USHAMARTNSE29 January 2025

Usha Martin Limited has informed the Exchange about Investor Presentation

Usha Martin Limited

Date: 29th January 2025

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

The Manager National Stock Exchange of India Ltd Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra Mumbai – 400 051 [Symbol: USHAMART]

la Bourse de

Societe de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]

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 31st 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 Agarwal Company Secretary & Compliance Officer

Enclosed: As above

Q3 & 9M FY25 RESULTS

Earnings Presentation

January 2025

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.

Q3 FY25 Earnings Presentation

Key ﬁnancial highlights – Consolidated Q3 & 9M FY25

In Rs. crore

NET REVENUE FROM OPERATIONS

2,396

2,578

OPERATING EBITDA

MARGINS

19.7%

18.0%

16.6%

18.7%

17.7%

447

458

797

891

861

157

161

143

Q3 FY24 Q2 FY25 Q3 FY25

9M FY24

9M FY25

Q3 FY24 Q2 FY25 Q3 FY25

9M FY24

9M FY25

Shift (%)

QoQ: 3.4% 

YoY: 8.0% 

7.6% 

Shift (%)

QoQ: 11.3% 

YoY: 9.1% 

2.3% 

PAT MARGINS

13.5%

12.3%

10.7%

13.3%

11.8%

318

305

108

109

Q3 FY24 Q2 FY25 Q3 FY25

9M FY24

9M FY25

Shift (%)

QoQ: 15.6% 

YoY: 14.2% 

3.9% 

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

 EBITDA margin for Q3 FY25 stood at 16.6%, reﬂecting the impact of softer realizations and challenging market conditions, particularly in international markets

 Diversiﬁed and optimized product portfolio continued to

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

Q3 FY25 Earnings Presentation

Revenue breakdown by segment

In Rs. crore

WIRE ROPE

1,872

1,669

WIRE & STRAND

238

208

561

661

616

Q3 FY24 Q2 FY25 Q3 FY25

9M FY24

9M FY25

Q3 FY24 Q2 FY25 Q3 FY25

9M FY24

9M FY25

Shift (%)

QoQ: 6.7% 

YoY : 9.8% 

12.1% 

Shift (%)

QoQ: 9.4% 

YoY: 17.6% 

14.4% 

LRPC

301

266

Q3 FY24 Q2 FY25 Q3 FY25

9M FY24 9M FY25

Shift (%)

QoQ: 5.5% 

YoY : 1.4% 

11.8% 

 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%)

Note 1: All ﬁgures mentioned in the slide are consolidated ﬁnancials

Q3 FY25 Earnings Presentation

Diversiﬁed presence across geographies and segments

Revenue Segmentation for 9M FY25

PRODUCT SEGMENTATION

END INDUSTRY SEGMENTATION1

GEOGRAPHY SEGMENTATION

Others, 8%

Wire & Strand, 9%

LRPC, 10%

Others, 3%

Fishing, 3%

Mining, 6%

Utilities, 3%

Elevator, 9%

Auto, 8%

Engineering, 21%

Middle East & Africa, 9%

America, 7%

Asia Paciﬁc, 13%

India, 45%

Construction & Infrastructure, 11%

Wire Rope, 73%

Crane, 16%

Oil & Offshore, 20%

Europe, 26%

 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%

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

Q3 FY25 Earnings Presentation

Successfully managing raw-material volatility

STEEL PRICE (RS. PER TONNE)

61,691

56,317

55,392

55,402

54,906

51,913

FY22

FY23

FY24

Q1FY25

Q2FY25

Q3FY25

EBITDA/TONNE2 (RS.)

32,299

32,628

32,253

26,473

28,302

19,624

FY22

FY23

FY24

Q1FY25

Q2FY25

Q3FY25

Operating EBITDA/MT for 9MFY25 stood at ~Rs 31,000/- MT

Note 1: All ﬁgures mentioned in the slide are consolidated ﬁnancials Note 2: EBITDA calculated without other income & excluding UM Cables

Q3 FY25 Earnings Presentation

Proﬁtability indicators remain steady

ROCE (%)

ROE (%)

19.2%

21.2%

21.9%

19.1%

18.8%

19.2%

16.5%

FY22

FY23

FY24

Dec.'24*

FY22

FY23

FY24

Dec.'24*

INTEREST COVERAGE (X)

FIXED ASSET TURNOVER (X)

