EIL Earns Profit Recovering From Losses; Set For Turnaround, Says RINL CMD

Visakhapatnam: Eastern Investments Limited (EIL), a subsidiary of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant has earned a net profit of Rs2.82 crore during 2023-24 as compared to a net loss of Rs16.54 crore during the previous year.

Bisra Stone Lime Company Limited (BSLC), another subsidiary of EIL has earned a net profit of Rs2.29 crore during 2023-24 as against Rs11.74 crore in 2022-23. The performance came up for review at the 97th Annual General Meeting (AGM) of EIL, a CPSE under the administrative control of the Ministry of Steel, was held on Saturday through video conferencing mode. RINL CMD (additional charge) Ajit Kumar Saxena, who is also the Non-Executive Chairman of EIL, chaired the meeting from the administration building the steel plant here.

Deputy Director General, Ministry of Steel and Government Director in EIL Swapna Bhattacharya attended the AGM from New Delhi through video conference. Under Secretary in the ministry S Narayanaswamy attended the AGM on behalf of the President of India as an authorised nominee from New Delhi. RINL Director (Personnel) and EIL Managing Director Suresh Chandra Pandey along with S Raja Babu, Company Secretary, EIL and K. Hema Raju, AGM (Company Affairs), representative of RINL, attended the AGM from Visakhapatnam. EIL Chief Financial Officer Puspen Sarkar and other officers attended the meeting from Bhubaneswar. Shareholders of EIL from different parts of the country attended the meeting through video conference.

The RINL CMD in his address explained the position of the EIL and mentioned that during the year 2023-24, EIL made a standalone net profit of Rs.2.10 lakh and its net worth stood at Rs267.19 crore.

He stated that the OMDC, subsidiary of EIL has earned a net profit of Rs2.82 crore during the year 2023-24 as compared to a net loss of Rs.16.54 crore during the previous year 2022-23 and The Bisra Stone Lime Company Limited (BSLC), another subsidiary of EIL has earned a net profit of Rs2.29 crore during the year 2023-24 as compared to Rs11.74 crore in the previous year 2022-23.