Welspun Corp shares up 5% despite muted profit in Q4; board recommends 100% dividend

The share touched a 52-week high of Rs 298.35 and a 52-week low of Rs 177.85 on September 22, 2022 and February 27, 2023, respectively.

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Welspun Corp share price rose 5 percent intraday on May 31 despite reporting flat consolidated profit for the quarter ended March 2023. The company has registered consolidated profit at Rs 235.93 crore for quarter ended March FY23 against Rs 236.14 crore in the same quarter last year.

Welspun Corp’s revenue from operations stood at Rs 4,070 crore for the quarter, growing 102.4% over a year-ago period revenue of Rs 2,011.06 crore.

The financials

Earnings before interest tax, depreciation and amortisation (EBITDA) stands at Rs 482.78 crore in March 2023, up 1.93% from Rs 473.63 crore in March 2022.

EPS has decreased to Rs 9.02 in March 2023 from Rs. 9.05 in March 2022.

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The board of directors of the company at its meeting held on May 30, 2023 approved raising of funds by way of private placement up to Rs 500 crore by issuing commercial papers/ NCD.

The board also approved appointment of M/s. M. Siroya and Company, Practicing Company Secretaries, Mumbai as the Secretarial Auditor of the company for the financial year 2023-2024.

The company board recommended a dividend at the rate of 100% (i.e. Rs 5 per share) on 261,529,395 equity shares of Rs 5 each fully paid-up, aggregating to Rs 1,307,646,975.

The company also recommended a dividend at the stipulated rate of 6% per share (i.e. Rs 0.60) on the 6% Cumulative Redeemable Preference shares of the face value of Rs 10 each fully paid up.

At 13:37 hrs Welspun Corp was quoting at Rs 256.15, up Rs 12.75, or 5.24 percent on the BSE.

The share touched a 52-week high of Rs 298.35 and a 52-week low of Rs 177.85 on 22 September, 2022 and 27 February, 2023, respectively.

Currently, it is trading 14.14 percent below its 52-week high and 44.03 percent above its 52-week low.