23.2

18.1

3.2

3.4

2.7

2.6

16.0

9.2

FY22

FY23

FY24

Dec.'24

FY22

FY23

FY24

Dec.'24 ^

Note 1: All ﬁgures mentioned in the slide are consolidated ﬁnancials

^ LTM

* Annualized

Q3 FY25 Earnings Presentation

Balance sheet remains signiﬁcantly de-risked

In Rs. crore

GROSS DEBT

NET DEBT

355

347

292

334

191

185

168

124

FY22

FY23

FY24

Dec.'24

FY22

FY23

FY24

Dec.'24

GROSS DEBT TO EQUITY (X)

NET DEBT TO EQUITY (X)

0.21

0.17

0.12

0.13

0.11

0.09

0.05

0.06

FY22

FY23

FY24

Dec.'24

FY22

FY23

FY24

Dec.'24

Note 1: All ﬁgures mentioned in the slide are consolidated ﬁnancials

Q3 FY25 Earnings Presentation

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

A+

A-

BBB+

BBB

BBB-

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

Current Rating

A+

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+'

Outlook

Stable

Last Review

Aug’24

Q3 FY25 Earnings Presentation

Management comment

Mr. Rajeev Jhawar

Managing Director

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.”

Q3 FY25 Earnings Presentation

| 10

ANNEXURE

Q3 FY25 Earnings Presentation

| |

Abridged Consolidated P&L statement

Revenue from Operations

Operating EBITDA

Operating EBITDA Margin (%)

Operating EBITDA / ton^ (Rs.)

Other Income

EBITDA

EBITDA Margin (%)

Depreciation

Finance Costs

Share of proﬁt(-) /loss(+) of joint ventures

PBT @

PBT Margin (%)

Tax

PAT

PAT Margin (%)

Basic EPS (in Rs.)

Q3 FY25

Q3 FY24

Y-o-Y Change (%)

Q2 FY25

Q-o-Q Change (%)

860.5

142.7

16.6%

28,302

3.9

146.6

17.0%

25.6

8.7

-5.3

117.6

13.7%

25.4

92.3

10.7%

3.04*

797.1

157.1

19.7%

34,018

5.9

162.9

20.4%

18.9

6.2

-1.7

139.6

17.5%

32.1

107.5

13.5%

3.53*

8.0%

-9.1%

-3.1 pps

-16.8%

-33.6%

-10.0%

-3.4 pps

35.6%

39.8%

-210.0%

-15.7%

-3.8 pps

-20.9%

-14.2%

-2.8 pps

-14.0%

891.2

160.8

18.0%

32,253

6.9

167.6

18.8%

22.8

7.7

-4.3

141.4

15.9%

32.1

109.3

12.3%

3.59*

-3.4%

-11.3%

-1.5 pps

-12.3%

-42.9%

-12.5%

-1.8 pps

12.2%

13.0%

-24.0%

-16.8%

-2.2 pps

-21.0%

-15.6%

-1.5 pps

-15.4%

9M FY25

9M FY24

2,578.1

2,396.2

457.5

17.7%

31,017

15.7

473.2

18.4%

70.1

23.0

-13.6

393.7

15.3%

88.3

305.4

11.8%

10.05*

447.1

18.7%

32,478

30.8

477.8

19.9%

54.5

18.1

-7.9

413.2

17.2%

95.4

317.8

13.3%

10.43*

* 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.

In Rs. crore

Y-o-Y Change (%)

7.6%

2.3%

-0.9 pps

-4.5%

-48.9%

-1.0%

-1.6 pps

28.7%

27.0%

-72.1%

-4.7%

- 2.0 pps

-7.4%

-3.9%

-1.4 pps

-3.7%

Q3 FY25 Earnings Presentation

Abridged Standalone P&L statement

In Rs. crore

Revenue from Operations

Operating EBITDA

Operating EBITDA Margin (%)

Operating EBITDA / ton (Rs.)

Other Income

EBITDA

EBITDA Margin (%)

Depreciation

Finance Costs

PBT @

PBT Margin (%)

Tax

PAT

PAT Margin (%)

Basic EPS (in Rs.)

Q3 FY25

Q3 FY24

Y-o-Y Change (%)

Q2 FY25

Q-o-Q Change (%)

9M FY25

9M FY24

Y-o-Y Change (%)

