Uttam Galva Steels has reported an around 23 per cent decline in net profit for the quarter ended September 30, 2011 to Rs 17.83 crore on account of high raw material costs.
The company had reported a Rs 23.14 crore net profit in the same quarter last fiscal, it said in a statement.
Net sales also declined to Rs 1,292 crore during the July-September quarter of FY 2011-12 from Rs 1,304 crore in the year-ago period.
Uttam Galva Steels consumed raw materials worth Rs 968 crore during the quarter compared with Rs 863 crore in the same quarter last fiscal.
Scrips of the company ended the session down 1.86 per cent at Rs 71.10 on the BSE today.