Usha Martin Limited : first nine months consolidated turnover crosses Rs 2,500 crores

PRESS RELEASE

Usha Martin Limited first nine months consolidated turnover crosses Rs 2,500 crores

Kolkata, January 31, 2012: Usha Martin Limited, leading producer of Speciality Steel and one of the largest Wire

Rope manufacturer globally announced its result for the third quarter and nine months ended 31st December 2011.

Consolidated

Financials

Key Highlights

• Turnover increased by 10.6% on consolidated basis and 11.4% on stand alone basis.
• Consolidated EBITDA margin at 15.4%.

Stand Alone

Financials

Particulars

Turnover

Net Sales

PBDIT

PBT

Exceptional Items (Forex Loss)

PAT

Operational Highlights

• Operational performance could have been better, but for higher cost of metallic, coke, coal & slow down in key market segments, kept margins under pressure.
• Poor market conditions caused lower offtake and checked passing on of cost increase.
• Usha Siam, Thailand, a key subsidiary was non functional due to floods since mid October' 11, causing lower turnover and profitability in international business.
• Hardening of interest rates resulted in higher interest charges.
• Depreciation charge was also higher.
• As per amended AS-11 losses on restatement of project loans (Rs 95 Crs Q2
& Rs 92 Crs Q3) were capitalized and to be ammortised over life of assets.
• Implementation of new capex plan for Rs
1200 crs in progress.

USHA MARTIN LIMITED NINE MONTHS & THIRD QUARTER EARNINGS ANNOUNCED PAGE 2

Business Locations

Usha Martin Limited (UML) a leading Integrated Speciality Steel company in India and one of the largest Wire Rope manufacturers globally with facilities spread across major global markets -

Corporate Office - Kolkata, India Iron Ore Mine - Barajamda, India Coal Mine - Daltonganj, India

Steel Plants - Jamshedpur, India

Agra, India

Wire & Wire Rope Plants - Ranchi, India Hoshiarpur, India Thailand, UK & UAE

Bright Bar Plants - Ranchi, India

Chennai, India

Distribution & Marketing - USA, Europe, Middle East, South East Asia & Australia

For further information please contact :

Mr A K Somani - Chief Financial Officer

Usha Martin Ltd, Kolkata

Tel: [phone]

Fax: [phone]

E-mail : [e-mail]