Riding on the back of higher sales, Usha Martin Ltd has posted a 15 per cent rise in net profit at Rs 30 crore for the quarter ended December 31, 2012.
The net profit stood at Rs 26 crore during the same period last year.
Net sales grew nine per cent to Rs 889 crore.
Shares of Usha Martin ended at Rs 30.90, up 4.75 per cent, on the BSE on Wednesday.
Jt venture projects
During the quarter under review, Usha Martin International Ltd — a subsidiary of Usha Martin — formed a company called Usha Martin Italia S.R.L. in Italy.
The company has been set up for research and development of wire ropes as a centre of excellence and also for the distribution of wire ropes from Italy, according to the company’s statement to the BSE.
This apart, another subsidiary of Usha Martin — Usha Siam Steel Industries Public Company Ltd along with Usha Martin Singapore Pte Ltd — have formed a 50:50 joint venture in Thailand with Japan-based Tesac Wire Ropes Company Ltd.
The joint venture company to be incorporated under the name — Tesac Usha Wirerope Company Ltd — would focus on manufacturing high performance steel wire ropes. shobha.roy@thehindu.co.in