Uttam Galva Steels net loss soars to Rs 59 cr Dec quarter

Uttam Galva Steels Limited on Tuesday posted a consolidated net loss of Rs 59.64 crore during the third quarter ended on December 31, 2021.

The company had posted Rs 26.82 crore net profit in the year-ago quarter, Uttam Galva Steels said in a regulatory filing.

During the October-December period, the company's total consolidated income however increased to Rs 220.94 crore, from Rs 189.45 crore in the corresponding quarter previous fiscal.

Its expenses during the quarter were at Rs 280.58 crore, higher against Rs 222.06 crore a year ago.

Uttam Galva Steels Ltd, which is undergoing NCLT proceedings, is one of the largest manufacturers of cold-rolled steel and galvanised steel in the country's western region.

According to the filing, the Mumbai bench of National Company Law Tribunal (NCLT) admitted the petition of State Bank of India (SBI) for initiating Corporate Insolvency Resolution Process (CIRP) vide its order dated October 1, 2020.

At the meeting of the Committee of Creditors (CoC) on November 4, 2020, Milind Kasodekar was appointed as the Interim Resolution Professional (IRP) of the company who took over the control of its operations and management.

The filing also said that a resolution plan submitted by AM India Private Limited on June 2, 2021 has been approved by the CoC. ''The said plan has been filed with the adjudicating authority on June 5, 2021 for approval.'' PTI ABI MR MR

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