CMD of RINL PK Rath registers record growth in all areas in Visakhapatnam

Visakhapatnam: Chairman cum Managing Director of Rashtriya Ispat Nigam Limited (RINL) PK Rath informed the stakeholders that the company has registered a record growth in all major areas of production during 2017-18 with a growth of 17 per cent in saleable steel production.  

The blast furnace coke rate, PCI rate, labour productivity and specific energy consumption achieved during the year are the best for any year since inception. 

The 36th annual general meeting (AGM) of RINL was held here on Saturday. 
While chairing the AGM, the CMD said that the company registered sales turnover of Rs 16,618 crore with a growth rate of 31 per cent.  

The saleable steel sales volume was higher by 21 per cent and the company could achieve an EBITDA of Rs 346.19 crore against a negative EBITDA of Rs.263.89 crore in the previous fiscal, Rath explained about the progress of the company.

However, the company 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, the CMD added. 

The RINL contributed Rs 2,394.98 crore to the national exchequer in the form of taxes and duties to various government agencies as against Rs 1,501.43 crore during the previous year. 

He informed that the company has staged a turnaround in 2018-19 and has posted a net profit in Q-1.  

These operational efficiencies, along with high-end value added steel, would significantly improve the overall performance of the company, Rath explained.

Neeraj Agrawal, Director, Ministry of Steel,  PC Mohapatra, Director (Projects), P Raychaudhury, Director (Commercial), VV Venugopal Rao, Director (Finance) and CFO Sunil Gupta were present.