RINL earns Rs. 1,923 cr profit in FY'22

Visakhapatnam: The annual general meeting of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, on Wednesday, approved the highest-ever turnover of Rs 28,215 crore since inception with a growth of 57 per cent over the previous year during 2021-22.

The company earned positive profit before tax (PBT) after six financial years.

During the year, the company achieved an EBITDA of Rs 3,469 crore with a growth of 148 per cent over the previous year. The AGM (annual general meeting) held here was chaired by Atul Bhatt and attended by S Narayanaswamy, Under Secretary to the government of India, Ministry of Steel (MoS) through video conference from New Delhi.

Bhatt in his address informed the shareholders about the company's performance and mentioned that during the financial year 2021-22, the company earned cash profit of Rs 1,923 crore.

The best-ever performance was registered during the year in all major production areas with growth over previous year.