Eastern Investments Limited Holds 97th AGM
The 97th Annual General Meeting (AGM) of Eastern Investments Limited (EIL), a subsidiary of Rashtriya Ispat Nigam Limited (RINL) and a Central Public Sector Enterprise (CPSE) under the Ministry of Steel, took place on December 28, 2024. The meeting was conducted via video conferencing, allowing stakeholders from various locations to participate. This format ensured that shareholders could engage with the company’s leadership despite geographical barriers.
Leadership and Attendance
Shri Ajit Kumar Saxena, who holds the additional charge as Chairman and Managing Director of RINL, chaired the meeting from the Administration Building at the Visakhapatnam Steel Plant. His leadership was pivotal in guiding the discussions and addressing shareholder concerns. Notably, Smt. Swapna Bhattacharya, Deputy Director General of the Ministry of Steel, attended the meeting from New Delhi. She represented the government’s interests in EIL, highlighting the importance of collaboration between public enterprises and government bodies.
Shri S. Narayanaswamy, Under Secretary to the Government of India, also participated on behalf of the President of India. Other key attendees included Shri Suresh Chandra Pandey, Director of Personnel at RINL and Managing Director of EIL, along with various officers from different locations, including Bhubaneswar. The Company Secretarial Department of EIL played a crucial role in coordinating the proceedings, ensuring that the meeting ran smoothly and efficiently.
Financial Performance Overview
During the AGM, Shri Ajit Kumar Saxena provided a comprehensive overview of EIL’s financial performance for the fiscal year 2023-24. He reported a standalone net profit of ₹2.10 lakhs, with the company’s net worth standing at ₹267.19 crores. This performance indicates a positive trajectory for EIL, especially in light of previous challenges.
The subsidiaries of EIL also showed significant improvements. The Orissa Minerals Development Company Limited (OMDC) reported a net profit of ₹2.82 crores, a remarkable turnaround from a net loss of ₹16.54 crores in the previous year. Similarly, the Bisra Stone Lime Company Limited (BSLC) earned a net profit of ₹2.29 crores, although this was a decline from ₹11.74 crores in the previous fiscal year. These figures reflect the ongoing efforts to stabilize and enhance the financial health of EIL and its subsidiaries.
Consolidated Income and Future Outlook
The consolidated income of EIL rose to ₹171.63 crores, up from ₹126.36 crores in the previous year. This increase is a positive sign of growth and recovery. The consolidated net profit for the year was ₹3.37 crores, a significant improvement compared to a net loss of ₹6.49 crores in the previous year. These results demonstrate EIL’s commitment to financial recovery and operational efficiency.
In his address, Shri Saxena expressed gratitude to all stakeholders, including the Ministry of Steel and the Ministry of Finance, for their ongoing support. He emphasized that with continued cooperation, EIL aims to achieve a full revival and contribute positively to stakeholder satisfaction. The leadership’s focus on transparency and accountability is expected to foster trust and encourage further investment in the company.
The 97th AGM of Eastern Investments Limited marked a significant step forward in the company’s journey toward recovery and growth. With a clear focus on financial stability and stakeholder engagement, EIL is poised for a promising future.
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