Rathi Steel And Power Ltd (BSE: 504903) Q4 2025 Earnings Call dated Jun. 02, 2025
Corporate Participants:
Unidentified Speaker
Udit Rathi — Chief Strategy Officer
Rajesh Jain — President
Analysts:
Unidentified Participant
Mehul Panjwani — Analyst
Rakesh Roy — Analyst
Prakash Sharma — Analyst
Sagar Shah — Analyst
Presentation:
operator
Ladies and gentlemen, you have joined the Rati Steel and Power Limited conference call. Please stay connected, the call will begin shortly. I repeat, you have joined the Rati Steel and Power Limited conference call. Please stay connected, the call will begin shortly. Ladies and gentlemen, good day and welcome to Rathi steel and Power Limited Q4 and FY25 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Udit Rathi, promoter, Rati Steel and Power Ltd. Thank you. And over to you, Mr. Rathi.
Udit Rathi — Chief Strategy Officer
Yeah. Good afternoon everyone. I would like to wish you all a very warm welcome to Raji Stephen Power’s earnings call for the fourth quarter and full year ended 31 March 2025. I would like to begin by expressing my gratitude to all of you for taking the time to join us today. We have on call with us today Mr. Rajesh Jain who is the president of our company along with Mr. Rajiv Kumar, CFO and at Factors Our Investor relationships team. We are at a pivotal point in our growth journey as the company is in a transformative phase.
Since this is only a third earnings call and for the sake of those who may be new to our company, I’d like to share a brief background along with some recent key developments before we dive into our business and financial performance. The roots of the RT group trace back to the 1940s when when it began with a small rolling mill under the leadership of a founder, late Sri Poonam Sanjirathi who brought with him six decades of experience in steel making and rolling. The business steadily expanded over the following decades. Formerly known as Rajivyog Ltd. The company was incorporated in 1971.
Starting with the small units in Ghagabad, uttar Pradesh in 1973 we did our first public offer followed by two rights issues until 1993. During this period we adopted the Tor technology to make steel rebars which became one of the first. And we became one of the first companies in India to be doing so. Over the time we continuously advanced our technologies to make TMT bars. Around 200607 we began establishing a specialty steel unit in Ghazabad primarily to make stainless steel products and also set up an integrated steel plant with a captive power plant in the state of Odisha.
In our ongoing efforts to optimize our operations, we undertook several modernization initiatives with major upgrades completed in 2011, 12 and 2024. Today we proudly operate a state of the art facility spread across approximately 12 and a half acres of land in Ghaziabad enabling us to produce end to end solutions from steel making to refining and casting, rolling various categories and grades of steel products. Our product portfolio primarily comprises of stainless steel billets, non products of stainless steel like wire rods and also small quantities of flat stainless steel products along with various items of stainless steels are.
Over. The years we have carved a niche and built a strong presence in the segments we serve. We also have a very strong hold and presence in the TMT bar space which is primarily used in the construction and infrastructure industry. The brand Rakhi for TMT stands for quality, consistency and reliability and is a preferred choice for numerous infrastructure and construction projects across NCR and also for a large number of retail clientele. Now speaking about some of the key developments in recent times, we recently announced recommencement of commercial operations of our TMT mill division which was remaining idle for a few years.
This facility is dedicated to the production of TMT bars which is a key component in construction activities. This product will complement our stainless steel portfolio and help us to utilize our idle assets to the fullest. There is sufficient demand for this product and we can leverage our capacity towards catering to this demand. This move is a strategic move. It also helps us to reach to substantially improve our brand visibility and reach and also widens our portfolio so strengthening our position in the overall industry Steel industry recently in April 2025 we also took a shutdown, a temporary shutdown for about a couple of weeks for a steel melting shop at Ghazabad which was carried out essentially for revamping and refurbishment and replacement of certain critical equipments.
This facility plays a critical role in producing steel billets and it is a key product for us and hence. We. Thought it prudent to sort of take a shutdown and refurbish it. We have already resumed operations at the steel melting shop and are seeing better efficiencies since then. On another note, we have received a license from BIS covering the entire range from 8mm to 32mm to roll out which will make out which will make the rollout of our stainless steel rebars more effectively. We’ve also received a similar license for the mild steel TMT bars that we’ve already started to commence and it allows us to service a large number of customers in North India for these product categories.
