Steel pipes maker Welspun Corp today posted a consolidated net loss of Rs 13.05 crore for the quarter ended December 31 due to lower sales.
The company had posted a consolidated net profit of Rs 76.5 crore in the year-ago period.
The consolidated income from operations declined to Rs 1,202.8 crore in October-December 2016-17, from Rs 1,674 crore in the corresponding quarter of previous fiscal, Welspun Corp said in a BSE filing.
Commenting on the results, Welspun Group Chairman B K Goenka said, "Delay in few large projects continued to impact our execution. However, the global market is more stable and the industry is adapting to a 'new normal'."
"The metamorphosis from 'reducing cost' to 'adding value' is gaining momentum. Understanding this phenomenon, we have taken various measures for adding value by expanding our capabilities while maintaining financial discipline."
The company said that the domestic market outlook is positive led by expanding National Gas Grid and various water projects across the country.
"Expected investments in major MENA (Middle East and North Africa) markets, heavy oilfield developments in Africa and Canada, and deep sea developments would drive global demand," the statement said.
"Due to investments in latest technology and expanded value propositions, we are well poised to cater to increasingly diversified and technically demanding projects worldwide. Despite challenges in raw material availability, conducive regulatory environment coupled with higher volumes has benefitted Plate & Coil Mill operations," it added.
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