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Welspun Corp reports net profit of Rs 635 crore in FY20; stock hits 5% upper circuit

For the fourth quarter ended March 31, 2020 (Q4 FY20), Welspun Corp reported a consolidated net profit of Rs 138.27 crore as against net loss of Rs 148.72 crore in Q4 FY19

twitter-logoBusinessToday.In | June 17, 2020 | Updated 16:29 IST
Welspun Corp reports net profit of Rs 635 crore in FY20; stock hits 5% upper circuit
Welspun Corp's board has recommended a dividend of Rs 0.5 per equity share having nominal value of Rs 5 per share for FY20

Welspun Corp, a flagship company of $3 billion Welspun Group, has closed financial year 2019-20 (FY20) with a consolidated net profit of Rs 635.46 crore as against net loss of Rs 13.25 crore in FY19. The total income of pipe manufacturer rose by 10.83 per cent to Rs 10,072.65 crore as compared to Rs 9,088.12 crore in the same period last year.

For the fourth quarter ended March 31, 2020 (Q4 FY20), the Mumbai-based company reported a consolidated net profit of Rs 138.27 crore as against net loss of Rs 148.72 crore in Q4 FY19. Revenue from operations was flat at Rs 2,687.10 crore compared with the same period last fiscal.

Total income of the company increased merely by 0.36 per cent to Rs 2,775.26 crore in Q4 FY20 versus Rs 2,765.26 crore in the corresponding period last year.

During January-March quarter of FY20, pre-tax profit stood at Rs 312.93 crore compared to pre-tax loss of Rs 79.05 crore in Q4 FY19. Total expenses declined 10.1 per cent year-on-year to Rs 2,551.89 crore in Q4 FY20.

Meanwhile, Welspun Corp's board has recommended a dividend of Rs 0.5 per equity share having nominal value of Rs 5 per share for the financial year ended March 31, 2020. The record date for determining the eligible shareholders for payment of dividend shall be intimated later, the company said.

Following the earnings announcement, shares of Welspun Corp hit an upper circuit of 5 per cent at Rs 84.70 apiece against previous closing price of Rs 80.70 on the BSE. The stock ended day's trade at Rs 82, up 1.61 per cent.

By Chitranjan Kumar

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