Vizag Steel Plant posts bestever turnover of Rs 11,517 cr

Visakahaptnam Steel Plant (VSP) has posted a sales turnover of Rs 11,517 crore in 201011, the highest-ever recorded by the public sector company. The company achieved the best-ever sales turnover of Rs 11,517 crore in the last financial year, A P Choudhary, Chairman and Managing Director (CMD) of Rastriya Ispat Nigam Ltd (RINL), the holding company of VSP, said. VSP had recorded gross sales of Rs 10,635 crore in 2009-10. He said 2010-11 was a significant year for RINL as it was bestowed with `Navratna' status with effect from November. Addressing the VSP shareholders at its 29th Annual General Meeting here, the CMD said during FY11, the firm achieved some of the best-ever yearly performance particularly in respect of production of value-added steel (79 per cent of saleable steel) to improve upon the sales realisation. The year was also challenging because of the impact of rising input prices which could not be neutralised by sales prices, Choudhary said. The shareholders approved the payment of dividend for 2010-11 at a rate of 10 per cent of PAT (profit after tax). The company would also be paying 7 per cent dividend on preference capital (inclusive of taxes). The total cash outflow on these account amounted to Rs 315.51 crore.