RINL achieves record turnover in FY 2021-22, says CMD Atul Bhatt

Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, has achieved a record turnover of Rs 28,215 crore in the 2021-22 financial year.

Presiding over the 40th annual general meeting of RINL here on Wednesday, CMD Atul Bhatt said the company achieved earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 3,469 crore, marking a growth of 148 per cent over the previous year.

After six financial years, we have earned a positive Profit Before Tax with a cash profit of Rs 1,923 crore in 2021-22, thanks to the highest ever turnover, Bhatt said.

The CMD said RINL registered best-ever performance in all important techno-economic parameters.

Inspite of curtailed operations due to coking coal crisis in the last quarter, we could register best-ever performance in all major production areas with growth over the previous year. The 5.77 tonne hot metal production was the highest for any single unit of a public sector steel plant in the country, he noted.

High-end value-added steel production increased by 29 per cent over the previous year. Based on the customer requirements, 22 new grades of steel were developed during the year, the CMD said.

The company achieved a growth of 81 per cent in the sales-to-projects segment, leading to a 28 per cent rise in domestic sales, though the automobile sector was impacted by shortage of semiconductor chips, Bhatt pointed out.

Under Secretary in the Union Ministry of Steel S Narayanaswamy attended the AGM as the President of India's nominee. RINL Directors Deb Kalyan Mohanty (Commercial), K K Ghosh (Projects), A K Saxena (Operations) and other senior officials also attended.