Welspun India Q4 net surges 48%
Welspun India on Friday posted a 48.3 per cent hike in consolidated net profit to Rs 134.34 crore in the fourth quarter ended March 2021, on the back of higher income. The company had reported a net profit of Rs 90.59 crore in the year-ago period.
The total income during the quarter under review was Rs 2,173.56 crore as compared to Rs 1,664.46 crore in the same quarter a year ago, Welspun India said in a regulatory filing.
The company, in a separate filing, said its board has approved buyback of equity shares by the company at a price of Rs 120 per equity share for an aggregate amount of Rs 200 crore, that representing 6.36 per cent of the total paid-up equity share capital and free reserves from the shareholders of the company on a proportionate basis.
The company has said that until FY16, Target Corporation accounted for almost 10 per cent of its overall business.
In 2016, Target Corporation had ended its contract over alleged lapses in the supply of its product.
Stocks of Welspun India was trading 11.02 per cent higher at Rs 101.25 apiece on BSE.
Welspun India is a major textile company in India. It leads to the export of textile in the country. The company was established in 1985 with its headquarters in Mumbai