Usha Martin consolidated Q1 up 17% to Rs 4 cr

Usha Martin today reported consolidated net profit of Rs 4.09 crore in Q1 period of FY14, up by 17 per cent over the corresponding period last year. The net sales were at Rs 928.72 crore during the quarter under review, up from Rs 846.09 crore in the the corresponding quarter of 2012-13, chairman Prasant Jhawar said.

On standalone basis, the company posted a net profit of Rs 2.20 crore in Q1 of FY 14 against Rs 1.86 crore loss during the same period last year.

Coal production jumped by 46 per cent, iron-ore production by 10 per cent during the quarter. Billet and rolled product production was down 6.7 and 15.2 per cent respectively.

Jhawar said by March 2014 the production capacity of the company would rise to one million tonne of steel. Cost measures that include completing coke oven, pelletisation plants by this fiscal would help the company improve its margin by another 3-4 per cent from 19.7 per cent.