Uttam Galva Steels net loss widens to ₹ 531 cr in Q3

PTI New Delhi | Updated on February 05, 2019 Published on February 05, 2019

This 2014 photograph shows an employee walk past packaged coils of colour-coated steel at the Uttam Galva facility in Khopoli, Maharashtra   -  Bloomberg

Uttam Galva Steels on Tuesday reported widening of net loss to ₹ 530.72 crore for December quarter 2018 due to increased finance costs and decline in income.

The company had posted a net loss of ₹ 179.96 crore during October-December 2017, Uttam Galva Steels said in a BSE filing.

Total income plunged to ₹ 100.05 crore in the said period from ₹ 680.48 crore in the year-ago quarter, according to the filing.

The company’s finance costs zoomed to ₹ 291.93 crore in the period under review from ₹ 121.31 crore in December quarter 2017.

According to the company’s website, Uttam Galva Steels is one of the largest manufacturers of cold rolled steel and galvanized steel in western India.

The company is into the business of procuring hot rolled steel and processing it into cold rolled and further into galvanized steel and colour coated coils.

Shares of Uttam Galva Steels ended 4.92 per cent down at Rs 11.20 on BSE.

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Published on February 05, 2019
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