Uttam Galva Steels Q2 net profit falls 67 per cent to Rs 2.03 crore

NEW DELHI: Galvanized steel manufacturer Uttam Galva Steels today reported 66.8 per cent decline in its standalone net profit at Rs 2.03 crore for the quarter ended September 30 on the back of higher expenses.

The company's standalone net profit in the corresponding quarter of the previous fiscal was Rs 6.13 crore, Uttam Galva Steels said in a regulatory filing.

The net sales of the company increased to Rs 1,938.36 crore, as against over Rs 1,656.88 crore in the year-ago period, it added.

The total expenditure during the period was at Rs 1,881.95 crore, registering an increase of 18.15 per cent.

The total expenses in the July-September period of the last fiscal was Rs 1,592.81 crore.

Uttam Galva Steels Limited is a leading manufacturer of cold rolled (CR) steel and galvanized steel (GP) in western India.

The company is into the business of procuring hot rolled steel and processing it into CR and further into GP and Colour Coated Coils.

Uttam Galva shares were trading 3.24 per cent down at Rs 29.90 apiece during afternoon session on BSE.