Usha Martin registers Rs 21.35 cr loss in Q1

Speciality steel and wire rope manufacturer Usha Martin registered a loss of Rs 21.35 crore on a consolidated basis for the first quarter of the current fiscal.
The company had posted a net profit of Rs 4.09 crore in the year-ago period.
Net sales on a consolidated basis in the first quarter stood at Rs 1,155 crore, registering a rise of 24.4 per cent from Rs 928 crore in the corresponding period.
Operating profit increased 16.5 per cent to Rs 211 crore from Rs 181 crore.
Usha Martin Chairman Prashant Jhawar said due to government regulation on depreciation there had been an additional charge of Rs 10.84 crore on profit during the quarter.

He said stabilisation of the integrated steel plant, which was commissioned recently would take some time and the company was expecting a turnaround in the next three or four quarters.
The company had appointed consultancy firm Accenture for business improvement and also on cost reduction, re-negotiation of contracts and improving operational efficiency, Jhawar told reporters after the company's AGM here today.
This is for the second consecutive quarter the company is recording losses.