Welspun Enterprises Q2FY25 profit drops 11% YoY to Rs 61.56%
Mumbai: Welspun Enterprises has reported around 11 percent fall in consolidated net profit at Rs 61.56 crore for September quarter FY25 on account of higher expenses.
Welspun Enterprises, a part of Welspun World, is an infrastructure development company.
It had logged Rs 69.01 crore net profit in the July-September period of FY24, the company said in an exchange filing.
Total income rose to Rs 837.92 crore from Rs 692.65 crore in the year-ago period. Expenses surged to Rs 736.33 crore from Rs 595.61 crore a year ago.
In a separate statement, the company said its consolidated order book stood at Rs 15,200 crore at the end of September 2024.
The board has also approved acquisition of an additional 9.99 percent stake of Welspun Michigan from Patel Engineering for around Rs 100 crore.
After completion of the acquisition, Welspun Enterprises' total stake in subsidiary Welspun Michigan will increase to 60.09 percent from 50.10 percent. The transaction is expected to be completed on or before November 7, 2024.
Welspun Michigan is an engineering and construction company, involved in the business of underground infrastructure, water infrastructure and sewage infrastructure projects.
The acquisition of the stake in Welspun Michigan is in line with its growth objectives and enhancing capabilities in the water infrastructure business segment, Welspun Enterprises said.
We have continued on the momentum from the first quarter, and delivered the highest ever first half consolidated income of Rs 1,798 crore. This marks a growth of 25 percent in the first half of FY25 over same period last year. This performance, along with new orders, keeps us on track of our full year FY25 target of Rs 4,000 crore of consolidated revenue," Sandeep Garg, Managing Director, Welspun Enterprises said.
During the quarter, Welspun Enterprises secured a design and build contract to construct a tunnel worth Rs 1,989 crore from the Brihanmumbai Municipal Corporation (BMC). The work order is for designing and constructing a tertiary treated water conveyance tunnel from Dharavi Wastewater Treatment Facility (WWTF) to Ghatkopar WWTF.
The company has also announced appointment of Abhishek Chaudhary as chief executive officer (CEO) with effect from November 4, 2024.
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