The Visakhapatnam steel plant (Rashtriya Ispat Nigam Limited) earned gross profit of Rs 361 crores and profit after tax of Rs 150 crores on a turnover of Rs 2,976 crores during the first quarter, according to a press release issued here.
The improvement in financial performance in Q 1 has been mainly due to growth in production viz. 7 per cent in hot metal, 6 per cent in liquid steel, 9 per cent in power generation, 5 per cent in value-added heats and 7 per cent in oven pushings respectively.
A.P Choudhary, the CMD of the RINL, said that during Q-1 the performance improved overall, even though production got affected in June due to power restrictions by the State grid. The financial targets set in the MoU for the Q1 (2012-13) had been achieved, he added.