Welspun saw its total income in the quarter under review decline to ₹1,336.49 crore from ₹2,085.42 crore a year ago
Welspun Corp on Thursday reported an over 80 per cent surge in consolidated net profit to ₹97.28 crore for the first quarter ended June 30. The company had registered a net profit of ₹53.92 crore in the year-ago period.
However, its total income in the quarter under review fell to ₹1,336.49 crore from ₹2,085.42 crore a year ago, Welspun Corp Limited said in a BSE filing.
The company's expenses in the said quarter declined to ₹1,205.53 crore, as compared to ₹1,970.16 crore in the April-June quarter of the preceding fiscal.
In a statement, Welspun Group Chairman B K Goenka said, "Our performance has been stable despite the second wave of the COVID-19 pandemic. Demand is expected to recover supported by the government's thrust on creating water supply and gas pipeline infrastructure."
“We have built a solid foundation with our strong cash reserves, ESG initiatives and business diversification plans, and are confident about our future growth prospects."
Welspun Corp, the flagship company of Welspun Group, is a leading welded line pipe manufacturer. According to the statement, the current global order book of the company stands at 487 KMT (kilometric tonnes) valued at ₹4,500 crore.
This story has been published from a wire agency feed without modifications to the text.
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