Notwithstanding the threat of the privatisation proposed by the Narendra Modi government and intermitted strike by the employees to stall the plan, the Visakhapatnam Steel Plant (VSP) or Rashtriya Ispat Nigam Limited (RINL) has achieved a profit before tax of Rs 835 crore during 2021-22.
According to VSP chairman and managing director Atul Bhatt, the steel plant put up a scintillating turnaround performance during 2021-22. The company achieved the best ever sales turnover of Rs. 28082 crores which is 35% higher than the previous best.
“The remarkable performance by the collective enabled RINL to achieve Turnaround in 2021-22 which led to register a Profit Before Tax of Rs. 835 Cr, after a gap of 6 years and the estimated Gross Margin of Rs 3,575 crore which is also the best for any year, since inception,” Bhatt said.
He lauded the works collective for achieving best ever production figures in all major production units during the just concluded fiscal, 2021-22 by achieving 5.77 million tonnes, 5.52 MT, 5.27 MT and 5.14 MT of hot metal, liquid steel, crude steel, saleable steel, respectively, which was the highest since inception.
In spite of severe financial stress, many flagship programmes could be undertaken under CSR and around Rs 11 crore was spent in the areas of Education, Health Care, Skill Development, Rural Development and Swachh Bharat, Bhatt added.
