RINL turnover grows 2% to Rs 11,766 cr till Feb 28 this fiscal

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Vizag Steel, today said its turnover up to February 28 in the current fiscal recorded 2% growth to Rs 11,766 crore.

The PSU had clocked Rs 11,504 crore revenue for the 11 months period of last fiscal, 2012-13.

Exports recorded 72% growth at Rs 725 crore during the 11-month period compared to of Rs 421 crores for the same period last year, 2013-14.

According to a release issued by the steel maker, during February, it reported 11% and 20% growth in liquid steel and saleable steel production respectively compared to February 2013.

RINL CMD P Madhusudan called for greater commitment and coordinated efforts from employees for sustainable growth in the wake of low profit margins, the release added.

February also witnessed a growth of 5% in power generation thus reducing dependency on state grid.

The cumulative sales volume of saleable steel, special steel and wire rods registered a growth of 12%, 9% and 39% respectively, compared to the same period last year.