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Welspun-Gujarat turns around in Q1

Our Bureau

Ahmedabad , July 17

WELSPUN-GUJARAT Stahl Rohren Ltd has reported a net profit of Rs 11.08 crore for the quarter ended June 30, 2003 as against a net loss of Rs 2.69 crore for the corresponding quarter last year. The improved performance came on the back of an increase in total income at Rs 240.71 crore, which was a 354 per cent rise over that in the first quarter of 2002-03 at Rs 53.01 crore.

The improvement in topline has been attributed to strong order book position and higher capacity utilisation leading to improved profits.

The company has on hand the Rs 393-crore DVPL pipeline project for GAIL and has also bagged orders from Iran worth $102 million. It will prepay its high interest rupee loan to IFCI of Rs 100 crore.

Welspun-Gujarat's resurgence is marked by the operating profit of Rs 30.65 crore during the quarter and the profit before tax of Rs 18.01 crore as against a loss of Rs 4.06 crore during the previous year's first quarter.

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