Companies

RINL net profit at Rs 96.71 cr

Our Bureau Visakhapatnam | Updated on September 13, 2019 Published on September 13, 2019

The Visakhapatnam Steel Plant (Rashtriya Ispat Nigam Limited) has earned a net profit of Rs 96.71 crore on a sales turnover of Rs 20,844 crore, according to a press release issued here.

The 37th Annual General Meeting (AGM) of RINL was held here on Friday. P.K Rath, Chairman and Managing Director, chaired the Meeting and Neeraj Agrawal, Director, Ministry of Steel, attended the AGM.

Rath, addressing the shareholders of RINL/VSP, explained the position of the company and said it could improve its market share from 8.60 per cent to 8.80 per cent during the year. The turnover of Rs 20,844 crore including sale of trial run production of Rs. 506.32 crore with a growth of 25 per cent over the previous year. Despite the pressure on realisations in the second half , the net sales realisation for the year as a whole registered a growth of 17 per cent over the corresponding period last year. The company earned a net profit of Rs. 96.71 crore compared to a net loss of Rs 1369.01crore in the previous year.

The company recorded a growth of 11-12 per cent in major areas of production during the year such as hot metal, liquid steel and saleable steel. The best ever annual performance was achieved on important techno-economic parameters such as labour productivity, pulverised coal injection and specific energy consumption. Initiatives were taken to maximise production and sales of value-added steel rounds from new units SBM and STM and maximising medium carbon (MC) and high carbon (HC) grades. High carbon WRC sales touched a new peak with a growth of 33 per cent over previous year.

Published on September 13, 2019
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