Usha Martin Q2 net up 60%, sales up 19%

Leading speciality steel producer Usha Martin registered a 60% increase in net profit at Rs 23.72 crore for the quarter ended September 30, 2006. Total sales for the quarter increased by 19% to Rs 353.44 crore.

For the first-half of the year, profit before tax increased 29% to Rs 56.70 crore and profit after tax moved up 57% to Rs 44.05 crore. Sales increased 17% to Rs 655.35 crore.

Captive consumption of steel for value addition registered a growth of more than 28% at 79,061 tonne.

Rajeev Jhawar, managing director of Usha Martin, said:" Topline is expected to grow at the rate of 20% or more in the next six months."