Calcutta, Oct. 23: Rashtriya Ispat Nigam Ltd (RINL) has turned the corner by posting a net profit of Rs 73 crore in the first half ending September 30 compared with a net loss of Rs 125 crore during the corresponding period last year.
The company has recorded a sales turnover of Rs 2,032 crore in the same period, which is a 13 per cent growth over the turnover of Rs 1802 crore in the first half of last year.
The company, which produces long products, recorded an impressive 72 per cent growth in exports at Rs 266 crore while domestic sales posted a 7 per cent growth at Rs 1766 crore.
The interest burden has been reduced by about 50 per cent to Rs 85 crore from Rs 166 crore.
Company sources said RINL has repaid Rs 75 crore towards the second instalment of bonds from its internal resources and liquidated its debt obligations in total during the current half year by Rs 340 crore, which includes Rs 165 crore payment ahead of schedule.