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

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

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

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code