Kolkata, Jan 30 (IANS) Usha Martin, a leading wire rope and specialty steel manufacturer Wednesday announced a 18.23 percent increase in its consolidated net profit to Rs.30.41 crore for the quarter ended Dec 31, 2012, from Rs.25.72 crore for the same period a year ago.
The Kolkata-based firm's net sales during the period under review increased to Rs.889.05 crore from Rs.816.28 crore for the corresponding period the previous year.
"Our subsidiaries have continued to do well. However, depressed business conditions, moderate to negative growth in automobile sector and higher interest rates eroded profitability," Usha Martin managing director Rajeev Jhawar said after announcing the results here.
During the quarter under review, the company has created a research and development and distribution centre in Italy for wire ropes under Usha Martin International Ltd, a subsidiary of the steel maker, under the name of Usha Martin Italia S.R.L.
Usha Siam Steel Industries Public Company Ltd., a subsidiary of the steel maker, along with Usha Martin Singapore Pte. Ltd., also a subsidiary of the company, have taken steps to form a 50:50 joint-venture in Thailand with Tesac Wire Ropes Company Ltd. of Japan under the name "Tesac Usha Wirerope Company Ltd." for manufacture of high performance steel wire ropes.