Welspun Enterprises Ltd on Friday said its consolidated net profit jumped over 58 per cent to Rs 65 crore for the quarter ended March 31, on account of reduced expenses.

In the year-ago period, the company had clocked Rs 40.94-crore net profit, Welspun Enterprises Ltd (WEL) said in a statement.

However, its total income during January-March 2022 fell to Rs 534.64 crore, from Rs 600.97 crore in the year-ago period.

Total expenses reduced to Rs 450.06 crore in the quarter under review, as against Rs 535.32 crore in January-March 2021.

“Q4FY22 has been better with the pick-up in execution in some of our major hybrid annuity model (HAM) and engineering, procurement and construction (EPC) projects. With a robust order book of Rs 84,000 million and healthy progress in key projects, we expect strong revenue performance in coming quarters,” WEL MD and CEO Ajay Hans said.

The government’s thrust to improve and expand the infrastructure sector, particularly in the road and water sectors, should augur well for the industry, he said, adding the pace of activity within the industry, which had been affected by the pandemic and other factors, is picking up.

Margins across the industry are getting impacted due to rising commodity prices, however, “we believe our cost optimization and project mix provides a hedge against inflationary pressures to a large extent,” Hans further noted.

According to the statement, the board of the company has also approved a dividend of Rs 1.50 per share for financial year 2021-22.

Part of the Welspun Group, WEL, is an infrastructure development company focusing on road, water and wastewater segments.

Welspun Group is into line pipes, home textiles, infrastructure, steel, advanced textiles and flooring solutions. PTI ABI DRR DRR

To stay updated with the Latest Stock Market news, download our app here!

For editorial purposes, contact news@tradebrains.in

Disclaimer: The Stocks mentioned on this website or any segment are not recommendations. Tradebrains.in advises users to check with certified experts before taking any investment decisions.