CMD, RINL, PK Nath, said that the company registered a strong performance by recording sales turnover of around Rs 18,000 crores, the second-highest since inception during the just concluded 2020-21 financial year. He said that the figures represent an impressive growth of 13% and the sales volumes reached 4.45 Million Tons, with a growth of 4%. RINL registered a net profit of about Rs 740 crore in the last 4 months.
In March 2021, RINL achieved a sales turnover of Rs 3,300 Crores and a sales volume of 7,11,000 tonnes in March 2021, for the first time in the history of the company. This sales turnover is 42% more than the previous best of Rs 2,329 Crores in March 2019. Mr Nath congratulated the RINL-VSP collective for the performance achieved in all areas of operations.
Addressing senior officers of the company in a virtual meeting, on Thursday, Mr Rath, highlighted the overall improvement in the performance of RINL and mentioned that this has been possible due to record levels of production being achieved since December 2020. He complimented the efforts for achieving the best-ever production figures exceeding the capacity of 6.3 MTPA (Million Tons Per Annum) expansion.
“During the year, we achieved export sales of 1.3 Million Ton, which is 261% higher than the previous year. In addition to this, 35 out of a total of 57 ocean export contracts were finalised with 100% Advance payment terms. Having established such a good market for exports, there should not be any looking back,” he added while appreciating the marketing collective.
He informed that RINL spent around Rs 10 crores during the year under CSR, which includes Rs 5 crores to PM CARES fund for COVID 19. He told that recruitment of 245 Management Trainees (Technical) is under process for the inclusion of fresh blood into RINL’s stream. Mr Nath also informed that Forged Wheel Plant at Raebareli is expected to start production from the first week of April 2021.