Welspun India Q4: Net profit up 140% , board announces buyback
- Welspun India's board has also approved buyback for an amount of Rs195 crore at a price of ₹ 120 per share.
Welspun India on Thursday reported a rise of whooping 140 per cent in consolidated net profit to ₹125.4 crore for the March 2023 quarter. This is against a consolidated net profit of ₹52.2 crore in the corresponding quarter last fiscal.
The revenue from operations declined by 2.3 per cent to ₹2,154 crore from ₹2,227 crore from the year ago period. The Earnings Before Interest, Taxes, Depreciation, and Amortisation, or (EBITDA) came in at ₹278.5 crore, up by 24.7 per cent from ₹223.3 core, in the corresponding quarter last fical.
The board has also approved buyback for an amount of Rs195 crore at a price of ₹ 120 per share. The record date for the buyback has been fixed as 10 May, 2023.
“Board of Directors of the Company at its meeting held on April 27, 2023, has approved buyback proposal for purchase of 16,250,000 (One Crore Sixty Two Lakhs Fifty Thousand) fully paid equity shares of Re. 1 each (“Equity Share”) by the Company at a price of Rs.120/- (Rupees One Hundred and Twenty only) per Equity Share payable in cash (“Buyback Price”), for an aggregate amount of Rs. 195 Crore (Rupees One Hundred and Ninety Five Crore Only) (“Buyback Size”), representing 5.85% and 5.19% of the total paid-up equity share capital and free reserve,” said Welspun India in its filing.
The revenue from textile business stood at ₹2017.1 crore in Q4FY23 and rs 7638.1 crore in FY23, while that of the flooring business revenue at ₹ 208.3 crore in Q4FY23.
The boards has also recommended dividend of ₹0.10 per equity share of the face value of Re1 each at the rate of 10% on the equity shares for the financial year 2022-23.
“FY23, though a challenging year due to historical high input costs and demand slowdown in key global markets, ended with a positive note with all the businesses showing improved performance in Q4FY23. Through these tough times, we continued our relentless efforts to innovate through value engineering and cost rationalisation across board and achieved the highest EBITDA% in six quarters in Q4FY23. Domestic Consumer business has continued its growth trajectory, growing 31% in FY23,” said B.K. Goenka, Chairman, Welspun Group.
The company's scrip ended 0.94 per cent up at ₹87.06 on BSE.
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