Visakhapatnam:28/9/22: The 40th Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited, the Navratna PSU, was held today in Visakhapatnam.
Shri Atul Bhatt, CMD, RINL, addressed the shareholders of RINL/VSP and explained the position of the Company. Shri Bhatt mentioned that during the financial year (FY) 2021-22, the Company achieved the highest turnover of ₹28,215 Crores since inception, with a growth of 57% over the previous year. Also, the Company earned positive Profit Before Tax (PBT) after 6 Financial Years. During the year, the company achieved an EBITDA of ₹ 3469 Crores with a growth of 148% over the previous year. The Company has also earned a Cash Profit of ₹ 1,923 Crores in the financial year 2021-22.
Shri Bhatt said that the best Performance was registered during the year in all major production areas with growth over the previous year, despite curtailed operations in Q4 on account of the Coking Coal crisis. The Hot Metal production of 5.77 Mt achieved during the year is the highest for any single unit of Public Sector Steel Plant in the country. Best Ever Performance was registered during the year in all important Techno-Economic parameters. High-End Value Added Steel production was increased by 29% over the previous year. Based on the Customer’s requirement, 22 new grades were developed during the year. Reaping the benefits of Central Despatch Yard, the best Despatch Rake Retention of 15.58 hr was achieved in the year. The Company achieved a growth of 81% in the Sales to Projects Segment. With this, a growth of 28% was achieved in Domestic Sales, though the Automobile Sector was impacted by the shortage of semiconductor chips. With a focus on High-End Value Added Steel production, growth of 18% was achieved over the previous year (2020-21) he added.
Shri Bhatt thanked all the Stakeholders, particularly the Ministry of Steel and other Ministries of Government of India, the Government of AP, the Suppliers (Domestic and Overseas), Customers, Ancillary Units, Bankers, the People’s Representatives, the District Administration, and various other agencies for the confidence and trust bestowed upon the Company and the opportunity given for its continued growth for achieving various milestones and also sought their continuous support in future.