Usha Martin is a smart gainer today. In the opening bell session, the stock price spurted over 14% to Rs.25.05 with volumes showing more than 3 times surge. Its 52-week high stands at Rs.32.30.
Thanks to improved sales and operating efficiencies, the company turned around in Q4FY18. The wire rope and steel maker posted a net profit of Rs.12.60 crore v/s loss of Rs.148 crore (YoY). Revenue for the quarter was up by a good 21% at Rs.320 crore.
The company’s DRI production was at 130,629 MT in Q4FY18 and 458,409 MT in FY 18, up by 55% and 17% compared to Q3 FY18 and FY17 respectively.
Its Rolled Product (Steel Divn.) production rose 9% and sales was up 4% on a sequential basis.
The company though, ended FY18 with a net loss of Rs.268 crore, down from loss of Rs.357 crore in FY17. Its interest outgo for the fiscal was at Rs. 571 crore, which is 14% of net sales and the reason for its losses too.