Synopsis:
Rashtriya Ispat Nigam Limited has achieved remarkable milestones in the 2023-24 financial year, setting new records in sales and production despite challenging market conditions and raw material constraints.
Article:
In a year marked by sluggish markets and raw material scarcity, Rashtriya Ispat Nigam Limited has defied the odds, soaring to unprecedented heights in both sales and production during the 2023-24 financial year. The company's unwavering commitment to excellence and continuous improvement has yielded impressive results, setting new benchmarks in the steel industry.
On the marketing front, RINL has registered a sale of 730,000 metric tons of Wire Rod Coils, marking a remarkable 43% growth over the corresponding year. Additionally, the company sold 508,000 metric tons of Structurals, representing an 11% increase compared to the previous year. These figures stand as the best-ever sales for any financial year since RINL's inception, underscoring the company's strong market presence and customer satisfaction.
RINL's Value Added Steel sales also reached new heights, with 1.324 illion metric tons sold during the 2023-24 financial year. This represents 31% of the company's domestic sales and a staggering 37% growth over the corresponding period last year. The achievement of the best-ever VAS sales since inception further solidifies RINL's position as a leader in the value-added steel segment.
Despite the challenges posed by the sluggish market and the high prices and limited availability of raw materials, RINL managed to register a sales turnover of Rs. 23,129 crores during the 2023-24 financial year, marking a 2% growth over the corresponding period last year. This resilience in the face of adversity is a testament to the company's robust strategies and adaptability.
In a bid to enhance customer satisfaction and last-mile connectivity, RINL has significantly expanded its door-delivery service. During the 2023-24 financial year, the company delivered around 90,000 metric tons of steel directly to customers' doorsteps, compared to just 15,000 metric tons in the previous year. This six-fold increase in door-delivery service showcases RINL's commitment to customer-centricity and its ability to adapt to evolving market demands.
RINL's production performance has been equally impressive, with the company achieving the best-ever production levels in its expansion units. The Special Bar Mill produced 543,942 metric tons, while the Wire Rod Mill-2 and the Structural Mill recorded outputs of 615,588 metric tons and 580,413 metric tons, respectively. These figures represent the highest production levels achieved by these units since their inception, highlighting RINL's operational excellence and capacity utilization.
The company's overall production figures are also noteworthy, with 4.7 million metric tons of Hot Metal and 4.6 million metric tons of Liquid Steel produced during the 2023-24 financial year, representing a 7% growth over the corresponding period last year. RINL also celebrated a significant milestone by surpassing a total Liquid Steel Production of 110 million metric tons since its inception, reaffirming its position as a key player in the industry.
Mr. Atul Bhatt, Chairman-cum-Managing Director of RINL, lauded the dedication and perseverance of the entire RINL workforce in achieving these remarkable milestones. He expressed gratitude to all employees for their tireless efforts and reaffirmed the company's commitment to excellence and sustainable growth.
Conclusion:
RINL's exceptional performance in the 2023-24 financial year stands as a testament to the company's resilience, adaptability, and unwavering commitment to excellence. Despite the challenges posed by market conditions and raw material constraints, RINL has achieved unprecedented milestones in both sales and production, setting new records and solidifying its position as a leader in the steel industry.
Source: STEELGURU
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