The Visakhapatnam steel plant, Rashtriya Ispat Nigam Limited, has posted loss of Rs 1,369 crores on a turnover of Rs 16,618 crores during 2017-18. However, the company has achieved net profit in quarter one of the current year.
The annual general meeting of the company, held here on Saturday, reviewed the performance of RINL during the last financial year.
Chairman and Managing Director P.K. Rath told the shareholders that the company recorded growth in all major areas of production during 2017-18, with a growth of 17 per cent in saleable steel.
The company registered sales turnover of Rs 16,618 crore with a growth of 31 per cent.
However, the company incurred a net loss of Rs.1,369.01 crore compared to Rs 1,263.16 crore in the previous year, mainly on account of a provision of Rs.541.05 crore towards the gratuity liability, subsequent to the amendment to the Gratuity Act.