Rashtriya Ispat Nigam Ltd (RINL) today said its revenue dipped to 5.8 per cent at Rs 13,650 crore in 2012-13 fiscal due to subdued demand for steel.
The Vizag-based firm had clocked Rs 14,450 crore sales in the previous fiscal, a company official said.
“The main reason for the dip in sales is subdued demand for steel for almost the entire fiscal,” he added.
However, RINL’s export revenue in 2012-13 went up to Rs 601 crore, registering a 45 per cent growth, while rural sales improved by 15 per cent over the previous fiscal.
Production of finished steel grew by just at one per cent at 3.4 million tonnes. Its captive power generation, however, reached the highest level in the last five years at 211 MW.
“This helped the company to maintain the production level despite power restrictions imposed by the state grid during the last eight months,” RINL said in a statement.
RINL is fully prepared to meet the growing requirement of power with the commissioning of the expansion units that will take the company’s steel-making capacity to 6.3 million tonnes per annum (mtpa) from 2.9 mtpa now, it added.
The company has also registered improved performance in various techno-economic parameters with eight per cent growth in labour productivity and six per cent improvement in specific water consumption, it said.
The capex expenditure was around Rs 1,300 crore in 2012-13. RINL paid Rs 1,652 crores during the year 2012-13 to the government towards redemption of preferential equity and payment of dividend.
In 2013-14, RINL has targeted a growth of 20-25 per cent in various areas, considering production from the new expansion units.