Uttam Galva Steels’ standalone net profit soared nearly two-fold to R40 crore for the fourth quarter ended March largely on account of increased efficiency in operations.
The company, which manufactures and exports value added steel products, had reported a net profit of R14.05 crore during the January-March quarter of 2010-11.
Net sales of the company, in which world’s largest steel maker ArcelorMittal holds 34.42% stake, were down over 23% to R1,241.46 crore during the quarter, it said in a BSE filing. It, however, did not provide consolidated results for the quarter.
The company’s total expenditure during the January-March quarter came down by about 28% to R1,107.37 crore, while its finance costs were also down by 21% to R55.46 crore.
For the full year ended March, 2012, the company reported a decline of 4.62% in consolidated net profit at R73.10 crore. Its net sales, however, were up over 12% at R5,647.38 crore during the period.
“Increase in interest costs, depreciation of assets and higher provisioning of tax is eating our bottomline. We are dedicating all our resources to improve our efficiency and Ebitda margins,” Uttam Galva deputy managing director Ankit Miglani said. Miglani, however, denied that company has any plans to sell its assets to reduce debt, which is about R2,000 crore. “We are not selling or liquidating any assets to reduce debt.”
Arvind Q4 net profit up 6% at R67 cr; FY12 profit at R436 cr
Textile maker Arvind on Wednesday said its net profit rose by 5.8% to R66.68 crore for the fourth quarter ended March 31, 2012.
The company had posted a net profit of R63.02 crore in the corresponding period of previous fiscal.
Net sales of the company rose to R1,272.53 crore for the fourth quarter compared to R1,191.78 crore in the same period of 2010-11, Arvind said in a filing to the BSE.
For the full-year ended March 31, 2012, the company posted a net profit of R435.87 crore, as against R164.87 crore in 2010-11. The company’s board, which met on Wednesday, recommended a dividend of 10% (R1 per share of R10 each) for the fiscal 2011-12.
On a standalone basis, the company posted a net profit of R62.52 crore for the quarter, against R56.07 crore in the corresponding period of previous fiscal. Shares of Arvind today closed at R77.10 on the BSE, down 13.47% from its previous close.