Usha Martin’s FY12 consolidated net tumbles 97%

Speciality steel and wire maker Usha Martin has registered a wobbling 97.37% fall in consolidated net profit at Rs 3.61 crore for the fiscal ended March 31, 2012. The company had posted a net profit of Rs 137.03 crore in 2010-11.

For the fourth quarter ended March 31, 2012, the company registered a consolidated net profit of Rs 14.91 crore, down 58.76% as compared to Rs 36.15 crore 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. The company is projecting a production growth of 40% in steel production and 10-11% in wire ropes during the year.