Welspun Enterprises clocks net profit of Rs 17.2 crore in Q2

The firm total revenue of Rs 192.8 cr for the quarter under consideration, up 260% from Rs 53.6 cr in the comparable quarter last year

Welspun Enterprises formerly Welspun Projects, part of the $2.3 billion Welspun Group, today reported a net profit of Rs 17.2 crore for the July-September quarter up from a loss of Rs 6.7 crore in the comparable quarter last year.

It reported a total revenue of Rs 192.8 crore for the quarter under consideration, up 260% from Rs 53.6 crore in the comparable quarter last year.

"We have a strong order book totaling up to Rs 3,500 crore, which gives good visibility for the coming quarters. With the government announcing big plans to improve road connectivity through the 'Bharatmala' project, we expect a strong inflow of orders over the medium-term. We are committed to creating stakeholder value through our operational excellence," B K Goenka, Chairman, Welspun Group said.

The company said it has completed 70% of its project, the Delhi-Meerut expressway, in 11 months since appointment last November.

The National Highways Authority of India has fixed a construction period of 30 months for the project completion and an early completion would entitle the company to a bonus from the authority, it indicated in its statement.

Welspun Enterprises also has investments in Oil and Gas exploration. The company, in its current form, was created through the merger of Welspun Enterprises, Welspun Infratech, Welspun Plastics, and Welspun Infra Projects with Welspun Projects through the Scheme of Amalgamation and Arrangement made effective from May 11, 2015.