In fact stainless steel rebars are going to be a pan India presence is what we are looking at aligned with the sustainability goals we implemented cost and energy optimization initiatives including a direct charging facility of stainless steel billets to wirehorse, making us the only company in the country to be doing so currently. These efforts complement our recent plant modernization positioning us well for future growth. Looking ahead, we plan to ramp up the capacity utilization of a steel melting shop which is presently operating at about 60% as on FY25 to about 80% this once this is achieved we will definitely be looking at further expanding the shared capacity.
Restarting of the TMT bar mill also enables us to substantially improve the capacity utilization of our TMT of our rolling division which was a part of which remained idle as I explained earlier, substantially from presently about 25% because part of being idle to close to 60 70% in years to come. Speaking about the market outlook and industry at large, the Indian steel industry is facing a dynamic environment shaped by both domestic development and global trade. On the domestic front, the government led infrastructure push and capex, particularly in sectors like roads, urban development, renewable energy are expected to drive demand for steel.
Central government CAPEX has been maintained at 3.1% of GDP reflecting continued support for construction and infrastructure projects that are very very steel intensive. However, global headwinds pose challenges. Notably the US’s renewed tariff actions, particularly against Chinese imports, are leading to an influx of cheaper Chinese steel into India, adversely impacting domestic pricing. According to Krishal, Indian steel prices, particularly a flat steel, have declined by more than 10% in FY24 due to rising imports from China. The threat of bumping remains a key concern, especially if India does not implement strong trade protection measures. The government, as we all know, has already initiated a 12% statewide duty which at the moment doesn’t seem sufficient to sort of safeguard the industry to the level that we would want and various steel associations are in touch with the government to further enhance the same.
India’s strategy to expand value added manufacturing and push domestic production under the PLI scheme can offer a long term buffer. However, the short term scenario may remain volatile due to tariff wars, import pressures and global demand uncertainties. Overall, we are focused on improving capacity utilization and expanding our range of value added stainless steel products along with expanding our brand visibility. By the recent recommencement of TNT bars, we are well positioned as Rakhi 2.0 for a sustainable growth and we will be seizing emerging opportunities while delivering good returns to our stakeholders. Together, we are building A stronger, more future ready organization committed to achieving new milestones in our journey.
I would now like to hand over to Mr. Rajesh Jain to take us through our financial performance.
Rajesh Jain — President
Good afternoon everyone. I’m Rajesh. I’ll take you through the financial performance for the quarter as well as for the full year. We have reported Rs. 149.57 crores in revenue during QA Q4FY25A 26% increase over year on year. Plus improved realizations from SS MH Billers during this period helped boost top line. Our EBITDA excluding other income for the quarter stands at rupees 7.90 crores, around double of rupees 3.95 crores reported in Q4FY24 ETA margin improved 194 basis point to 5.28%. Operational and Energy efficiency measures coupled with raw material prices helped improve EBITDA margin. Our PAD during this quarter is rupees 3.80 crores with pet parent 2.54%.
It is noteworthy that the rupees 29 crore of paired in the fourth quarter of FY24 included rupees 19.80 crores of one time exceptional item EPS for the quarter is 0.44 coming to the full year performance. Our revenue for for the full year came at came in at Rupees 503.15 crores. There is 4 to 93.19 crores in the previous corresponding period. Better realizations offset the lower volume due to planned shutdown. Our EBITDA excluding other income portfolio stands at Rs. 22.03 crores while EBITDA margin grew at 9 basis point to 4.38 crores 4.38%. The power efficiency and operational efficiency measures undertaken during the year helped offset the impact of volatility in dominant costs.
Our PAT during This period is Rupees 13.9095 crores with PAT margin at 2.77%. As mentioned earlier, Rupees 23.53 crores of PET in FY24 included a one time exception item was Rupees 19.80 crores. EPS for the year is Rupees 1.60 crores. This is all from our side. We can now open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and Two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mehul from 40 cents. Please go ahead.
Mehul Panjwani
Sir. Thank you so much for the opportunity. I have two questions. What is the capacity utilization right now?
Udit Rathi
So I’ll split that question into the answer rather into two parts. So a steel melting shop which is, which produces the basic steel which is further rolled into, you know, various products has an installed capacity of around 90,000 tons per annum. So that implies around 45 to 50% of backward integration facility in order. That means that our rolling capacity is about 2 lakh tonnes, 200,000 tonnes out of which we have a backward integration support of around 45 to 50%. The steel metric shop is operating at about 60% as on FY25. And the rolling capacity was at a very low level because one of the plants was idle, the TNT plant which we recommenced in April this year.
