Uttam Galva Steels’ standalone net profit surged about two-fold to Rs 40 crore for the fourth quarter ended March 31, largely on account of increased efficiency in operations. The company had reported a net profit of Rs 14.05 crore during the January-March quarter of 2010-11.
However, net sales of the company, in which world’s largest steel maker ArcelorMittal holds 34.42% stake, were down over 23% to Rs 1,241.46 crore during the quarter.
The company’s total expenditure during the January-March quarter came down by about 28% to Rs 1,107.37 crore, while its finance costs were also down by 21% to Rs 55.46 crore.
For the full year ended March, 2012, the company reported a decline of 4.62% in consolidated net profit at Rs 73.10 crore. Its net sales, however, were up over 12% at Rs 5,647.38 crore during the period.
