Welspun Corp's Q1 net profit down by 27.52% at Rs 119.11 cr

MUMBAI: Leading steel pipe maker Welspun Corporation on Thursday reported a decline of 37.52 per cent in its consolidated net profit at Rs 119.11 crore for the quarter ended June 30, 2011.

The company had posted a net profit of Rs 190.64 crore during the corresponding quarter of last fiscal.

Net sales of the company also went down by 27.91 per cent at Rs 1,745.71 crore during the April-June quarter vis-a-vis Rs 2,421.79 crore of the Q1 of 2010-11, it said in a filing to the Bombay Stock Exchange.

Welspun Infra Projects, a subsidiary of the company, acquired 35 per cent stake in Leighton International's India arm for Rs 470 crore, the filing said, adding that revenues from steel pipes segment stood at Rs 1,586.94 crore.

In a weak market, shares of the company closed in the red today at Rs 152.90 apiece on the Bombay Stock Exchange, down 6.14 per cent from its previous close.