Welspun Corp net profit drops to Rs 4 crore

Welspun Corp Limited (WCL),the flagship company of Welspun Group, on Thursday posted a 96% drop in its consolidated net profit to Rs 4 crore for the three months to June 2022.

The company's consolidated net profit stood at Rs 94 crore in the year-ago period, according to a regulatory filing.

During the quarter, total revenue came in at Rs 1322 crore down 12% from Rs 1510 crore in the corresponding previous quarter.

B K Goenka, Chairman, Welspun Group, said: "We are keen to contribute to India's growth story and these newly commissioned plants will further strengthen our efforts in developing our nation's infrastructure and improving the lives of people across the country."

Shares of Welspun Corp Limited closed at Rs 221.10, down 1.25% on the BSE Thursday. Earnings were announced post market hours.

The company said commissioning of its blast furnace (BF) and sinter plant, and TMT bars manufacturing facility at Anjar, Gujarat was completed in July 2022.

The BF can produce approximately 5,00,000 tonnes of hot metal per annum which will primarily be used for manufacturing pig iron and ductile iron (DI) pipes.

The company said the current environment of high energy prices coupled with a decline in global prices of steel augurs extremely well for it. It is in active discussions for several export orders across the world which it hopes to win in due course of time.

The company's current global order book stands at 1,020 KMT valued at Rs. 13,350 crore.