Visakhapatnam: RINL registers cash profit of Rs 1,923 crore

Visakhapatnam: The Rashtriya Ispat Nigam Ltd. (RINL)-Visakhapatnam steel plant achieved an all time high turnover of Rs.28,215 crore and earned a cash profit of Rs.1,923 crore in the financial year 2021-22. Informing this during the 40th annual general meeting (AGM) of the Navaratna public sector undertaking RINL here on Wednesday, Chairman and Managing Director Atul […]

Visakhapatnam: The Rashtriya Ispat Nigam Ltd. (RINL)-Visakhapatnam steel plant achieved an all time high turnover of Rs.28,215 crore and earned a cash profit of Rs.1,923 crore in the financial year 2021-22.

Informing this during the 40th annual general meeting (AGM) of the Navaratna public sector undertaking RINL here on Wednesday, Chairman and Managing Director Atul Bhatt said RINL had earned positive Profit Before Tax (PBT) after six financial years.

---

“Best Ever Performance was registered during the year in all major production areas with growth over previous year, in spite of curtailed operations in Quarter 4 on account of Coking Coal crisis. The Hot Metal production of 5.77 million tonnes achieved during the year is the highest for any single unit of Public Sector Steel Plant in the country. Best Ever Performance was registered during the year in all important Techno Economic parameters,” he said.

Bhatt also said the High End Value Added Steel production had increased by 29 per cent over the previous year. Based on the customers requirement, 22 new grades were developed during the year. The Company achieved a growth of 81 per cent in the Sales to Projects Segment. With this, a growth of 28 per cent was achieved in Domestic Sales, though the Automobile Sector was impacted by shortage of semiconductor chips, he stated.