Consolidated net profit of Usha Martin increased 30.7 per cent in the first quarter of this fiscal at Rs 41.86 crore over the same period previous fiscal.
Net sale of the company during the quarter stood at Rs 673.15 crore, reflecting a rise of 10.6 per cent over the same period previous fiscal.
Managing Director of Usha Martin Rajeev Jhawar told reporters after the company's AGM here today that the growth in turnover was marginal because of the depressed sales volume of its overseas subsidiaries in US and Europe.
He said that coal mining operations had already started in the first quarter and was expected to contribute significantly to the margins of the company during the year.
The Rs 2100-crore sinter plant expansion at Jamshedpur would also be completed by the end of the fiscal.
Jhawar said that the company was looking at exporting high-end wire ropes from India and UK to China in substantial quantities.