Coal India May Close 53 Underground Mines

Coal India May Close 53 Underground Mines

Coal India Ltd. (CIL) may close down 53 underground mines in 2018-19 even as it looks for solutions to these mines which it had inherited as a legacy of the pre-nationalisation days, said Anil Kumar Jha, Chairman, CIL.

CIL hit by gratuity provision but revenue growth is a bright spot

CIL hit by gratuity provision but revenue growth is a bright spot

At first glance, Coal India Ltd’s (CIL’s) reported March quarter consolidated Ebitda looks miserably low at just Rs196 crore. But employee costs rose a whopping 80% against the year-ago period, which included Rs7,384 crore towards provisions for an increase in the gratuity ceiling. This is one-off in nature. Adjusting for this, earnings are better than expected, say analysts.

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