Welspun Corp reports record Q3 earnings driven by robust demand.
upstox.com
India
07-02-2024
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The third-quarter profit of Indian steel pipe manufacturer Welspun Corp. increased by more than twelve times on Tuesday, with robust demand for the company's pipes across several industries offsetting a rise in expenses.
India, the second-largest producer of crude steel worldwide, had a spike in steel consumption around this time, indicating robust pre-election government spending in one of the world's fastest-growing economies.
Welspun announced a sharp increase in demand for its pipes, which are utilized in infrastructure, irrigation, and gas pipelines, and predicted future demand due to ongoing government expenditure.For the quarter that concluded on December 31, the company declared a combined net profit of ?292 crore ($35.2 million), up from ?23.2 crore in the same period the previous year.