Steel consumption in India, the world's second-biggest crude steel producer, jumped during the period, reflecting buoyant demand in one of the world's fastest growing economies as pre-election spending by the government remained strong.

Welspun reported a strong surge in demand for its pipes - used for gas pipelines, irrigation and infrastructure - and forecast higher demand in the near-term on the back of sustained government spending.

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

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

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%.

($1 = 83.0240 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)