VSP Declares Profit Of Rs 740 Crore, Rs 18K Crore Record Sales Turnover Amid Privatisation Worries

VISAKHAPATNAM: Even as the strike against the privatisation of the Visakhapatnam Steel Plant (VSP) crosses more than thirty days, Rashtriya Ispat Nigam Ltd, the corporate entity of VSP achieved a record sales turnover of around Rs 18,000 crore, the second-highest since its inception as per the 2020-21 financial year. RINL CMD PK Rath on Thursday said that VSP declared a net profit of Rs 740 crore in the last four months. In March 2021, the VSP achieved a sales turnover of Rs 3,300 crore and sales volume of 7,11,000 tonnes for the first time in its history. “This sales turnover is a whopping 42 per cent more than the previous best of Rs 2,329 crore in March 2019,” the CMD said.

Congratulations #RINL Collective ! Stupendous performance of Mktng div has helped RINL in achieving the best monthly sales turnover of Rs 3300 cr & vol of 7.11 lakh tons in March-a whooping 42% more than the previous best sales turnover of Rs2329 Cr in March '19#RINLMktng pic.twitter.com/fUlsmgrP5e

— RINL (@RINL_VSP) April 1, 2021

Addressing the RINL senior officers in a virtual meeting, the CMD highlighted the stupendous performance by VSP  in all areas of operations and complimented the VSP workforce for achieving the best ever production figures exceeding the capacity of 6.3 MTPA (Million Tonnes Per Annum).

Addressing employees on virtual platform on First day of New FY21-22 ,Sri PK Rath, CMD congratulated Team Mktng for their efforts which enabled RINL registering a growth of13% to reach Sales turnover of abt 18000 cr & 4% growth in Sales vol to record 4.45 Mt despite Covid yr

— RINL (@RINL_VSP) April 1, 2021

Responding to the news the Visakha Ukku Parirakshana Porta Committee(JAC) said that,'' Actions speak louder than words" exactly a year back the global pandemic has disrupted the complete operations, the market was very sluggish & the stock was piling up. Notably, the issue of Disinvestment came into the picture which shook everyone. We were never in losses. The so-called losses were the expenses which we were forced to spend on the purchase of Raw materials due to lack of captive mines. Vizag steel is always pride of steel. Our quality and productivity are better when compared to other players in the industry,'' they stated through their official Twitter handle.

We were never in losses. The so called losses were the expenses which we were forced to spend on purchase of Raw materials due to lack of captive mines. Vizag steel is always pride of steel. Our quality and productivity are better when compared to other players in the industry. pic.twitter.com/j1lnKdD8QE

— VSP Collective #VisakhaUkkuAndhrulaHakku (@VisakhaUkku) April 1, 2021

Also Read: VSP Privatisation: AP CM YS Jagan Writes To Centre Seeking Opportunity To Discuss Revival Options