The country’s first shore based and integrated steel plant, Vizag steel plant which has been bogged down in privatisation news has come out with some impressive financial results for FY ’21.
A Navaratna PSE under the Ministry of Steel, RINL(corporate entity of Vizag Steel Plant) achieved a sales turnover of around Rs 18,000 crores representing an impressive growth of 13% while sales volumes reached 4.45 Million Tons, marking a growth of 4%.
Sales turnover of Rs 18,000 crores
2nd highest since inception
Export sales of 1.3 Million Tons
261% higher than the previous year
The sales turnover is the 2nd highest for the company since inception. Similarly for the month of March’ 21 the company achieved a sales turnover of Rs.3,300 Crores and sales volume of 7,11,000 Tons in Mar’21. This is the first time in the history of the company said a release from RINL. This sales turnover is a whopping 42% more than the previous best of Rs.2,329 Crores in Mar’19.
The company also registered a net profit of about Rs.740 Crores in the last 4 months.
Congratulating the RINL-VSP collective for the stupendous performance of the company, RINL’s CMD Mr PK Rath, stated that this has been possible due to record levels of production being achieved since Dec ’20.
“Net profit of about Rs.740 Crores in the last 4 months”
He complemented the works collective for achieving best ever production figures exceeding capacity of 6.3 MTPA (Million Tons Per Annum) expansion.
“During the year, we achieved export sales of 1.3 Million Ton, which is 261% higher than previous year. In addition to this, 35 out of total 57 Ocean export contracts were finalised with 100% Advance payment terms. Having established such a good market for exports, there should not be any looking back” said Mr Rath.
He further informed that, RINL had spent around Rs. 10 crores during the year under CSR which includes Rs. 5 crores to PM CARES fund for COVID 19.
“35 out of total 57 Ocean export contracts finalised with 100% Advance payment terms”
The CMD apprised that Recruitment of 245 Management Trainees (Technical) is under process for inclusion of fresh vigour into RINL’s stream.
He also informed that the Forged Wheel Plant at Raebareli is expected to start production from the first week of April ’21.
“Recruitment of 245 Management Trainees (Technical) under process”
For the current fiscal Mr. Rath called upon the employees for focusing on some of the important aspects like, Increase in PCI in all the three furnaces, Cost optimization in all the areas, Utilization of waste like metallurgical waste etc, Innovative ways of cash management, Sustaining production from expansion units, ensuring raw material security and Capturing niche markets etc.