The government-run Coal India has set aside Rs 8,152.75 crore from its profit in the financial year 2022-23 to meet the expense of higher salary payments to its employees, which is due for revision from July 1, 2021. The company’s net profit dipped by 18 per cent year-on-year to Rs 5,528 crore for the quarter ended March 2023 mainly due to this surge in provisioning.
“PAT would have been the highest ever profit in any quarter had the provision not been made,” a statement issued by the company pointed out, after its board of directors met on Sunday to approve the financial results for the fiscal year 2022-23.
In January this year, Coal India and four central trade unions—BMS, HMS, AITUC and CITU —
