RINL conducts its 37th AGM in Vizag

Vizag: Rashtriya Ispat Nigam Limited (RINL- VSP) a Navratna PSU under the Ministry of Steel, conducted its 37th Annual General Meeting (AGM) for the FY 2018-19 Thursday at its registered office in Visakhapatnam. RINL's CMD PK Rath chaired the meeting. Neeraj Agrawal, Director, Ministry of Steel, attended the AGM on behalf of the President of India as the authorised nominee. RINL's Director (Personnel) KC Das, Director (Finance) & CFO VV Venugopal Rao, Director (Commercial) Deb Kalyan Mohanty, Director (Projects) KK Ghosh and Independent Directors SK Mishra, Sunil Gupta, Ashwini Mehra attended the AGM. The company affairs department coordinated the proceedings of the meeting.

RINL adopts financial report for FY19 in AGM

While addressing to the shareholders of the company Rath explained the position of the company. He informed that during the FY 2018-19, the company has achieved a sales turnover of Rs 20,844 crores (including the sale of trial run production of Rs 506.32 crores). With a growth of 25 percent over the previous year and improved its market share to 8.80 percent in the year from 8.60 percent in the previous year.

RINL showed a impressive growth of 25 percent over the previous year and improved its market share to 8.80 percent in the year from 8.60 percent in the previous year. Also, the company earned a net profit of Rs 96.71 Crores compared to a net loss of Rs 1369.01 crore 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 registered a growth of 17 per cent over the corresponding period last year. With this, the company could achieve an earnings before interest, tax, depreciation and amortization (EBITDA) of Rs 1802.91 cr against EBITDA of Rs 346.19 cr in the previous year. The company earned a net profit of Rs 96.71 Crores compared to a net loss of Rs 1369.01 crore in the previous year.

ALSO READ: Let us rededicate ourselves to higher growth & prosperity: RINL CMD

RINL recorded growth of 11-12 percent in major areas of production during the year such as hot metal, liquid steel and saleable steel. The best annual performance was achieved in important techno-economic parameters, labour productivity, pulverised coal injection and specific energy consumption. Initiatives were taken to maximize the production of sales of value-added steel rounds from new units SBM and STM and maximizing medium carbon (MC) and high carbon (HC) grades. High carbon WRC sales touched a new peak with a growth of 33 percent over the previous year.

Rath thanked all the stakeholders, particularly the Ministry of Steel and other ministries, the government of Andhra Pradesh, 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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)