Usha Martin gains on appointing Abhijit Paul as CFO

Usha Martin rose 1.44% to Rs 316.50 after the company said that its board has appointed Abhijit Paul as chief financial officer (CFO), succeeding Anirban Sanyal, who will step down from the role on 30 April 2024.

Anirban Sanyal has resigned to explore external growth opportunities in his professional career.

The companys board, based on the recommendation of the nomination and remuneration committee and the audit committee, has approved the appointment of Abhijit Paul as CFO of the company effective from 1 May 2024.

Paul is a commerce graduate and a chartered accountant. He joined Usha Martin in the year 2021 and was the finance controller of the company. He has more than 18 years of experience in finance, accounts and taxation.

Usha Martin is one of the leading global manufacturers of steel wire & wire ropes. Its manufacturing plants are located in Ranchi and Hoshiarpur in India, and in Thailand, Dubai and the UK.

The company reported 28.1% rise in net profit to Rs 107.50 crore despite a 4.4% fall in sales to Rs 797.09 crore in Q3 FY24 over Q3 FY23.

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