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Our Bureau

Mumbai , May 30

Uttam Galva Steels Ltd has reported 16 per cent fall in fourth-quarter net profit to Rs 31.10 crore (Rs 26.05 crore).

"Our bottomline has been affected due to increase in interest and depreciation costs due to our expansion plans. However, the benefit of this expansion will be seen in the coming quarters," a release said.

Operating profit for the quarter increased by 12 per cent to Rs 54.84 crore from Rs 48.67 crore in the year-ago period.

During the quarter the company reported sales of Rs 427.35 crore (Rs 537.90 crore).

Net profit fell to Rs 74.33 crore (Rs 94.67 crore). Net sales stood at Rs 1,788.20 crore (Rs 2,091.71 crore).

"Despite heavy production loss during the Mumbai floods, we have been able to contain our revenue losses. We intend to increase our volumes during the course of the next fiscal to improve our bottomlines," said a release quoting Mr Ankit Miglani, Director.

Expansion plans include commissioning of a 6-HI reversible cold rolling mill.

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