RINL 39th AGM: Company achieved a Sales Turnover of Rs 17,980 Cr

The company has reduced the net loss (PAT) to Rs 789 Crs. as compared to a net loss (PAT) of Rs 3910 Crs. in the previous year.

RINL 39th AGM: Company achieved a Sales Turnover of Rs 17,980 Cr

New Delhi: The 39th Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited for the Financial Year 2020-21, the Navratna PSU, was held today at its Registered Office situated at Administrative Building, RINL/VSP, Visakhapatnam, A.P.

 

Shri Atul Bhatt, CMD, RINL, Chaired the Meeting. Shri Subhash Kumar, Under Secretary to the Govt. of India, Ministry of Steel (MoS) attended the AGM on behalf of the President of India as authorised nominee through Video Conference.

 

Shri VV Venugopal Rao, Director (Finance) & CFO, Shri Deb Kalyan Mohanty, Director (Commercial) & Director (Personnel) [Addl. Charge], Shri KK Ghosh, Director (Projects), Shri AK Saxena, Director (Operations) and Dr. Sita Sinha, Independent Director & Chairman of Audit Committee and Board Sub-committee on Nomination & Remuneration attended the AGM. Shri M Jagadeeshwara Rao, Company Secretary convened the meeting.

                                                                                                                                                                                                                  Shri Atul Bhatt, CMD addressing the shareholders said that in spite of the impact of COVID-19 during the year, the company achieved a Sales Turnover of Rs 17,980 Crs., with a growth of 14% over the previous year. The inventory of steel could be reduced by 0.290 Mt during the year by increasing the Exports to 1.308 Mt from 0.497 Mt in the previous year. With the gradual unlocking of economic activity in the country, the production was stepped up by reverting to 3 Blast Furnaces operations since Nov’20. With the commissioning of Coke Oven Battery-5 also in Dec’20, the production levels attained new highs. With improvement in market conditions at the same time, the company achieved Profit after Tax (PAT) since Dec’20, he added. For the year as a whole, the Company could achieve a positive EBITDA of Rs 1,400 Crs. as against negative EBITDA of Rs 1,499 Crs. in the previous year.   

 

The company has reduced the net loss (PAT) to Rs 789 Crs. as compared to a net loss (PAT) of Rs 3910 Crs. in the previous year.

 

The Techno-Economic parameters during the year were affected due to curtailed operations. However, the company achieved improvement in 2 major areas of cost, Iron Ore and Coal. The usage of Iron Ore Slimes as a replacement of Iron Ore Fines was increased to 24% from 9% in the previous year. The Pulverised Coal Injection was increased to 98.2 Kg/tHM from 97.2 Kg/tHM in the previous year. The sales of High-End Value Added steel increased to 24% of Domestic Sales during the year from 20% in the previous year.

 

CMD thanked all the stakeholders, particularly the Ministry of Steel and other Ministries of GoI, 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.

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