The company reported a consolidated net profit of ₹2.92 billion ($35.2 million) for the quarter ended December 31, compared to ₹232.4 million last year.

Prices of steel products ticked up in October and November as Indians celebrated a delayed festive season, following lacklusture prices as cheap imports from countries like China surged.

The company – which makes line steel pipes in the United States and Saudi Arabia – reported a near-98% jump in revenue from operations at ₹47.50 billion.

However, its expenses also surged to ₹44.39 billion from ₹26.87 billion.

Welspun’s results contrast rival APL Apollo Tubes, which reported a 2% drop in profit as the company de-stocked its products in anticipation of lower price corrections.

Shares of Welspun rose 4.7% after the results, but closed just 0.2% higher. For the reporting period, the shares rose 39%.