Coal India Limited, the world's largest coal mining company, is planning layoffs to cut costs. Its preparation has also started. In a statement issued on Tuesday, Coal India said that to bring down the cost of the company, the number of employees will be reduced by 5 percent every year. This process will continue for 5 to 10 years.
Presently 2,72,445 employees are working in the mining company Coal India. Government-owned Coal India Limited on Monday announced the March quarter results for the financial year 2020-21. During this period, the company's consolidated profit declined marginally by 1.1 percent to Rs 4,586.78 crore. The decrease in profit was due to lower sales. A day after the March quarter results, the company has given information about laying off employees.
The company will close many mines
In a statement issued by the company, it was said that it will also close many mines. Of these, 158 are underground mines, which employ 43 percent of the workforce, while their contribution to the total production is only 5 percent. The company said that the process of closing those mines of Coal India, which are not making a profit, is going on in a phased manner. Production from 11 such underground mines has already been stopped.
Know how much loss the company suffered
Let us inform you that the company said in the information given to the stock market on Monday that its consolidated sales in the quarter January-March 2020-21 declined to Rs 24,510.80 crore as compared to Rs 25,597.43 crore in the corresponding quarter of the financial year 2019-20. However, the company's expenditure in the January-March 2020-21 quarter declined to Rs 21,565.15 crore as against Rs 22,373.046 crore in the corresponding quarter of 2019-20.
Coal India said that its board has recommended an additional dividend of Rs 3.50 per share at the face value of Rs 10 per share for the financial year 2020-21. The members will approve it in the upcoming Annual General Meeting of the company. The company has recommended paying an extra dividend than anticipated. On Monday, the share price of Coal India fell 2.1 percent to Rs 159.20.
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