In the corresponding quarter of the previous fiscal, Usha Martin posted a net profit of ₹109.5 crore, the company said in a regulatory filing. The company’s revenue from operations increased 13.6% to ₹891.2 crore as against ₹784.7 crore in the corresponding period of the preceding fiscal.
This growth was driven by a strong performance in the core Wire Rope segment, which rose by 19.2% year-over-year, and the Wire & Strand segment, up by 16.2% year-over-year.
Also Read: Endurance Technologies Q2 Results | Net profit surges 31% to ₹203 crore, revenue up 14% to ₹2,912 crore
At the operating level, EBITDA was up 11.4% to ₹160.8 crore in the second quarter of this fiscal over ₹144.3 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 18% in the reporting quarter as compared to 18.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
However, revenue from the LRPC segment declined by 6.7% year-over-year. The company’s Profit Before Tax (PBT) for the quarter amounted to ₹141.4 crore, a slight decrease of 2.1% from ₹144.5 crore in the previous year. Basic Earnings Per Share (EPS) stood at ₹3.59 for the quarter.
Also Read: Delta Corp Q2 Results | Online gaming co hits a low note with 61% net profit slump
Rajeev Jhawar, Managing Director said, “During the period, our core wire ropes division performed strongly, despite a traditionally softer quarter due to monsoon. The division recorded an impressive 18.5% growth in volumes and a 19.2% increase in revenue. With the expanded capacities, our teams across domestic and international markets are well-positioned to drive sales of high-quality wire ropes for critical applications.”
The results came after the close of the market hours. Shares of Usha Martin Ltd ended at ₹420.15, down by ₹1.7, or 0.40% on the BSE.
