The flagship firm of the USD 3-billion Welspun Group said the return to profitability was due to 35 per cent increase in revenue at Rs 1,944.1 crore as the company reopened its US mill during the quarter while in the year-ago period it was on a maintenance shutdown.
The company also attributed the increase in revenues to higher volume and realisation.
"Despite volatility in energy prices, pipeline projects and related capex, schedules have not changed drastically," Welspun Group chairman B K Goenka said in a statement.
In the domestic market, the company sees early signs of recovery, primarily driven by water pipeline projects.