Singareni Declares 34 Percent Profit Share Bonus

Hyderabad, Sept 22 (Maxim News): Singareni Collieries Company Limited (SCCL) has announced a 34 per cent of its profit for 2024-25 as bonus, benefitting over 71,000 regular and contract employees. While around 41,000 regular workers will receive a bonus of Rs 1.95 lakh each, around 30,000 contract workers will get Rs 5,500 each.

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The company posted a net profit of Rs 6,394 crore for 2024-25, of which Rs.4,034 crore will be reinvested in expansion projects. From the balance Rs 2,360 crore, Rs.819 crore will be distributed as bonus.

Announcing the bonus at the Secretariat here, Chief Minister A Revanth Reddy hailed the role of Singareni workers in the Telangana statehood movement and assured that the government would press the Centre to curb privatisation. He also flagged a 7,000 crore GST revenue shortfall, demanding immediate compensation from the union government.

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Deputy Chief Minister Mallu Bhatti Vikramarka said SCCL’s expansion into gold and copper mining in Karnataka and new coal blocks in Odisha would push its annual output beyond 100 million tonnes. Consultants Pricewaterhouse Coopers and KPMG have been roped in to prepare a roadmap for critical minerals mining.

Meanwhile, the workers’ unions led by Telangana Boggu Gani Karmika Sangham (TBGKS) have been demanding a 35 per cent share on actual net profits, alleging that last year employees received only 16.9 per cent as special incentive despite promises of 33 per cent. They accused SCCL of under-calculating distributable profit by deducting expansion costs, slashing workers’ share nearly by half. (Maxim News)

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