Welspun Corp Q1 consolidated net profit jumps 80% to Rs 97.28 crore

Welspun Corp on Thursday reported an over 80 per cent surge in consolidated net profit to Rs 97.28 crore for the first quarter ended June 30.

The company had registered a net profit of Rs 53.92 crore in the year-ago period.

However, its total income in the quarter under review fell to Rs 1,336.49 crore from Rs 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 Rs 1,205.53 crore, as compared to Rs 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 Rs 4,500 crore.