Welspun Corp Limited (WCL) on Thursday said its standalone net profit rose by 37 per cent to Rs 80.50 crore for the three months to June 2022 on the back of higher income. The company’s standalone net profit stood at Rs 58.73 crore in the year-ago period, according to a regulatory filing.
Its total income rose to Rs 1,463.23 crore in the first quarter of the current fiscal, from Rs 951.65 crore earlier.
Expenses were at Rs 1,366.89 crore as against Rs 873.04 crore a year ago.
WCL, the flagship company of Welspun Group, further said the 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 trial production for DI pipes has also started and the facility recently received BIS certification.
In a separate statement, 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.”
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