RINL achieves turnaround, clocks PBT of Rs 835 crore in 2021-22
RINL-VSP, which is being privatised as part of strategic disinvestment, has achieved a profit before tax (PBT) of Rs.835 crore with a scintillating turnaround performance during 2021-22, Atul Bhatt, CMD of of the company said on Saturday.
image for illustrative purpose
Visakhapatnam RINL-VSP, which is being privatised as part of strategic disinvestment, has achieved a profit before tax (PBT) of Rs.835 crore with a scintillating turnaround performance during 2021-22, Atul Bhatt, CMD of of the company said on Saturday.
"The year 2021-22 has been a year of turnaround and I congratulate RINL collective for achieving a stupendous performance in all areas", said Bhatt while addressing senior officials and representatives of various unions at a function organized at MP Hall of Ukkunagaram Club.
The CMD lauded the collective for achieving the best ever sales turnover of Rs.28,082 croresl which was 35% higher than the previous best.
The remarkable performance by the collective enabled RINL to achieve turnaround in 2021-22 which led to register a PBT of Rs.835 crore after a gap of 6 years and the estimated gross margin of Rs.3,575 crore which is also the best for any year, since inception, announced Bhatt amidst a thunderous applause by the audience.
The CMD lauded the works collective for achieving best ever production figures in all major production units during the just concluded fiscal, 2021-22 by achieving 5.77 Mt(million tons), 5.52 Mt, 5.27 Mt, 5.14 of hot metal, liquid steel, crude steel, saleable steel, respectively, which was the highest since inception.
Ispite of severe financial stress, many flagship programmes could be undertaken under CSR and around Rs.11 crore was spent in the areas of education, health care, skill development, rural development and Swachh Bharat, Bhatt added.
V. Venugopal Rao, Director (Finance), DK Mohanty, Director (Commercial) & Director (Personnel) additional charge, KK Ghosh, Director (Projects), AK Saxena, Director (Operations), KVN Reddy, CVO, several senior officials, Forum for Women in Public sector (WIPS), representatives of SEA, trade unions, SC & ST and OBC associations attended the programme.
CSM Department conducted this programme in association with Corporate Communications, Town administration, General Administration, Telecom and IT department.
