Usha Martin Q3 net falls by 50 per cent

Wire rope and speciality steel manufacturer Usha Martin today posted more than 50 per cent decline in consolidated net profit to Rs 15.43 crore for the third quarter of the current financial year.

The company's net profit stood at Rs 30.41 crore in the previous corresponding period.

The sharp drop in net profit was due to sluggish demand of steel across the world and on account of interest and depreciation charges, Usha Martin Managing Director Rajeev Jhawar told reporters here today.