So primarily we are looking at raising the capacity utilization overall from 60% of the melt shop to 75, 80%. And moment we achieve that we’ll look at further options. Right.
Mehul Panjwani
Thank you sir. The next question is about the financials of the organization. I can see, I am looking at the last five years trajectory for the profit. Net profit it has been, you know, if I look at it from 2021 onwards it has been very volatile. So we have reported 190 crores of profit in 2021 and in 2022 we were negative 36 crores. Then again we were positive 87. Then we were 24 and now we are 14 crores. So can you please throw some light on what has led to so much volatility? I understand there is some industry headwinds but I don’t think this is because of the headwind.
So I, and I’m new to the organization, I’m tracking. So if you can please throw some light on this.
Udit Rathi
Yeah, yeah. I think if you want to connect with us on a, for a detailed discussion on this we are, you know, you’re most welcome. But I’ll just throw some light on it. So. Yeah, yeah, yeah, sure. So basically you would. You should be looking at what we have been achieving over the last four, five years or three, four years at an, at an EBITDA level. When we talk of the PAT level it has for various of these years have an exceptional or an extraordinary item which relates to basically our settlement and restructuring with the lenders.
So because of those largely because of those extraordinary items there is so much of a volatility. You can see so much of it being volatile. Otherwise at an EBITDA level it’s kind of rangebound for the last three, four years, five years.
Mehul Panjwani
Okay, it is helpful. How can I connect on a 1 on 10 basis?
Udit Rathi
Sure we can, we can. You can take a contact details from actors who are a relationship team and so it must have been a part of the invite also they’ll get us connected to us. Not an issue at all.
Mehul Panjwani
Okay sir, I’ll do that and I will. I have follow up question again. I’ll join the queue again. Thank you.
operator
Thank you. The next question is from the line of Rakesh Roy from Boring amc. Please go ahead. Yeah.
Rakesh Roy
Hi sir, my first question regarding your tmt you have just started how much the capacity now and how much we targeting how much the monthly run rate currently?
Udit Rathi
So the installed capacity of that unit is about is about 1 lakh tons per annum. You know so the total rolling capacity is about 2 lakh tons. So I would say so we have two separate rolling units within the same complex. So the installed capacity of that unit is about 1 lakh tonnes. We are in April and obviously the initial days takes a bit of a time to sort out the cleaning troubles and to align our processes and the manpower etc.
And then obviously to rejuvenate our brand also and dealer network also takes some time. So we are presently operating that at about you know 25, 30% which is just the beginning that we have done and we definitely aspire to you know achieve let’s say top of a two year scenario. FY26 and 27 we are looking at running that plant at least you know, 60 to 70% utilization. Sorry, it is a strategy call. It helps us to rebuild our brand and also helps us to you know look at rolling out stainless steel rebars. From the same mill. You know if carbon the normal milestone rebars are made along with it. It helps us to curtail various costs.
Rakesh Roy
You know if carbon the normal milestone rebars are made along with it. It helps us to curtail various costs. Right. Great. Sir, second question regarding same TNT bar Sir as a delay is the last time Delhi increased the budget. So do you see any increase or any improvement in infrastructure in Delhi or surrounding?
Udit Rathi
Yeah, so basically our target market is NCR and there is because of the reality boom here, you know the way Gurgaon, the way regions in Haryana are expanding or you know the various projects coming up in up also Noida. So we are quite bullish on the demand front with respect to you know coming in from these basically reality segment also Our brand, you know, we are one of the licenses to use the brand Baati.
The company and the market has a very wide brand recall. So we are definitely going to be expanding our retail outlay as well as on date. Our target areas are retail and sort of the reality segment. We have yet not pushed ourselves to the various infrastructure projects of NHEI etc. As on date. But we will be looking at doing that also in times to come.
Rakesh Roy
Okay, we get 48 to 32 mm assets. So if production will. When will the production start from SSBA or what’s the outlook, how it works?
Udit Rathi
Yeah, so it is, it is a product which is evolving. As I said, I don’t. To the best of my knowledge, I don’t think anybody in India has attempted to launch it in the retained state. It is primarily projects driven in coastal areas where government has sort of made certain constructions over water mandatory to be using stainless steel rebars. But those kind of projects have not yet opened up the way the industry would have liked in terms of the volume pickup there.
