India's Welspun Corp Q1 profit rises on higher demand for line pipes

Welspun

04/08/2023 11:13

BENGALURU, Aug 4 (Reuters) - Indian line pipe
manufacturer Welspun Corporation  WGSR.NS  reported a jump in
first-quarter profit on Friday, aided by strong demand for its
steel products as sales more than tripled, offsetting a surge in
expenses.
    The company's consolidated net profit rose to 1.65 billion
rupees ($19.93 million) from 41.1 million rupees a year earlier.
    The company, which also operates in the United States and
Saudi Arabia, said its revenue from operations more than tripled
to 40.69 billion rupees. The total expenses came in at 38.79
billion rupees, as input costs nearly doubled. 
    Welspun shares rose as much as 4.4% to a near 15-year high
before paring the gains to fall 2.6% at 3:11 p.m. IST.

($1 = 82.8100 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru; editing by Eileen
Soreng)
 ((Dimpal.Gulwani@thomsonreuters.com;))