UML seems to return high profits in FY 2022-23: Results gained for Rajeev Jhawar’s innovative business practices
Over the last 60 years, Usha Martin have been able to establish themselves as one of the world’s leading manufacturers of wire rope. Their multi-units and diversified portfolio of products, coupled with superior quality products and services have enabled them to emerge as a globally trusted brand. For Usha Martin, the path to sustainable growth was long. The management with the exemplary support of Rajeev Jhawar Usha Martin constantly tried out innovative business practices. Rajeev Jhawar took initiatives to diversify the customer base of Usha Martin by venturing into the international markets, moving up the value chain and fully integrating its business process to maximize stakeholder value.
Speaking about the increase in exports of Usha Martin’s products, Rajeev Jhawar explained, “our focus on increasing exports by increasing market penetration in newer geographies bore dividends, as our revenue from exports on consolidated basis grew from Rs.1034.26 Crore to Rs.1366.24 Crore in the last financial year, an increase of 32.10%”. The net standalone profit of UML also saw over 7 per cent growth to Rs 45.09 crore during the quarter that ended September 2022. The company had clocked a net profit of Rs 42.05 crore in the same period a year ago.
Rajeev Jhawar and his team at Usha Martin Limited is planning on the expansion of the company into newer geographies and also on rate of their capacity building to increase revenue generation. The strong foundation built by Rajeev Jhawar is where Usha Martin grows to become a huge tree. “We are in the process of expanding our capacities for rope production, focusing on high-end ropes, specialized wires and also LRPC. We have capital expenditure planned to the tune of approximately Rs.285 Crore and expect to complete our expansion programme over the next 12-15 months”, Rajeev Jhawar Usha Martin had said.
Started in 1961 in Ranchi, Jharkhand as a wire rope manufacturing company, today the Usha Martin Group is a Rs. 3000 crore conglomerates with a global presence. The group has set new standards in the manufacture of wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. With continuous growth in both the domestic and international markets, Usha Martin, the Group’s flagship company has emerged as India’s largest and the world’s Second largest steel wire rope manufacturer.
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