RINL Q3FY07 net exceeds target to touch Rs 318 cr

New Delhi, Feb 1 (UNI) The Andhra Pradesh-based public sector company, Rastriya Ispat Nigam Ltd (RINL), has posted a net profit of Rs 318 crore in the third quarter of this financial year against the target of Rs 302 crore.

The company also exceeded the net profit of Rs 263 crore achieved during the previous quarter, according to official sources.

The saleable steel production during the quarter at 8,58,000 tonnes also exceeded the MoU target of 8,12,000 tonnes by 6 per cent. This was briefed by RINL Chairman-cum-Managing Director Y S S Rao in a review meeting taken by Steel Minister Ram Vilas Paswan here today.

The minister advised RINL to sort out its raw material problems and to ensure timely completion of its expansion plan without any cost over-run.

Mr Paswan reminded the company of its corporate social responsibility to assist poor and needy people of the periphery area to improve their standard of living.

RINL was also asked to adopt a village in the periphery area and develop it as a model steel village, the sources said.

UNI