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Mumbai, July 31

Uttam Galva Steels Ltd has reported a marginal increase in net profit at Rs 22.75 crore for the quarter ended June 30, 2007 compared with Rs 22.57 crore logged for the same period last year. Net sales were up 31 per cent at Rs 721.98 crore compared with Rs 549.80 crore for the same period last year. The company has been able to maintain the net profit at almost the same level as the first quarter last year due to the increase in production volumes whose impact has been of fset by an increase in interest costs by 43 per cent (a reflection of the increase in global interest rates), hike in depreciation by 17 per cent (due to the capital investment made over the past 4 years) and raw materials (HR prices increase by 12 per cent over same period last year), Mr Ankit Miglani Director, Commercial, Uttam Galva Steels Ltd, said. —

Our Bureau

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