Welspun Corp posts Rs 63 cr loss in Jul-Sep quarter

I am extremely optimistic that the business prospects being pursued globally would yield positive results and will add further strength to the companys position. The company said it has acquired certain assets of ABG Shipyards during the quarter.Welspun was the successful bidder in terms of the process memorandum for the private sale of specified assets of ABG Shipyard Limited in liquidation.

Welspun Corp Limited (WCL) on Thursday posted a loss of Rs 63.18 crore for the quarter ended September, mainly on account of increased expenses.

The company had reported a net profit of Rs 55.47 crore in the corresponding period of the previous fiscal.

Its total income rose to Rs 2,140.86 crore from Rs 1,596.25 crore in the July-September quarter of 2021-22, WCL said in a BSE filing.

However, total expenses surged to Rs 2,212.54 crore from Rs 1,508.01 crore.

Welspun Corp Ltd (WCL), the flagship company of the Welspun Group, is a leader in line pipes, home textiles, infrastructure, warehousing, retail, advanced textiles, and flooring solutions with offshore presence.

In a separate statement, B K Goenka, chairman, Welspun Group, said, ''The order backlog in the line pipes business has been steadily improving. I am extremely optimistic that the business prospects being pursued globally would yield positive results and will add further strength to the company's position.'' The company said it has acquired certain assets of ABG Shipyards during the quarter.

''Welspun was the successful bidder in terms of the process memorandum for the private sale of specified assets of ABG Shipyard Limited (in liquidation). WCL and its wholly owned subsidiary Nauyaan Shipyard has paid Rs 659 crore plus applicable taxes towards the entire purchase consideration,'' the statement said.

WCL also entered into a memorandum of agreement for sale of land, civil structures, excluding plant and machinery, situated at its Dahej unit in Gujarat for a consideration of Rs 130 crore.

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