RINL’s April-December turnover zooms to Rs11,405 crore
New Delhi: Rashtriya Ispat Nigam Ltd (RINL) registered a growth in all areas of operations including the turnover which stood at Rs11,405 crore during April-December quarter of 2017, the public sector unit (PSU) said.
Besides, RINL is all set to record best ever performance during the last quarter of the current fiscal, according a statement issued by the company. The company’s April-December turnover was at Rs11,405 crore, a rise of 30% over corresponding period last year. The hot metal production during the said period grew 13% to 3.65 million tonne (MT) over the same period last year, it said.
The production of liquid steel at 3.54 MT was 15% more compared to the output in the year-ago period. The output of saleable steel rose 15% to 3.19 MT and labour productivity registered 16% growth. RINL-Visakhapatnam steel plant chairman and managing director (CMD) P. Madhusudan said the year 2017 saw completion of expansion, modernisation and taking the capacity to 7.3 MTPA and stressed the need to enhance the volumes to improve the bottom-line.
RINL is the corporate entity of Visakhapatnam steel plant. Madhusudan further said RINL achieved gross margin and there were no borrowings during November and December, indicating that RINL is all set to record best ever performance during the last quarter of the current fiscal.
He commended the marketing department for achieving a sales volume of 1 MT during November and December and a turnover of over Rs2,000 crore in December and exhorted them to tailor the marketing strategies to increase the net sales realisation (NSR).
Last year in October, RINL had unveiled plans to produce 1 million tonne of special steel during 2017-18 with an eye on higher market share in the segment. There is a growing market for value-added steel in India and RINL has already introduced new technologies in mills, the CMD had said adding that strategies have been drawn up accordingly to improve market share in the special steel segment.
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