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Uttam Galva Steels net profit up by 29%

This article was posted on Feb 1, 2008 and is filed under Press Releases

Uttam Galva Steels Ltd. (UGSL), one of the largest manufacturer-exporter of galvanized steel in the country has recorded an impressive performance for the quarter ended December 31, 2007. Net profit for the quarter zoomed to Rs. 29.15 crores, up by 29% when compared to Rs. 22.63 crores in the corresponding quarter of the previous year.

Net Sales for the quarter ended December 31, 2007, touched Rs. 582.69 crores, up by 12% when compared to Rs. 520.40 crores in the corresponding quarter of the previous year.

For the nine months (April – December 2007), Uttam Galva’s Net profit stood at Rs. 93.39 crores, up by 14% when compared to Rs. 82.23 crores in the corresponding 9 months of previous year.

Commenting on the results, Mr. Ankit Miglani, Director (Commercial), Uttam Galva Steels Ltd, said, “Our focus on value addition combined with operational efficiencies have contributed to our healthy bottom line We hope to further build on this performance going forward”.

“With the completion of our expansion plans in their final stages, we will be better equipped not only to fulfill diverse customer needs in the domestic market but also further consolidate our presence in the global markets in the quarters ahead”, he added.

The company also crossed a new landmark by exporting 2 million tonnes of value added steel. These exports are not for generic products but for high end products tailor-made to each customer’s specific requirement. The company also enjoys the distinction of supplying quality steel to developed markets like US, Europe, Germany, Japan, etc. Uttam Galva now exports to 135 countries worldwide which is a testimony to the company strong hold in the export market. In the last one year Uttam has increased it’s exposure to the exports market from 120 to 135 countries. Uttam Galva has recently bagged the prestigious ‘Star Performer Trophy’ from the Engineering Export Promotion Council for the 9th consecutive year.

Uttam has also announced an agreement with Ispat Industries Limited to buy 5 lakh tonnes of HR coils per annum making it the sole domestic supplier of HR coils to Uttam.

Sourced From: Sampark Public Relations Pvt Ltd

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