Uttam Galva Steels Q1 loss narrows to Rs 50.65 cr

Uttam Galva Steels Ltds consolidated net loss narrowed to Rs 50.65 crore in the April-June quarter of 2022-23 on an improvement in income, according to a regulatory filing. The companys total income rose to Rs 242.18 crore in April-June 2022-23, from Rs 198.80 crore in the year-ago quarter.

Uttam Galva Steels Ltd's consolidated net loss narrowed to Rs 50.65 crore in the April-June quarter of 2022-23 on an improvement in income, according to a regulatory filing. The company had reported a net loss of Rs 79.18 crore during the same quarter in 2021-22 fiscal. The company's total income rose to Rs 242.18 crore in April-June 2022-23, from Rs 198.80 crore in the year-ago quarter. The expenses were at Rs 301.93 crore in the quarter compared to Rs 272.66 crore in the year-ago period. Uttam Galva Steels is one of the largest manufacturers of cold-rolled steel and galvanised steel in the western region. It is presently undergoing insolvency proceedings.