Usha Martin consolidates net profit by 73 per cent

Kolkata, Jul 30 (UNI) Usha Martin Limited, a leading producer of speciality steel and one of the largest wire rope manufacturers, has consolidated its net profit by 73 per cent to Rs 65.08 crore.

An official release today claimed that the company had posted improved performance during the quarter ending June 30.

The highlights of the consolidated finance were gross sales, which grew by 36 per cent to Rs 754.20 crore, net sales by 39 per cent to Rs 698.69 crore, PBT by 82 per cent to Rs 100.83 crore, PAT by 73 per cent to Rs 65.08 crore, cash profit by 80 per cent to Rs 104.94 crore and EPS by 71 per cent to Rs 2.57 per share, the release added.

It maintained that during the first quarter of the financial year 2008-09, the consolidated profit before tax rose to Rs 100.83 crore from Rs 55.28 crore, an increase of 82 per cent and profit after tax rose to Rs 65.08 crore from Rs 37.68 crore, an increase of 73 per cent.

The net sales of inter segment adjustment rose to Rs 698.69 crore from Rs 503.76 crore, registering a growth of 39 per cent, it stated.

Other highlights of the quarter under review were Global wire ropes production, which grew by ten per cent compared to corresponding period of previous year, PBDIT margin by 22.9 per cent, value added product share by 60 per cent of steel produced, the release informed.

The capital expenditure plans for speciality steel capacity expansion to one million ton and Wire ropes product capacity enhancements were progressing as per schedule, an release said.

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