Usha Martin Ltd. — Earnings Release 2025

Jan 29, 2025

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Date: 29[th] January 2025

The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001 [Scrip Code: 517146]

The Manager Societe de la Bourse de National Stock Exchange of India Ltd Luxembourg Exchange Plaza, 5th Floor, 35A Bouleverd Joseph II Plot No.C/1, G Block, L-1840, Luxembourg Bandra Kurla Complex, Bandra [Scrip Code: US9173002042] Mumbai – 400 051 [Symbol: USHAMART]

Dear Sir/Madam,

Sub.: Earnings Presentation- Q3 9M FY25

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed an Earnings Presentation on the Unaudited Financial Results of the Company for the Quarter and Nine months ended 31[st] December 2024.

The presentation is also being made available on the website of the Company i.e. www.ushamartin.com

This is for your information and records.

Thanking you,

Yours faithfully, For Usha Martin Limited

MANISH Digitally signed by MANISH AGARWAL AGARWAL Date: 2025.01.29 20:38:19 +05'30' Manish Agarwal Company Secretary & Compliance Officer

Enclosed: As above

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~~Q3 & 9M FY2~~ 5 RESULTS

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Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Usha Martin Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this presentation may contain forward looking statements concerning the Company’s future business prospects and business profitability. Such forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to, the Company’s ability to manage growth, the fluctuations in earnings, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, the Company’s ability to manage its international operations, Government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

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Q3 FY25 Earnings Presentation | 2

In Rs. crore

NET REVENUE FROM OPERATIONS

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2,578
2,396
797 891 861
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25
Shift (%) QoQ: 3.4%  YoY: 8.0%  7.6% 
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OPERATING EBITDA MARGINS
19.7% 18.0% 16.6% 18.7% 17.7%
447 458
157 161 143
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25
Shift (%) QoQ: 11.3%  YoY: 9.1%  2.3% 
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PAT MARGINS
13.5% 12.3% 10.7% 13.3% 11.8%
318 305
108 109
92
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25
Shift (%) QoQ: 15.6%  YoY: 14.2%  3.9% 
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Note 1: Operating EBITDA & EBITDA Margins calculated without other income

• Revenue from operations increased by 8.0% Y-o-Y to Rs. 860.5 crore in Q3 FY25, driven by positive performance in the wire rope and wire & strand segments

• impact of softer realizations and challenging market conditions, particularly in international markets

• support performance in a subdued environment

• PAT amounted to Rs. 92.3 crore in Q3 FY25 as against Rs. 107.5 crore in Q3 FY24

• PAT includes insurance claim of Rs. 10 cr (pre tax) and sales tax refund Rs. 8 cr (pre tax) in 9MFY24

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Q3 FY25 Earnings Presentation | 3

In Rs. crore

Revenue breakdown by segment

WIRE ROPE

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1,872
1,669
561 661 616
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25
Shift (%) QoQ: 6.7%  YoY : 9.8%  12.1% 
LRPC
301
266
92 86 91
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25
Shift (%) QoQ: 5.5%  YoY : 1.4%  11.8% 
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WIRE & STRAND

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238
208
87
74 80
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9M FY25
Shift (%) QoQ: 9.4%  YoY: 17.6%  14.4% 
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• Core Wire-Rope segment revenues increased by 9.8% Y-o-Y in Q3 FY25

• Wire & Strand segment revenues registered an 17.6% Y-o-Y increase while LRPC segment registered a 1.4% Y-o-Y decline

• Segment wise % of overall sales 9M FY25:

• Wire Rope – 73% (FY24: 71%)

• Wire & Strand – 9% (FY24: 8%)

• LRPC – 10% (FY24: 12%)

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Q3 FY25 Earnings Presentation | 4