565.3

114.9

20.3%

26,678

3.1

118.0

532.0

112.3

21.1%

27,745

4.9

117.2

6.3%

2.4%

-0.8 pps

-3.8%

-37.4%

0.7%

547.5

105.7

19.3%

24,705

12.3

118.0

3.3%

8.7%

1 pps

8.0%

-74.9%

0.0%

20.9%

22.0%

-1.2 pps

21.5%

-0.7 pps

12.5

3.1

102.4

18.1%

25.3

77.1

13.6%

2.53*

7.9

1.5

107.8

20.3%

26.4

81.4

15.3%

2.67*

58.6%

102.6%

-5.0%

-2.1 pps

-4.1%

-5.3%

-1.7 pps

-5.3 pps

11.3

2.8

103.9

19.0%

25.9

78.0

14.3%

2.56*

10.3%

12.7%

-1.4%

-0.9 pps

-2.1%

-1.2%

-0.6 pps

-1.2%

1,626.9

322.0

19.8%

25,418

18.4

340.4

20.9%

34.2

8.0

298.2

18.3%

74.2

224.0

13.8%

7.35*

1,531.0

303.3

19.8%

25,898

51.7

355.0

23.2%

22.0

4.6

328.4

21.5%

77.5

251.0

16.4%

8.24*

6.3%

6.2%

0 pps

-1.9%

-64.4%

-4.1%

-2.3 pps

55.7%

73.8%

-9.2%

-3.1 pps

-4.2%

-10.8%

-2.6 pps

-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)

Q3 FY25 Earnings Presentation

Key operational highlights – Consolidated Q3 & 9M FY25

Figure in (‘000 MT)

SALES VOLUMES1

134

146



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:

Q3 FY24

Q2 FY25

Q3 FY25

9MFY24

9MFY25

Shift (%)

QoQ: 0.6%

YoY: 11.2%

9.0%



Wire Rope – 54% (FY24: 52%)

Wire & Strand – 20% (FY24: 18%)

LRPC – 26% (FY24: 30%)

WIRE ROPE SALES VOLUMES

WIRE & STRAND VOLUMES

LRPC SALES VOLUMES

Q3 FY24 Q2 FY25 Q3 FY25

9MFY24

9MFY25

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% 

QoQ: 6.4% 

YoY : 1.7% 

6.1% 

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

Q3 FY25 Earnings Presentation

Key operational highlights – Standalone Q3 & 9M FY25

Figure in (‘000 MT)

SALES VOLUMES1

Domestic

Export

40 11 29

43 10 33

117

127

Q3 FY24

Q2 FY25

Q3 FY25

9MFY24

9MFY25

Shift (%)

QoQ: 0.9% 

YoY: 6.4% 

8.2% 



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

Domestic

Export

Domestic

Export

Domestic

Export

10 10

9 13

9 11

7 1 6

9 1 8

10 1 9

Q3 FY24 Q2 FY25 Q3 FY25

9MFY24

9MFY25

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% 

QoQ: 5.7% 

YoY : 1.5% 

5.6% 

Note 1: For all product segments Note 2: All ﬁgures mentioned in the slide are standalone volumes

Q3 FY25 Earnings Presentation

Key ﬁnancial highlights – Standalone Q3 & 9M FY25

In Rs. crore

NET REVENUES FROM OPERATIONS

Domestic

Export

532 192 340

547 168 380

565 191 374

1,531

547

984

1,627

546

1,081

OPERATING EBITDA

21.1%

19.3%

20.3%

MARGINS 19.8%

303

19.8%

322

112

106

115

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% 

20.3%

19.0%

18.1%

21.5%

18.3%

15.3%

14.3%

13.6%

16.4%

13.8%

PBT ^ MARGINS

PAT MARGINS

328

298

251

224

108

104

102

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% 

^ 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

Globally recognized certiﬁcations and licenses

ISO 45001: 2018 Occupational Health & Safety

ISO 14001: 2015 Environmental management systems

Certiﬁcate of Authority issued by American petroleum institute

ISO 9001: 2015 Quality management Systems

DGMS Approval

Manufacturing Assessment issued by ABS

NABL Testing

Approved Manufacturer of Steel Wire Rope issued by Lloyd’s

Q3 FY25 Earnings Presentation

Market snapshot

Key Market Statistics

As on 31st Dec. 2024

SHAREHOLDING PATTERN AS ON 31ST DEC. 2024

BSE/NSE Ticker

517146 / USHAMART

Public, 31%

CMP (Rs.)

Market Cap (Rs. Crore)

376.20

11,463

Number of outstanding shares (Crore)

30.47

Face Value

1.00

52-week High / Low (Rs.)

450.85 / 272.65

Corporate Bodies, 12%

FPI, 14%

Promoters, 43%

Q3 FY25 Earnings Presentation

Concall details

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

Time:

January 30, 2025 at 2:00 PM IST

To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link:

Pre-registration

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

Q3 FY25 Earnings Presentation

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 latest state-of-the-art high-capacity machines to manufacture world-class the 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.

Corporate Identiﬁcation No: L31400WB1986PLC091621

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

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

Q3 FY25 Earnings Presentation

THANK YOU

USHA MARTIN LIMITED

2A, Shakespeare Sarani, Kolkata - 700 071, India

contact@ushamartin.com www.ushamartin.com

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