Welspun Corp swings into the black; posts Rs 147 cr net profit for Mar quarter

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Welspun Corp on Wednesday posted a consolidated net profit of Rs 147.14 crore during the quarter ended March 31.
pipe manufacturer

New Delhi, Jun 17 (PTI) Welspun Corp on Wednesday posted a consolidated net profit of Rs 147.14 crore during the quarter ended March 31.

The company had reported a Rs 149-crore net loss for the January-March quarter of the previous financial year, according to a BSE filing.

Its total income during January-March 2020 was at Rs 2,775.26 crore, against Rs 2,765.26 crore in the year-ago period.

The firm’s total expenses stood at Rs 2,551.89 crore in the March 2020 quarter, considerably lower in comparison to Rs 2,838.88 crore a year ago.

In a separate statement, its Chairman B K Goenka said, “The financial year 2019-20 was a milestone year for the company with new benchmarks in production, sales and profitability getting established. The company is also almost debt-free.”

He added that while COVID-19 and oil meltdown have presented an unprecedented situation and challenges, the company has adapted to the new normal and has accelerated digital and technological adoption to the next level. “Further, we are keeping a sharp focus on cost optimisation, minimal capex (capital expenditure) spending and maintaining and leveraging existing customer relationships.”

Currently, the net debt stands at Rs 32 cr, lower by Rs 253 cr as compared with that in March 2019, the company said.

On the impact of the coronavirus pandemic, it said that towards the end of the fourth quarter of 2019-20, the company’s operations and its subsidiaries were impacted due to the shutdown of all plants and offices following the lockdown imposed by government authorities to contain the spread of the virus.

The company and its subsidiaries have since then resumed operations in a phased manner and are operating in accordance with health and safety guidelines as issued by respective government authorities.

Welspun Corp is a major welded line pipe manufacturer.

Source: PTI

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