Uttam Galva Steels net profit dips 49% to Rs 5.69 crore

Written by Press Trust of India | New Delhi | Updated: Oct 31 2013, 15:42pm hrs
Steel plantAfter announcing quarterly profit figure Uttam Galva Steels shares were trading at Rs 59. (Ap)
Uttam Galva Steels on Wednesday reported a 49% decline in its net profit at Rs 5.69 crore for the quarter ended September, as its sales were down significantly in this period.

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.