Neelachal Ispat Nigam Limited (NINL) Wednesday said it has achieved net sales turnover of Rs 2,100 crore in 2018-19, registering 126 per cent growth over the previous fiscal.
This was the highest net sales turnover ever achieved in the annals of NINL since the inception of the joint venture company of MMTC Ltd and Odisha Government PSUs, a company statement said.
With the addition of high value added billets, TMT, wire rods, structural through conversion agents, the top-line of NINL, based in Odisha's Kalinga Nagar, is expected to reach about Rs 4,000 crore in the 2019-20 fiscal, it said.
In the last financial year, NINL touched new high with highest ever annual hot metal, liquid steel, steel billet and sinter production.
Whereas the pig iron production of the company in the last fiscal is its second highest output. With 7.67 lakh tonne (7,67,010 tonne) Hot Metal, 6.21 lakh tonne (6,21,546 tonne) pig iron and 11.85 lakh tonne (11,85,750 tonne) sinter, the 1.1 million tonne capacity integrated steel plant recorded growth of 111 per cent, 83 per cent, 91 per cent respectively over the last fiscal 2017-18.
The company made commendable progress in steel production with 76,866 tonne liquid steel and 68,081 tonne steel billet output in the last fiscal after resuming production at its state-of-the-art steel melting shop in December 2018.
S.S. Mohanty, Vice-Chairman & MD, NINL, said, "NINL is in turnaround mode. Several activities are lined up for execution in the present fiscal which will strengthen the company. Operation of the captive mines is also expected soon which will be a game changer for the company."
The company is expected to start operation of its 110 million tonne reserves iron ore captive mines from the first quarter of the present fiscal. It has already got environment clearance, stage-I forest clearance and completed the execution of mines lease.
With the raw materials from captive mines in the FY20, the bottom line will also get a boost and may prove to be a game changer.
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