Mumbai-based Uttam Galva'sIts finance costs rose by 7.50 per cent at Rs 59.62 crore during the quarter, and the tax outgo declined by 31 per cent to Rs 30.72 crore.
Hit by a 23 percent decline in sales, Uttam Galva Steel today reported 29.52 per cent fall in standalone net profit at Rs 28.19 crore for the fourth quarter ended March31, 2013.
The company, in which world's largest steel maker, ArcelorMittal, holds 29.05 per cent stake, had reported a net profit of Rs 40 crore in the same quarter of 2011-12. It, however, did not publish consolidated results for the quarter.
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Uttam Galva's net sales were down 23.18 per cent at Rs 953.75 crore during the last quarter vis-a-vis Rs 1,241.46 crore of Q4 of FY'12, it said in a filing to the BSE.
Its expenditure, at Rs 860.39 crore during the quarter, was 89.14 per cent of its net sales. Its finance costs rose by 7.50 per cent at Rs 59.62 crore during the quarter, while the tax outgo declined by over 31 per cent to Rs 30.72 crore.
The company also reported an extraordinary item of Rs 16 crore and said that it was compensation received against cancellation of contract but did not disclose further.
Based in Western India, Uttam Galva is one of the leading manufacturers of cold rolled steel and galvanized steel. For the year ended March 31, 2013, its consolidated net profit declined by a little over 25 per cent at Rs 54.82 crore largely due to rise in interest costs.
Net sales of the company, during the year, rose by over 11 per cent at Rs 6,270.86 crore. At the end of the last fiscal, its total borrowings stood at Rs 2695.85 crore. The company also has cash and cash equivalents of Rs 300 crore as on March 31, 2013.
Following the results, shares of the company rose by 1.69 per cent to close at Rs 72.35 apiece on the BSE today.