State-run Rashtriya Ispat Nigam (RINL) has clocked the best-ever annual turnover of Rs 14,457 crore in 2011-12 buoyed by 6.5 per cent growth in sales.
“Our sales were up 6.5 per cent in 2011-12 at 3.5 million tonnes of steel. This has helped us to clock our best-ever turnover of Rs 14,457 crore, up 26 per cent than the previous fiscal,” a company official said.
The official said the company produced 3.4 mt last fiscal, utilising 113 per cent of the installed capacity.
Of the total sales, 2.25 mt were of special grade, which helped the company to fetch a premium, he said justifying the “robust” growth in the topline.
“This will also help the company to record highest-ever profitability,” he added.
With higher sales, RINL has increased its market share in the eastern, northern and western regions. Its sales were up 22 per cent in east, 13 per cent in north and 10 per cent in west, during the last fiscal.
The higher sales have also helped the company to bring down its inventory level to the lowest since inception at 72,000 tonnes, which is equivalent to the production of just six-seven days, the official added.
RINL has set a target of Rs 15,000-crore turnover for the current fiscal. It is likely to file the draft prospectus for its upcoming initial public offer (IPO) by June.