement under Mission WCL 2.0 started in June’18.

    WCL, which incurred losses during last 2 financial years, has gained Profit Before Tax(PBT) of Rs. 21.07 Crs during April to June’ 18 against a loss of Rs. 169.10 Crs in Ist quarter of last financial Year. Total Comprehensive Income (TCI) has also been Rs. 165.32 Crs against a loss of Rs. 171.60 Cr during Ist quarter of last year . Thus, Networth of WCL has now become Rs. 1034.07 Crs on 30th June, 2018 in comparison to Rs. 868.75 Crs on 31th March, 2018.

    WCL had achieved highest ever coal production of 46.22 MT & despatch of 48.76 MT during 2017-18. Despite excelling in physical performance, company suffered losses due to various provisions made against Wage increase, OBR adjustment, Gratuity, etc. In order to improve both Physical & Financial performance & having overall improvement & sustainance, Mission WCL 2.0 has been launched. Objective of Mission 2.0 is to involve all employees, stakeholders etc. for joint effort to achieve goal of the Company. Good response from all corners have come & action on all fronts have started. More than 15000 suggestions were received from Category–I worker to senior most executive. Each suggestion has been carefully examined and road map has been prepared. Emphasis has been made to reduce losses on account of Quality of Coal, reduction in expenditure, more revenue generation by proper sales mix, etc.

    Impact of Mission WCL 2.0 has already started in improvement in Quality of coal , maximum despatches to both power & non power consumers, OBR adjustment in identified mines, Scrap disposal, Colony maintenance ,pending land issues for expansion projects, Up-gradation of three existing Hospitals Barkuhi in MP, JLN at Nagpur and Rajiv Ratan at Wani into Central Hospital for the employees of WCL.

    WCL has set a target of 52.5 Million Tonnes (MT) of coal production & 59.70 Million Tonnes (MT) of despatch during the current fiscal 2018-19. This sets a double digit growth of 14 % in production & 22 % in despatch which has never happened since inception of the company. Till date WCL has already registered 12% growth in Production and 18 % growth in Despatch in double digits even after having rains.

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