Usha Martin embarks on Rs 1,200-cr expansion plan

Usha Martin, leading producer of speciality steel and one of the largest wire rope manufacturers, today said it has embarked on a Rs 1,200 crore expansion programme.

Under the programme, two billet plants, a 30-Mw captive power plant and a 2 lakh tonne coke oven plant will be set up this year.

Briefing about the company's 2010-11 results, its Managing Director Rajeev Jhawar said here today, while the growth in steel business had gone up by 24.3%, EBITDA (operating profit) was up by 18.6%.

He said the consolidated EBITDA margin remained at 19.3% and consolidated PAT (profit after tax) was at Rs 137 crore after higher charge on account of interest and depreciation.

"Standalone turnover was up by 39.9% on YoY basis and 41.7% on QoQ basis," he said.

Touching upon the company's operational highlights during the period, Jhawar said billet production grew by 40% and VA products by 14.5%.

Usha Martin has its coal mine at Daltonganj, steel plant at Jamshedpur and wire and wire rope plant at Ranchi, Hatia, besides in Thailand, UK and Dubai.