Rajeev Jhawar Usha Martin, Over the last 60 years, Usha Martin have been able to establish themselves as one of the world’s leading manufacturers of wire rope. Their multi-units and diversified portfolio of products, coupled with superior quality products and services have enabled them to emerge as a globally trusted brand.
The commencement of the fiscal year 2021-2022 marked the onset of the second wave of the pandemic in India. Though the effects of the second wave was devastating from a social perspective, the severity of the impact on the economy was more subdued as compared to the previous fiscal. The economy continued on its path of recovery underlined by a marked increase in public sector capex spending, especially infrastructure, robust exports, services sector rebound and improved consumption levels.
The steel industry has been adversely impacted by the disruption of supply of steel from Ukraine and Russian regions due to the conflict between these two nations which has resulted in escalating input prices of high carbon wire rods and the prices had hit an unprecedented high by early March 2022. Since international crude oil price is expected to remain firm, an uptick on the demand side is expected in the oil and gas market segment globally which will boost demand for products of the Usha Martin such as large diameter ropes and drilling lines.
Rajeev Jhawar Usha Martin also expects growth in export volume in South-East Asia, Australia, USA, Canada, Latin America and South Africa. One of the key focus areas for growth of Usha Martin shall be enrichment of product mix by reducing low contributory items and focusing more on high value-added products, with the aim to shift the focus from volume to value. “In addition to enriching the product mix and expanding footprint in new geographies, Usha Martin will continue to focus on areas like enlarging product basket and deliverables, moving up the value chain through service networks, strengthening network and market reach through digital platforms, strategic brand positioning and imbibing environmental, social and governance aspects in our business practices”, says Rajeev Jhawar. Usha Martin in the next financial year also aims to increase its global footprint in the mining segment.
Comments