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.: Press Release

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a Press Release issued by the Company in respect of the Unaudited Financial Results of the Company for the Quarter and Nine Months ended 31[st] December 2024.

The press release 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 20:34:05 +05'30' Manish Agarwal Company Secretary & Compliance Officer

Enclosed: As above

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

USHA MARTIN LTD. ANNOUNCES Q3 & 9M FY25 RESULTS

Q3 FY25:

Revenues grew by 8.0% Y-o-Y to Rs. 860.5 crore Volumes up 11.2% Y-o-Y

Operating EBITDA stood at Rs. 142.7 crore PAT for the quarter stood at Rs. 92.3 crore

Kolkata, January 29, 2024: Usha Martin Limited (NSE: USHAMART, BSE: 517146, Luxembourg SE: US9173002042), a leading specialty wire rope solutions provider globally, has announced its financial results for the quarter and nine months ended 31[st] December 2024.

Consolidated Financial Performance:

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Particulars (Rs. Crore) Q3 FY25 Q3 FY24 YoY 9M FY25 9M FY24 YoY
Revenue from Operations 860.5 797.1 8.0% 2,578.1 2,396.2 7.6%
Operating EBITDA [1] 142.7 157.1 -9.1% 457.5 447.1 2.3%
Operating EBITDA Margin (%) [1] 16.6% 19.7% -3.1 pps 17.7% 18.7% -0.9 pps
PBT [2] 117.6 139.6 -15.7% 393.7 413.2 -4.7%
PBT Margin (%) 13.7% 17.5% -3.8 pps 15.3% 17.2% -2.0 pps
Profit after Tax 92.3 107.5 -14.2% 305.4 317.8 -3.9%
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Note 1: Operating EBITDA and EBITDA margins calculated without other income Note 2: PBT includes insurance claim of Rs. 10 cr and sales tax refund Rs. 8 cr in 9MFY24

Consolidated Performance Overview – Q3 FY25 vs. Q3 FY24:

• Revenue from operations increased by 8.0% to Rs. 860.5 crore in Q3 FY25

• Growth in the core Wire Rope segment (up by 9.8% YoY) and the Wire & Strand segment (up by 17.6% YoY) contributed positively to the revenue, while revenue from the LRPC segment declined (down by 1.4% YoY)

• Q3 FY25 Operating EBITDA stood at Rs. 142.7 crore as against Rs. 157.1 crore, lower by 9.1%

• Operating EBITDA margin stood at 16.6% in Q3 FY25 compared to 19.7% in Q3 FY24

• The Company's margin performance reflected the impact of softer realizations and challenging market conditions, particularly in international markets, while a diversified and optimized product portfolio continued to support performance

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• In Q3 FY25, PBT amounted to Rs. 117.6 crore, a 15.7% Y-o-Y decrease from Rs. 139.6 crore

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

• Basic EPS stood at Rs. 3.04 for the quarter

Consolidated Performance Overview – 9M FY25 vs. 9M FY24:

• Revenue from operations were up by 7.6% Y-o-Y to Rs. 2,578.1 crore

• Operating EBITDA stood at Rs. 457.5 crore as against Rs. 447.1 crore, increasing 2.3% on a Y-o-Y basis

• Operating EBITDA margin for the period was 17.7% vs. 18.7% Y-o-Y

• PAT stood at Rs. 305.4 crore as against Rs. 317.8 crore, down by 3.9% on a Y-o-Y basis

• Basic EPS stood at Rs. 10.05

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

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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About Us:

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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 highquality wires, low relaxation prestressed concrete steel strand (LRPC), bespoke endfitments, 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 highcapacity 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 an extensive and dedicated network of distribution centers located across the globe.

Corporate Identification No: L31400WB1986PLC091621 Regd. Office: 2A, Shakespeare Sarani, Kolkata – 700 071, India

For more information, please visit www.ushamartin.com OR contact:

Mr. Abhijit Paul	Anoop Poojari / Devrishi Singh
(Chief Financial Officer)	CDR India
Usha Martin Limited	Tel: +91 98330 90434 / +91 98205 30918
Tel: +033 – 71006 403	Email:anoop@cdr-india.com
Email:investor@ushamartin.co.in	devrishi@cdr-india.com

DISCLAIMER:

Certain statements made in the press release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, import duties, litigation, labour relations etc. Actual results might differ substantially from those expressed or implied. Usha Martin Limited will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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