Uttam Galva Steels reports net loss of Rs 59 cr in Dec quarter

Uttam Galva Steels Limited announced on Tuesday that its consolidated net loss for the third quarter ended December 31, 2021, was Rs 59.64 crore. In the previous quarter, Uttam Galva Steels reported a net profit of Rs 26.82 crore, according to a regulatory filing. The company's total consolidated income increased to Rs 220.94 crore in the October-December period, up from Rs 189.45 crore in the previous fiscal's corresponding quarter. The company's expenses for the quarter totalled Rs 280.58 crore, up from Rs 222.06 crore a year ago. Uttam Galva Steels Ltd, which is being investigated by the NCLT, is one of the country's largest producers of cold-rolled steel and galvanised steel in the western region. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the petition of State Bank of India (SBI) for initiating the Corporate Insolvency Resolution Process (CIRP) by order dated October 1, 2020, according to the filing. Milind Kasodekar was appointed as the company's Interim Resolution Professional (IRP) on November 4, 2020, at a meeting of the Committee of Creditors (CoC). He took over control of the company's operations and management. The CoC has also approved a resolution plan submitted by AM India Private Limited on June 2, 2021, according to the filing. They informed that the plan was submitted to the adjudicating authority for approval on June 5, 2021. Uttam Galva Steels Limited is one of Western India's largest producers of cold-rolled steel (CR) and galvanised steel (GP). Image Source Also read: Govt urges steel makers to provide relief to MSME sector