Usha Martin Q3 net falls by 50%, cites sluggish demand

Usha MartinWire rope and speciality steel manufacturer Usha Martin, India’s largest and the world’s second largest steel wire rope manufacturer, recently posted more than a 50% 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, as well as continued political unrest at its production plant in Thailand, according to Usha Martin Managing Director Rajeev Jhawar.  However, the company also cited that the Wire Rope business has shown significant growth in new export markets like Brazil, Russia, and China.

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