Usha Martin slumps after poor Q3 numbers

Usha Martin lost 7.12% to Rs 28.70 at 10:21 IST on BSE after consolidated net profit declined 49.3% to Rs 15.43 crore on 8.6% growth in net sales to Rs 965.38 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced after market hours on Wednesday, 29 January 2014.

Meanwhile, the S&P BSE Sensex was down 222.30 points or 1.08% at 20,425.

On BSE, so far 1.37 lakh shares were traded in the counter as against average daily volume of 1.37 lakh shares in the past one quarter.

The stock hit a high of Rs 30.15 and a low of Rs 28.65 so far during the day. The stock had hit a 52-week high of Rs 37.40 on 9 January 2014. The stock had hit a 52-week low of Rs 20.30 on 26 March 2013.

The stock had outperformed the market over the past one month till 29 January 2014, surging 7.11% compared with the Sensex's 2.58% fall. The scrip had also outperformed the market in past one quarter, jumping 26.38% as against Sensex's 1.35% fall.

The small-cap company has equity capital of Rs 30.47 crore. Face value per share is Re 1.

Usha Martin's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) rose 18.16% to Rs 230.82 crore in Q3 December 2013 over Q3 December 2012.

Mr. Prashant Jhawar, Chairman, Usha Martin said, "The commissioning of the 1.2 million tones beneficiation and pellet plants is a significant step of Usha Martin and would enable the company to get full benefit of mineral integration going forward".

Mr. Rajeev Jhawar, MD, Usha Martin said, "The pellet plant should stabilize in the next 4-5 months as prevalent in such plants and the quality of the pellet produced is good and meets the specification".

Usha Martin is an integrated specialty steel company and one of the largest wire rope manufacturers globally.

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