So we are targeting that segment obviously because that is where there is already a market in order. But we are looking ourselves to sort of challenge ourselves a little more and launch it in retail. So we’ve already done the. We’ve already rolled out the products and that is why we got approvals. But once the rebar is made, it requires a certain treatment over the surface etc. To certain facilities in relation to that. We outsourced that earlier but now we are contemplating to either outsource it or build it up in house. And that is a little bit of a time.
But we are expecting now with the approvals in order to. Are we expecting it to sort of, you know, launch it soon?
Rakesh Roy
Okay, thank you sir.
operator
Thank you. The next question is from the line of mehul Panjwani from 40 cents. Please go ahead.
Mehul Panjwani
Next question. Thank you for the opportunity again, sir. How much do the debtors hold the shares of the company?
Udit Rathi
How much is funny.
Mehul Panjwani
How much is the. How much of the shares is held by debtors.
Udit Rathi
But debtors? I. I didn’t get it.
Mehul Panjwani
I mean we have. Yeah, I just went through some of the. Just sometime back that State bank of Travancore had given us some loan and there. Are they holding any equity?
Udit Rathi
Okay. So yeah, no problem. The lenders who are currently holding and the banks who are. They’re not my lenders anymore. The banks who are currently holding the shares are nothing to do with any sort of a conversion of debt into equity or any sort of a sort of a commitment from the company side. It is purely a market driven purchase that they may have made. And lenders who, sorry, they’re not lenders anymore. The banks, the scheduled banks who are currently holding the shares are no longer my lenders.
Mehul Panjwani
Okay. And which was a. Who were the lenders earlier before we settled it?
Udit Rathi
Yeah. So Kendra bank was one of the banks who continues to hold certain shares. That’s what I sort of, you know, get the information from my team and they were my lenders earlier. But as I said, those holdings are purely a sort of a Treasury operation for them. It’s nothing to do with any sort of a debt which was converted to equity or any placement which the company had done on a private basis. Nothing of that sort. So I think Kendra bank is one of the banks holding. I think bank of Baroda is also another bank which is holding some shares.
I mean that’s what I know offhand. If you want anything specific we can sort of get back to you on that. But I just like to clarify again that firstly when they were holding also it was not part of any sort of a restructuring thing and, and currently they are not my lenders. We’ve all paid them off.
Mehul Panjwani
Okay. Sir, one question regarding your segments which you operate in. So if we were to have a segmental breakup in the steel products, can you give me like how much is stainless steel and how much are the bars, etc?
Udit Rathi
Sure. So as I said, the mild steel TMT bars, we started operating it in April 2025. So which is this current fiscal year. Last year most of our operations were from stainless steel. They must have been very small component of some processing or evaluation of TMT bars which we may have bought and sort of added some value and sold it, but I would say more than 95% of our sales would have been safely stainless steel only. So going forward that assuming that segment remains at the level that we are operating, although I’ve said that we want to increase the capacity utilization there as well, we are operating about 60% which we want to increase.
So whatever revenue we are going to be adding from the TMT bar segment is going to be an incremental revenue of what we have been achieved, you know, we have achieved over the last couple of years because there was hardly any component of TMT bar sales there. Right.
Mehul Panjwani
So how much would we add from the TMT bars in this financial year and next financial year?
Udit Rathi
Very difficult to talk out of specific numbers, but as I just pointed out a couple of questions back, you know, assuming that we operate at about at very nominal capacity utilization this year, you know, close to around 30, 35%. Also if you assume then we should add close to around 150 crores from TMG this year.
Mehul Panjwani
Okay. Okay. And the stainless steel would remain the same as you mentioned.
Udit Rathi
We definitely aspire that to at least remain the same, if not better. That’s what we would strive to achieve. But you know, it would a lot of factors like market conditions etc will play a role.
Mehul Panjwani
Right, Right. Okay sir, thank you so much.
operator
Thank you. Before we take the next question, we would like to remind the participants to press star and one to ask a question. The next question is from the line of Prakash Sharma, an individual investor. Please go ahead.
Prakash Sharma
Yeah, Hi sir, I have a couple of questions. Some of the first question is that in Q4 we saw good revenue. So just want to know what is our sales volume for this quarter?
Udit Rathi
Sales volume for the quarter was approximately in terms of tonnages it was close to around 16,500 tons approximately.
Prakash Sharma
Okay. And so what would be the sales volume for the whole year?
