Usha Martin records a PAT of Rs 65 cr; an increase of 73%

Speciality steel and wire rope manufacturer, Usha Martin, has recorded a consolidated profit after tax (PAT) of Rs 65.08 crore, an increase of 73 per cent over the same period last year, on the back of increase in global wire ropes production and better margins.

Net sales grew by 39 per cent to Rs 698.69 crore. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margins for the quarter was at 23 per cent and was expected to increase to 25 per cent by the fourth quarter once capacity was enhanced and the company became fully integrated on account of captive coal resources.

Usha Martin is in the process of implementing a Rs 2,100 crore expansion project, which would be executed over the next 21 months.