Welspun in two boats
Registering profits and witnessing top level attrition.
Tags: WelspunMay 10, 2012 | comments ( 0 ) |
While on one hand Welspun is clocking in profits, on the other, it is witnessing some upheaval at the top level. It has registered net profit of Rs 424.2 million for the fourth quarter of the last fiscal that ended on March 31, 2012. The net loss stands at Rs 1.56 billion for the same period. The earnings of WIL, a part of the US$ 3.5 billion Welspun Group, have also surged from Rs 4.246 billion during the fourth quarter of last fiscal to Rs 6.938 billion during the period under review.
WIL’s volume of terry towel sales during the January-March 2012 period rose to 39, 113 tons, rising at 7.1 percent year-on-year, while its volume of yarns sales increased at 5.5 percent y-o-y to 33,416 tons.
While it’s celebrating its profits, on grounds of employee dissatisfaction, some ofthe top management executives are making an exit from the company. The exits have come at a time when the company is addressing an order slowdown in its infrastructure business and is attempting to pare down overseas presence by closing units.
People who quit include Welspun Projects' CEO Sunil Shinde and CFO Prasad Patwardhan who put in their papers in April, while Welspun India senior vice-president Nilesh Dave is serving his notice period after having formally tendered his resignation in May.
Some of the other senior executives who have also left the company include Partho Dasgupta, president HR at Welspun Corp, Gagan Baya, senior Vice-President, Group Finance and Gurpriet Singh Nagpal, senior Vice-President (talent management), Welspun Group.
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