Aurobindo net dips 73% on FCCB losses
Drug maker Aurobindo Pharma reported a 73.41 per cent decline in its net profit for the first quarter ended June 30, 2008, on account of foreign currency convertible bonds (FCCB) losses.
The bulk drug maker posted a net profit of Rs 16.4 crore as compared with Rs 61.7 crore in the corresponding quarter last year. Its total income grew 27.64 per cent to Rs 684.7 crore, as against Rs 536.4 crore.
Usha Martin Q1 PAT surges 73%
Speciality steel and wire rope manufacturer Usha Martin posted a consolidated profit after tax (PAT) of Rs 65.08 crore, an increase of 73 per cent over the same period last year, on the back of rise in global wire ropes production and better margins.
Net sales grew 39 per cent to Rs 698.69 crore. EBITDA margins for the quarter stood at 23 per cent and was expected to increase to 25 per cent by the fourth quarter once the capacity was enhanced and the company became fully integrated on account of captive coal resources.
Usha Martin is in the process of implementing a Rs 2,100 crore expansion project, which would be executed over the next 21 months.
