Kolkata, May 9 (IANS) Usha Martin, a leading wire rope and specialty steel manufacturer, Thursday announced a 48 percent hike in its net profit to Rs.22.11 crore for the quarter ended March 31, 2013, from Rs.14.91 crore in the same period of the previous year.
The Kolkata-based firm recorded the considerable jump in net profit on the back of a significant increase in Ebidta during the quarter under review at Rs.192.41 crore against Rs. 123.05 crore in the same period a year ago even as consolidated net sales during the quarter suffered a marginal dip to Rs.947.71 crore from Rs.954.41 crore.
Announcing the result, Usha Martin managing director Rajeev Jhawar said the improvement in Ebidta was due to the reduction in expenditure, in particular that of raw materials consumed.
The firm’s total expenditure during the fourth quarter this fiscal decreased to Rs.708.08 crore against Rs.816.16 crore during the same period a year ago.
For the fiscal 2012-13, the company, on a consolidated basis, posted net sales of Rs.3,621.83 crore and net profit of Rs.78.84 crore against Rs.3,360.82 crore and Rs.3.61 crore respectively in fiscal 2011-12.