Mumbai (Maharashtra) [India], June 17 (ANI): Pipe manufacturer Welspun Corp, part of the 2.7 billion dollar Welspun Group, on Wednesday, reported a consolidated net profit of Rs 138 crore in the quarter ended March as against a net loss of Rs 149 crore in Q4 FY19.
Revenue from operations was flat at Rs 2,687 crore compared to the same period last fiscal. Total income increased by 0.36 per cent to Rs 2,775 crore in Q4 FY20 versus Rs 2,765 crore in Q4 FY19.
Pre-tax profit stood at Rs 313 crore compared to pre-tax loss of Rs 79 crore in Q4 FY19, while total expenses declined by 10 per cent to Rs 2,552 crore in Q4 FY20.
"Covid-19 and demand destruction of crude oil globally between March and May 2020 created an unprecedented and a very challenging situation," the company said in a statement.
"Now with the lifting of lockdown globally, we are seeing a gradual demand recovery for oil and remain optimistic in the medium to long term for oil demand."
Welspun Corp closed the financial year 2019-20 (FY20) with a consolidated net profit of Rs 635 crore as against a net loss of Rs 13.25 crore in FY19. Total income rose by 10.8 per cent to Rs 10,073 crore as compared to Rs 9,088 crore in the same period last year.
Chairman BK Goenka said that Covid-19 and oil meltdown has created an unprecedented situation and challenge. "With our robust order book across all geographies and clear business visibility with PSUs and export markets, Welspun Corp is well-prepared to weather the storm."
Goenka said that the company has adapted to the new normal and accelerated digital and technological adoption to the next level. "Further, we are keeping a sharp focus on cost optimisation, minimal capex spending, and maintaining and leveraging existing customer relationships."