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Published on 24/07/2020 2:53:11 PM | Source: Dion Global Solutions Ltd

Welspun India Q1 net profit down 64.63% at Rs 54.75 cr

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The company reported standalone net profit of Rs 54.75 crore for the quarter ended June 30, 2020 as compared to Rs 154.81 crore in the same period last year, registering a year-on-year decline of 64.63 per cent. Net revenue of the company declined substantially by 33.00 per cent at Rs 961.74 crore in April-June quarter of this fiscal as against Rs 1,435.38 crore in the corresponding period last year.

During April-June quarter, operating expenses dropped by 27.49 per cent to Rs 794.70 crore from Rs 1,096.04 crore in year ago period. Other Income grew by 102.36 per cent at Rs 17.97 crore versus (Jun'19 Rs 8.88 crore).

Operating Profit slipped by 50.78 per cent to Rs 167.04 crore as against Rs 339.34 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 26.52 per cent in June quarter. Interest grew by 15.85 per cent y-o-y to Rs 23.02 crore, while Taxation decreased by 66.81 per cent at Rs 26.06 crore (Jun'19 Rs 78.51 crore).