Uttam Galva Steels posts Rs 19 cr profit after tax for Sept quarter

Uttam Galva Steels Ltd on Tuesday posted a consolidated profit after tax (PAT) of Rs 19.31 crore during the quarter ended September 30, mainly on account of reduced expenses.

Uttam Galva Steels Ltd on Tuesday posted a consolidated profit after tax (PAT) of Rs 19.31 crore during the quarter ended September 30, mainly on account of reduced expenses. The company had registered a loss of Rs 335.45 crore during the corresponding quarter a year ago, Uttam Galva Steels Ltd said in a BSE filing.

Its total income during July-September 2020 rose to Rs 194.94 crore, compared with Rs 141.69 crore a year ago. Total expenses during the quarter reduced to Rs 175.63 crore, compared with Rs 321.47 crore in the year-ago period.

In the filing, the company said, "The NCLT, Mumbai Bench, has admitted the petition of State Bank of India for initiating the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, vide its order dated October 1, 2020, and appointed Milind Kasodekar as the interim resolution professional." It added that accordingly, Kasodekar has taken control of the management and operations of the company. Uttam Galva Steels Ltd is one of the largest manufacturers of cold-rolled steel and galvanized steel in the country's western region.