The company stated that although both the Wire & Strand and LRPC segments witnessed declines, the consistent performance from core Wire Rope segment supported overall revenues.

EBITDA declined by 2.6% to Rs 161 crore in Q4 FY24 from Rs 165.3 crore in Q4 FY23. EBITDA margin for Q4 FY24 was 19.4% as against 19.3% in Q4 FY23.

The company’s joint ventures recorded a loss of Rs 4.5 crore in the fourth quarter as against a loss of Rs 2.1 crore in Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 136.4 crore, down by 4.1% from Rs 142.3 crore in Q4 FY23.

For FY24, Usha Martin the company recorded net profit and revenue of Rs 424.1 crore (up 21% YoY) and Rs 3,225.2 crore (down 1.3% YoY), respectively.

Tapas Gangopadhyay, non-executive director, said: “We have concluded the financial year 2024 on a positive note with our robust operating cash flows reflecting strong performance.

Despite facing macro-economic challenges, the company managed to generate an 18.6% EBITDA margin during the year. Notably, our core wire ropes division continued to perform well and contributed 71% to our overall consolidated revenues.

The wave-1 capex program at our Ranchi facility is progressing well and we anticipate commercial operations to commence from Q1 FY25 onwards. These new capacities are mainly focused on enhancing the Company's value-added segment. We expect the facility to be ramped up over the next 9-12 months and to contribute meaningfully to our performance over the next two years.

FY24 also saw notable advancements in our strategic initiatives, including enhancements in value-added offerings, deepening engagement with OEMs and expansion of our international presence."

Usha Martin is a specialty steel wire rope solutions provider. The company is also engaged in the manufacturing of high-quality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke end-fitments, accessories and related services.