Speciality steel and wire maker Usha Martin today reported a whopping 97.36% fall in net profit at Rs 3.61 crore for the fiscal ended March 31, 2012.
The company had posted a net profit of Rs 137 crore in 2010-11.
For the quarter ended March 31, 2012, the company registered a consolidated net profit of Rs 14.91 crore, down 58% over the corresponding period.
"The overseas business was impacted due to global crisis, but at EBITA level it had contributed close to Rs 80 crore," Usha Martin CFO A K Somani said.
The market remains challenging but during the current fiscal the company will save on costs with backward integrations, Usha Martin Managing Director Rajeev Jhawar said.
"On coal costs alone, we expect to save Rs 60 crore during the year and the iron-ore beneficiation will also add to savings," he added.
The beneficiation project will cost Rs 30 crore for the company.
The company is projecting a production growth of 40% in steel production and 10-11% in wire ropes during the year.