Uttam Galva Steels today reported an around 23% decline in net profit for the quarter ended September 30 to Rs 17.83 crore on account of high raw material costs.
The company had reported a Rs 23.14 crore net profit for the same quarter last fiscal, it said in a statement.
Net sales of the company also declined to Rs 1,292 crore during the July-September quarter of FY2011-12 from Rs 1,304 crore in the year-ago period.
Uttam Galva Steels consumed raw materials worth Rs 968 crore during the quarter, compared to Rs 863 crore in the same quarter last fiscal.
Scrips of the company were down 1.17% at Rs 71.6 apiece at around 1430 hours on the BSE today.
