Welspun Corp shares plunged over 5 per cent after the consolidated net loss of the company widened to Rs 9.39 crore for the quarter ended June 30, 2016 against net loss of Rs 0.62 crore in the corresponding quarter a year ago. Total income from operations of the company slid by 3.29 per cent to Rs 1,556.36 crore against Rs 1,609.41 crore in the same quarter last year.
However, the scrip wiped off all the losses and closed 0.79 per cent up at Rs 89.85.
Consolidated total expenditure of the company slid by 1.86 per cent year-on-year to Rs 1552.78 crore for the quarter ended June 30, 2016 as compared to Rs 1582.28 crore in the same period last fiscal.
On a standalone basis, the company registered net profit of Rs 18.90 crore for April-June period against net loss of Rs 19.44 crore in the same period last year.
As of June 30, 2016, pipe order book position of Welpsun Corp stood at 958K MTs (Rs 5,500 crore). Large orders booked during April-June period include 184K MTs for a project in Americas.
BK Goenka, chairman, Welspun Group in a release said, “Turmoil in energy markets during October 2015 to April 2016 has impacted our first quarterly results besides affecting margin profile of the order book. Despite the challenges, we are pleased with our efforts in improving balance sheet and building a healthy orderbook.”