Uttam Galva Steels reports net loss of Rs 59 cr in Dec quarter
Steel

Uttam Galva Steels reports net loss of Rs 59 cr in Dec quarter

Uttam Galva Steels Limited announced on Tuesday that its consolidated net loss for the third quarter ended December 31, 2021, was Rs 59.64 crore.

In the previous quarter, Uttam Galva Steels reported a net profit of Rs 26.82 crore, according to a regulatory filing.

The company's total consolidated income increased to Rs 220.94 crore in the October-December period, up from Rs 189.45 crore in the previous fiscal's corresponding quarter.

The company's expenses for the quarter totalled Rs 280.58 crore, up from Rs 222.06 crore a year ago.

Uttam Galva Steels Ltd, which is being investigated by the NCLT, is one of the country's largest producers of cold-rolled steel and galvanised steel in the western region.

The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the petition of State Bank of India (SBI) for initiating the Corporate Insolvency Resolution Process (CIRP) by order dated October 1, 2020, according to the filing.

Milind Kasodekar was appointed as the company's Interim Resolution Professional (IRP) on November 4, 2020, at a meeting of the Committee of Creditors (CoC). He took over control of the company's operations and management.

The CoC has also approved a resolution plan submitted by AM India Private Limited on June 2, 2021, according to the filing.

They informed that the plan was submitted to the adjudicating authority for approval on June 5, 2021.

Uttam Galva Steels Limited is one of Western India's largest producers of cold-rolled steel (CR) and galvanised steel (GP).

Image Source

Also read: Govt urges steel makers to provide relief to MSME sector

Uttam Galva Steels Limited announced on Tuesday that its consolidated net loss for the third quarter ended December 31, 2021, was Rs 59.64 crore. In the previous quarter, Uttam Galva Steels reported a net profit of Rs 26.82 crore, according to a regulatory filing. The company's total consolidated income increased to Rs 220.94 crore in the October-December period, up from Rs 189.45 crore in the previous fiscal's corresponding quarter. The company's expenses for the quarter totalled Rs 280.58 crore, up from Rs 222.06 crore a year ago. Uttam Galva Steels Ltd, which is being investigated by the NCLT, is one of the country's largest producers of cold-rolled steel and galvanised steel in the western region. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the petition of State Bank of India (SBI) for initiating the Corporate Insolvency Resolution Process (CIRP) by order dated October 1, 2020, according to the filing. Milind Kasodekar was appointed as the company's Interim Resolution Professional (IRP) on November 4, 2020, at a meeting of the Committee of Creditors (CoC). He took over control of the company's operations and management. The CoC has also approved a resolution plan submitted by AM India Private Limited on June 2, 2021, according to the filing. They informed that the plan was submitted to the adjudicating authority for approval on June 5, 2021. Uttam Galva Steels Limited is one of Western India's largest producers of cold-rolled steel (CR) and galvanised steel (GP). Image Source Also read: Govt urges steel makers to provide relief to MSME sector

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000