Ushdev International Q4 profit up 81% at Rs 57.58 cr

Metal trading firm Ushdev International has said reported a jump of 81% in consolidated net profit at Rs 57.58 crore for the fourth quarter ended March 31, 2013.

The company's net profit stood at Rs 31.81 crore in the corresponding period of previous year.

Consolidated total income of the company during the reported quarter stood at Rs 3,008.83 crore, up 45.42% vis-a-vis Rs 2,069 crore in the same period last year, the company said in a statement.

For the full financial year ended March, 2013, the Mumbai- based firm's net profit rose by 74.64% to Rs 126.34 crore as against Rs 72.34 crore of last fiscal, it added.

The statement also said that company's Board has approved the proposal to consider demerger of its wind power division.

"The board has approved the resolution to consider demerger of wind power business. Demerger will help the company to focus on its core business," Ushdev International Vice-Chairman Prateek Gupta was quoted in the statement.

The company has 30.83=MW wind power production capacity in five states -- TamilNadu, Karnataka, Mahrashtra, Gujarat and Rajasthan.

Company's board has also recommended a dividend of 21% that is Rs 2.10 per equity share.

Shares of the company closed today at Rs 333.70 apiece on the BSE, up 3.06% from the previous close.