Welspun Q2 profit falls 27% to Rs 283 cr; board okays Rs 2k cr investments

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Welspun Q2 profit falls 27% to Rs 283 cr; board okays Rs 2k cr investments - Business Standard

Quick Summary:

Welspun Corp on Friday reported around 27 per cent fall in consolidated net profit at Rs 282.96 crore for September quarter, mainly on account of fall in income.It had posted Rs 386.57 crore net profit for July-September 2023, the company said in an exchange filing.

It approved a proposal to increase ductile iron pipes capacity to 250 KMTPA from 150 KMTPA, along with setting up the 350 KMTPA LSAW (Longitudinal Submerged Arc Welding) pipes facility at investment of up to USD 200 million (about Rs 1,680 crore) in Saudi Arabia.

Total income declined to Rs 3,364.23 crore from Rs 4,161.41 crore in the second quarter last fiscal.