Usha Martin has recorded a consolidated profit after tax of INR 65.08 crore in April to June 2008 quarter up by 73% YoY on the back of increase in global wire ropes production and better margins.

Net sales grew by 39% YoY to INR 698.69 crore. EBITDA margins for the quarter was at 23% and was expected to increase to 25% by the fourth quarter once capacity was enhanced and the company became fully integrated on account of captive coal resources.

Mr Rajeev Jhawar MD of Usha Martin said that “The company has registered a good performance in the first quarter of the financial year 2008-09. For the first time we have crossed a consolidated profit before tax of INR 1.01 billion from INR 552.8 million last year, with a growth of 82%.”

He said the production of global wire rope grew by 10% YoY as compared to the corresponding period in 2007-08.

Usha Martin is in the process of implementing an INR 2,100 crore expansion project, which would be executed over the next 21 months.