VISAKHAPATNAM: The 36th Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited, the Navratna PSU, was held in Visakhapatnam on Saturday. While RINL CMD PK Rath chaired the meeting, Ministry of Steel (MoS) director Neeraj Agrawal attended the AGM on behalf of the President of India as the authorised nominee.
Rath addressed the shareholders of the RINL and announced that the company recorded growth in all major areas of production during FY2017-’18, with a growth of 17 per cent in saleable steel production.
The BF coke rate, PCI rate, labour productivity and specific energy consumption achieved during the year have been the best for any year since inception.
“The company registered a sales turnover of Rs16,618 crore, a growth of 31 per cent. The saleable steel sales volume was higher by 21 per cent and the company could achieve an earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 346.19 crore against a negative EBITDA of Rs 263.89 crore in the previous year,” the CMD said.
He also said that the company had incurred a net loss of Rs 1,369.01 crore compared to Rs 1,263.16 crore in the previous year, mainly on account of a provision of Rs 541.05 crore towards the gratuity liability, subsequent to the amendment to the Gratuity Act.