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Mumbai, July 29

Uttam Galva Steels Ltd has reported a 4.4 per cent increase in its first quarter net profit at Rs 22.57 crore against Rs 21.62 crore in the year-ago period.

Operating profit was Rs 56.24 crore compared to Rs 51.42 crore in the corresponding quarter of the previous year. Total gross sales stood at Rs 574.71 crore against Rs 561.05 crore.

Exports for the quarter stood at Rs 321.66 crore compared to Rs 304.32 crore in the year-ago period.

"Our performance in this quarter has been satisfactory. We have embarked on various major expansion projects, which are in various stages of completion. The benefit of this expansion will be seen in the coming quarters," the company said in a news release quoting Mr Ankit Miglani, Director (Commercial). The company said it would continue to maintain its export thrust.

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