Welspun shares up 15% after buyback announcement, fourth quarter earnings

The company’s stock was trading with a gain of 15.29 per cent. 101.04 on BSE. Shares hit 52-week high 104.90 in intraday trade.

welspun India reports 140 percent growth in consolidated net profit 125.4 crore for the March 2023 quarter. This is against the consolidated net profit of 52.2 crore in the corresponding quarter of the previous financial year.

Revenue from operations declined by 2.3 percent 2,154 crores to 2,227 crore from the year-ago period. Earnings before interest, taxes, depreciation and amortization (EBITDA) 278.5 crore, up by 24.7 per cent 223.3 core, in the corresponding quarter of the previous fiscal.

The board has also approved buyback at a cost of Rs 195 crore 120 per share, which is a premium of 36.7 per cent over Friday’s closing price 87.75 per share.

The buyback will be done through the tender offer route and the record date for the same has been fixed as May 10 to ascertain the eligibility of the shareholders for the buyback.

also recommended dividend of 10% on equity shares for the financial year 2022-23 up to Rs. 0.10 per equity share of face value of Rs.1.

“FY23, though a challenging year due to historic high input costs and subdued demand in key global markets, ended on a positive note with all businesses showing improved performance in Q4FY23. In these difficult times, we continued our relentless efforts to innovate through value engineering and cost rationalization across the board and achieved the highest EBITDA% in six quarters in Q4FY23. BK Goenka, Chairman, Welspun Group, said, “The consumer home business continued its growth trajectory with a growth of 31% in FY23.”