Visakhapatnam: RINL expected to turn PAT positive in Q1 of 2023-24

Visakhapatnam: The year 2022-23 was the most difficult year due to multiple challenges that surfaced at multiple fronts. But because of the dedicated efforts of the team, the organisation has overcome the setbacks, CMD of Rashtriya Ispat Nigam Limited (RINL) Atul Bhatt said. Lauding the efforts of the team here on Saturday, the CMD said, "With lessons learnt from this difficult year and with focused determination, the organisation can turn Profit After Tax (PAT) positive in the first quarter of 2023-24."

He informed that preliminary acceptance certificate (PAC) has been issued for the forged wheel plant at Rae Bareli and very soon the production will be ramped up to 55,000 wheels in the current financial year to meet the demand from Indian Railways for high speed trains.  Speaking further, he said, "In the area of raw material securitisation, we had taken several initiatives, with timely intervention from the Ministry of Steel. We increased usage of indigenous coals in the blend and advance payment from customers was incentivised."  He added that Odisha Mineral Development Corporation, (OMDC), the RINL's subsidiary, could achieve significant progress towards resumption of mining operations. This would not only provide raw material security to RINL but also provide income in the form of dividends.

Appreciating the works of the team for maximising the production within the available resources, Bhatt said, "On the operations front, we have successfully sailed through the most difficult phase in the history of the company. For the year, hot metal production from 2 blast furnaces, finished steel production from all the expansion mills and high end value steel production are the best for any year since inception."  The marketing team was appreciated for its multiple initiatives and commercial skills like advance payments from customers etc. to secure the company's share in the market amidst the toughest competitive business environment.  DK Mohanty, director (Commercial), AK Bagchi, director (Projects), chief general managers, heads of the departments, senior executives, representatives of the steel executives association, among others attended the meeting.