Welspun Corp Ltd has reported more than 49 percent jump in consolidated net profit at Rs 222.95 crore for the quarter ended March 31, 2021, mainly on account of lower expenses.
The company had posted a net profit of Rs 149.24 crore, for the year-ago quarter from continuing operations, it said in a regulatory filing on Monday.
Its total income during the period under review was at Rs 1,909.86 crore, as against Rs 2,775.26 crore in the January-March quarter of 2019-20 fiscal.
Total expenses came down to Rs 1,655.44 crore in the March quarter this year, from Rs 2,551.89 crore during the same quarter a year ago.
On a quarter-on-quarter basis, the company's net profit of Rs 222.95 crore in the March quarter was higher from Rs 202.08 crore in the December quarter of 2020-21 fiscal.
In a statement, B K Goenka, Chairman of Welspun Group said, the sudden outbreak of the COVID-19 pandemic and subsequent meltdown in oil prices resulted in a year of unprecedented challenges. However, the company demonstrated resilience resulting in a strong operational and financial performance, and achieved the coveted 1 million tonnes of sales.
"We are also accelerating our ESG (environmental, social, and governance) initiatives with a very clear roadmap for the future. With these initiatives, we embark upon a new journey of growth along with sustainability and are confident of creating incremental value for all our stakeholders and the community at large," he said.
Welspun Corp Ltd (WCL) is one of the world's leading welded line pipe manufacturers and the flagship company of the Welspun Group.
Shares of the company were trading 2.15 percent up at Rs 144.90 apiece on BSE. PTI ABI DRR DRR
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