Rashtriya Ispat Nigam posts 57 per cent surge in turnover

Turnover of Rashtriya Ispat Nigam Limited surged by 57 per cent to hit a record high of Rs 28,215 crore for the financial year 2021-22, the Ministry of Steel said on Wednesday.

Turnover of Rashtriya Ispat Nigam Limited surged by 57 per cent to hit a record high of Rs 28,215 crore for the financial year 2021-22, the Ministry of Steel said on Wednesday. For the financial year 2021-22, the Company earned positive Profit Before Tax (PBT) after 6 fiscal, Atul Bhatt, Chairman and Managing Director of Rashtriya Ispat Nigam Limited (RINL) said while addressing the shareholders.

During the year, the company achieved an EBITDA of Rs 3469 crore with a growth of 148 per cent over the previous year. The Company has also earned a cash profit of Rs 1,923 crore in the financial year 2021-22. The 40th Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited, the Navratna PSU, was held on Wednesday in Visakhapatnam.

Bhatt said that the best performance was registered during the year in all major production areas with growth over the previous year, in spite of curtailed operations in Q4 on account of Coking Coal crisis. The Hot Metal production of 5.77 Mt 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. High End Value Added Steel production was increased by 29 per cent over previous year.

Based on the customers' requirement, 22 new grades were developed during the year. Reaping the benefits of Central Despatch Yard, best ever Despatch Rake Retention of 15.58 hr was achieved in 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. With focus on High End Value Added Steel production, growth of 18% was achieved over the previous year (2020-21) he added. (ANI)

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