Leading steel pipe maker Welspun Corporation today reported a decline of 37.52% 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% 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% 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% from its previous close.