Uttam Galva Steels Q4 net loss at Rs 1,133cr; to approach BIFR

Miglani Family-led Uttam Galva Steel today reported a standalone net loss of Rs 1,133 crore for the quarter ended March 31, 2016.
The firm had clocked a net profit of Rs 9.58 crore in the year-ago period, it said in a regulatory filing.
Total standalone income of the company was also lower at Rs 1,729.39 crore in January-March quarter of the last fiscal from Rs 2,054.11 crore during the same quarter in 2014-15.
For the entire 2015-16, the firm reported a standalone net loss of Rs 1,151.51 crore against a net profit of Rs 30.72 crore in 2014-15.
Total standalone income was lower at Rs 6,924.36 crore from Rs 6,977.02 crore during the same period.

In a separate filing, the firm said the audited accounts as approved for 2015-16 revealed that the "accumulated losses of the company have exceeded its networth" and hence the Board "formed an opinion that the company has prima facie become a sick industrial company".
"Therefore it is required to make the reference to the BIFR under proviso to Section 15 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985," it added.
Last month, India Ratings and Research (Ind-Ra) said it has downgraded Uttam Galva Steels' long-term issuer rating following the firms ongoing delays in debt servicing since February 2016.