Usha Martin takes up Rs 1,200-cr capex plan

Speciality steel and wire rope manufacturer, Usha Martin, has chalked out a Rs 1,200 crore capital expenditure programme, to be invested over a period of 36 months.

The outlay approved by the board, would be used for setting up coke oven, additional DRI plant, pellet plant, additional power plant, ore beneficiation plant and other related projects to be implemented. The amount would be funded through debt and internal accruals.

The project would help ramp up production from 350,000 tonnes to 800,000 tonnes. Eventually, the capacity would be increased to one million tonne.

A K Somani, president (finance) and chief financial officer, said, the project would improve margins, as well by around Rs 3,500 a tonne.

Records PAT increase of 140%

Profit after tax at Rs 69.20 crore was an increase of 140 per cent over the same period last year. Turnover at Rs 678.81 crore, saw a dip of 8.8 per cent. The company attributed the reduction to lower price realization in the global markets.