March sales highest since RINL’s inception, ₹740 crore profit in last 4 months
Amidst an agitation taken up by the employees of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, against the proposed 100% strategic sale of the plant, RINL has registered a strong performance by recording a sales turnover of around ₹18,000 crore for the financial year ending 2020-21, which is said to be the second highest since its inception.
It also recorded an impressive growth of 13% and the sales volumes reached 4.45 million tonnes, with a growth of about 4%. The company also registered a net profit of about ₹740 crore in the last four months, but the annual figure is yet to be arrived at, after calculating the losses it made during the peak COVID-19 period.
Addressing the officers here on Thursday, Chairman and Managing Director of VSP P.K. Rath said that the steel maker had achieved a sales of ₹3,300 crore and sales volume of 7.11 million tonnes in March alone.
This, according to him, was the highest one month sales since its inception and it beats the previous record of ₹2,329 crore, in March 2019.
Mr. Rath said it was possible due to record levels of production achieved since December 2020.
He complimented the work done by the VSP-collective for achieving the best ever production figures exceeding capacity of 6.3 MTPA, post expansion.
Export sales surge
The CMD also said that during the year VSP had achieved export sales of 1.3 million tonnes, which was 261% higher than the previous year.
In addition to this, 35 out of total 57 ocean export contracts were finalised with 100% advance payment terms.
Mr. Rath also said that RINL had spent around ₹10 crore during the year under CSR which included ₹5 crore to the PM CARES fund for COVID-19 relief.
He informed the board and the officers that the recruitment of 245 management trainees (technical) is under process for infusion of fresh blood into RINL’s stream.
According to him, the Forged Wheel Plant at Raebareli is expected to start production from the first week of this month.
D.K. Mohanty, Director (Commercial), K.K. Ghosh, Director (Projects), A.K. Saxena, Director (Operations), and other senior officers were present.
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