Latest News | Welspun Corp Posts Rs 63 Cr Loss in Jul-Sep Quarter

New Delhi, Nov 3 (PTI) Welspun Corp Limited (WCL) on Thursday posted a loss of Rs 63.18 crore for the quarter ended September, mainly on account of increased expenses.

The company had reported a net profit of Rs 55.47 crore in the corresponding period of the previous fiscal.

Also Read | Good News For Employees, Wakefit.co Announces ‘No Questions Asked’ Wellness Leave Policy for Its Staff.

Its total income rose to Rs 2,140.86 crore from Rs 1,596.25 crore in the July-September quarter of 2021-22, WCL said in a BSE filing.

However, total expenses surged to Rs 2,212.54 crore from Rs 1,508.01 crore.

Also Read | 7th Pay Commission: Basic Pay To Be Increased? Here’s What Government Said About Minimum Wage Hike in 2018.

Welspun Corp Ltd (WCL), the flagship company of the Welspun Group, is a leader in line pipes, home textiles, infrastructure, warehousing, retail, advanced textiles, and flooring solutions with offshore presence.

In a separate statement, B K Goenka, chairman, Welspun Group, said, "The order backlog in the line pipes business has been steadily improving. I am extremely optimistic that the business prospects being pursued globally would yield positive results and will add further strength to the company's position."

The company said it has acquired certain assets of ABG Shipyards during the quarter.

"Welspun was the successful bidder in terms of the process memorandum for the private sale of specified assets of ABG Shipyard Limited (in liquidation). WCL and its wholly owned subsidiary Nauyaan Shipyard has paid Rs 659 crore plus applicable taxes towards the entire purchase consideration," the statement said.

WCL also entered into a memorandum of agreement for sale of land, civil structures, excluding plant and machinery, situated at its Dahej unit in Gujarat for a consideration of Rs 130 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)