Usha Martin net profit up 73 percent

Kolkata, July 30 : Speciality steel and wire rope manufacturer Usha Martin Ltd Wednesday announced a net profit of Rs.650.8 million (USD 15.5 million) for the first quarter of the current fiscal, compared to Rs.376.8 million over the same period last year, an increase of 73 percent.

"The company has registered a good performance in the first quarter of the financial year 2008-09. For the first time we have crossed a consolidated profit before tax (PBT) of Rs.1.01 billion from Rs.552.8 million last year, with a growth of 82 percent," Usha Martin Ltd managing director Rajeev Jhawar said after the company's board meeting here.

He said the production of global wire rope grew by 10 percent compared to the corresponding period in 2007-08.

"The net sales of the company also rose to Rs.6.98 billion from Rs.5.04 billion, registering a growth of 39 percent," Jhawar said.

He said the company was investing Rs.21 billion for expanding its operations.