Speciality steel and wire rope manufacturer Usha Martin has reported a consolidated loss of INR 21.35 crore during the Q1 of the current fiscal against a net profit of INR 4.09 crore in the corresponding quarter of the previous fiscal.
Earnings came under pressure because of a 59% rise in depreciation and amortisation expenses at INR 116.05 crore even as consolidated net sales increased 24.4% to INR 1,155.28 crore. The earnings before interest, depreciation, taxes and amortisation stood at INR 211.14 crore against INR 181.32 crore in the same period a year ago. Continue reading
Wire rope and speciality steel manufacturer Usha Martin, India’s largest and the world’s second largest steel wire rope manufacturer, recently posted more than a 50% decline in consolidated net profit to Rs 15.43 crore for the third quarter of the current financial year. The company’s net profit stood at Rs 30.41 crore in the previous corresponding period.
The sharp drop in net profit was due to sluggish demand of steel across the world and on account of interest and depreciation charges, as well as continued political unrest at its production plant in Thailand, according to Usha Martin Managing Director Rajeev Jhawar. However, the company also cited that the Wire Rope business has shown significant growth in new export markets like Brazil, Russia, and China.
Kolkata, India – Usha Martin Limited, leading producer of Specialty Steel and one of the largest Wire Rope manufacturer globally announced its result for the second quarter and half year ended 30th September 2012.
Speciality steel and wire rope manufacturer Usha Martin has planned to invest Rs 1,200 crore over the next three years to set up four different plants, a top company official said here on Monday.
These include a coke oven plant, a pellet plant and an ore beneficiation plant, and a direct reduced iron (DRI) plant. Continue reading