Pipe maker Welspun Corp Ltd on Wednesday reported over twofold jump in its consolidated net profit to Rs 126.13 crore for the first quarter ended June 30.
The company had reported a net profit of Rs 49.66 crore for the June 2018 quarter, Welspun Corp said in a BSE filing.
Its total income rose 23.75 per cent to Rs 2,088.87 crore during the quarter, compared with Rs 1,687.95 crore in the corresponding quarter of the previous financial year.
Welspun Group Chairman B K Goenka said, "We have started seeing a significant improvement in our financial results as envisaged. With all three geographies showing traction, we are confident that our performance will further improve in the subsequent quarters from the current levels."
Welspun Corp's total expenditure was at Rs 1,941.23 crore as against Rs 1,597.19 crore, a rise of 1.50 per cent.
Meanwhile, in a separate filing, Welspun Corp said it has appointed Amita Misra (64) as an independent director of the company.
Shares of Welspun Corp Ltd on Wednesday settled at Rs 116.80 on the BSE, up 1.39 per cent from the previous close.