Visakhapatnam: Amid looming privatization threat, Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, achieved a record turnover of Rs 18,000 crore in the last financial year.
This is the second-highest turnover since the inception of the steel plant.
Chairman and Managing Director of RINL PK Rath said the company made an impressive growth of 13 percent and the sales volumes reached 4.45 million tons, with a growth of 4 percent. RINL registered a net profit of about Rs.740 Crores in the last 4 months.
In March 2021 alone, the company achieved a sales turnover of Rs 3,300 Crores and sales volume of 7,11,000 for the first time in the history of the company. This sales turnover is a whopping 42 percent more than the previous best of Rs 2,329 crore in March 2019.
Addressing senior officers in a virtual meeting on Thursday, PK Rath highlighted the overall improvement in the performance of the Company which achieved best-ever production figures exceeding the capacity of 6.3 MTPA (Million Tons Per Annum) expansion.
"During the year, we achieved export sales of 1.3 Million Ton, which is 261percent higher than the previous year. In addition to this, 35 out of 57 Ocean export contracts were finalized with 100 percent advance payment terms. Having established such a good market for exports, there should not be any looking back," the CMD told the officials.
He informed that RINL spent around Rs. 10 crores during the year under CSR which includes Rs 5 crores to PM Cares fund for COVID 19.
Rath also announced that the Forged Wheel Plant at Raebareli is expected to start production from the first week of April 2021.