Vizag Steel plant records profits of ₹835 crore, first in six years

Rashtriya Ispat Nigam Limited (RINL) has registered a Profit Before Tax (PBT) of ₹ 835 crores after six years. Despite the threat of privatisation, the Vizag Steel Plant has shown profits in the financial year 2021-22.

Chairman and Managing Director (CMD) Atul Bhatt announced the results here in Vizag at the Ukkunagaram Club on Saturday and said that the steel plant, apart from achieving profits, has also recorded the highest sales of ₹28,082 crores and a gross margin of ₹3,575 crores in the fiscal year 2021-22. The CMD congratulated the steel plant staff for their collective efforts in achieving the best ever turnover figures across all major units.

The Vizag Steel Plant has seen a 35 per cent increase in sales turnover, which is higher than the previous best records. It has also achieved the height of 56 per cent increase in sales performance which is higher than the previous fiscal year. Despite having huge financial stress, many flagship programmes were undertaken under the Corporate Social Responsibility (CSR) and approximately ₹11 crores was spent on education, skill development, health care, Swacch Bharat and rural development according to the CMD.

He further urged the officials and representatives of all unions to optimise costs in all the areas, maximize power generation and minimise power imports. Additionally, he advised utilising metallurgical waste and use cheaper alternative raw materials and also further capturing the niche market in order to ensure the Vizag Steel Plant continues to show profits.

VV Venugopal Rao, Director (Finance), KK Ghosh, Director (Projects), DK Mohanty, Director (Commercial), AK Saxena, Director (operations), and many other senior officials were present at the gathering.

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