 "RINL's July sales up 19% to two lakh tonnes")
Rashtriya Ispat Nigam Ltd (RINL) today said its July sales went up by 19% to stand at about two lakh tonnes compared to the same month last year.
"RINL sold about 2 lakh tonnes of steel with a growth of 19% during July, 2013 and a cumulative growth of 4% during April-July, 2013," the Vizag-based steel maker said in a statement.
Value-added products, which generates better revenue than traditional prodycts for the same quantity, clocked a better sales for the month as well as for the first four-month period of the current fiscal.
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"Value added steel recorded a growth of 21% in July with a cumulative growth of 10% during April-July period of the current fiscal compared to a year earlier," it said.
The company clocked 7% higher revenue in July, but the cumulative revenue during the four-month period was lower by 10%. RINL attributed this to "sluggish market" conditions.
Liquid steel production of the company grew by 5% during July; while saleable steel output during the first four months grew by 9% over a year ago.
"The power generation also increased by 4% during the month and with that RINL has been able to meet over 90% of its monthly requirement of power from captive sources," it said.
Hoping that the "market is set to rebound particularly for long products with the recent government announcement towards bringing newer infrastructure products," RINL CMD A P Choudhary said RINL is fully geared up to supply additional volume of such products to meet the market demand.
RINL has started seven new Marketing Contact Offices (MCO) in the country at Trichy, Raipur, Ranchi, Allahabad, Siliguri, Jammu and Panaji. With this the total number of RINL's outlets across the country becomes 30, it said.