Bhubaneswar, Oct 1 (PTI) Neelachal Ispat Nigam Ltd’s turnover jumped by Rs 298 crore in the first five months of fiscal 2018-19, compared to the corresponding period a year ago, Vice Chairman-cum-Managing Director S S Mohanty said. Also Read - Odisha Woman Ends Life After Daughter's Morphed Obscene Photos Go Viral on Social Media
The company also posted a positive Ebitda (earnings before interest, tax, depreciation and amortisation) or operating income during the period. Also Read - Odisha Lockdown Extension News: 14-day Complete Shutdown in Ganjam, Khurdha, Cuttack, Jajpur, Rourkela From Today Till July 31 | Check Guidelines
From April to August, the NINL plant at Kalinga Nagar in Odisha’s Jajpur district generated Ebitda of around Rs 4,000 per ton of pig iron, while the operating income was negative in the same period of last fiscal, a company release said. Also Read - Odisha Assembly Election 2019 Results: Bari, Barchana, Dharmasala, Jajpur, Korei Sukinda Winners List
The rise in turnover and positive Ebitda is attributed to considerable increase in production after the resumption of blast furnace operation in May 2018, Mohanty told shareholders at NINL’s 36th AGM held at Bhubaneswar on Saturday.
With operations of its captive iron ore mines by end of this fiscal, NINL will turn around and make profit, the release said.
The company has achieved “highest-ever” production since inception in all operating areas in July, with hot metal of 83,690 ton, pig iron of 76,687 ton and sinter of 132,990 ton, it said.
NINL has also signed an MoU with NALCO to set up a coal tar distillation plant.
The company will start manufacturing TMT bars under the NINL brand in this fiscal and produce wire rods through conversion of billets, the release added.
This is published unedited from the PTI feed.