Usha Martin posts Rs 36 crore loss in Q3

Steel and wire rope manufacturer Usha Martin Limited posted a loss of Rs 36 crore in the third quarter of current fiscal as compared to net profit of Rs 15.43 crore in the corresponding previous period.

On a consolidated basis, net sales of the company increased marginally to Rs 1076 crore during the quarter as against Rs 965 crore in the same period of previous year.

Chairman of Usha Martin Prashant Jhawar said that the specialised steel market was still subdued as demand was yet to pick up.

Dumping by Chinese steel makers was adding to the woes, he told reporters here today after the company's board meeting.

Vice-chairman of Usha Martin Rajeev Jhawar said that from the next quarter, the company's performance was expected to improve as the management had taken steps in this regard.

The company had made a provision of Rs 8 crore per quarter for paying the coal cess imposed by the Centre.

Total accumulated loss of the company stood at Rs 149 crore.