Welspun Corp Q2 net profit at Rs 40 crore

Welspun Corp, the flagship company of the Welspun Group, today reported a consolidated net profit of Rs 40.37 crore for the September quarter on account on higher income.

The pipe manufacturer had posted a net loss of Rs 34.85 crore during the same period of the previous fiscal, it said in a regulatory filing.

Total income during the quarter under review stood at Rs 2,043.21 crore compared to Rs 1,251.59 crore in the year-ago period.

"Q2 witnessed a repeat of Q1 in terms of above-average margins led by execution of some niche orders. Domestic market remains buoyant with strong demand coupled with favourable policy measures taken by the Government of India," Welspun Group Chairman B K Goenka said.

The company maintains a positive outlook on volumes for next fiscal, he added.

"We continue to enhance our value proposition, customer reach and technical know-how which make us one of the front- runners for increasingly diversified and technically demanding projects worldwide," he said.

The stock of Welspun Corp closed 2.63 per cent down at Rs 153.75 on the BSE.