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Rajeev Jhawar in Calcutta on Wednesday. Picture by Kishor Roy Chowdhury
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Calcutta, Jan. 30: Specialty steel and wire rope maker Usha Martin Ltd has registered a consolidated profit after tax of Rs 30.41 crore for the third quarter ended December 31, 2012, against Rs 25.72 crore a year ago, an increase of 18 per cent.
The Calcutta-based company’s net sales during the quarter grew 9 per cent to Rs 889.05 crore from Rs 816.28 crore in the same period last year.
However, compared with the net sales of Rs 939.98 crore in the second quarter, sales during the period under review were lower by 5.31 per cent.
Rajeev Jhawar, managing director of the company, attributed the lower growth on a sequential basis to the softening of steel prices that affected realisations despite the growth in volume.
A drop in demand for steel, particularly from the commercial vehicle segment, also affected the topline.
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