Welspun Corp's March quarter profit up y-o-y by 20%

31 May 2024 , 02:24 PM

Welspun Corp Ltd reported a consolidated net profit of ₹287.28 Crore for the March quarter, marking a 20% increase from the ₹240.08 Crore net profit recorded in the same quarter the previous year.

Total income for the quarter rose to ₹4,543.70 Crore, compared to ₹4,132.38 Crore in the January-March quarter of FY23.

The company’s expenses increased to ₹4,292.37 Crore in the last quarter of FY24, up from ₹3,835.55 Crore in the same period the previous year.

The board of directors recommended a dividend of ₹5 per share. The board also approved the raising of up to ₹500 Crore through the issuance of commercial papers or non-convertible debentures (NCDs) on a private placement basis.

Additionally, the board approved the sale of 19% of equity shares in Welspun Global Services Limited (WGSL) and Welspun Transformation Services Limited (WTSL) to Aryabhat Vyapar Private Limited, part of the promoter group. Welspun Corp Ltd, the flagship company of the Welspun Group, is one of the largest manufacturers of large-diameter pipes globally, with a presence in six continents and 50 countries.

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