USHAMART: Usha Martin Limited has informed the Exchange regarding the amended Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information.
USHAMART · price
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Awaiting price reaction for this filing.
Usha Martin's board approved its Q4 and FY25 (ended 31st March 2025) financial results on a standalone and consolidated basis. Consolidated revenue from operations rose about 7.7% year-on-year to Rs. 3,47,416 lakhs, but net profit fell roughly 6.6% to Rs. 41,563 lakhs versus Rs. 44,492 lakhs in FY24. The board recommended a dividend of Rs. 3 per equity share (300% on Re. 1 face value), subject to shareholder approval at the AGM. Several governance changes were cleared: Mr. Chirantan Chatterjee appointed as Whole-Time Director for 5 years, MKB & Associates as Secretarial Auditor, Mani & Co. as Cost Auditor, and Deloitte Haskins & Sells LLP as Internal Auditor for FY26. Statutory auditor S.R. Batliboi & Co. LLP gave an unmodified opinion but included an Emphasis of Matter on the long-pending PMLA and CBI proceedings related to past iron ore fines transactions, where parcels of land at Ranchi worth Rs. 19,037 lakhs remain under attachment. The board also modified the company's Code of Practices for Fair Disclosure of Unpublished Price Sensitive Information.
Positive on shareholder returns via the 300% dividend and steady top-line growth, but bottom-line contraction and unresolved PMLA/CBI legal cases on the Managing Director and officers remain a material overhang that could weigh on the stock until the matters conclude.