RINL POSTS BEST EVER Q-I PERFORMANCE
Vishakhapatnam Steel
Plant (VSP) of Rastriya Ispat Nigam Ltd. (RINL), a public sector
unit of the Steel Ministry has achieved a cash profit of Rs. 272.46
crore and net profit of Rs. 160.12 crore during the first quarter
of this fiscal. Its sales turnover during these 3 months was Rs.
1055 crore with a growth of more than 11 per cent over the same
period last year. These are the best ever Q-I performance since
inception, briefed the Chairman-cum-Managing Director Shri B.K.Panda
in a review meeting taken today by the Steel Minister Shri Braja
Kishore Tripathy.
Shri Panda said
that hot metal, liquid steel and saleable steel production during
the quarter has been 112, 113 and 107 per cent of the corresponding
MOU targets. It has also achieved best techno-economic indices
for any first quarter since inception. VSP’s position has improved
to 67th position from 68th position among
world’s largest steel producing companies.
The Minister
observed that RINL should try to enhance exports both in value
and volume as there is a strong demand for RINL products. He appreciated
RINL’s success in achieving six-fold net profit and substantial
reduction in borrowings during the quarter. He asked the company
to benchmark its inventory level with other companies both in
public and private sector. He asked the company to expedite the
installation of fourth Coke Oven Battery and said that Ministry
is trying to get Government’s approval for the battery at the
earliest. He advised the company to draw up a plan of action for
sustaining and augmenting its excellent performance.
