Uttam Value Steels swings to profit in Q4
New Delhi: Uttam Value Steels today reported its first-ever profit in many quarters, at Rs 17.74 crore for the January-March period 2013, largely due to rise in sales.
The company, formerly known as Lloyds Steel, had reported a net loss of Rs 6.95 crore during the corresponding quarter of 2011-12.
Net sales of the company rose by 11 per cent at Rs 1,621.25 crore during the quarter vis-a-vis Rs 1,459.49 crore of the Q4 of FY'12, it said in a filing to the BSE.
Company's total expenditure stood at Rs 1,566.35 crore, amounting to 96.50 per cent of its net sales, while its finance cost rose by 5.53 per cent to Rs 52.13 crore.
Uttam Value Steels, which was acquired by the Miglani family -- the promoters of Uttam Galva Steels-- last year, also reported its first ever annual profit of Rs 1.02 crore in last many years. The company had reported a net loss of Rs 73.45 crore in 2011-12.
The company also recorded a 63 per cent increase in its annual net sales at Rs 6,038.80 crore during the last fiscal as compared to a net sales of Rs 3,702.28 crore of FY'12.