RINL records net profit of Rs 96.71 crores

Visakhapatnam: Rashtriya Ispat Nigam Limited (RINL) also known as Vizag Steel earned a net profit of Rs 96.71 crore compared to a net loss of Rs 1,369.01 crore last year.

RINL CMD, P K Rath said that during 2018-2019 financial year, the company has achieved sales turnover of Rs 20,844 crore (including sale of trial run production of Rs 506.32 crore) with a growth of 25 per cent over the previous year and improved its market share to 8.80 per cent in the year from 8.60 per cent last year.

Despite the pressure on realisations in the second half of the year, the net sales realisation for the year as a whole registered a growth of 17 per cent over CPLY. With this, the company could achieve an EBITDA of Rs 1802.91 crore against EBITDA of Rs 346.19 crore last year.

The company recorded growth of 11-12 per cent in major areas of production during the year such as hot metal, liquid steel and saleable steel.

Best annual performance was achieved in important techno-economic parameters, labour productivity, pulverised coal injection and specific energy consumption.