Uttam Galva Steels Ltd, in which worlds largest steelmaker ArcelorMittal holds over 29% stake, had reported a net profit of Rs 11.16 crore in the corresponding quarter of the last fiscal.
Net sales of Uttam Galva Steels declined by nearly 31% to Rs 994.19 crore during the quarter vis-a-vis Rs 1,439.06 crore of Q2 FY13, it said in a filing to the BSE.
Total expenditure of the company stood at Rs 914.95 crore and accounted for over 92% of its net sales. Besides, finance cost declined by 6.50% to Rs 72.69 crore in the quarter.
Uttam Galva Steels shares were trading at Rs 59 apiece on the BSE in the afternoon trade, down 1.75% from their previous close.