Mumbai, July 23 (IANS) Pipe solution major Welspun Corp on Monday reported a decline of 14.59 per cent in its consolidated net profit for the first quarter of 2018-19.
According to the company, its Q1 consolidated net profit (attributable to owners) decreased to Rs 46.69 crore from Rs 54.67 crore reported for the corresponding period of the previous financial year.
However, the company’s consolidated total income for the quarter under review grew by 24 per cent to Rs 2,085.51 crore from Rs 1,681.77 crore.
As per a company statement, its current pipe order book stands at 1,602K MTs (Rs 111 billion), which is more than double the figure of 700K MTs at Q1FY18.
“Our order book continues to remain at record levels, providing us strong visibility,” B.K. Goenka, Chairman, Welspun Group was quoted as saying in the statement.
“We expect this order book to translate into higher capacity utilisation in the coming quarters. WCL stands to benefit from its local presence in key markets, given the increasing emphasis of governments on local sourcing. We expect good order inflows to continue this year, especially from the Americas, on account of strong demand and high energy prices.”<br> <br>–IANS<br>rv/bg
Source: IANS
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