Media reports quoted Narsing Rao, Chairman of Coal India (CIL) as saying that the firm, which posted a turnover of Rs 88,281 crore during 2012-13 hopes to achieve a 12-13 percent growth in the same in the current financial year.
He reportedly expressed hope of exceeding Rs 100,000-crore turnover during 2013-14. There are only eight companies in India that are in the Rs 100,000-crore club: Indian Oil Corporation, Reliance Industries, Bharat Petroleum, Hindustan Petroleum, Tata Motors, State Bank of India, ONGC and Tata Steel.
But CIL ranks fourth in terms of net profit ONGC, RIL and SBI. In 2012-13, the firm posted a net profit
of Rs 17,356 crore.
CIL aims to produce around 482 million tonne of coal this year and sell around 492 million tonne. With prices rising by about 4.7 percent during last month, the firm hopes to surpass the Rs 100,000-crore mark.
Coal India is, in fact, one of the largest PSUs that repays heavily to the states from where it operates. This is for the second successive year that the company has paid more than Rs 30,000 crore to the exchequer