Udit Rathi
For the whole year the sales volume was close to around 54 000.
Prakash Sharma
Okay. Okay. So what would be your average realizations per ton?
Udit Rathi
Close to around 90 rupees is what stainless steel realization would be close to about 90 to 91 rupees.
Prakash Sharma
Okay. Per kilogram, right?
Udit Rathi
Yeah, per kilogram.
Prakash Sharma
Okay. And so you know, just regarding that, so what, you know, what categories of our products were sold or you know, saw high demand this quarter this year?
Udit Rathi
No, so we were primarily only into one category which is stainless steel long products. But we did push up some sales of stainless steel flat products also. We don’t have a flat product rolling capacity in house. So that sort of makes it a bit difficult for us to sort of consistently supply and ramp up the capacity there. But as a strategy of product diversification, we got some billets sold to customers who in turn sort of gave us the stainless steel flats which we sold in the market. So yeah, as I said, as I said a couple of questions back.
Primarily the revenue of the companies were from to the extent of more than 95% from stainless steel only other TMD bags. We have just started to sort of, you know, manufacture recommenced in, you know, last month. So last. Last month, in April, those numbers are going to come in.
Prakash Sharma
Okay sir. And sir, lastly we saw a betterment in the gross margins. So did we enjoy any inventory gains here?
Udit Rathi
Did we enjoy any inventory gain? No. So there’s no inventory gain, there’s no Sort of any exception. The markets have been more or less stable. The prices, rather steel prices have been soft going forward overall last year. So the realizations were better on account of the spread between the raw materials and the finished products. And also, you know, the savings that have started to flow in from the cost optimization and other modernization projects that we did last year.
Prakash Sharma
Okay. Okay, thank you, sir. That’s it from my side.
operator
Thank you. Participants may press star and one to ask a question. The next question is from the line of Sagar Shah, an individual investor. Please go ahead.
Sagar Shah
Hello. Am I audible?
Udit Rathi
Yes, yes, please.
Sagar Shah
So just a few basic questions on this TMT unit. So what is the reason behind restarting this TMT unit and what is the management plan for the same? Can you elaborate on the same?
Udit Rathi
Yeah. So we basically restarted it. Number one, to sweat out. We took a call that we wanted to sweat out our existing idle assets to the fullest. So we did an analysis that, that you know, it would make sense to restart the unit because, you know, the return on capital deployed in that respect, because this was already, the unit was already in place, would be healthy for the company because there was no major additional capital deployed in terms of capital expenditure towards restarting. Of course there were need based expenditures which were done, but nothing very significant.
And second, the idea was as a strategic point of view, we are looking at rolling out stainless steel rebuilds and we think that is going to sort of gradually be ramped up. So restarting the unit gives us that cushion to mitigate our operating costs like fuel and power and manpower. If we have a decent capacity coming in from this, this segment.
Sagar Shah
Oh, okay, that will be helpful. And second question is on the, that your expectation from the upgradation that you’ve done for the rolling done in the April, what is your expectation from that?
Udit Rathi
See the upgradation, we did two large projects last year. One was the modernization which was required to, to sort of be in tune with the markets because, you know, we have to sort of compete with the competitors who may have put up more modern mills or more modern plants. So it was the need of the hour to keep our assets upgraded, which is going to be a continuous process. So, you know, our plant is a very old establishment and with the past stress that we had, you know, maybe, you know, prior to 2022, we were not able to upgrade the facilities the way we would have ideally wanted.
But our team is very, very experienced. The basic infrastructure is in order. So we upgraded or maintain it at an incremental capital expenditure. So that’s the need of the hour going forward also we continue to do that because you know it helps us to remain efficient and it’s upgradation, debottlenecking is. Is all the same. And the other project that we did was the cost optimization project which is one of its kind in India. And those results have started to come in and they are encouraging. So we did that, completed that project somewhere around August last year.
And with the initial troubles and stabilizations now results are starting to flow in terms of savings and energy cost.
Sagar Shah
Oh okay. The third question is on this depreciation. So increase of depreciation is because of this upgradation of plant only or is there any other reason?
Udit Rathi
No, it’s because of addition of the fixed packets on. On upgradation and debottlenecking and modernization and various things that we continue to do.
Sagar Shah
Oh okay. Okay. And last one from mine is on more on the industry side like this proposed import duty from the government. So how do you see the impact on the same for the next or sorry this financial year for 26.
