SWINGING FORTUNES
RINL suffered losses for 12 years after starting operations in 1982 before beginning to post profits from 2002-03. It became a loss-making business for three years again, reporting losses of Rs 1,604 crore in FY2015, Rs 1,263 crore in FY2016 and Rs 1,369 crore in FY2017. The first glimmer of hope appeared in FY2018 when it reported a small profit of Rs 96.7 crore before slipping back into the red. It reported a loss of Rs 3,319 crore in the April-December quarter of FY2019, its highest-ever. But with steel prices touching record highs in 2020, the firm’s financial prospects are looking up again.