Value addition to drive growth for Ushdev International: MD

Moneycontrol Bureau

Metal trading firm Ushdev International (UIL) has reported 24 percent year-on-year rise in its June quarter profit to Rs 29.81 crore. Net sales of the firm also climbed 27 percent Y-o-Y to Rs 2045.09 crore.

The company has reported good set of numbers despite a general downturn in the sector given that most mining firms like Hindalco and Sterlite had to shut their copper smelter on complaints of emissions.

This situation perhaps paved way for Ushdev to push up volumes. “There is always a possibility in a downturn. We managed to sell higher volumes in copper and are increasingly looking at enhancing our product line," said Ashwin Rathi, managing director and Group CFO in an interview to moneycontrol.com

We are also looking at adding zinc and aluminium to our portfolio as we find opportunity in a market where we already have over 40 percent market share (for copper)

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Rathi further said that apart from enhancing portfolio, they are not looking to further stretch horizon as there is too much on their plate as of now. Our subsidiaries in Singapore and Hong Kong are already catering to China, Thailand and Australia among other countries.

“We have facilitated expansion of the overall business operations outside India exponentially. Strategically placed at a geographical advantage, it also helps to be closer to the suppliers and customers and is accessible to newer markets. Subsidiaries in Singapore and Hong Kong's net worth as on 31st March 2013 is USD 26.88 million and USD 27.86 million respectively,” he added.

shaheen.mansuri@network18online.com