New Delhi: RINL-VSP's Chairman & Managing Director (CMD) PK Rath said that the company has registered a strong performance by recording the sales turnover of around Rs 18,000 crore, the second-highest since inception during the just concluded financial year 2020-21, representing impressive growth of 13 percent. The sales volumes of the company reached 4.45 million tonnes, with a growth of 4 percent. RINL registered a net profit of about Rs 740 crore in the last four months.
The company has achieved a sales turnover of Rs 3,300 crore and sales volume of 7,11,000 tonnes in March 2021, for the first time in the history of the company. This sales turnover is a whopping 42 percent more than the previous best of Rs 2,329 crore in March 2019. He congratulated the RINL-VSP collective for the stupendous performance achieved in all areas of operations.
Addressing senior officers of the company, Rath commended the overall improvement in the performance and said that this has been possible due to record levels of production being achieved since December 2020. He complimented the collective for achieving best-ever production figures exceeding the capacity of 6.3 million tonnes per annum (MTPA).
"During the year, we achieved export sales of 1.3 million tonnes, which is 261 percent higher than the previous year. In addition to this, 35 out of total 57 ocean export contracts were finalised with 100 percent advance payment terms. Having established such a good market for exports, there should not be any looking back." He added while appreciating the marketing collective. He also appreciated MM, Finance and HR collective for achieving the best performance in their respective areas.
Rath informed that RINL spent around Rs 10 crore during the year under CSR, which includes Rs 5 crore to PM CARES fund for COVID-19. He told that the recruitment of 245 management trainees (Technical) is under process for the inclusion of fresh talent into RINL's stream. He added that the Forged Wheel Plant at Raebareli is expected to start production from the first week of April.
Rath further informed that the dedicated and sincere efforts of the RINL collective earned prestigious recognitions at many national and international platforms. They include National Energy Conservation Award 2019 First Prize, CII Godrej Green Business Centre National Energy Leader award after winning Excellent Energy Efficient Unit Award in 2017, 2018 and 2019. Three teams from RINL bagged "PLATINUM" awards, the top most awards at the International Convention on Quality Control Circles. RINL was awarded Rajbhasha Keerthi Puraskar First Prize by the Department of Official Language, Ministry of Home Affairs, GOI for best performance in Hindi Implementation for FY 2019-20. RINL's In-house Magazine 'Sugandh' was awarded Rajbhasha Keerthi Puraskar First Prize for 2018-19. He appreciated the employees whose incredible performance brought laurels to the company.
He called upon employees for focusing on some of the important aspects like, Increase in PCI in all the three furnaces, cost optimisation in all areas, utilisation of waste like metallurgical waste etc, innovative ways of cash management, sustaining production from expansion units, ensuring raw material security and capturing niche markets etc in the year 2021-22. He expressed confidence that the RINL collective will rise to the occasion and put the company on a higher platform in the year 2021-22.
RINL-VSP's Director (Commercial) DK Mohanty, Director (Projects) KK Ghosh, Director (Operations) AK Saxena, CVO KVN Reddy and CISF Commandant, Executive Directors physically participated in the meeting, while CGMS, GMs, HODs, representatives of SEA, Trade Unions, senior officers of RINL from all over India participated through virtual platforms like Google meet and Youtube.
The Corporate Communications Department conducted this programme in association with CSM, General Administration, Telecom and IT departments.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram & Twitter as well. Join PSU Watch Channel in your Telegram and follow us on Twitter to stay updated)