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Business EconomyPosted at: Sep 13 2019 9:36PM


RINL-VSP earns Rs 96.17 cr net profit in FY 19

Visakhapatnam, Sep 13 (UNI) Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), has earned a net profit of Rs 96.71 crore in 2018-19 compared to a net loss of Rs 1,369.01 crore in the previous year.

The steel plant achieved a sales turnover of Rs 20,844 crore which included sale of trial run production of Rs 506.32 crore , with a growth of 25 per cent over the previous year and improved its market share to 8.80 per cent in the year from 8.60 per cent in the previous year, RINL-VSP Chairman and Managing Director, P K Rath said while addressing shareholders at the company’s 37th Annual General Meeting (AGM) held here on Friday.

Despite the pressure on realisations in the second half of the year, the Net Sales Realization for the year as a whole registered a growth of 17 per cent over corresponding period last year, he said

With this, the company could achieve an EBITDA of Rs 1802.91 Crore against EBITDA of Rs 346.19 Crore in the previous year, the company said in a statement here.

The Company recorded growth of 11-12 per cent in major areas of production during the year such as Hot Metal, Liquid Steel and Saleable Steel while the best annual performance was achieved in important techno-economic parameters, Labour Productivity, Pulverised Coal Injection and Specific Energy Consumption.

Initiatives were taken to maximize production of sales of Value Added Steel Rounds from new units SBM and STM and maximizing Medium Carbon (MC) and High Carbon (HC) grades.

High Carbon WRC sales touched new peak with a growth of 33 per cent over previous year, the company said.

Rath thanked all the Stakeholders, particularly the Ministry of Steel and other central Ministries , the Government of AP, the Suppliers (Domestic and Overseas), Customers, Ancillary Units, Bankers, the People’s Representatives, the District Administration and various other agencies for the confidence and trust bestowed upon the Company and the opportunity given for its continued growth for achieving various milestones and also sought their continuous support in future.

Ministry of Steel Director Neeraj Agrawal, attended the AGM on behalf of the President of India as authorized nominee.

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