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Leading steel pipes manufacturer Welspun Corps today reported 11-fold jump in consolidated net profit at Rs 144 crore for the quarter ended March 2015 on higher income.
The flagship firm of the $ 3 billion Welspun Group had reported a Rs 12.62 crore profit in January-March period of 2013-14.
The total income from operations rose to Rs 2,375 crore during the fourth quarter of the last fiscal as against Rs 1,534 crore in the same quarter of 2013-14.
Total expenses of the company during the January-March quarter stood at Rs 2,106 crore as against Rs 1,489 crore during the corresponding period of the previous fiscal.
For the entire financial year 2014-15, the company reported a profit after tax of Rs 69.04 crore, as compared to Rs 73.38 crore for the year ended March 31, 2014.
Total income increased to Rs 8,559.08 crore last fiscal, from Rs 7,878.92 crore in 2013-14.
“Production and sales of pipes for FY15 were at an annual record with both volumes crossing the milestone I million tonne mark for the third successive year,” the company said.
The company said, “The total order book as on date stands at approximately Rs 72 billion.” and added
Welspun Group Chairman B K Goenka said, “We have not seen any noteworthy effect of the sharp fall in energy prices. We continue to add to our order book, which has crossed the 1 million tonne mark and provides us with strong visibility for next year.”
He added, “Taking into account the bids we have already submitted, we are confident of better mill utilisation this year. The quality of the order book has also shown visible improvement. US demands continue to be strong and is expected to drive performance in near future.”
On business outlook, the company said the scenario looked positive in India in medium term and the recent announcement of 15,000 km of oil and gas pipeline and several state water projects is positive for the industry.
Welspun Corporation is the flagship company of Welspun Group. The company makes and supplies critical pipelines in the world from its plants in India and USA. They have an installed line pipe capacity of nearly 2.28 MTPA (million tonnes per annum).
Shares of the company closed at Rs 65.15, up 19.98 per cent on the BSE.
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