VISAKHAPATNAM: Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, has achieved a record turnover of `28,215 crore in the financial year 2021-22, with a growth of 57 percent over the previous year.
Also, it earned positive profit before tax (PBT) after six financial years. During the year, the RINL achieved an earning before interest, taxes, depreciation and amortisation (EBITDA) of `3,469 crore, marking a growth of 148 percent over the previous year.
Addressing the shareholders of RINL/VSP at its 40th annual general meeting here on Wednesday, RINL CMD Atul Bhat said the company has also earned a cash profit of `1,923 crore in the financial year 2021-22.
“After six financial years, we have earned a positive Profit Before Tax with a cash profit of `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.
“In spite of curtailed operations due to the 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,” the RINL CMD 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.
Reaping the benefits of the central dispatch yard, the best-ever dispatch rake retention of 15.58 hour was achieved in the financial year.
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.