Udit Rathi
No, as we said because of the various tariff issues being imposed you know by the US and China and and otherwise and other various geopolitical conditions worldwide. There is. India is a ready market for all the steel majors to dump in material because we are the only large economy in which in spite of the problems worldwide demand for steel continues to grow at a very, very good pace here we imported nearly 10 million tonnes last year and so this safeguard duty was imperative. But. But it looks from our discussions with the larger producers that it doesn’t seem to be sufficient to sort of really boost up the industry here.
And it is required. The industry here needs to be boosted up to keep reinvesting and make India so called atmanirbhar. But yes, I think there are talks of you know increasing the padded further which I think is required.
Sagar Shah
Okay. Okay. That’s it from my sir. Thank you. Thank you for opportunity.
operator
Thank you. Before we take the next question we would like to remind the participants to press star and one to ask a question. The next question is from the line of Mehul from 40 cents. Please go ahead.
Mehul Panjwani
Sir, I have a question regarding the promoter history because I am checking your website and I mean I can see that this is a Unamchandrati Group company but there is no mention of the history of promoters because I believe that Mr. Kunamchandrati had established his organization long back after that. Can you just share how the promoters have been moved on? I mean because there’s no Mention of anybody from the Rati family in the In the board of directors.
Udit Rathi
Yeah, so yeah. So we will take a note of that. But I think so it’s driven by the promoter. At the promoter level it’s largely my father, Mr. Pradeep Rati, who’s. And myself Udit Rathi. I am. So the day to day operations and the overall company being managed by professionals who are very very experienced and they are all very sort of. You know they’ve been there with the organization for a fairly long time. We’ve had some changes also our managing director who was there with us for a very long time he had some major health problems so he sort of stepped down and we engaged in industry veteran to sort of head the company on that front also.
And the day to day operations are being held by them wherein at the promoter level I have been guiding them through the various troubles that the company went through over the last few years because of the. Largely because of the steel plant in Odisha which did not do well. So I was on the forefront to negotiate and settle terms with various creditors along with the support of the team and I have also recently joined the company. The company has appointed me as a chief strategy officer wherein my role will be to look at only basically growth opportunities and guide the team.
But we are very happy with the way the routine operations and day to day management is being handled by the experienced team members which has sort of shown in the results also which we have delivered in the last few years.
Mehul Panjwani
Right. Two questions. Follow up question on this. So who is currently managing the operations overall operations of the company?
Udit Rathi
So the managing director has team under him. So you know if you look at the industrial presentations and etc that we’ve made and we have said also each division has a unit head. We have a rolling division where you know it is headed by the president level person. They are all very experienced and you know we have very able and experienced people for taxation, accounts and human resources. So it’s being handled by all of them who report in turn to the managing director.
Mehul Panjwani
Okay. And what’s his name? What is the name of the gen.
Udit Rathi
The MD?
Mehul Panjwani
Yeah.
Udit Rathi
Mr. Mahesh Par. It’s we. If you could just go over the discloses that we made. It’s all. It’s all taken care of there.
Mehul Panjwani
Okay. And sir, when did you join the company?
Udit Rathi
Myself so I joined the company way back in 2005 or six I think I sort of you know initially as I spent in setting up a new visa plant and even the stainless steel facility here. Setting up the projects was largely under me. But then I sort of, you know, left the day to day operations to professionals for the professionals to handle. And then of course when the company went through turmoil because of various external factors affecting this industry, I was sort of being the promoter and sort of guarantor to the lenders as well. I had to take the step to make an attempt to revive the company back which with the support of all the stakeholders was able to do successfully.
Mehul Panjwani
Right, right. Thank you so much sir for all the transparent sharing. I will get get in touch with that practice for a one on one call so that I, you know, we can have a detailed discussion and I will let this, let this forum continue with the their questions.
Udit Rathi
Yeah.
Mehul Panjwani
Thank you so much.
operator
Thank you. Ladies and gentlemen, as there are no further questions on the participants, I now hand the conference over to Mr. Udit Rati, promoter for Rati Steel and Power Ltd. For closing comments.
Udit Rathi
I thank the entire team of Rati for their untiring efforts, hard work and dedication which drives the company forward through various market conditions. Also, I would like to thank all of you for participating in our conference call. Please do get in touch with us or the investor relationship team for any further questions. Thank you so much.
operator
Thank you on behalf of Rati Steel and Power limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.