The highest March turnover since RINL was founded, a profit of 740 crore in the last 4 months
Amid the excitement of the employees of Rashtriya Ispat Nigam Limited (RINL), the business unit of Visakhapatnam Steel Mill, against the proposed 100% strategic sale of the mill, RINL has put in a strong performance with sales of around £ 18,000 crore for the fiscal year through 2020- 21, which is considered the second highest since its inception.
It also recorded impressive growth of 13% and a sales volume of 4.45 million t with a growth of around 4%. The company also posted net income of around £ 740 billion over the past four months, but the annual figure has yet to be worked out after calculating the losses incurred during the COVID-19 peak period.
The chairman and managing director of VSP PK Rath spoke to the executives on Thursday and said the steel manufacturer had a turnover of 3,300 crore and a sales volume of 7.11 million tons in March alone.
This is the highest monthly turnover since its inception and surpasses the previous record of GBP 2,329 billion in March 2019.
Mr Rath said this was possible due to the record production achieved since December 2020.
He praised the work of the VSP collective to achieve the best production numbers ever with a capacity of more than 6.3 MTPA after the expansion.
Export sales increase
The CMD also said that VSP had export sales of 1.3 million tons during the year, up 261% from the previous year.
In addition, 35 of a total of 57 sea export contracts with 100% prepayment conditions were concluded.
Rath also said that RINL spent around 10 crore under CSR during the year, including 5 crore for the PM CARES fund to help COVID-19.
He informed the board of directors and senior executives that 245 (technical) management trainees are currently being hired to infuse fresh blood into the RINL stream.
According to him, the forged wheel plant in Raebareli will start production from the first week of this month.
DK Mohanty, director (trade), KK Ghosh, director (projects), AK Saxena, director (operations) and other executives were present.