Revenue Segmentation for 9M FY25

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PRODUCT SEGMENTATION END INDUSTRY SEGMENTATION [1] GEOGRAPHY SEGMENTATION
Others, 8% Others, 3% America, 7%
Fishing, 3%
Middle East & Africa, 9%
Wire & Strand, 9% Mining, 6% Engineering, 21%
Utilities, 3%
Elevator, 9%
LRPC, 10% Asia Pacific, 13% India, 45%
Construction &
Auto, 8% Infrastructure, 11%
Wire Rope, 73%
Crane, 16% Oil & Offshore, 20%
Europe, 26%
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• Wire rope segments contribution to overall revenues increased to 73% in 9M FY25 vs. 71% in FY24

• Within Wire rope, the value-added segments (crane, oil & offshore, elevator, mining, fishing) share stood at 71% in 9M FY25

• Share of International business stood at 55% in 9M FY25 with International operations recording a Y-o-Y revenue growth of 11%

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Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated financials

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Q3 FY25 Earnings Presentation

5

Successfully managing raw-material volatility

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STEEL PRICE (RS. PER TONNE)
61,691
56,317
55,392 55,402
54,906
51,913
FY22 FY23 FY24 Q1FY25 Q2FY25 Q3FY25
EBITDA/TONNE [2 ] (RS.)
32,299 32,628 32,253
28,302
26,473
19,624
FY22 FY23 FY24 Q1FY25 Q2FY25 Q3FY25
Operating EBITDA/MT for 9MFY25 stood at ~Rs 31,000/- MT
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Note 2: EBITDA calculated without other income & excluding UM Cables

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6

Q3 FY25 Earnings Presentation

ROCE (%)

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21.2% 21.9%
19.2% 19.1%
FY22 FY23 FY24 Dec.'24
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INTEREST COVERAGE (X)

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23.2
18.1
16.0
9.2
FY22 FY23 FY24 Dec.'24
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ROE (%)

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18.8% 18.8% 19.2%
16.5%
FY22 FY23 FY24 Dec.'24
FIXED ASSET TURNOVER (X)
3.4
3.2
2.7
2.6
FY22 FY23 FY24 Dec.'24 ^
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• Annualized

^ LTM

Q3 FY25 Earnings Presentation

7

In Rs. crore

GROSS DEBT

NET DEBT

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355 347
334
292
FY22 FY23 FY24 Dec.'24
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191 185
168
124
FY22 FY23 FY24 Dec.'24
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GROSS DEBT TO EQUITY (X)

NET DEBT TO EQUITY (X)

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0.21
0.17
0.13
0.12
FY22 FY23 FY24 Dec.'24
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0.11
0.09
0.06
0.05
FY22 FY23 FY24 Dec.'24
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Q3 FY25 Earnings Presentation

Long term issuer rating at ‘IND A+’ / Outlook: Stable

A+

A

A-

BBB+

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BBB

BBB-

BB+

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BB

BB-

FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 Aug'24

• India Ratings and Research Pvt. Ltd. recently upgraded Usha Martin Ltd.’s long-term issuer rating from ‘IND A/Positive' to 'IND A+/Stable’

• Additionally, the agency raised the rating on the Company’s short-term credit facilities from 'IND A1' to 'IND A1+'

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Current Rating A+ Outlook Stable Last Review Aug’24

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Q3 FY25 Earnings Presentation | 9

Management comment

Commenting on the performance Mr. Rajeev Jhawar, Managing Director said:

Mr. Rajeev Jhawar

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Managing Director

“Usha Martin delivered healthy volume growth of ~11% and a revenue increase of ~8% Y-o-Y in Q3 FY25, despite a challenging global environment. Our operating profits were impacted by softer realizations and subdued market conditions in this quarter, particularly in international markets, which affected our margins and bottom-line performance. However, we believe the Company's operational resilience and inherent strengths helped us navigate most of these macro-led headwinds to a large extent.

As part of our long-term strategy, we have embarked on the next phase of transformation under the ‘One Usha Martin’ approach. This initiative is aimed at integrating our global operations to enhance efficiency, optimize costs, and strengthen our competitive edge. Key focus areas include centralizing procurement to leverage economies of scale, streamlining logistics for improved cost efficiency and delivery timelines, and optimizing our manufacturing operations in Brunton Shaw UK. Building on the successful turnaround achieved over the past few years, the ‘One Usha Martin’ initiative is a significant step toward future proofing our business, driving margin improvements, and increasing operating leverage.

