Uttam Galva Steels’ net loss narrowed to Rs268.2mn in Q3 from Rs2.77bn in the prior year quarter amid increased revenue and lower costs. The company’s sales revenue grew by 23pc to Rs1,845.6mn from Rs1,513.8mn in Q3 FY2019. While its expenses fell by 19pc to
Rs2,220.6mn in Q3.
In the September quarter, the company had reported positive numbers with a net profit of Rs193.1mn and sales revenue of Rs1,949.4mn.
Based in Maharashtra in Western India, Uttam Galva Steels a leading manufacturer of cold-rolled (CR) and galvanized (GP) steel. The company procures hot-rolled (HR) steel to process into CR, GP and colour-coated coils. The company has an annual CR processing capacity of 1mn mt and galvanizing capacity of 750,000mt.
Uttam Galva was admitted for insolvency resolution proceeding under India’s Insolvency and Bankruptcy Code, 2016 in October 2020. Industrialists including Lakshmi Mittal of Arcelor Mittal, Jindals of Jindal Group and Anil Agarwal of Vedanta have expressed interest in the assets of Uttam Galva, according to local media. While ArcelorMittal has Rs97.42bn exposure to the company’s liabilities.