Usha Martin's net profit up by 40 per cent

Kolkata, Oct 24 (UNI) Usha Martin Limited, leading producer of speciality steel and one of the largest wire rope manufacturers globally, has posted an increase of net profit by 40 per cent at Rs 117.44 crore for the quarter II ended September 30.

A company release here today said during the first half of the financial year 2008-09, the consolidated profit before tax rose to Rs 179.62 crore from Rs 117.56 crore, a hike of 53 per cent, and profit after tax to Rs 117.44 crore from Rs 83.63 crore, an increase of 40 per cent.

The net sales rose to Rs 1505.05 crore from Rs 1081.06 crore, registering a growth of 39 per cent.

During the quarter II of the financial year 2008-09, the standalone profit before tax rose to Rs 59.02 crore from Rs.48.23 crores, an increase of 22 per cent, and profit after tax rose to Rs 41.85 crore from Rs 35.86 crore, an increase of 17 per cent.

The net sales rose to Rs 593.85 crore from Rs 389.20 crore, registering a growth of 53 per cent.

During the first half of the financial year 2008-09, the standalone profit before tax rose to Rs 144.25 crore from Rs 95.75 crores, an increase of 51 per cent, and profit after tax to Rs 98.55 crore from Rs 68.08 crore, an increase of 45 per cent.

The net sales rose to Rs 1084.25 crore from Rs 760.18 crore, registering a growth of 43 per cent.

The results were adversely impacted by Rs 31.46 crore for the quarter and Rs 55.85 crore for the half year ended September 30 due to revaluation of long term foreign currency loans on account of rapid depreciation of rupee against US Dollar as per Accounting Standard 11 of the Companies Act, 1956.

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