Established in the year 1960, Usha Martin Limited is a multi-unit and multi-product organization in the wire rope business. They are one of the world’s leading manufacturers of wire rope. Usha Martin produces one of the widest ranges of wire ropes in the world. Rajeev Jhawar, the son of Brij Jhawar, is the managing director of Usha Martin Limited. Usha Martin Limited prepares to become sustainable and resilient in the new financial year.
Previous two financial years proved to be the most challenging in living memory as COVID-19 brought economies and businesses to a grinding halt. India was hit hard by the pandemic. Businesses are slowly reviving back to their pre-covid state as everyone had now learned to live with the pandemic. With the lifting of restrictions on talk, Usha Martin Limited expects the Indian economy to rebound on the back of pent-up demand across sectors.
Usha Martin Limited prepares to become sustainable and resilient in the new financial year. Rajeev Jhawar, Managing Director of Usha Martin hopes that the Reserve Bank of India’s (RBI) monetary stimulus and the Government of India’s fiscal measures will bring the economy back to a sustainable positive territory. He believes that the substantial budgetary outlay on infrastructure by Government of India will augur well for their business.
Usha Martin Limited also expects to gain momentum in their international business as most countries where they are present have returned to near normalcy. Talking about exports, Rajeev Jhawar said the demand for wire rope has been ‘fairly decent’, if not strong, from markets such as Europe, the US, South America, Australia and South-East Asia. Exports account for close to 40 per cent of the company’s consolidated turnover, which stood at around ₹2,154 crore for the year ended March 31, 2020. The company recorded a consolidated revenue of Rs. 2,097.28 crore in FY20-21, compared to Rs. 2,153.82 crore in FY19-20.
Global demand for the oil and offshore market saw improvement during the FY20-21 which in turn boosted the demand for speciality rope products of the company catering to the said sector. According to Rajeev Jhawar, it is expected that the demand from the said sector shall sustain in the next fiscal and is expected to provide business opportunities to the company. Further Rajeev Jhawar also states that with steady infrastructure spending by the government, speciality products used in construction and infrastructural sector may be growth drivers for the company in the following years.
Usha Martin, under the guidance of Rajeev Jhawar have been able to solidify their leadership position through the delivery of industry-leading quality products across their state-of-the-art manufacturing facilities. “Through leveraging the capabilities of our R&D facilities in Italy and India, we are constantly striving to enhance manufacturing efficiencies and quality of our products”, Rajeev Jhawar said.
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