RINL clocks best-ever August turnover at Rs 1,260 crore

Turnover is 17% higher compared to corresponding period last year

Bouyed by higher sales, Rashtritya Ispat Nigam Ltd (RINL) today said it has clocked its best-ever August turnover at Rs 1,260 crore.

"In spite of difficult market conditions and sluggishness in domestic and global market, RINL achieved an impressive turnover of Rs 1,260 crore in August 2013, the best for any August since inception," RINL said in a statement.

It (turnover) is also 17% higher compared to corresponding period last year.

During the April-August period, the company's sales grew by 6%. Sales of saleable steel and special steel grew by 8% and 13% over the same period last year, it said.

"The proportion of special steel in total saleable steel sales stood at 80% during the April-August period as compared to 77% in the same period last year," the company said.

It said, "Market analysis indicates sluggishness is likely to continue in the medium term given the weak micro economic fundamentals in domestic economy and slow recovery in global markets."

To overcome this, the company is continuously focusing on increasing the product basket with customised high-end products to develop niche market.