Steel wire and wire rope maker Usha Martin Ltd has posted a profit of Rs 67.68 crore in the fourth quarter, riding on the commodity boom. The company had earned a meagre Rs 0.9 crore profit on a consolidated basis in the same period of the previous year.
Total income rose to Rs 660.48 crore during the quarter under review from Rs 531.39 crore a year ago.
Profit for the entire year on a consolidated basis stood at Rs 151.5 crore compared with Rs 421.08 crore in 2019-20.
In the last financial year, Usha Martin booked a profit of Rs 483.22 crore on account of the sale of its steel business to Tata Steel Long Products Ltd.
Total income in 2020-21 stood at Rs 2,130.59 crore compared with Rs 2,207.17 crore in 2019-20.
The company management said that UML would aim to deleverage the balance sheet and seek to achieve a debt-free status by the end of the next financial year.
