Uttam Galva Steels Q4 profit at Rs 138.89 cr

Uttam Galva Steels Ltd reported its first quarterly profit in 2016-17 with a standalone net profit of Rs 138.89 crore in the three-month period ended March 31, 2017.
The company, which is facing insolvency proceedings after defaulting on loan, had reported a standalone net loss of Rs 671.47 crore in the year-ago quarter.
In the previous three quarters the company had reported losses. It stood at Rs 257.28 crore in the third quarter, Rs 93.56 crore in the second quarter, while in the first quarter the loss was at Rs 251.2 crore.
Net sales for the fourth quarter were at Rs 893.94 crore as against Rs 1,724.87 crore in the same period previous fiscal, Uttam Galva Steels said in a BSE filing today.

Its total expenses were also significantly lower at Rs 910.48 crore for the quarter as against Rs 1,978.53 crore in the comparable period a year ago.
However, for the year ended March 31, 2017, the company posted a consolidated net loss of Rs 437.44 crore. It had a consolidated net loss of Rs 1,051.07 crore in the previous fiscal.

Net sales for FY17 were lower at Rs 5,270.26 crore as against Rs 8,295.45 crore in the previous fiscal.
Earlier this month, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted insolvency proceedings filed by DF Deutsche Forfait against the company.

According to the company's auditors Todarwal & Todarwal Chartered Accountants, Uttam Galva Steels had a defaulted on external commercial borrowings and term loans totalling Rs 601.26 crore, inclusive of interest.
Among the lenders to the steelmaker are State Bank of India, ICICI Bank, Punjab National Bank, Canara Bank, Union Bank of India, IDBI Bank, Bank of Baroda and Indian Overseas Bank.