RINL turnover rises 28 per cent to a record Rs6,216 crore in H1-FY'12

Rashtriya Ispat Nigam Ltd (Vishakapatnam Steel Plant) has reported record turnover of Rs6,216 for the first half (April-September) of the current financial year (2011-12) with total sales volume of 1.34 million tonnes of steel.

RINL-VSP also achieved a net profit of Rs221 crore during the first half of the fiscal. The company's net worth as of 30 September2011 stood at Rs13,450 crore.

The state-run steel maker also absorbed the shock of a Rs650 crore additional cost burden mainly on account of higher coking coal prices and iron ore prices. These have been partially offset through management initiatives and in-house cost reduction exercises, the company said in a release.

The performance has been significant since RINL also achieved efficiency in operating parameters like water consumption, fuel rate in blast furnace, including coke rate and BF slag utilisation, in order to measure up to the global standards of steel production. During the period, RINL also achieved the highest average converter lining life since inception, RINL CMD A P Choudhary said.

During the first half of the year, the company also completed the physical work for phase -1 of the 6.3 mtpa capacity expansion project. The new units are likely to commence production in this fiscal.

RINL also submitted 27 applications for allotment of captive iron ore mines to the states of Odisha, Chattisgarh, Rajasthan, Karnataka and Andhra Pradesh.