Rashtriya Ispat Nigam turns profitable after 6 years

29 Sep 2022 , 08:51 AM

 Rashtriya Ispat Nigam Limited (RINL), the owner of Vishakhapatnam Steel Plant, has reported a record revenue of Rs28,215 crore for the fiscal year 2021—2022.

Atul Bhatt, CMD of RINL, presided over the company’s 40th annual general meeting on Wednesday in Visakhapatnam. He noted that EBITDA, or earnings before interest, taxes, depreciation, and amortization, increased by 148% over the prior year to Rs3,469 crore.

Thanks to the greatest ever turnover, “after six financial years, we have earned a positive Profit Before Tax with a cash profit of Rs1,923 crore in 2021—22,” Bhatt stated.

According to the CMD, RINL achieved its best-ever results across all significant techno-economic metrics.

Production of steel with high value-addition grew by 29% from the previous year. The CMD said that 22 new steel grades were created during the year based on customer requirements.

Although the vehicle industry was hampered by a shortage of semiconductor chips, the company saw growth of 81% in the sales-to-projects category, driving a 28% increase in domestic sales, Bhatt noted.

As the President of India’s representative, S Narayanaswamy, Under Secretary in the Union Ministry of Steel, attended the AGM.

For feedback and suggestions, write to us at [e-mail]