Wire rope and speciality steel manufacturer Usha Martin today posted more than 50 per cent decline in consolidated net profit to Rs 15.43 crore for the third quarter of the current financial year.
The company's net profit stood at Rs 30.41 crore in the previous corresponding period.
The sharp drop in net profit was due to sluggish demand of steel across the world and on account of interest and depreciation charges, Usha Martin Managing Director Rajeev Jhawar told reporters here today.
Net sales of the company during quarter marginally increased by 8.5 per cent at Rs 965.38 crore compared to Rs 889.05 crore in the previous corresponding period.
Jhawar said the pellet plant had been commissioned during the quarter and would take four to five months time to stabilise.
Regarding Thai operations, he said political uncertainty had affected operations there as all government projects had come to a halt.
The company has manufacturing operations in India, Thailand, the UK and Dubai.
