Uttam Galva Steels, today said that its net sales in Q3 FY 09 jumped 89 per cent at Rs 1,102.50-crore as against Rs 582.69-crore in the year-ago period.
Sales volume was up 50 per cent in the period as compared to the corresponding quarter of the previous fiscal, a press release issued here said.
Operating profit for the quarter rose to Rs 76.99-crore as against Rs 71.75-crore in the year-ago period.
Production in the quarter rose by 38 per cent to 1.59-lakh tonnes from 1.15-lakh tonnes in the corresponding period of the previous fiscal, the release said.
The company's Director (Commercial), Ankit Miglani, said that "the steep downslide in global steel prices has resulted in losses due to high-priced inventories which have affected margins. We have liquidated most of such inventory stock in this quarter and the same is reflected in our results."
"The next quarter should see normalisation of margins," he added.