Welspun Corp Q2 profit shoots to Rs 101.09 cr

Pipe maker Welspun Corp today reported a multi-fold jump in consolidated net profit at Rs 101.09 crore for the quarter ended September 30, 2015.
The Welspun Group company had clocked a net profit of Rs 5.25 crore in the year-ago period, it said in a BSE filing.
Total consolidated income rose by 4 per cent to Rs 2,503.28 crore in the July-September quarter of this fiscal from Rs 2,412.40 crore during the same quarter in 2014-15.
Total expenses of the firm were marginally lower at Rs 2,312.83 crore from Rs 2,326.30 crore during the quarter under review.
Welspun's current pipe order book stands at 8.52 lakh tonnes or Rs 5,200 crore. The major supplies are for the Middle East and North Africa region and the Americas.

Commenting on the performance, Welspun Group Chairman B K Goenka said: "Outlook across Americas and few other markets has been positive and has enabled a healthy order book."

This coupled with the firm's continued focus on cost optimisation and strengthening financials makes it ideally poised for challenges ahead, he added.
On outlook, the firm said it is "cautiously optimistic" about the demand outlook even amid challenging business conditions in global markets and the energy segment slowly settling down with "lower for longer" prices.
"This optimism stems from the fact that with the fall in energy prices, customers are becoming more sensitive to transportation costs and prefer pipelines over other transportation modes," it noted.

Shares of the company yesterday rose by 3.20 per cent to close at Rs 103.35 apiece at the BSE.