Galvanised steel manufacturer Uttam Galva Steels today reported a standalone net loss of Rs 424.50 crore for the December quarter on the back of rise in finance cost and jump in overall expenses.
The company had reported a net profit of Rs 5.48 crore in the year-ago period, Uttam Galva Steels said in a BSE filing.
Net sales of the company declined to Rs 1,510.66 crore as against Rs 1,633.36 crore in the same period last fiscal.
The total expenses rose by 8.7 per cent to Rs 1,713.86 crore during the quarter under review.
The firm's finance cost (net) more than doubled to Rs 130.13 crore during the quarter as against Rs 57.18 crore in the corresponding quarter of the previous fiscal.
The company further said that impairment of assets during the October-December quarter resulted in a loss of Rs 96.36 crore.
"The company has made a provision of Rs 96.36 crore for diminution in the value of investments and overseas loans and advances which has been disclosed as an exceptional item," it said.
Uttam Galva Steels had reported 66.8 per cent decline in standalone net profit at Rs 2.03 crore for the quarter ended September 30.
The company is into manufacturing of steel products and also has a captive power plant.
