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.