New Delhi, May 31 (PTI) Welspun Corp Ltd (WCL) posted an 8.90 per cent decline in its consolidated net profit to Rs 240.08 crore for the January-March quarter, hit by higher expenses.

It had clocked a net profit of Rs 263.56 crore during the January-March quarter of the preceding financial year (FY) 2021-22, the company said in a regulatory filing.

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The company's total income rose to Rs 4,132.38 crore, from Rs 2,413.48 crore in the year-ago quarter. Its expenses rose to Rs 3,835.55 crore from Rs 2,033.16 crore in the January-March period of FY22.

In a separate statement, B. K. Goenka, Chairman, Welspun Group said, "We have seen flawless execution and delivery for our customers resulting in strong cash flows and a substantial reduction in net debt. The acquisition of the plastic products business of Sintex has given us a head start in our foray into the B2C segment.

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"This will result in significant value creation for all our stakeholders in addition to providing growth to the existing business portfolio."

The company has also made significant operational progress in new businesses of manufacturing DI pipes and TMT rebars. The stainless steel business has completed its turnaround with the positive momentum likely to continue. WCL will achieve greater heights in Financial Year 2024, he said.

Welspun Corp is one of the largest manufacturers of large diameter pipes globally with a presence in 50 countries.

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