New Delhi, May 30 (PTI) Welspun Corp Ltd on Thursday reported about 20 per cent rise in its consolidated net profit to Rs 287.28 crore during the March quarter, on account of higher income.

It had posted a Rs 240.08 crore net profit for the year-ago period, the company said in an exchange filing.

Also Read | Kashmir Tourism in 2024: Million Tourist Arrivals Likely To Break All Previous Records.

The company's total income rose to Rs 4,543.70 crore in the quarter under review from Rs 4,132.38 crore in the January-March quarter of 2022-23.

Expenses were at Rs 4,292.37 crore in the last quarter of FY24 as against Rs 3,835.55 crore in the same quarter a year ago.

Also Read | Bank Holidays in June 2024: Banks To Remain Closed for 10 Days Next Month; Check Complete List of Bank Holiday Dates.

The board of the company also recommended a dividend of Rs 5.

The board also approved the raising of funds up to Rs 500 crore by issuing commercial papers/NCDs (non-convertible debentures) on a private placement basis.

The board further approved the sale of 19 per cent of equity shares of Welspun Global Services Limited (WGSL) and Welspun Transformation Services Limited (WTSL) held by the Company to Aryabhat Vyapar Private Limited, a company which is a part of the company's promoter group.

Shares of WGSL will be sold for the consideration of Rs 0.23 crore and shares of WTSL will be sold for the consideration of Rs 1.41 crore.

Welspun Corp Ltd (WCL), the flagship firm of Welspun Group, is one of the largest manufacturers of large-diameter pipes globally and has established a global footprint across six continents and 50 countries.

(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)