Mumbai, Oct 15 (UNI) Welspun-Gujarat Stahl Rohren has recorded a 146 per cent higher profit after tax at Rs 82.5 crore for the second quarter ended September 30, 2007.
The Company's turnover also rose by 38 per cent to Rs 927.6 crore in the same period, vice chairman and managing director B K Goenka told a press conference here today.
The Company, rated amongst the top 3 SAW Pipe Companies in the world by CLSA Asia Pacific Markets (July 2007), has bagged prestigious pipeline orders worth over Rs 2000 crore, taking the total order book position to over Rs 5,500 crores.
The Company is increasing its LSAW Pipe capacity by 300,000 tons at SEZ, Gujarat. Besides addressing the burgeoning demands for the critical line pipes, this facility shall enable income tax benefits on the export orders. Since the Company already possess critical equipments, this facility will be operational by March 2009 and shall entail investments of Rs 298 crore.
Mr Goenka said, ''The first halt of the year has been outstanding, we not only achieved excellent financial results but also sowed seeds for our future growth by bagging prestigious orders and embarking new capacity additions. We strongly believe that we are poised to become one of the biggest and most respected one-stop solution providers for steel pipes in the world.'' Mr Braja Mishra, CEO and ED of the Company stated, ''We are growing at a rapid pace in our aggressive growth phase. Team Welspun has ensured that we remain focused, adhere to 'Engineeing Excellence' and continue to delight our customers with flawless product quality and timely delivery schedules.'' UNI