The 37th Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited, the Navratna PSU, was held on 13th September, 2019 at its Registered Office situated in Visakhapatnam.
PK Rath, CMD,RINL-VSP Chaired the Meeting. Neeraj Agrawal, Director, Ministry of Steel (MoS) attended the AGM on behalf of the President of India as authorised nominee.
K C Das, Director (Personnel), V V Venugopal Rao, Director (Finance) & CFO, Deb Kalyan Mohanty, Director (Commercial), K K Ghosh, Director (Projects), S K Mishra, Independent Director, Sunil Gupta, Independent Director and Ashwini Mehra, Independent Director were attended the AGM. Company Affairs Department coordinated the proceedings of the Meeting.
P K Rath, CMD, RINL, addressed the shareholders of RINL/VSP and explained the position of the Company. In his address, he informed that the Company has achieved sales turnover of INR 20,844 Crores (including sale of trial run production of INR 506.32 Crores) with a growth of 25% over the previous year and improved its market share to 8.80% in the year from 8.60% in the previous year. Despite the pressure on realisations in the second half of the year, the Net Sales Realization for the year as a whole registered a growth of 17% over CPLY. With this, the company could achieve an EBITDA of INR 1802.91 Cr against EBITDA of INR 346.19 Cr in the previous year.
The company earned a net profit of INR 96.71 Crores compared to a net loss of INR 1369.01 Crs in the previous year.
The Company recorded growth of 11-12% in major areas of production during the year such as Hot Metal, Liquid Steel and Saleable Steel. Best annual performance was achieved in important techno-economic parameters, Labour Productivity, Pulverised Coal Injection and Specific Energy Consumption. Initiatives were taken to maximize production of sales of Value Added Steel Rounds from new units SBM and STM and maximizing Medium Carbon (MC) & High Carbon (HC) grades. High Carbon WRC sales touched new peak with a growth of 33% over previous year.
He 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.