RINL February turnover up 22% to Rs 1,465 cr

Records just 4% growth in production in February over the same month last year

Rashtriya Ispat Nigam (RINL) has clocked 22% growth in revenue in February at Rs 1,465 crore despite its production getting hampered for four days during the month.

"Our sales volume of 3.93 lakh tonne and turnover of Rs 1,465 crore are the best monthly performances in the current financial year," a company official said.

He said steel price had to be adjusted during the month due to sluggish demand and as a result of that, the increased turnover would not have much positive impact on the company's profitability.

Meanwhile, RINL's production got affected "significantly" due to the two-days nation-wide strike, with a cascading effect of over four days as the units had to be throttled.

"This disturbed the growth momentum. However, growth in some areas could be achieved," he said.

Recording just a 4% growth in production, RINL produced 3.11 lakh tonne steel in February over the same month last year.

The subdued production is also because of Andhra Pradesh government's restriction in the offtake of power. The state government has already imposed Rs 80 crore penalty on RINL allegedly for drawing more power than permitted.

RINL generated 227 MW power for captive consumption in February, up 2% over the same month last year.