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RINL posts Rs 97 crore profit in FY19

Kolkata: RINL, also known as Vizag Steel has earned a net profit of Rs 96.71 crore in 2018-19 compared to a net loss of Rs 1,369 crore in the previous financial year 2017-18.

“The company achieved a sales turnover of Rs 20,844 crore , which included sale of trial run production of Rs 506.32 crore, with a growth of 25% over the previous year,” RINL chairman P K Rath said, while addressing shareholders at the company’s 37th annual general meeting in Visakhapatnam on Friday.

RINL also said it improved its market share to 8.80% in the year 2018-19 from 8.60% in the previous year. Despite the pressure on realisations in the second half of the year, the Net Sales Realization for the year as a whole registefred a growth of 17% over same period last year. With this, the company could achieve an EBITDA of Rs 1802.91 crore against EBITDA of Rs 346.19 crore in the previous year, an official statement said.

The company recorded a growth of 11-12% in major areas of production during the year such as Hot Metal, Liquid Steel and Saleable Steel. It also manged to achieve its best annual performance in key techno-economic parameters, like,Labour Productivity, Pulverised Coal Injection and Specific Energy Consumption. Initiatives were taken to maximize production and sales of Value Added Steel Rounds from new units SBM and STM and maximizing Medium Carbon (MC) & High Carbon (HC) grades. The company said High Carbon WRC sales touched new peak with a growth of 33% over previous year.

Source: Economic Times