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Usha Martin profit up 68.43%

The company's turnover for the fiscal ended March 31, 2006 stood at Rs 1969 crore.

india Updated: May 06, 2006 15:48 IST

Wire and wire-rope manufacturer Usha Martin Ltd has posted a profit after tax of Rs 84.35 crore up 68.43 per cent and is looking at both inorganic and organic growth to boost its future profitability.

The company's turnover for the fiscal ended March 31, 2006 stood at Rs 1969 crore.

Company Managing Director Rajeev Jhawar said on Saturday that the company would be tapping every opportunity to acquire both domestic and overseas businesses.

Usha Martin's global operations contributed nearly Rs 600 crore of the total turnover.

Usha Martin Jr Managing Director P Bhattacharya said that the company was expecting a huge jump in profits after it starts its own iron-ore and coal mining operations in Jharkhand.

He said that cost saving on this count would be Rs 180 crore on an annual basis.

The company board also approved the capital expenditure plan for the next few years.

First Published: May 06, 2006 15:43 IST