Usha Martin reports 39% rise in net profit to Rs 109 crore in Q2FY24

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Usha Martin on Friday reported a 38.66 per cent rise in consolidated net profit to Rs 109.52 crore during the September quarter.

It had clocked a net profit of Rs 78.98 crore in the year-ago period, the company said in a regulatory filing.

The company's total income rose to Rs 806 crore over Rs 825.83 crore in the year-ago quarter.

Its expenses were trimmed to Rs 664.77 crore in the second quarter of the current fiscal from Rs 729.48 crore a year ago.

"The Board of Directors of the company has approved the removal (strike-off) of Usha Martin Power & Resources Ltd, non material wholly-owned subsidiary from the records of registrar of companies, West Bengal, subject to requisite approvals of regulatory authorities as applicable," the filing said.

Usha Martin is a leading global manufacturer of wire ropes.

Usha Martin's wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and the UK produce the widest range of wire ropes that find application in various industries across the world.