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Following the recent unveiling of our refreshed brand identity, we remain optimistic about the future and confident in our ability to leverage integration synergies to drive further improvements. While these efforts will take some time to fully materialize, they are designed to deliver long-term value and significantly enhance our operational efficiencies. With our diverse product portfolio, robust manufacturing and R&D capabilities, along with a growing network across global and domestic markets, we believe, we are well-positioned to meet evolving customer needs while driving sustainable value creation for all stakeholders.”

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Q3 FY25 Earnings Presentation

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ANNEXURE

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Q3 FY25 Earnings Presentation | 11

In Rs. crore

Abridged Consolidated P&L statement

Q3 FY25 Q3 FY24 Y-o-Y Change (%) Q2 FY25 Q-o-Q Change (%)	9M FY25 9M FY24 Y-o-Y Change (%)
Revenue from Operations 860.5 797.1 8.0% 891.2 -3.4%	2,578.1 2,396.2 7.6%
Operating EBITDA 142.7 157.1 -9.1% 160.8 -11.3%	457.5 447.1 2.3%
Operating EBITDA Margin (%) 16.6% 19.7% -3.1 pps 18.0% -1.5 pps	17.7% 18.7% -0.9 pps
Operating EBITDA / ton^ (Rs.) 28,302 34,018 -16.8% 32,253 -12.3%	31,017 32,478 -4.5%
Other Income 3.9 5.9 -33.6% 6.9 -42.9%	15.7 30.8 -48.9%
EBITDA 146.6 162.9 -10.0% 167.6 -12.5%	473.2 477.8 -1.0%
EBITDA Margin (%) 17.0% 20.4% -3.4 pps 18.8% -1.8 pps	18.4% 19.9% -1.6 pps
Depreciation 25.6 18.9 35.6% 22.8 12.2%	70.1 54.5 28.7%
Finance Costs 8.7 6.2 39.8% 7.7 13.0%	23.0 18.1 27.0%
Share of proft(-) /loss(+) of joint ventures -5.3 -1.7 -210.0% -4.3 -24.0%	-13.6 -7.9 -72.1%
PBT @ 117.6 139.6 -15.7% 141.4 -16.8%	393.7 413.2 -4.7%
PBT Margin (%) 13.7% 17.5% -3.8 pps 15.9% -2.2 pps	15.3% 17.2% - 2.0 pps
Tax 25.4 32.1 -20.9% 32.1 -21.0%	88.3 95.4 -7.4%
PAT 92.3 107.5 -14.2% 109.3 -15.6%	305.4 317.8 -3.9%
PAT Margin (%) 10.7% 13.5% -2.8 pps 12.3% -1.5 pps	11.8% 13.3% -1.4 pps
Basic EPS (in Rs.) 3.04 3.53 -14.0% 3.59 *-15.4%	10.05 10.43 -3.7%**

• EPS is not annualized @ PBT includes insurance claim of Rs. 10 cr and sales tax refund Rs. 8 cr in 9MFY24 ^Excluding UM Cables Ltd.

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Q3 FY25 Earnings Presentation | 12

