Pipe manufacturer Welspun Corp (WCL) on Tuesday reported Rs 16.4 crore net profit in the first quarter ended June, 2015 as against a net loss of Rs 97.5 crore in the year-ago period. The flagship firm of the USD 3-billion Welspun Group said the return to profitability was due to 35 percent increase in revenue at Rs 1,944.1 crore as the company reopened its US mill during the quarter while in the year-ago period it was on a maintenance shutdown. The company also attributed the increase in revenues to higher volume and realisation.
"Despite volatility in energy prices, pipeline projects and related capex, schedules have not changed drastically," Welspun Group chairman B K Goenka said in a statement."We will continue to focus on cost-optimisation to enhance profitability. There is an interesting line-up of projects across regions (including Latin America and Europe) coming up in the foreseeable future," he added.
In the domestic market, the company sees early signs of recovery, primarily driven by water pipeline projects.
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