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Welspun Corp Q1 net profit falls 54% to Rs 54 cr

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The company and its subsidiaries later resumed operations in a phased manner as per government guidelines, and are operating in accordance with health and safety guidelines issued by respective government authorities.

Welspun Corp Q1 net profit falls 54% to Rs 54 cr
Welspun Corp on Tuesday reported a 54.54 percent declined in consolidated net profit at Rs 53.92 crore during the quarter ended June 30, 2020 on account of fall in income. The company had posted a net profit of Rs 118.63 crore during the same quarter a year ago, Welspun Corp said in a BSE filing.
Total income fell marginally to Rs 2,085.42 crore during April-June as compared with Rs 2,088.87 crore in the year-ago period. The firm's total expenses rose to Rs 1,970.16 crore during the quarter under review from Rs 1,941.23 crore a year ago.
"This quarter was a challenging one, impacted by high volatility in oil prices and halting of economic activity. The nationwide lockdown has resulted in several challenges for the business. Welspun Corp is taking all the necessary steps required to face this difficult environment," Welspun Group Chairman B K Goenka said in a statement.
The company said its operations and subsidiaries were impacted by coronavirus pandemic-induced lockdown towards the end of January-March quarter due to shutdown of all plants and offices.
The company and its subsidiaries later resumed operations in a phased manner as per government guidelines, and are operating in accordance with health and safety guidelines issued by respective government authorities.
Welspun Corp is a major welded line pipe manufacturer.
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