In Rs. crore

Abridged Standalone P&L statement

Q3 FY25 Q3 FY24 Y-o-Y Change (%) Q2 FY25 Q-o-Q Change (%)	9M FY25 9M FY24 Y-o-Y Change (%)
Revenue from Operations 565.3 532.0 6.3% 547.5 3.3%	1,626.9 1,531.0 6.3%
Operating EBITDA 114.9 112.3 2.4% 105.7 8.7%	322.0 303.3 6.2%
Operating EBITDA Margin (%) 20.3% 21.1% -0.8 pps 19.3% 1 pps	19.8% 19.8% 0 pps
Operating EBITDA / ton (Rs.) 26,678 27,745 -3.8% 24,705 8.0%	25,418 25,898 -1.9%
Other Income 3.1 4.9 -37.4% 12.3 -74.9%	18.4 51.7 -64.4%
EBITDA 118.0 117.2 0.7% 118.0 0.0%	340.4 355.0 -4.1%
EBITDA Margin (%) 20.9% 22.0% -1.2 pps 21.5% -0.7 pps	20.9% 23.2% -2.3 pps
Depreciation 12.5 7.9 58.6% 11.3 10.3%	34.2 22.0 55.7%
Finance Costs 3.1 1.5 102.6% 2.8 12.7%	8.0 4.6 73.8%
PBT @ 102.4 107.8 -5.0% 103.9 -1.4%	298.2 328.4 -9.2%
PBT Margin (%) 18.1% 20.3% -2.1 pps 19.0% -0.9 pps	18.3% 21.5% -3.1 pps
Tax 25.3 26.4 -4.1% 25.9 -2.1%	74.2 77.5 -4.2%
PAT 77.1 81.4 -5.3% 78.0 -1.2%	224.0 251.0 -10.8%
PAT Margin (%) 13.6% 15.3% -1.7 pps 14.3% -0.6 pps	13.8% 16.4% -2.6 pps
Basic EPS (in Rs.) 2.53 2.67 -5.3 pps 2.56 *-1.2%	7.35 8.24 -10.8%**

• EPS is not annualized @ PBT includes insurance claim of Rs. 10 cr, sales tax refund of Rs. 8 cr and dividend income of Rs. 22 cr in 9MFY24 (Rs 6 cr in 9MFY25)

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Q3 FY25 Earnings Presentation | 13

Key operational highlights – Consolidated Q3 & 9M FY25

Figure in (‘000 MT)

SALES VOLUMES[1]

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146
134
45 50 50
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
Shift (%) QoQ: 0.6%  YoY: 11.2%  9.0% 
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• Increase in overall volumes YoY, primarily due to an increase in Wire Rope and Wire & Strand volumes

• Segment wise contribution to overall volumes 9M FY25:

• Wire Rope – 54% (FY24: 52%)

• Wire & Strand – 20% (FY24: 18%)

• LRPC – 26% (FY24: 30%)

WIRE ROPE SALES VOLUMES

WIRE & STRAND VOLUMES

LRPC SALES VOLUMES

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79
30
69
24
23 28 26 9 10 11
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25 Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
Shift (%) QoQ: 4.4%  YoY: 14.2%  13.6%  QoQ: 7.3%  YoY: 22.6%  21.6% 
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41
38
13 12 13
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
QoQ: 6.4%  YoY : 1.7%  6.1% 
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Note 1: For all product segments Note 2: All figures mentioned in the slide are consolidated volumes

Q3 FY25 Earnings Presentation | 14

Key operational highlights – Standalone Q3 & 9M FY25

Figure in (‘000 MT)

SALES VOLUMES[1]

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Domestic Export
127
117
31
32
40 43 43
11 10 10 85 95
29 33 33
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
Shift (%) QoQ: 0.9%  YoY: 6.4%  8.2% 
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• Increase in overall volumes YoY, primarily due to an increase in Wire Rope and Wire & Strand volumes

• Segment wise contribution to overall volumes 9MFY25:

• Wire Rope – 48% (FY24: 47%)

• Wire & Strand – 21% (FY24: 18%)

• LRPC – 31% (FY24: 35%)

WIRE ROPE SALES VOLUMES

WIRE & STRAND SALES VOLUMES

LRPC SALES VOLUMES

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Domestic Export Domestic Export
27
61
55 21 3
28 4
27
20 21 20 7 9 10
1 1
10 9 9 1
10 13 11 28 34 6 8 9 17 24
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25 Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
Shift (%) QoQ: 4.8%  YoY : 2.9%  11.8%  QoQ: 8.0%  YoY: 29.6%  25.2% 
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Domestic Export
41
39
13 12 13
13 12 12 40 38
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
QoQ: 5.7%  YoY : 1.5%  5.6% 
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Q3 FY25 Earnings Presentation | 15

