Latest News | Uttam Galva Steels Posts Rs 19 Cr Profit After Tax for Sept Quarter
Get latest articles and stories on Latest News at LatestLY. Uttam Galva Steels Ltd on Tuesday posted a consolidated profit after tax (PAT) of Rs 19.31 crore during the quarter ended September 30, mainly on account of reduced expenses.
New Delhi, Nov 3 (PTI) Uttam Galva Steels Ltd on Tuesday posted a consolidated profit after tax (PAT) of Rs 19.31 crore during the quarter ended September 30, mainly on account of reduced expenses.
The company had registered a loss of Rs 335.45 crore during the corresponding quarter a year ago, Uttam Galva Steels Ltd said in a BSE filing.
Also Read | Huawei Nova 8 SE Launch on November 5, 2020; Expected Prices, Features, Variants & Specifications.
Its total income during July-September 2020 rose to Rs 194.94 crore, compared with Rs 141.69 crore a year ago.
Total expenses during the quarter reduced to Rs 175.63 crore, compared with Rs 321.47 crore in the year-ago period.
Also Read | India’s Exports Dip 5.4% to USD 24.82 Billion in October 2020 Due to Fall in Shipments: Govt Data.
In the filing, the company said, "The NCLT, Mumbai Bench, has admitted the petition of State Bank of India for initiating the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, vide its order dated October 1, 2020 and appointed Milind Kasodekar as the interim resolution professional."
It added that accordingly, Kasodekar has taken control of the management and operations of the company.
Uttam Galva Steels Ltd is one of the largest manufacturers of cold-rolled steel and galvanised steel in the country's western region.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)