PK Rath, CMD,RINL said that the Company registered a strong performance by recording the highest sales turnover of INR 20,844 crores during the just concluded 2018-19 financial year, representing an impressive growth of 25% over CPLY of INR 16,625 crores. He congratulated the RINL-VSP collective for the stupendous performance achieved in all areas of operations.
Addressing senior officers of the Company in Ukkunagaram, Rath highlighted the overall improvement in the performance of the Company and mentioned that RINL achieved 5.77 million tons of Hot Metal, 5.52 mt of Liquid Steel and 5 Millon Tons of Saleable Steel, representing a growth of 12%, 11% and 11% respectively. The company also achieved a growth of 13% in total power generation and 8% in Labour productivity.
PK Rath, CMD,RINL addressing the senior officers of the plant today in Ukkunagaram
Rath said that RINL achieved a gross margin of INR 1700 crores during the year, a growth of 400% over CPLY. He called upon the employees for further ramping up of production and increase in Pulverized Coal Injection (PCI) in all the Blast Furnaces to reduce the cost of production. He said that the Coke Oven Battery-5, Forged Wheel Plant at Rae Bareli, Twin ladle Furnace are ready for early commissioning in the first half of the current year. Sri Rath expressed confidence that RINL collective would achieve a very good performance to regain the past glory during 2019-20.
In this gathering, various senior officials including P Raychaudhury, Director (Commercial), KC Das, Director (Personnel), VV Venugopal Rao, Director (Finance), PJ Vijayakar, CVO, Executive Directors, GMs, HODs, representatives of SEA, unions were present on the occasion.
On the commercial front, RINL achieved a 22% growth in High End Value Added Steel, development of niche products, 22mm Spring Steel for Railways and Spring Steel flats for automobiles. RINL also commenced international operations at Colombo. Vizag Steel products are continued to be used in national projects like Polavaram, Statue of Unity, Rohtang Tunnel, Metro Rail Projects and construction of AP capital – Amaravati etc.
Outlook for 2019-20
RINL is projected to achieve a production of 6.5 million tons of Hot Metal, 6.4 million tons of Liquid Steel and 5.8 million tons of Saleable Steel and a turn over of about INR 25,000 crores during FY 2019-20.