Note 1: For all product segments

In Rs. crore

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NET REVENUES FROM OPERATIONS OPERATING EBITDA MARGINS
21.1% 19.3% 20.3% 19.8% 19.8%
Domestic Export
1,627 322
1,531 303
546
547
532 547 565 112 106 115
192 168 191 984 1,081
340 380 374
Q3 FY24 Q2 FY25 Q3 FY25 9M FY24 9MFY25 Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
Shift (%) QoQ: 3.3%  YoY: 6.3%  6.3%  Shift (%) QoQ: 8.7%  YoY: 2.4%  6.2% 
PBT ^ MARGINS PAT MARGINS
20.3% 19.0% 18.1% 21.5% 18.3% 15.3% 14.3% 13.6% 16.4% 13.8%
328
251
298
224
108 104 102 81 78 77
Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25 Q3 FY24 Q2 FY25 Q3 FY25 9MFY24 9MFY25
Shift (%) QoQ: 1.4%  YoY: 5.0%  9.2%  Shift (%) QoQ: 1.3%  YoY: 5.3  10.8% 
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^ PBT includes insurance claim of Rs. 10 cr, sales tax refund of Rs. 8 cr and dividend income of Rs. 22 cr in 9MFY24 (Rs 6 cr in 9MFY25) Note 1: All figures mentioned in the slide are standalone financials Note 2: Operating EBITDA & EBITDA Margins calculated without other income

Q3 FY25 Earnings Presentation | 16

ISO 45001: 2018 Occupational Health & Safety

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DGMS Approval

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ISO 14001: 2015 Environmental management systems

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Manufacturing Assessment issued by ABS

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by American petroleum institute

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NABL Testing

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ISO 9001: 2015 Quality management Systems

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Approved Manufacturer of Steel Wire Rope issued by Lloyd’s

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Q3 FY25 Earnings Presentation | 17

Market snapshot

Key Market Statistics	As on 31st Dec. 2024
BSE/NSE Ticker	517146 / USHAMART
CMP (Rs.)	376.20
Market Cap (Rs. Crore)	11,463
Number of outstanding shares (Crore)	30.47
Face Value	1.00
52-week High / Low (Rs.)	450.85 / 272.65

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SHAREHOLDING PATTERN AS ON 31 [ST] DEC. 2024
Public, 31%
Promoters, 43%
Corporate Bodies, 12%
FPI, 14%
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Q3 FY25 Earnings Presentation | 18

Concall details

Usha Martin Ltd. Q3 & 9M FY25 Earnings Conference Call

Time:	January 30, 2025 at 2:00 PM IST
Pre-registration	To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link: You will receive dial in numbers, passcode and a pin for the concall on the registered email address provided by you. Kindly dial into the call on the Conference Call date and use the passcode & pin to connect to call
Conference dial-in Primary Number:	+91 22 6280 1141 / +91 22 7115 8042
International Toll Free Number:	Hong Kong: 800 964 448 Singapore: 800 101 2045 UK: 0 808 101 1573 USA: 1 866 746 2133

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Q3 FY25 Earnings Presentation | 19

Contact us

About Us:

Established in the year 1960, Usha Martin is a leading global and India’s No. 1 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.

Usha Martin’s wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and UK produce the widest range of wire ropes that find application in various industries across the world. All of the company’s facilities are equipped with the latest state-of-the-art high-capacity machines to manufacture world-class products.

Usha Martin’s global R&D center located in Italy is actively engaged in designing of wire ropes and uses proprietary design software to develop products that are the best in class. The Company also has a comprehensive R&D facility in its manufacturing unit at Ranchi, India. Usha Martin has an extensive and dedicated network of distribution centers located across the globe.

Mr. Abhijit Paul (Chief Financial Officer) /

Mr. Anil Kumar (Secretary to CFO)

Usha Martin Limited

Tel: +033 – 71006 403

Email: investor@ushamartin.co.in

Anoop Poojari / Devrishi Singh

CDR India

Tel: +91 98330 90434/ + 91 98205 30918 Email: anoop@cdr-india.com devrishi@cdr-india.com

Regd. Office: 2A, Shakespeare Sarani, Kolkata – 700 071, India

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Q3 FY25 Earnings Presentation | 20

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