Welspun gets new order of Rs 1,864.7 crore

23 May 2024 , 10:11 AM

On May 22, shares of Welspun Enterprises Limited increased over 9% to ₹406 in the afternoon, nearing a 52-week high. The surge was attributed to the company being the lowest bidder for constructing an access-controlled multi-modal corridor from Navghar to Balavali, Maharashtra.

At the time of writing, the shares of Welspun Enterprises were trading at ₹393.45 which is a 0.98% dip than the previous close. The stock has gained over 162.47% in the last one year, and 20.67% since the beginning of the year.

The project is valued at ₹1,864.71 Crore and is scheduled to be completed within 36 months from the notice of commencement date, as stated in a regulatory filing on May 22.

In the fiscal fourth quarter, the company reported a significant 45% year-on-year (YoY) decline in net profit, which fell to ₹78 Crore. Total consolidated revenue for the quarter saw a 5% YoY decrease, amounting to ₹867 Crore.

The company’s consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) decreased by 6% YoY to ₹157 Crore. The EBITDA margin contracted by 5 basis points (bps) YoY, now standing at 18.1%.

For the financial year ending March 31, 2024, Welspun Enterprises experienced a 56% YoY decline in net profit, reducing to ₹319 Crore. Despite the decline in profit, total income for FY24 increased by 6% YoY, reaching ₹3,063 Crore. Over the past year, Welspun Enterprises shares have shown a remarkable rally, increasing nearly 164%.

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