Moneycontrol
Sep 14, 2017 11:28 AM IST | Source: Moneycontrol.com

WPIL advances 6% on strong Q1 numbers, to close UK operations

The company has decided to close operations of its subsidiary, Mathers Foundry UK, in line with the process in compliance with UK laws.

 
 
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Shares of WPIL added 6.7 percent intraday Thursday on the back of strong Q1 numbers.

The company's Q1FY18 net profit increased by 89 percent to Rs 5.32 crore against Rs 2.89 crore in the same quarter last year.

Its revenue was up 79 percent at Rs 75.7 crore versus Rs 42.3 crore.

The operating profit (EBITDA) rose 14 percent at Rs 6.7 crore, while margins was down at 8.9 percent.

The company has decided to close operations of its subsidiary, Mathers Foundry UK, in line with the process in compliance with UK laws.

Due to the sustained uncertainty in the oil & gas sector, its key market, the viability of operations was under severe pressure. Hence, the board considered it prudent to discontinue its operations and to bear closure costs rather than be exposed to continuous uncertainty and losses.

The share rose 61 percent in the last 9 months.

At 11:03 hrs WPIL was quoting at Rs 532.65, up Rs 24.55, or 4.83 percent on the BSE.

Posted by Rakesh Patil
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